A Denver agricultural real estate trust said it's buying 5,100 acres in central California for $110 million.
Farmland Partners Inc. (NYSE: FPI) said it's buying the farmland from Olam International Limited. Almonds, pistachios and walnuts are grown on the land in California's Central Valley.
"They are unique, high-quality farms in the heart of California's tree nut industry. The properties and associated agreements will bring higher cap rate permanent crop production into our portfolio furthering our goal of delivering a well-balanced portfolio of U.S. farmland to our stockholders," said Paul Pittman, chairman and CEO, in a statement.
Late last year, FPI bought 8,638 acres of crop farms in Illinois for $55.3 million.
Read more at the Denver Business Journal: http://bit.ly/2xXkhj0