Benzinga | Jan 4, 2021 08:37AM EST

Gladstone Land Acquires Citrus Orchard In California For $4.2M

MCLEAN, VA / ACCESSWIRE / January 4, 2021 / Gladstone Land Corporation (NASDAQ:LAND) ("Gladstone Land" or the "Company") announced that it has acquired 160 gross acres of farmland located in Tulare County, California, for $4.2 million. In connection with the acquisition, Gladstone Land also entered into an eight-year leaseback agreement with the seller.

"We have explored citrus deals for many years, and we are very pleased to add another crop type to our portfolio," said Tony Marci, Managing Director of Gladstone Land. "This farm near Ducor, California, is the right combination of varieties and age that we are looking for, and we look forward to owning this relatively young asset for many years."

"We are excited to purchase this citrus orchard that produces Meyer lemons and two varieties of mandarins," said David Gladstone, President, and CEO of Gladstone Land. "We are equally excited to add another great farmer to our list of tenants. We finished the year well on the acquisition front, and we look forward to another strong year in 2021."