Real estate investment trust, Gladstone Land Corp. has announced the acquisition of 808 acres (590 farmable) plus an on-site cold storage and distribution facility in Florida for $13.8 million. This transaction will expand the company’s portfolio to 29 farms across five U.S. states totaling 7,641 acres with a value of approximately $158 million. The property currently produces vegetables and berries and is operated by fruit and vegetable marketer Wish Farms – Florida’s largest shipper of strawberries for the past 50 years. Gladstone and Wish Farms have entered into a 10-year lease agreement with two five-year renewable options which will allow Gladstone to adjust the rents to current market rates.
To receive relevant news stories with summaries provided by GAI Research & Insight, subscribe to Global AgDevelopments, our free weekly enhanced eNews service