Gladstone Land Corp., a farmland and farm-related land investment company which focuses on annual row crop farmland but is looking to expand into commodity crop and permanent crop farmland, has announced the acquisition of a 166 acre farm in Monterey, California. The property, which sold for $7.3 million is in vegetable and berry production with water on site. With the acquisition, Gladstone assumed a two year lease and also executed a further nine year follow-on lease with a second corporate grower that operates significant acreage on the California coast.
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