Virginia-based Gladstone Land Corp. said Monday it purchased 1,239 acres near Willcox, Arizona - two-thirds of which is irrigated and potential farmland - for approximately $5.7 million.

The deal includes a leaseback agreement with the seller for a 10-year period; the current tenant, with close ties to the region, runs sophisticated farming ventures across the U.S.

“We are happy to once again support one of our many excellent tenants and farm operators in providing a high-quality land asset,” Bill Reiman, Gladstone's managing director for the western U.S., said. “This is another example of our commitment to help our tenant-partners grow their businesses more profitably.”

Gladstone invests in farmland in agricultural markets in the U.S and leases the acreage to corporate and independent farmers. The company currently owns 43 farms in six states. 

“This investment allows us to continue to grow our asset base of high-quality, irrigated farmland that is rented to top-tier tenants,” Gladstone President and CEO . David Gladstone said. “Our recent offering will allow us to acquire additional farms, which … permit us to cover our distributions to stockholders. Unlike much of the non-irrigated farmland in the Midwest, our properties have continued to steadily increase in value. … With our current portfolio of high-quality farmland remaining 100 percent occupied … we view the future with a lot of optimism.”