According to a Dec. 14 report from The Business Journal, publicly traded real estate investment trust Farmland Partners has purchased property — including the lease and building on the property — worth $3.2 million from Agpro Real Estate Investments LLC in Kinsman, Ohio. The purchase was conducted by a subsidiary of Farmland Partners, FPI Ohio.
The 4.7 acre property is reportedly "part of a larger effort by FPI to expand into the Ohio market."
The report quoted FPI Chairman and CEO Paul Pittman as saying, “Forging a relationship with a company like Ag-Pro will enhance our reach into the agricultural business community. Farmland is and will continue to be FPI’s primary business, but this deal provided several strategic advantages for our company and its shareholders.”
FPI had previously announced back in November its acquisition of "four properties in Ohio that lease to Ag-Pro dealerships for $17.2 million."