Gladstone Land Corporation announced that it has acquired 930 gross acres of farmland, including approximately 480 acres of blueberry bushes, and support facilities located in Paw Paw, Michigan, for $13.3 million. The facilities include a 23,000 SF cooling and packing plant, a 9,000 SF box barn, and a blueberry retail store for selling fruit from the farm directly to vendors and consumers. In connection with the acquisition, Gladstone Land entered into a 15-year, triple-net lease agreement with Berry Brothers, a family-owned farming company with local blueberry operations in Holland, Michigan, and three other states.
“This acquisition was a great opportunity to acquire a highly desirable blueberry farm for our grower-partner and to expand our portfolio in Michigan,” said Joseph Van Wingerden, Director at Gladstone Land. “The large cooling and packing facility is essential to the local blueberry operations. We continue to be very optimistic about the 2021 blueberry season and the ongoing strength of fruit and produce sales across the United States.”
“We are very excited to make our largest acquisition to date in the state of Michigan,” said David Gladstone, President and CEO of Gladstone Land. “This purchase also highlights our ability to acquire farmland for our growers across the country to help expand and diversify their growing season. We hope to continue our steady acquisition growth during the second half of 2021, although I wouldn’t count on us continuing at the same recent pace of three acquisitions within seven days!”
For more information:
Gladstone Land
Tel.: +1 703-287-5893