MILTON_FREEWATER — A publicly traded real estate investment trust has purchased 165 acres of farmland with established water rights near Milton-Freewater and intends to turn it into one of the region’s larger vineyards.

Virginia-based Gladstone Land Corporation announced Nov. 29 it had acquired the land for approximately $2.4 million.

It also announced it has entered into a 10-year, “triple-net” lease — the tenant agrees to pay property expenses including taxes, building insurance and maintenance, in addition to rent and utilities — with an “existing tenant who is a leader in the wine industry.” The press release did not elaborate, and Gladstone Land could not be reached for comment.

“We are excited to make another acquisition in Oregon,” said Tony Marci, managing director for Gladstone Land. “Our tenant will plant a vineyard on this land, which is located within the Walla Walla Valley AVA. The property is in a beautiful setting on land overlooking the Walla Walla Valley.”

Property information on the site was not included in the release. It is likely the purchase was being finalized, as Umatilla County officials could not immediately determine who Gladstone Land had purchased the land from, indicating the acquisition had not yet been recorded.

Gladstone Land owns 162 farms comprised of approximately 109,000 acres in 15 different states and 45,000 acre-feet of banked water in California valued at approximately $1.4 billion, according to a release.

“This land, with established water rights, will be a great addition to our portfolio,” wrote David Gladstone, president and CEO of Gladstone Land in the release.