US (MI): Gladstone Land acquires blueberry farm for $2.1 million

Gladstone Land Corporation announced that it acquired a 71-hectare blueberry farm in Van Buren County, Michigan, for $2.1 million. Upon acquisition, Gladstone Land entered into a 10-year, triple-net lease with True Blue Farms, one of the most prominent blueberry growers and marketers in the country. The property currently consists of approximately 40 planted hectares of blueberries and is fully irrigated with access to multiple water sources.

“We are pleased to announce the acquisition of another excellent blueberry farm and to expand our relationship with True Blue Farms,” said Joseph Van Wingerden, Senior Associate of Gladstone Land. “Western Michigan offers fertile growing conditions due to the lake-effect climate and highly-productive soils. We hope to continue expanding our holdings in the region.”

“This acquisition adds another top-tier farm growing healthy produce to our portfolio,” said David Gladstone, President and CEO of Gladstone Land. “We look forward to continuing to build on our existing tenant-farmer partnerships during 2018. Our current acquisition backlog remains healthy, and we hope to be able to acquire several additional farms that grow a variety of crop types throughout the year.”

For more information:
Gladstone Land
Tel.: +1 703-287-5893
Website: www.Gladstone.com