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Farmland Partners to buy Illinois farmland for $55.3M

Farmland Partners Inc. agreed to buy 8,638 acres of farmland in Illinois for $55.3 million in cash.

The company said the acquisition is expected to close in the first quarter of 2017, and it plans to negotiate new lease agreements with multiple tenants.

The transaction will be funded with proceeds from the company's recent public offering of common stock, and new secured debt that will be entered into upon closing of the deal.

According to auctioneer Schrader Real Estate and Auction Co., the land includes approximately 4,869 acres in Mercer County and more than 3,769 acres in Fulton County.