MCLEAN, VA – Gladstone Land Corporation has entered into three purchase and sale agreements to purchase five farms in California and Florida totaling 3,522 acres for $45 million.
The Company is also working to purchase three additional properties totaling approximately 2,300 acres under signed non-binding letters of intent for about $39 million, according to a press release.
Gladstone will be working towards completing these purchases within the next few months pending the customary conditions and termination rights for transactions of this type, including a due diligence inspection period.
"Our marketing efforts are generating results, as evidenced by the strong growth in our near-term agreements to purchase farmland and additional letters of intent. If we are able to complete these mentioned transactions, it would increase our total acreage owned by over 50% and provide a strong boost to our operating revenues. Although there is no guarantee that any of the agreements will be completed, we are encouraged by the current results of our marketing efforts," said David Gladstone, President and CEO of the Company.
This is the latest in a string of recent Gladstone acquisitions. As we previously reported, Gladstone also acquired 390 acres of California farmland in the San Joaquin Valley and Oxnard for $12.7 million last month. To read the full article, click here.
According to the company’s website, Gladstone currently owns 6,833 acres on 28 farms in 5 different states across the U.S., valued at approximately $144 million.
