Gladstone Land Corporation announced that it acquired two lemon and orange groves, totaling 617 acres, in South Florida for approximately $5.2 million. In connection with the acquisition, it entered into a 12-year leaseback agreement with the seller.
The organization did not respond to a request for information about the seller or the location of the groves.
“We are excited to acquire our first groves in Florida, a state with a long and celebrated citrus history,” said Bill Frisbie, executive vice president of Gladstone Land. “These groves produce lemons and oranges sold into the juice and fresh markets. Our tenant, the seller, has been very proactive managing the health and production of these groves, and we believe they are well-positioned for the future.”
“These two properties are ideal for our growing portfolio of farms producing healthy fruits and vegetables,” said David Gladstone, president and CEO of the organization. “We are continuing to target the highest quality farms with secure sources of water.”
Founded in 1997, Gladstone Land is a publicly traded real estate investment trust that owns farmland and farm-related properties in the United States and leases its properties to unrelated third-party farmers. It owns 157 farms with more than 106,000 acres in 14 states and more than 20,000 acre-feet of banked water in California, valued at approximately $1.3 billion.
The organization’s farms are predominantly located in regions where its tenants are able to grow fresh produce annual row crops. Gladstone also owns farms growing permanent crops, such as almonds, apples, cherries, figs, lemons, olives, pistachios and other orchards, as well as blueberry groves and vineyards.
The organization may also acquire property related to farming, such as cooling facilities, processing buildings, packaging facilities and distribution centers.
Learn more about Gladstone, including detailed information about each of its farms.
Source: Gladstone Land Corporation
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