ALBERT LEA, MN COMMERCIAL/DEVELOPMENTAL LAND AUCTION -CHADWICK

Albert Lea, Minnesota

Land is located approximately 1.5 miles south of the I-90/I-35 intersection on I-35, located on the north & south sides of Home Depot. Parcels are located 1,000 ft from I-35, 1.5 miles south of I-90, adjacent to Home Depot and Albert Lea city water tower.

16.46 acres± • 3 tracts

Commercial/Agricultural/Residential Land

No Minimums/No Reserves!

Tar Road Access with Water Access

No Assessments!

Tract 1 - 10.86 acres (PID 344220040)

• Classified as Agricultural Land
• Located east of Home Depot
• Tar Road Access to property via Consul St. (North Side of Home Depot)
• No Assessments
• Water & Sewer Hookup immediately adjacent.
• Reciprocal Easement and Operation Agreement will apply with Home Depot for future owner
• View Corridor (Permissible View Area will apply for Home Depot to Interstate 35/Please see diagram for Permissible Building Area (PBA)
• Excellent Restaurant Pad Sites
• Per REA Agreement; Purchaser shall have the right to place signage on the Home Depot Sign Pylon, See Section 1.04 of the REA
• East Side of Home Depot Driveway (West Side of Parcel 1) can be utilized by purchaser as per the REA 2.01

Tract 2 - 4.43 acres (PID 343840010)

• Classified as Residential 1-3 units, unimproved land
• Located South side of Home Depot (West of Water Tower)
• Tar Road Access from West Side of Property via Blake Ave
• Sewer & Water at Street
• Currently farmed (No Current Lease Agreement)

Tract 3 - 1.17 acre lot, 2465 Marshall St. SE, Albert Lea (PID 343840030)

• Classified as Residential 1-3 units, unimproved land
• Access via Southeast Marshall St. (Co Rd 91)
• Common Driveway with City of Albert Lea for Water Tower
• No Assessments
• Water Hookup at Street
• Sewer Available approx. 50’ away from property

The Chadwick farm will be sold on a price per acre basis, based on taxable acres. All tracts will be offered through the marketing method of “Buyer’s Choice”, whereas the high bidder can elect any of the tracts for their high bid. If the high bidder does not elect all offered tracts, then the remaining tract(s) will continue to be offered “Buyer’s Choice” until all tracts have been elected. The tracts will NOT be offered in their entirety at the conclusion of the auction.

Immediately following the auction, the successful buyer will be required to sign a real estate sales contract and pay ten percent (10%) of the purchase price as a non-refundable down payment which will be held in escrow until closing. The balance of the purchase price will be due at closing which will take place on or before Tuesday, June 24, 2025. The buyer will provide title insurance in the full amount of the purchase price. Seller will pay all the 2024 real estate taxes. The 2025 real estate taxes will be prorated to the date of closing. Possession at closing.

Bidding is NOT subject to any contingencies, including but not limited to financing, an appraisal or inspection of the property.

All announcements made sale day take precedence over prior advertising either written or oral. The information in our brochure, in our advertisements and on our website is believed to be accurate; however, no liability for its accuracy, errors or omissions is assumed. All lines drawn on maps, photographs, drone video, etc. are approximate. Buyers should verify the information to their satisfaction. There are no expressed or implied warranties made by the seller or Sullivan Auctioneers pertaining to this property. Real estate is being sold “AS IS”.