Gladstone Land Corp. has acquired 2,285 gross acres of farmland located in Tehama County, Calif., for $37.8 million from Solum Partners.
In connection with the acquisition, Gladstone Land also entered into a 15-year, triple-net lease agreement with California Olive Ranch, reported to be the largest miller of olives for extra virgin olive oil (EVOO) in the United States and the producer of the nation’s top-selling 100 percent California EVOO.
“We have been evaluating opportunities to buy land in Northern California, and we believe this orchard is a great addition to our portfolio, as we like the diversification that olives provide. We continue to evaluate additional farms to acquire as we work towards another successful year,” said David Gladstone, president and CEO of Gladstone Land.