MCLEAN, VA - Gladstone Land Corporation is expanding its reach in Arizona with another multi-million dollar farm acquisition.

The real estate investment trust bought 1,239 acres of land with 840 irrigated, farmable acres near Willcox, Arizona, for approximately $5.7 million, or $4,600 per acre of farmland.

The company entered into a leaseback agreement with the seller for a 10-year, triple-net lease that provides for annual rent escalations and includes two, 5-year extension options. The tenant has technologically-advanced farming operations across the country and a strong presence in the region, according to a press release.

This latest acquisition brings the company’s total number of farms to 43. In total, these farms are comprised of 16,810 acres in six different states across the United States, valued at approximately $275 million. Most of this acreage is concentrated in locations where its tenants can grow row crops, such as berries and vegetables, as well as permanent crops, such as blueberries and almonds. Other properties, such as storage facilities utilized for cooling produce, processing buildings, packaging facilities, and distribution centers are also of interest.

A full list of the company's farmland portfolio can be found by clicking here. 

David Gladstone, President and CEO, discussed this latest deal in a press release, noting that this recent offering will allow the company to acquire additional farms.

“Unlike much of the non-irrigated farmland in the Midwest, our properties have continued to steadily increase in value, with no negative years since our ownership of them,” he said. “With our current portfolio of high-quality farmland remaining 100% occupied by tenants who are all current in their lease payments, we believe our current position and our outlook for the future are both very strong.”

Bill Reiman, Gladstone’s Managing Director for the Western United States, shared this optimism, saying that they are happy to support their tenants and farm operators in providing a high-quality land asset.

“This is another example of our commitment to help our tenant-partners grow their businesses more profitably,” Reiman said.

For more on Gladstone and any other future acquisitions, stay tuned to AndNowUKnow.

Gladstone Land Corporation