MCLEAN, VA - Gladstone Land is adding a 169-acre Oxnard, California, strawberry farm to its list of ag land leases. The new, 10-year lease is scheduled to commence on August 1, 2018 and provides for fixed, annual rent escalations throughout its term.
According to a press release, Gladstone Land made the move to take over the farm following the passing of the two owners of the prior tenant. David Gladstone, President and CEO said the company decided to plant strawberries and manage operations using the experience its management team has garnered from growing the berry over the course of many years. This new lease passes on those managerial responsibilites.
“Now that the strawberry crop is nearing the end of its harvest season, we have taken the opportunity to sign a lease with a quality farmer for the next ten years,” Gladstone continued. “We don't want to be the operators of our farmland, but our broad-based experience allows us to be, when necessary. We are pleased to have a long-term lease on this farm with a strong new tenant so that our management team can get back to doing what we believe we do best, which is being the landlord and long-term farmland partner with our tenants."
Currently, Gladstone Land owns a total of 75 farms, consisting of 63,351 acres in 9 states across the U.S. The value of that land weighs in at approximately $537 million. Of those 63,000-plus acres, the majority is concentrated in locations where its tenants are able to grow fresh produce such as berries, vegetables, almonds, blueberries, and pistachios.
