MARENGO – Super Mix Inc. recently bought 255 acres of an 831-acre farm in Marengo for $4.7 million, or $18,350 an acre, but any development on the land could be years away, according to city officials.
Inland Real Estate Brokerage & Auctions Inc. announced Tuesday that it sold the farm land in Marengo. The seller of the property wasn't immediately identified, but Inland representative Brandi Luecke said it belonged to a trust.
The remaining 576 acres are west of Route 23 in McHenry County, about 1.5 miles north of the planned I-90 tollway interchange, according to a news release.
Jack E. Pease is the president of Super Mix Inc., according to Illinois Secretary of State records. Pease has been involved in several development projects in McHenry County and owns land throughout the county. He couldn't immediately be reached for comment.
Luecke said no specific development plans were mentioned to the broker, but that the land was sold to "a well-known developer in that market place."
"The property was annexed to the city of Marengo, including all adjacent unincorporated roads and highways, and is currently zoned Agricultural Transitional, allowing the owner the right to rezone the property," according to the news release.
Marengo annexed about 3 square miles of land in 2013, Marengo City Administrator Gary Boden said. Under terms of the annexation agreement, the land could be re-zoned for residential, industrial or possibly commercial use. But development would be required to go through the city's zoning process.
The city has been annexing land in an effort to extend Marengo’s limits to Interstate 90 in hopes of securing a full tollway interchange that would spur development. A decision on whether the interchange is build could be made later this year, Boden said.
Boden said the southeast portion of the property that was sold is not within the city limits. The property is being used for farming and is adjacent to a quarry.
Any development on the land could be "two, four, six years out," Boden said. The area lacks infrastructure such as sewer and water service. However, he said the sale indicates there may be some interest in development in the area.
"It suggests that people are getting ready for development," he said.
Inland Brokerage & Auctions President Paul Rogers and Senior Broker John Hanson are marketing the property. For information, call 630-990-8400 or visit www.inlandbrokerage.com.