, a Denver-based real-estate investment trust that owns more than 115 farms in 10 states, purchased a blueberry farm in Michigan for $1.2 million, officials announced Monday.
The 125-acre property is the first permanent crop farm for Farmland Partners. Officials are expecting the farm to have annual rental income of 8 percent to 10 percent of the purchase price.
“Having built a 70,000-acres plus portfolio of row crop farms in 10 states, we are comfortable gradually adding higher return and higher risk specialty crop properties, which, when blended into our portfolio, should enhance returns without materially increasing volatility,” said Paul Pittman, Farmland Partners’ chief executive, in a statement.
Alicia Wallace: 303-954-1939, awallace@denverpost.com or twitter.com/aliciawallace
