Gladstone Land Acquires Five Florida Farms for $37.4 Million
MCLEAN, VA - Gladstone Land Corporation has acquired five farms in southern Florida, totaling 5,630 acres for approximately $37.4 million, or about $6,643 per acre. Upon acquisition, Gladstone Land entered into a multi-year, triple-net lease with a leading agricultural operation.
“This acquisition adds another strong tenant and five additional top-tier farms growing healthy produce to our growing list of owned and leased farmland,” said David Gladstone, President and CEO of Gladstone Land, in a recent press release. “We were able to quickly reinvest the proceeds from the recent sale of an Oregon farm into these larger and higher-yielding farms, and by executing this acquisition in conjunction with our recent sale of an Oregon farm through a like-kind exchange, we have deferred recognition of the capital gain we achieved on the sale. We hope to have several more acquisitions to announce over the second half of 2018.”
Bill Frisbie, Managing Director of Gladstone Land, added, “We are pleased to significantly increase our high-value, fruit, and vegetable acreage in South Florida. This region has very fertile ground and many strong farm operators who we can partner with to continue expanding our farmland holdings in the region. Florida continues to experience strong population growth, which puts upward pressure on farmland values and rents as more acreage is taken out of production every year for development.”
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