Gladstone Land acquires farmland in coastal California
Gladstone Land Corporation has acquired 368 acres of farmland located in Ventura County, California, for approximately $20.8 million.
Upon acquisition, Gladstone Land assumed a lease with a large farming operation growing a wide variety of fresh vegetables.
“We are excited to announce the addition of another quality farm in Ventura County,” said Bill Reiman, Executive Vice President, West Coast Operations of Gladstone Land.
“This acquisition is a fine example of our ability to continue adding valuable fresh produce farmland to our portfolio.”
“We are gaining a prominent new tenant who has been in the fresh vegetable business for generations, and we look forward to further expanding our business with them in the future,” he said.
Reiman isn't the only one who claimed excitement, as David Gladstone, President and CEO of Gladstone Land said: "We are excited to form a relationship with a new tenant who has a long history of farming in southern California."
“This acquisition adds to our portfolio of farms growing fresh produce in the heart of the Oxnard Plain,” he said.
Founded in 1997, Gladstone Land is a publicly-traded real estate investment trust that acquires and owns farmland and farm-related properties located in major agricultural markets in the U.S.
The company leases its properties to unrelated third-party farmers in 13 states predominantly located in regions that annual row crops can grow, such as berries and vegetables.