MCLEAN, VA - Gladstone Land Corporation continues to make farmland available to growers through its most recent acquisition. According to a press release, the company just gained control of a 413-acre plot of land within California’s Oxnard Plain. When the land sold, two unrelated third-party tenants entered lease agreements to operate the property. While the seller plans to continue using the land for its sod business, a local berry grower will lease the remainder of the property.
“This was a rare opportunity,” said David Gladstone, President and CEO. “This farm was operated by a single family for many generations. It’s a wonderful farm located in the heart of the Oxnard Plain, a superior growing region of California. We have several excellent tenants who are long-time farming families in this growing area. The company continues to build a diverse portfolio of farmland focused on healthy foods, such as fresh produce and nuts. Acquisitions like this demonstrate our business strategy of buying high-quality farms that provide steady rental income that is used to pay dividends to stockholders.”
Gladstone capitalizes on the fact that everything in the industry is connected on some level. From growers who rent the property to stockholders supporting the operation, the company jumped at the opportunity to continue its service, acquiring land in a prime growing region.
“Opportunities to acquire large coastal California farmland do not come along very often, and we feel very fortunate to have been able to complete this transaction,” said Bill Reiman, Managing Director. “We had been in discussions with the seller of this property for several years, and only recently were we able to come to terms on an agreement that fulfills all parties’ goals. This property is in a prime location, and we look forward to being stewards of this large farm for many years.”
Congratulations to Gladstone on this exciting new venture! AndNowUKnow will continue to report on the evolving state of the industry.
