Gladstone Land Corporation announced that it has acquired approximately 1,670 total acres of farmland and facilities located San Joaquin County, California, and Whatcom County, Washington. The acquisition includes approximately 1,390 planted acres of organic and conventional blueberries, as well as a fresh packing and cooling facility. In connection with the acquisition, Gladstone Land entered into a 10-year, triple-net leaseback agreement with the seller.
"We are excited to complete these large acquisitions of fresh blueberry farmland and to be entering into a new partnership with an industry leader as a new tenant," said Joseph Van Wingerden, Director at Gladstone Land. "The consumer demand for fresh blueberries, especially organic, continues to expand rapidly. The newer, consumer-preferred varieties, planting methods, and water rights present on these farms position them very well for the long term."
"Despite the challenges that 2020 has brought to the overall market, we continue to add excellent fresh produce farmland, such as these properties, to our portfolio," said David Gladstone, President & CEO of Gladstone Land. "We have experienced particularly strong growth in the past few months, completing approximately $162 million of new acquisitions in December alone, and the year isn't over. We wish everyone a Merry Christmas and Happy Holidays. We hope everyone will eat a lot of fruits, vegetables, and nuts over the holiday season."
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Gladstone Land Corporation