MCLEAN, VA – Continuing to expand its U.S. footprint of farmland, Gladstone Land Corporation has announced the acquisition of 70 acres of land for $1.7 million, about $24,200 per acre, in Hillsborough County, FL.
"We are excited to add to our farmland holdings east of Tampa, a great growing region with significant development pressure," said Bill Frisbie, Gladstone's Managing Director for the Eastern United States. "We now own 49 farms across the U.S., and we seek to continue building and diversifying our high-value agricultural portfolio. This property is farmed primarily for strawberries."
The company stated in a press release that as part of the acquisition Gladstone also assumed a lease agreement with a tenant. The lease, whose tenant is a leading global berry operator, runs through 2021 and includes a 5-year extension option.
"We like being real estate partners with top-tier farmers, and we seek to buy farms that grow fresh fruits and vegetables that are healthy for people to eat," said David Gladstone, President and CEO of Gladstone Land. "We have built our farmland portfolio based on the idea that the produce and nuts sections of grocery stores are good places to base our business because consumption of fresh fruits and vegetables and nuts has been growing at a stronger pace than other areas of the food sector, and we believe that trend towards healthier foods will continue."
This land acquirement adds to Gladstone’s Florida presence as the company also acquired 401 acres of farmland in the state early last month, for a reported $5 million.
At this time, Gladstone Land owns 49 farms, with 23,927 acres spanning 7 states in the U.S. This investment into domestic farmland is valued at approximately $344 million.
