Farmland Partners Inc. (FPI) acquired, on November 18, four Ohio properties that house agricultural equipment dealerships for $17.2 million. The dealerships are operated by Ag-Pro, North America’s largest John Deere dealer.
“Farmland is and will continue to be FPI’s primary business, but this deal provided several strategic advantages for our Company and its shareholders,” explained FPI Chairman and CEO Paul Pittman. “The long-term lease in place should supply a steady income stream at a cap rate that’s higher than what we typically see in farmland. Additionally, this acquisition will further mitigate risk through portfolio diversification and establish a meaningful connection with a key player in the agricultural community.”