67.10+/- Acres Hennepin County, MN
Selling in 2 Tracts On Our
UNRESERVED ONLINE AUCTION
November 30,2023
Bidding opens November 16, 2023, and ends November 30,2023, at 1:00 p.m.
Agent Notes: Online real estate auction, 2 large acreage tracts being sold no minimum / no reserve to the highest bidder. Excellent investment opportunity. Prime location 2 miles west of 101 and 7 miles from 1-94 / Highway 55 interchange. Hard to find undeveloped land with sewer and water in close proximity. Unparalleled investment opportunity in a high demand area experiencing exponential growth! Both parcels are currently zoned Rural Residential-Urban Reserve (RR-UR). Tract 2 to be rezoned “Business” upon satisfactions of conditions and recording of the Cates Industrial Park Plat. The City’s Comprehensive Plan for both parcels are currently guided Future Development Area (FDA).
The City of Medina has added a lift station on tract1 to serve properties to the West of this land which could also serve tract 1and property to the North and East if the City guides for development in the future. Sewer service for Tract 2 from southeast. Water required to be extended to southeast and looped to willow.
This Cates family had a vision some 40 years ago! Realizing that this area over time would be a highly sought out development piece of property. Medina is home to numerous businesses and demand is high for industrial, commercial, and office warehouse space! Cates Industrial Park is what this area needs! Future expansion opportunity as well.
The two-page primer on the green acres program issued by the Minnesota Dept. of Revenue. The same information is also available online
Bidders should review the Current Purchase agreement the Buyer (s) will be signing.
Previous posted Purchase Agreement(Redlined)
Tract 2 30.18 Acres
Description: Prime development property along the Highway 55 corridor. City of Medina has granted preliminary plat and site plan review approval for Cates Industrial Park – a proposed development containing approximately 300,000 square feet of building improvements to be used for warehouse/light industrial/office on the property. See Ordinance # 709
Final plat approval requires some conditions to be met at the time of Final Plat application.
See Resolution # 2023-65
This tract is currently being farmed and has a vacant homestead.
The bidding increments will be $100/acre. The final sale price will be calculated based on the total acres times the highest bid. The real estate agent reserves the right to adjust bidding increments.
BIDDING PROCESS: You may place bids on this property for 14 days, beginning November 16, 2023, and ending November 30, 2023, at 1:00p.m. This unreserved online auction features bidding extensions. If a bid is received within five minutes of the scheduled close time, the bidding period is automatically extended to five minutes. This will continue until there is a five-minute period where no bids are placed on either tract. NOTE: Do not wait until the day the auction closes to register to bid online. All bidders must be approved to bid, so register at least 24 hours before the auction closes or call 800-887-8625 for assistance.
Address: 2575 CATES RANCH DRIVE
Legal Description: Lot #1, block #1 – CATES RANCHSECOND ADDITION
Parcel # 04-118-23-14-0004 *Full legal to be verified by closing company
2023 Taxes: $5,230.46
Land Location: From I-94 / Highway 55 in Plymouth take Highway 55 for 7 miles to Willow Drive. Turn right and go north on Willow Drive to Land on the east side of the road. Watch for signs.
Owner: Jeff Cates and Christine Cici-Cates
Title Services: Guaranty Commercial Title Inc.
Escrow Agent: Sapientia Law Group, PLLC
For more information, contact the listing agent:
Michelle Weinzetl 763-300-5055 Michelle.Weinzetl@BigIron.com
Terms: The successful buyer will be required to enter into a written purchase agreement immediately after the sale with a 10% non-refundable down payment to be payable to Sapientia Law Group, PLLC and they will be drafting the purchase agreements. The earnest deposit can be made by a personal check, company check, or wire transfer. The balance will be due at closing on or before December 28, 2023.The seller will provide a marketable title to the buyer, evidenced by title insurance; the title insurance and closing costs are split 50/50 between the buyer and seller.
Tract 1 (PIN # 04-118-23-11-0002) is eligible for staying in the Green Acres program- Buyer will be responsible for those special assessments and accrued interest if removed from green acres program. The buyer will be responsible for any pending assessments.
Tract 2 (PIN # 04-118-23-14-0004)Seller will be responsible for all levied + special assessments owed. The buyer will be responsible for any pending assessments.
The property will not be sold subject to financing. Bidding increments may be changed at the discretion of the real estate agent. Please have all the financial arrangements made before the auction. The written purchase agreement, to be signed by the seller and buyer after the auction, is the sole and controlling document of this sale and supersedes any and all other terms, whether verbal, written, expressed, or implied, and shall be the sole and controlling document for this real estate transaction. BigIron Realty is working for the seller.