(NDAgConnection.com) – Farmland Partners Inc. announced the closing of the acquisition of a 166-acre Illinois farm for $2.4 million. The corn and soybean farm is located in Bureau County and includes a grain bin that can hold 16,000 bushels.

“We are always on the hunt for high-quality farmland, and this tract is a perfect example of what we’re seeking,” said FPI Chairman and CEO Paul Pittman. “It is located in a desirable area, has a history of profitable production, and there’s an experienced tenant in place.”

FPI now owns 220 farms in the U.S. Corn Belt, spanning 44,700 acres that are leased to 36 tenants.

“This is the first property that we have purchased in Bureau County,” explained Sam Woodrow, a farm manager for FPI who oversaw the transaction. “The area has excellent soils and is strategically located with access to several grain markets.”

FPI is the nation’s largest publicly traded farmland REIT by U.S. acreage.