Gladstone Cos. pays $14M for Parrish farm land

BUYER: Wauchula Road Duette LLC (Gladstone California Farmland GP LLC), McLean, Va.
SELLER: G&D Farms Inc.
PROPERTY: 37381 State Road 62, Parrish
PRICE: $13.77 million
PREVIOUS PRICE: $1.62 million, June 1999

LAW FIRM ON DEED: Foley & Lardner LLP, Tampa

PLANS, DESCRIPTION:
An affiliate of the Gladstone Cos. purchased 825.6 acres of farm land in Eastern Manatee County for $13.77 million.

The price equated to $16,672 acre.

The McLean, Va., conglomerate purchased the property as an investment and plans to continue to lease it out to operators, according to David Gladstone, chairman of the board. He says its goal in buying the land was to find good investments that offer the company good income for dividends and liquidity.

The property was previously owned by Plant City-based Wish Farms, which grows berries and vegetables. The multigeneration family-owned business was formerly known as G&D Farms.

The Gladstone Cos. is a collection of public and private investment funds that invests in commercial real estate, farmland and small and medium-sized companies and provides financing.

The purchase entity, Wauchula Road Duette LLC, mortgaged the property to Farm Credit of Central Florida ACA for $8.26 million.