MCLEAN, VA - A company that has always made strategic moves in the fresh produce industry, Gladstone Land Corporation has once again expanded its portfolio. This time, he announced the acquisition of 108,000 square feet of cold storage and support facilities in Stockton, California, typically used for the cooling and storage of conventional and organic fresh blueberries.

Joseph Van Wingerden, Director of Gladstone Land Corporation

“These facilities are critical to the tenant’s local agricultural operations,” said Joseph Van Wingerden, Director. «Blueberries must be cooled very quickly after harvesting to preserve their quality. We are excited to continue our role as capital partners for our producers and expand our portfolio of agricultural land and farm-related facilities in the fresh fruit and produce space. . »

In addition to the acquisition, Gladstone also held a 10 year lease with the seller who is still a tenant of the business, according to a press release.

This new acquisition comes on the heels of the company's purchase of farmland in Maryland, which is part of its growth along the East Coast. As Gladstone continues to expand its portfolio, it appears that its strategy is paying off, as the company revealed that it had exceeded $ XNUMX billion in value of farmland, as we reported in November.

David Gladstone, President and CEO of Gladstone Land Corporation

«Gladstone Land has had two consecutive years of very strong growth and we look forward to continuing that trend,” said David Gladstone, president and CEO. “We also expect another strong year operationally. We have several additional farms that were purchased in late 2020 that had little impact on last year's financial results. Additionally, we have additional farms scheduled to pay share rents later in 2021. We are hopeful that these additional share rents, along with the higher margins achieved on our recent acquisitions, will allow us to further increase our adjusted funds from operations «.