The Olsen family announced yesterday that they have sold their Willamette Valley farmland and related assets to Farmland LP, an agricultural real estate investment firm. The ownership change takes effect immediately.
The Olsen family played a pioneering role in the establishment of Willamette Valley agriculture for two generations. Their company farmed over 6,000 acres of owned and leased land, specializing in a variety of crops, including blueberries, hazelnuts, grass seed and peppermint, and was one of Oregon’s largest wine grape growers.
According to Roger Olsen, Managing Member at Olsen Agricultural Enterprises, “We have been looking for the right buyer for our extensive Willamette Valley holdings for some time now and with Farmland LP we recognized that we found the right way for our family to transition our farmland. The same team will operate the assets under the new ownership, and that will allow for continuity of our quality programs in our vineyards, orchards and throughout our farms.”
“We are delighted to add Olsen’s Willamette Valley farmland to our existing Oregon and California holdings,” said Craig Wichner, Managing Partner of Farmland LP. “Today’s acquisition expands our capacity to serve the ever growing demand for locally grown organic food, and reflects our long term commitment to Pacific Northwest agriculture.”
Farmland LP acquires large-scale conventional farmland and adds value by implementing high productivity organic and sustainable agricultural practices. Founded in 2009, the firm manages over 13.500 owned and leased acres in Oregon’s Willamette Valley and the San Francisco Bay Area. This latest acquisition was made by Farmland LP’s second investment fund, Vital Farmland REIT LLC.
The terms of the sale were not released.