Two parcels comprising nearly 50 acres of industrial-zoned land in Lebanon city changed hands in a $14.8 million transaction recorded Jan. 13.
Peachey Land Management LLC purchased the two parcels, one 44.95-acre tract at 244 N. Lincoln Ave. and a 4.73-acre tract at 240 N. 5th St., from Lincoln Fifth Corp.
Peachey manager Randy Martin said that he’s part of a group of investors who purchased the property.
Martin is also the owner of Peachey Transport and Peachey Rail Works, the latter of which opened a location at the 244 N. Lincoln Ave. property in 2022. Martin said that once proper approvals have been secured, the company plans to expand Peachey Rail Works to include more rail track area.
Martin and his partners also plan to improve the property over the coming months and years – cleaning up, repairing, and painting buildings where possible, removing junk vehicles, and dismantling any structures that are beyond repair. They will be looking for ways to improve the property and make improved use of the land.
No development plans have been submitted to Lebanon city at this point.
Altogether, Martin said that he hopes the property can be used to bring in tenants who create jobs for the local economy.
According to the company’s website, Peachey Rail Works specializes in transloading feed ingredients, and holds a certification to handle organic commodities.
“We want to be a good industrial neighbor,” said Martin. “We are heavily involved with the local ag markets. Supporting all the local feed mills.”
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