Jul 15, 2019Gladstone land purchase in Salinas clears way for Wish Farms lease
Gladstone Land Corp. (NASDAQ: LAND) (“Gladstone Land” or the “Company”) announced July 11 it has acquired 324 gross acres of farmland in Monterey County, California, for $9.0 million. The farm, located in Salinas, California, is used to grow strawberries and vegetables. In connection with the acquisition, the Company also entered into a six-year, triple-net lease with Wish Farms, Inc. (“Wish Farms”).
“Weare very pleased to acquire another property in Salinas, California,” said Tony Marci, Managing Director of Gladstone Land based in Salinas. “This purchase builds on our relationship with Wish Farms, who is a current tenant of ours, and allows them to expand their California operations.”
“This acquisition adds to our many farms that grow healthy fruits and vegetables,” said David Gladstone, President and CEO of Gladstone Land. “This farm has both conventional and organic land, with 20% of the farm dedicated to organic production. We now own over 76,000 acres of farmland that are 100% leased to tenants who we believe to be great farmers, such as Wish Farms.”
Gladstone Land is a publicly traded real estate investment trust that invests in and owns U.S. farmland and farm-related properties located in certain major agricultural markets across the U.S., which it leases to unrelated third-party farmer-tenants.
Its acreage is predominantly concentrated in locations where its tenants are able to grow fresh produce annual row crops, such as berries and vegetables, which are generally planted and harvested annually; as well as permanent crops, such as almonds, blueberries, and pistachios, which are generally planted every 10 to 20-plus years and harvested annually.
The company may also acquire property related to farming, such as cooling facilities, processing buildings, packaging facilities, and distribution centers. Gladstone Land pays monthly distributions to its stockholders and has paid 76 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. The current per-share distribution rate on its common stock is $0.04455 per month, or $0.5346 per year. Additional information can be found at www.GladstoneFarms.com.
Owners or brokers who have farmland for sale in the U.S. should contact: