MCLEAN, VA – Gladstone Land Corporation (LAND) (“Gladstone Land” or the “Company”) announced that it has acquired 1,317 gross acres of farmland located in Washington and Oregon, for approximately $37.3 million from Horizon Vineyards (“Horizon”), an affiliate of Resource Land Holdings (“RLH”), headquartered in Denver, Colorado. In connection with the acquisition, Gladstone Land also assumed several long-term, triple-net vineyard leases with an industry-leading grower.
“We are very pleased to acquire these vineyards with strong water resources,” said Tony Marci, Managing Director of Gladstone Land. “The vineyards are managed by an outstanding tenant who produces premium wine grapes for their extensive list of customers. It was great to work with RLH throughout this transaction, as we were able to achieve the goals of all parties involved.”
Joe Leininger, Founding Partner of Resource Land Holdings commented, “RLH has greatly valued its partnership with the team managing these vineyards, and we look forward to watching them continue to expand their brand and further reinforce their reputation as a leader within the industry. We have had the pleasure of working with Gladstone Land on multiple occasions within the past year and know that they will be an exceptional long-term partner for the existing operator for many years to come.”
“Purchasing vineyards in Washington and Oregon adds diversification to our farmland holdings by both crop type and geographic region,” said David Gladstone, President and CEO of Gladstone Land. “We are impressed by the quality of these vineyards, as they are well maintained, and the gradual replanting plan implemented by the tenant keeps the varieties in line with customer demand. We continue to evaluate additional farms to acquire as we work towards another successful year.”