August 10, 2017

Gladstone Land Corporation announced that it has acquired a 1,910-acre farm in Okeechobee, Florida, for $9.7 million. Upon acquisition, Gladstone Land entered into a 6-year lease agreement with Cabbage, Inc., for a 6-year, triple-net lease that includes two extension options.

“We are privileged to acquire more farmland in Florida and partner with Cabbage, Inc., a highly-regarded vegetable grower,” said Bill Frisbie, managing director for the company. “We now own 70 farms across the U.S., and we seek to continue building and diversifying our high-value agricultural portfolio.”

“Cabbage Inc. is excited to partner with Gladstone Land on a long-term basis with this transaction,” said David Hille, chairman of Cabbage, Inc. “This property helps solidify our growing operation as the leading cabbage grower in the Eastern U.S.”

“Gladstone Land has strong roots in the produce industry, making them a great resource for our real estate needs,” added Randy Marcum, president of Cabbage, Inc.

“We like partnering with the best farm operators in the best growing regions in the country,” said David Gladstone, president and CEO of Gladstone Land Corporation. “We have built our farmland portfolio on the thesis that continued growing demand for fresh fruits & vegetables and nuts will make the finite supply of farms that produce these crops more valuable over time.”

*The above information is an excerpt from a Gladstone press release.