MCLEAN, Va., July 24, 2014 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (Nasdaq:LAND) ("Gladstone Land" or the "Company") announced today that it has acquired 68 acres of prime strawberry ground in Oxnard, California, for $6.9 million. The property has water on site and has been farmed for row crop fruits and vegetables for decades. Gladstone Land also signed a three-year lease that escalates annually with a major international grower.
"We are very excited to add such a premium, high-value strawberry farm to our portfolio. Opportunities to acquire properties like this one are very rare, especially with such a large and reputable tenant that has been farming the ground for years. The value and income growth potential of this farm is unique in the industry, and we believe we will benefit from this acquisition for many years to come. This transaction falls in line with others that we have done with this tenant, a global leader in the berry business. This is another example of a strategic partnership working to achieve our respective goals," said Bill Reiman, Managing Director for the Company. "We now own 27 farms across the U.S. that produces a variety of high-value fruits and vegetables."
"We have a great backlog of farms we hope to acquire, and we are working diligently to close them in the near future. We believe that July and August will be periods of continued growth for us in which we expect to continue to add to our farm portfolio. There is no guarantee that we will close on all or any of these acquisitions; however, we believe the likelihood is good. We will also be filing our quarterly financial report and will have our earnings call for analysts, stockholders and others interested in our Company on August 5, 2014. I hope those reading this press release can tune in to the call," said David Gladstone, Chairman and CEO.