Gladstone Land Acquires AZ Farmland; Will Lease to Premier Grain Farms For Corn and Bean Production
Date Posted: January 8, 2014
McLean, VAGladstone Land Corporation (NASDAQ: LAND) ("Gladstone Land" or the "Company") announced Jan. 3 that it has acquired a 1,760-acre farm in Willcox, Cochise County, Arizona for $6.7 million on December 27, 2013.
The property is irrigated farm land with 13 existing water wells.
In connection with the acquisition, the Company executed a ten-year lease with Premier Grain Farms.
Premier Grain Farms is a family-owned and -operated farming company growing crops on over 14,000 acres across three states.
The primary crops grown on the property are dry edible beans and corn.
The area is a well-diversified agricultural region with dairies, orchards and a large greenhouse tomato operation.
"We are very excited to be diversifying our land holdings with this purchase of a prime agricultural property in Willcox, Arizona," said Bill Reiman, Managing Director, Real Estate.
"The Sulphur Springs Valley in southeastern Arizona, with its unique climate, has been a very productive farming area for several generations.
"High quality soil and ample groundwater provide growers in this region with many cropping options.
"The well-established agricultural history of this area, coupled with the strategic alliance with Premier Grain Farms as our tenant, will provide us a solid footprint in this area should we choose to add farms here in the future."
For more information, call 703-287-5800.