Gladstone Land Acquires 542-Acre Olive Orchard in California
MCLEAN, VA - Gladstone Land Corporation has revealed the acquisition of 542 gross acres of farmland in Yolo County, California, for approximately $9.2 million, including a 482-acre, high-density olive orchard.
“This acquisition enters us into a new region in California with a new permanent crop type and another very strong tenant,” said David Gladstone, President and CEO. “Our tenant, California Olive Ranch, is a leader in the industry of premium olive oil. You can buy their olive oil in your favorite grocery store by looking for the green bottle with the words ‘California Olive Ranch’ on it. We think they are an ideal partner for us as we continue to add new crop types to our diversified farmland portfolio.”
According to a press release, with relation to the acquisition, the company has also embarked on a 15-year, triple-net lease with the seller, California Olive Ranch, reported to be the largest extra virgin olive oil producer in the U.S.
“We are very pleased to enter into a new region in California, the Sacramento Valley,” said Tony Marci, Managing Director. “This purchase of a high-quality olive orchard with a history of strong yields is an excellent addition to our portfolio.”
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