Gladstone Land Acquires Blueberry Orchard & Facilities in Michigan
Gladstone Land Corporation (Nasdaq:LAND) has acquired 930 acres of farmland in Paw Paw, Michigan, including 480 acres of blueberry bushes, for $13.3 million. The acquisition features a 23,000 SF cooling and packing plant and a 9,000 SF box barn, along with a retail store. A 15-year lease with Berry Brothers, a local farming company, was established. This acquisition marks Gladstone's largest in Michigan, enhancing their portfolio and supporting local operations amid strong fruit sales in 2021.
- Acquisition of 930 acres with significant blueberry production potential.
- Establishment of a 15-year lease with a reputable local farming company.
- Enhances Gladstone Land's portfolio and regional presence in Michigan.
- Expectations of strong demand for blueberries boost acquisition value.
- None.
MCLEAN, VA / ACCESSWIRE / June 10, 2021 / Gladstone Land Corporation (Nasdaq:LAND) ("Gladstone Land" or the "Company") announced that it has acquired 930 gross acres of farmland, including approximately 480 acres of blueberry bushes, and support facilities located in Paw Paw, Michigan, for
"This acquisition was a great opportunity to acquire a highly desirable blueberry farm for our grower-partner and to expand our portfolio in Michigan," said Joseph Van Wingerden, Director at Gladstone Land. "The large cooling and packing facility is essential to the local blueberry operations. We continue to be very optimistic about the 2021 blueberry season and the ongoing strength of fruit and produce sales across the United States."
"We are very excited to make our largest acquisition to date in the state of Michigan," said David Gladstone, President and CEO of Gladstone Land. "This purchase also highlights our ability to acquire farmland for our growers across the country to help expand and diversify their growing season. We hope to continue our steady acquisition growth during the second half of 2021, although I wouldn't count on us continuing at the same recent pace of three acquisitions within seven days!"
About Gladstone Land Corporation:
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. The Company, which reports the aggregate fair value of its farmland holdings on a quarterly basis, currently owns 152 farms, comprised of over 105,000 acres in 14 different states and over 20,000 acre-feet of banked water in California, valued at over
Owners or brokers who have farmland for sale in the U.S. should contact:
- Western U.S. - Bill Reiman at (805) 263-4778 or bill.r@gladstoneland.com, or Tony Marci at (831) 225-0883 or tony.m@gladstoneland.com
- Midwest U.S. - Bill Hughes at (618) 606-2887 or bill.h@gladstoneland.com
- Mid-Atlantic U.S. - Joey Van Wingerden at (703) 287-5914 or joe.v@gladstoneland.com
- Southeastern U.S. - Bill Frisbie at (703) 287-5839 or bill.f@gladstoneland.com
Lenders who are interested in providing the Company with long-term financing on farmland should contact Jay Beckhorn at (703) 587-5823 or Jay.Beckhorn@GladstoneCompanies.com.
For stockholder information on Gladstone Land, call (703) 287-5893. For Investor Relations inquiries related to any of the monthly dividend-paying Gladstone funds, please visit www.GladstoneCompanies.com.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS:
All statements contained in this press release, other than historical facts, may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates" and variations of the foregoing words and similar expressions are intended to identify forward-looking statements. Readers should not rely upon forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the Company's business, financial condition, liquidity, results of operations, funds from operations or prospects to differ materially from those expressed in or implied by such statements. Such risks and uncertainties are disclosed under the caption "Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (the "Form 10-K"), as filed with the SEC on February 24, 2021, and certain other documents filed with the SEC from time to time. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
For a definition of net asset value and a reconciliation to the most directly comparable GAAP measure, please see the Company's Form 10-K.
For further information: Gladstone Land, 703-287-5893
SOURCE: Gladstone Land Corporation
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