US (VA): Gladstone Land acquires 332 acres of Ventura county farmland for 24M
According to a press release, the land is leased to Sunrise Growers, which farms it for berries and tomatoes, and Eclipse Berry Farms, LLC, a grower and marketer of fresh fruits and vegetables.
"We are privileged to partner with one of the largest suppliers of processed strawberries in the world and add such significant acreage in this important strawberry and vegetable growing region. These two farms have good water for our tenants, and the land is great for the crops being grown there,” said Bill Reiman, Managing Director at the Gladstone and Head of West Coast Investing.
The two current leases for the farmland both have a remaining term of nine months with one 2-year renewal option.
“These farms have been rented for many years, and we expect them to be rented for many years into the future. Our goal of having strong tenants on premium land is certainly met in this transaction," added Reiman.
Currently, Gladstone owns 31 farms, made up of 7,973 acres in 5 different states valued at $185 million. The majority of its acreage is used to grow row crops like berries and vegetables.
Source: andnowyouknowhow.com