Benzinga | Sep 8, 2020 08:33AM EDT

Gladstone Land Acquires Pistachio Orchard & Organic Farmland In California For $31.8M

MCLEAN, Va., Sept. 08, 2020 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (NASDAQ:LAND) ("Gladstone Land" or the "Company") announced that it has acquired 2,515 gross acres of farmland in Fresno County, California, for approximately $31.8 million. The farm consists of 619 planted acres of mature pistachio trees and 1,896 acres of open farmland, 1,273 acres of which is organic. In connection with the acquisition, Gladstone Land also entered into an 8-year, triple-net leaseback agreement with the seller.