McLEAN, VA – Gladstone Land Corporation is continuing to acquire land across the United States, this time in Hendry County, Florida.
The real estate investment trust has acquired 691 acres of farmland with 390 farmable acres in the county for approximately $3.8 million. This equates to approximately $5,500 per acre of farmland.
Bill Frisbie, Managing Director of the company’s Eastern Division, said in a press release that this property will be farmed for green beans and bell peppers.
“We are privileged to expand our acreage in the Immokalee farming region with a highly-regarded vegetable grower as our tenant-partner,” he said.
Gladstone Land currently owns 42 farms, comprised of 15,571 acres in six different states across the country, valued at approximately $265 million.
David Gladstone, President and CEO, discussed this latest deal in a press release, noting that the company enjoys owning land that grows fruits and vegetables.
"We seek to build our company on the idea that the produce section of the grocery store is a good place to base our business, because yields on fruits and vegetables have been growing at a stronger pace than other areas,” said Gladstone.
The company primarily concentrates its acreage in areas where its tenants can grow row crops, such as berries and vegetables.
Most recently, Gladstone Land acquired three farms in Kern County, California, for $19 million.
For more on Gladstone Land and David Gladstone’s approach to acquiring farmland, check out our interview by clicking here.
