Gladstone Land Corp., McClean, Va., has purchased 2,515 acres of pistachio trees and organic farmland in the Fresno, Calif., area.
There are 619 acres of mature pistachio trees and almost 1,900 acres of open farmland on the site, almost 1,300 of is organic, according to a news release from Gladstone Land, which buys agricultural land and leases it to third-party farmers.
“This acquisition allows us to develop a new relationship with a long-time farmer in the business and also helps the seller with its goals with this sale-leaseback transaction,” Tony Marci, managing director of Gladstone Land, said in the release. “We are particularly excited about this farm because of its historically high production and the high percentage of organic land.”
The company does not publicize who previously owned the land it purchases, or the growers/marketers of the commodities grown on the real estate.
David Gladstone, president and CEO, said the organic land is used for vegetable production and is a good long-term investment for the company.
“In addition, we are forming a new relationship with a very seasoned grower who has been in the pistachio and vegetable business for many years,” Gladstone said in the release. “We are continuing to evaluate a good list of potential farms to buy, as we work towards a strong end to 2020 after a record year of acquisitions in 2019.”
The company, founded in 1997 has 121 farms in 12 states, with about 93,000 acres valued at $951 million, according to the release. Items grown on its land includes blueberries, apples, figs, grapes, tree nuts and assorted vegetables.