Agricultural Equipment Dealer Site Purchased for $3.2M
KINSMAN, Ohio – A publicly traded investment trust has purchased property now leased by an agricultural equipment dealer for $3.2 million, records show.
FPI Ohio, a subsidiary of Denver-based Farmland Partners Inc., purchased the building, lease and land at 6401 Burton Bloomfield Road from Agpro Real Estate Investments LLC on Dec. 6, according to the Trumbull County Auditor’s office.
The building and 4.7 acres are under lease to Ag-Pro, North America’s largest dealer of John Deere-brand agricultural equipment.
The deal is part of a larger effort by FPI to expand into the Ohio market. In November, FPI, listed publicly as a real estate investment trust, or REIT, announced it had acquired four properties in Ohio that lease to Ag-Pro dealerships for $17.2 million.
The names of those dealerships were not disclosed.
According to auditor’s records, the land and building in Kinsman are appraised at $224,000 for tax purposes.
FPI describes itself as a “publicly traded real estate investment trust that purchases, leases, and manages high quality farmland throughout North America,” according to its website.
However, technology and data collection have made agricultural equipment a primary component of farm productivity and sustainability, FPI Chairman and CEO Paul Pittman said in November.
“Forging a relationship with a company like Ag-Pro will enhance our reach into the agricultural business community,” he said. “Farmland is and will continue to be FPI’s primary business, but this deal provided several strategic advantages for our company and its shareholders.”
The Kinsman dealership sells new and used John Deere-brand heavy tractors, harvest equipment, seed and tilling equipment, residential tractors and other products.
Ag-Pro was founded in 1958 and is headquartered in Boston, Georgia. It currently operates 80 locations in Florida, Georgia, Tennessee, North Carolina, South Carolina, Ohio and Kentucky.
“We take pride in developing long-lasting partnerships with our farmers and customers,” James Groover, president and CEO of Ag-Pro, said in November. “Farmland Partners shares this farmer-first mentality, which is one reason why this transaction made so much sense for us. We look forward to working with the FPI team.”
Copyright 2024 The Business Journal, Youngstown, Ohio.
