Farmland acquired for new vineyard
By Terry Murry on Thursday, December 9th, 2021 in Columbia Basin News More Top Stories
MILTON-FREEWATER – Gladstone Land Corporation, a publicly traded real estate investment trust based in McLean, Va., spent approximately $2.4 million to acquire 165 acres of farmland located near Milton-Freewater for a future wine grape vineyard. In connection with the acquisition, Gladstone Land entered a 10-year, triple-net lease agreement with an existing tenant who is a leader in the wine industry.
Located on Chuckhole Lane, the property is located within the Walla Walla Valley American Viticultural Area located within Washington state which extends partly into the northeastern corner of Oregon.
“This land, with established water rights, will be a great addition to our portfolio,” Gladstone Land President and CEO David Gladstone said. “We are pleased to expand the relationship with our tenant and help them to continue providing premium wines to their customers.”
Of the 165 acres purchased, 135 acres will consist of the wine grape vineyard. Water for the vineyard will be delivered by the SeVein Water Association. Founded in 1997, Gladstone Land currently owns 162 farms, comprised of approximately 109,000 acres in 15 states.
