MCLEAN, VA - Gladstone Land Corporation has acquired a 176-acre blueberry farm in Van Buren County, Michigan, for $2.1 million, or about $11,900 per acre.
Upon acquisition, Gladstone Land entered into a 10-year, triple-net lease with True Blue Farms, one of the most prominent blueberry growers and marketers in the country, according to a press release.
"This acquisition adds another top-tier farm growing healthy produce to our portfolio," said David Gladstone, President and CEO. "We look forward to continuing to build on our existing tenant-farmer partnerships during 2018. Our current acquisition backlog remains healthy, and we hope to be able to acquire several additional farms that grow a variety of crop types throughout the year."
The property currently consists of approximately 100 planted acres of blueberries and is fully irrigated with access to multiple water sources.
"We are pleased to announce the acquisition of another excellent blueberry farm and to expand our relationship with True Blue Farms," said Joseph Van Wingerden, Senior Associate. "Western Michigan offers fertile growing conditions due to the lake-effect climate and highly-productive soils. We hope to continue expanding our holdings in the region."
While this is the company’s first produce land acquisition of the year, it invested more than $60 million in ag land acquisitions in 2017 alone.
Keep checking in with AndNowUKnow for the latest.
