Gladstone Land (LAND) Announces $1.7M Florida Farmland Acquisition

August 11, 2016 2:37 PM EDT

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Gladstone Land Corporation (Nasdaq: LAND) announced that it has acquired approximately 70 acres of farmland in Hillsborough County, Florida, for $1.7 million. In connection with the acquisition, the Company assumed a lease agreement with a leading global berry operator as the tenant. The lease runs through 2021 and includes a 5-year extension option.

"We are excited to add to our farmland holdings east of Tampa, a great growing region with significant development pressure," said Bill Frisbie, the Company’s Managing Director for the Eastern United States. "We now own 49 farms across the U.S., and we seek to continue building and diversifying our high-value agricultural portfolio. This property is farmed primarily for strawberries."

"We like being real estate partners with top-tier farmers, and we seek to buy farms that grow fresh fruits and vegetables that are healthy for people to eat," said David Gladstone, President and CEO of Gladstone Land. "We have built our farmland portfolio based on the idea that the produce and nuts sections of grocery stores are good places to base our business because consumption of fresh fruits and vegetables and nuts has been growing at a stronger pace than other areas of the food sector, and we believe that trend towards healthier foods will continue."

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