Gladstone Land Corporation [NASDAQ: LAND] recently reported that the company purchased 236 acres of farmland. The lands are in California’s Fresno county. These farmlands are anticipated to grow almond trees for $3.6 million. In connection to the purchase, the company additionally signed a 20-year rent contract with a current inhabitant.
“We are exceptionally glad to build our property base close to Kerman, California. This transaction is near to one of our farms rented by the same inhabitant. Furthermore, It will permit them to productively extend their tasks,” said Tony Marci, Managing Director of Gladstone Land.
David Gladstone, President, and CEO of Gladstone Land states “We are eager to expand on our relationship with a current tenant. Moreover, The inhabitant on this farmland will plant almonds on it, adding to our area of developing nut crops, which is a significant piece of our general farmland possessions”. He further stated “ We are proceeding to assess a powerful rundown of farms to purchase shortly in the future. As we run after a strong finish to 2020 and a decent beginning for 2021.”