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Gladstone to buy newly-won strawberry farm with Farmer Mac debt

The real estate investment trust has won a 331-acre strawberry farm in Salinas, California, at auction.

Gladstone Land Corp, the NASDAQ-listed farmland real estate investment trust (REIT), has won a 331-acre strawberry farm in Salinas, California, at auction.

The REIT will pay for the $17 million acquisition by using debt from its new facility with Federal Agricultural Mortgage Corporation (Farmer Mac).

The current tenant on the farm is one of the US’s largest fresh strawberry shippers, according to a press release.

The REIT currently owns 32 farms across 8,000 acres and five states in the US and is valued at around $190 million. It focuses on row crops and permanent crops. In October it acquired two berry and tomato farms, also in California.