A publicly traded real estate investment trust has acquired a 176-acre blueberry farm in Van Buren County for $2.1 million.
Per the agreement, the Virginia-based Gladstone Land Corp. (Nasdaq: LAND) will now enter into a 10-year, triple-net lease to operate the farm with the Grand Junction, Mich.-based True Blue Farms, a nationwide grower of blueberries, according to a statement.
“We are pleased to announce the acquisition of another excellent blueberry farm and to expand our relationship with True Blue Farms,” Joseph Van Wingerden, senior associate of Gladstone Land, said in a statement, noting the company continues to seek acquisitions in the region.
Gladstone Land previously purchased a 119-acre blueberry farm in Covert, Mich. in 2013, as MiBiz reported at the time.
The REIT’s latest acquisition consists of roughly 100 acres planted with blueberries, an irrigation system and access to multiple water sources. The acquisition will add another “top-tier farm growing healthy produce” to the company’s portfolio.
“We look forward to continuing to build on our existing tenant-farmer partnerships during 2018,” President and CEO David Gladstone stated. “Our current acquisition backlog remains healthy, and we hope to be able to acquire several additional farms that grow a variety of crop types throughout the year.”
Gladstone Land currently owns 75 farms spanning 63,351 acres in nine different states.