Farmland Partners purchases 291 acres of farmland in Illinois for $2.16M

Farmland Partners announced that it purchased 291 acres of farmland in Schuyler County, Illinois, for $2.16M. FPI won the property during an auction held November 29. The newly acquired property is leased to the same tenant who rents FPI’s nearby farm. The farmland is expected to generate good rental income for the company in addition to asset appreciation. Agricultural land in Illinois has averaged 5.7% in annual appreciation since 1970, according to the most recent data from the U.S. Department of Agriculture.