MCLEAN, VA - Adding to its ever-growing portfolio of U.S. farmland, Gladstone Land Corporation has revealed its purchase of approximately 401 acres of farmland in St. Lucie County, Florida, for the price of $5.1 million. This is roughly equivalent to $12,718.20 per acre.
“We are privileged to make our first acquisition in Southeast Florida with a highly-regarded vegetable grower as our tenant-partner,” shared Bill Frisbie, Gladstone’s Managing Director for the Eastern United States. “We now own 48 farms across the U.S., and we seek to continue building and diversifying our high-value agricultural portfolio. This property is farmed for bell peppers and green beans.”
As part of the acquisition deal, Gladstone entered into a lease agreement with a yet unnamed “leading grower and marketer of fresh vegetables” for a 7-year lease, according to a press release. The lease will provide for annual rent escalations and two, 7-year extension options.
“We like being real estate partners with farmers, and we seek to buy farms that grow fresh fruits and vegetables that are healthy for people to eat,” added President and CEO of the company, David Gladstone. “We have built our farmland portfolio based on the idea that the produce section of the grocery store is a good place to base our business because returns on fruits, vegetables and nuts have been growing at a stronger pace than other areas of the food sector, and we believe that trend will continue.”
Gladstone is currently the owner of 48 farms, comprising of 23,857 acres in 7 different states across the U.S., valued at approximately $339 million.
