Gladstone Land Corp., a publicly traded small-cap REIT (Nasdaq: LAND) that owns farmland across the United States, recently completed the $70 million purchase of 2,100 acres of farmland in Coalinga, Calif., a prime growing region in the state’s fertile San Joaquin Valley. The acreage is planted in pistachios, a healthy snack and a hot commodity due to continuing strong growth in international consumption.
With the acquisition in Coalinga, Gladstone expanded its pistachio holdings in the state. The firm made its initial pistachio investment in 2016, with the purchase of 453 acres in Fresno, Calif., and has since acquired additional acreage in Fresno and Madera County, Calif. Gladstone’s portfolio now includes nearly 3,500 acres of pistachios.
California produces 98 percent of all pistachios grown in the United States, and the nation is the leading global source for the nut, accounting for approximately 55 percent of production. Indicative of the growing demand — a
