Dec 10, 2021Gladstone Land acquires pistachio orchard in California
Gladstone Land Corp. announced Dec. 6 that it has acquired 2,635 gross acres of farmland, including 1,776 planted acres of pistachios, located near Lost Hills, California, for $88.0 million.
In connection with the acquisition, Gladstone Land entered into a 10-year, triple-net lease agreement with the seller.
“We are very pleased to add these mature pistachio trees to our portfolio,” Tony Marci, managing director of Gladstone Land, said in a news release. “The trees are planted in soils and a climate that are well-suited to pistachios, which is evident in the excellent yield history of the orchard.”
“We value our tenants as much as the properties in our portfolio,” said Bill Reiman, executive vice president of Gladstone Land. “We are excited to enter into a lease and begin a relationship with an excellent and established farmer in the region.”
“The acquisition of this pistachio orchard adds to our existing permanent crop farmland and is another good, long-term investment for us,” said David Gladstone, president and CEO of Gladstone Land. “We have had a strong year in 2021 and look forward to another good year in 2022.”
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. and leases its properties to unrelated third-party farmers.
Additional information, including detailed information about each of the company’s farms, can be found at www.GladstoneLand.com.
