The McLean, Va.-based investment firm has acquired two farms totaling 94 acres in Dover, Fla.
Gladstone paid $2.7 million for the properties which include on-site water and has been farmed for row crop fruits and vegetables for decades, according to a news release.
The purchase involved Gladstone assuming two leases with three years remaining on each lease.
A mid-sized farming operation is one of the tenants, according to the release.
“We are pleased to add two more farms to our portfolio in Florida and partner with the existing farmers on a long-term basis,” Bill Frisbie, director of real estate, said in the release. “Our objective is to be a strategic real estate partner for farmers so they can secure their land for the long haul.”
Gladstone owns 26 farms on 6,439 acres in five states with an aggregate value of around $132 million.