Virginia REIT buys 1,324 acres of farmland on eastern plains
HOLYOKE — A publicly traded real estate investment trust has acquired 1,324 acres of farmland in Holyoke in Phillips County.
Gladstone Land Corp. (Nasdaq: LAND), based in McLean, Virginia, purchased the farmland for $7.5 million, with plans to grow potatoes, sugar beets and corn for silage. Gladstone also entered into a six-year leaseback agreement with the seller.
The acquisition represented Gladstone’s first of 2020.
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“This acquisition increases the number of regions where we own farms and the number of different crop types grown on our farms, and it also adds a new operator to the number of tenants on our farms,” Gladstone CEO David Gladstone said in a prepared statement. “We believe the increased diversification in our farmland holdings helps to provide a steady and secure source of income with which to pay dividends to our shareholders. We look forward to continuing to add more farms to our already-existing portfolio of farmland primarily growing fresh fruits and vegetables.”
Gladstone owns 113 farms encompassing 88,000 acres in 10 states, valued at $884 million.
