808 Acres of Wish Farms Land Acquired by Gladstone Land Corporation
MCLEAN, VA – Gladstone Land Corporation has acquired 808 acres of land with 590 farmable acres and an onsite cooling-distribution facility in Manatee County, Florida from Wish Farms for $13.8 million.
"We are privileged to partner with such an esteemed grower and add another large fruit and vegetable farm to our portfolio," said Bill Frisbie, Managing Director at the Company. "This property has been farmed for many years by Wish Farms and has a good water supply in place. We now own 29 farms across the U.S. that produce a variety of high-value fruits and vegetables."
Wishnatzki, Inc., a leading grower and marketer of fresh fruits and vegetables, currently farms the land, so Gladstone Land and Wish Farms have entered into a 10-year lease with two 5-year renewal options, according to a press release.
"Wish Farms is excited to partner with Gladstone Land on a long-term basis for this property. This transaction frees up capital that we can deploy into our farming and marketing operations to continue growing our business," said Gary Wishnatzki, Owner of Wish Farms. "Gladstone Land has strong roots in fruit and vegetable farming, making them a great resource for our real estate needs."
This is the latest in a string of acquisitions for Gladstone. In August, we reported that the company acquired five farms in California and Florida totaling 3,522 acres for $45 million.
Gladstone Land Corporation currently owns 29 farms, comprised of 7,641 acres in 5 different states across the U.S., valued at approximately $158 million.
