Gladstone Land Acquires Three Farms in South Carolina
Tuesday, October 27th, 2020
Gladstone Land Corporation (NASDAQ:LAND) ("Gladstone Land" or the "Company") announced that it has acquired 597 gross acres of farmland and farm-related facilities across three farms located in Bamberg County and Orangeburg County, South Carolina, for approximately $3.8 million. In connection with the acquisition, Gladstone Land also entered into a 10-year lease agreement with a leading sod grower in the region.
"We are very pleased to make our first investment in South Carolina by acquiring these three farms," said Bill Frisbie, Executive Vice President of Gladstone Land. "The farms are fully irrigated and are well-suited for growing numerous crop types. The tenant-farmer plans to continue growing sod to support its business in the Southeast."
"We are excited to enter into a new state, South Carolina," said David Gladstone, President, and CEO of Gladstone Land. "With this acquisition, Gladstone Land now owns farms in 13 different states and 26 different growing regions across the United States. We are also pleased to be forming a new relationship with a strong grower in the region."