Gladstone Land Corporation announced that it has acquired two farms consisting of 332 farmable acres in Ventura County, California, for $24.6 million. The property is leased to Sunrise Growers and farmed for berries and tomatoes by Eclipse Berry Farms, LLC, a leading grower and marketer of fresh fruits and vegetables. The two current leases on the property each have a remaining term of nine months with one 2-year renewal option.
"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. 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," said Bill Reiman, Managing Director at the Company and head of west coast investing.