Gladstone Land Corporation announced that it has acquired 1,284 gross acres of farmland, including over 1,200 planted acres of pistachios and almonds (a portion of which is organic), located in Kern County, California, and 19,670 acre-feet of stored water (equal to approximately 6.4 billion gallons) located within the Semitropic Water Storage District water bank for a total of approximately $43.0 million.
In connection with the acquisition, Gladstone Land entered into a 10-year, triple-net lease agreement for the farmland. This is the third and final closing of a previously announced three-part acquisition that will result in total consideration of approximately $84.2 million.
"We are happy to announce the closing of the third and final phase of this transaction in Kern County," said Bill Reiman, Executive Vice President of Gladstone Land. "We are looking forward to a successful future with this property and new tenant. From the day we closed the first phase of this deal, we realized benefits to our overall business, and we are excited about where this will lead us in the future."
"We are pleased to be expanding our relationship with a very fine tenant who has a long history of farming in the area," said David Gladstone, President and CEO of Gladstone Land. "All of our farms continue to have adequate water. We believe the additional water we're buying in this transaction will help the production on this farm continue at good levels for many years, while also providing additional security to other farms in the area if there is ever a need for additional water."
For more information:
Gladstone Land Corporation
Tel.: +1 703-287-5893