6,001 Acres Brings $27.1 Million In Ohio
Jul 07, 2009
The central Ohio land market saw a major test June 30 as 6,001 acres passed under the gavel. The sale involved the historic Orleton Farm located in Madison County. The farm featured 5,324 contiguous acres and another 677 acres not far away. In all, the farm sported 5,549 tillable acres. Halderman Real Estate Services handled the sale.
The first round of bidding concentrated on the 25 individual tracts. After that bidding closed, the auction for the entire farm as one unit began. There were four competitive bidders for the farm as a single unit. In the end, Midwest Farms, LLC, an Indiana-based farmland investment group purchased the entire unit.
"The Orleton Farm sold above our original expected range," states Howard Halderman, President, Halderman Real Estate Services, Wabash, Indiana. "We had bidders from all corners of the United States: Florida, New York and the West Coast, as well as many local interested parties. We feel the price is well substantiated by the fact that we had over 73 registered bidders. The final outcome was not surprising as we had many inquiries into the farm as a single purchase. The sale price of $27.1 million and the number of interested parties indicates continued strength in agricultural land values in the Midwest, especially for prime farms such as Orleton."
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