Gladstone farmland REIT invests $25m in California

The listed REIT’s recent purchase will be leased to an operator in the fruit and vegetables business.

Gladstone Land, the NASDAQ-listed real estate investment trust, has made a $24.6 million acquisition in Ventura County, California. This is the firm’s 10th acquisition this year across the US.

The two farms, which total 332 acres, have been leased to fruit supplier Sunrise Growers, and are farmed for berries and tomatoes by Eclipse Berry Farms.

The two leases have a remaining term of nine months each with one two-year renewal option.

“Our goal of having strong tenants on premium land is certainly met in this transaction,” said Bill Reiman, managing director at the company and head of West Coast investing.

Gladstone Land publicly listed on the NASDAQ in January last year raising $57 million at $15 a unit, surpassing the $45 million target. The REIT was trading at $12.01 when Agri Investor went to press.

The firm raised a further $13 million in September at $12.28 a unit. Janney Montgomery Scott LLC, Oppenheimer & Co. Inc., JMP Securities LLC and Ladenburg were the bookrunners.

Glastone has invested across Oregon, Arizona and Florida this year.