Gladstone Land acquires blueberry farms in Michigan, US

US-based real-estate investment company Gladstone Land has announced the acquisition of two farms totalling 516 gross acres near South Haven, Michigan.

The $7.8m purchase comprises blueberry bushes spread over 383 acres of land and six acres of cranberries.

Additionally, the acquired farmlands include various farm-related facilities, including two blueberry processing facilities, as well as a fresh packing and cooling facility.

Gladstone Land principal Joseph Van Wingerden said: “We are very pleased to expand our farmland holdings and tenant relationships in Michigan.

“Michigan is one of the top three states for blueberry production, with average volumes ranging between 80 to 100 million pounds per year. Western Michigan offers a great growing climate for blueberries and easy access to the East Coast and Midwest markets.”

The company entered a ten-year, triple-net lease on each farm with a leading blueberry grower and processer in the region.

Gladstone Land president and CEO David Gladstone said: “The recent tariffs placed on certain Mexican goods are not expected to impact the company, as we do not own any farms in Mexico, and the tariffs are also unlikely to hurt most of our farmers.

“Many of our fruit growers may even benefit if prices of produce from Mexico increase due to the tariffs.  In general, tariffs do not hurt the fresh produce markets our farmers grow for because the produce is consumed within the US.”

The company noted that it does not anticipate any material adverse impact on revenue earned on its farms due to the recent tariffs.