Benzinga | Aug 19, 2021 04:17PM EDT

Gladstone Land Acquires Citrus Groves in South Florida For ~$5.2M

Gladstone Land Corporation (NASDAQ:LAND) ("Gladstone Land" or the "Company") announced that it has acquired two lemon and orange groves, totaling 617 acres in South Florida for approximately $5.2 million. In connection with the acquisition, Gladstone Land entered into a 12-year leaseback agreement with the seller.

"We are excited to acquire our first groves in Florida, a state with a long and celebrated citrus history. These groves produce lemons and oranges sold into the juice and fresh markets. Our tenant, the seller, has been very proactive managing the health and production of these groves, and we believe they are well-positioned for the future," said Bill Frisbie, Executive Vice President of Gladstone Land.

"These two properties are ideal for our growing portfolio of farms producing healthy fruits and vegetables," said David Gladstone, President and CEO of Gladstone Land. "We are continuing to target the highest quality farms with secure sources of water. However, our greatest strength is that the growers we partner with are dedicated to cultivating the best produce and preserving resources."