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Boone County, Illinois farmland auction a major buying opportunity
BELVIDERE, Ill. (Sept. 15, 2011) -- Approximately 3,379 acres in Boone County will be auctioned on Nov. 19, with Schrader Real Estate & Auction Company managing the sale. The land includes approximately 2,900 tillable acres, offered in 48 tracts.
The property is located five miles east of Rockford and 70 miles west of Chicago.
"The owners of K-B Farms, Inc., and Funderburg Farms, Inc., near Belvidere, are acting on the opportunity to adjust their land portfolios, and that is good news for farmers and investors who seek to increase their holdings but have been held back by the limited availability of substantial amounts of quality land," said R.D. Schrader, president of the auction company.
"In this market, it's very rare to see this much quality land in a single auction, and we'll have as much as 1,000 contiguous acres in one group of tracts and 800 acres in another. So this auction will present a buying opportunity that you don't see every day," he said.
By selling in tracts -- most of them between 40 and 240 acres -- the auction will accommodate the needs of large and small buyers alike.
"You may have some buyers whose objective is to purchase the whole 3,379 acres. Then you'll have others who are seeking to buy 100 acres, or maybe 300. Our auction method makes it possible for all of them to compete on a level playing field. You just never know which way it's going to go. This also allows more people to participate," said Schrader.
Rob Funderburg, president of K-B Farms, Inc., and Funderburg Farms, Inc., said he remains bullish on farmland in the area. "The current environment provides us some portfolio management options that haven't always been available, and the land being sold represents only a fraction of our investment in the area. Our belief in Boone County's future is as strong as ever," he said.
The auction will be held at 10 a.m. Saturday, Nov. 19, at the Community Building Complex of Boone County, in Belvidere. Individuals seeking additional information may call 800-451-2709.