Absolute Land Auction! Peoples Company is pleased to represent Wow Properties LLC in the sale of 117.06 acres m/l of land located along the rapidly growing southeastern side of Platteville, Wisconsin.
The farm consists of 117.06 acres m/l with 97.49 FSA cropland acres carrying a NCCPI soil rating of 81.70. The predominate soil types are the highly sought after Tama silt loam and Palsgrove silt loam. Currently, all farmable acres are leased out through the 2022 growing season generating a total yearly income of $19,750. This farm would make for a great add-on to an existing farming operation and a smart investment for the future.
In addition to being high quality farms, these tracts are uniquely situated in the path of future development with possibilities ranging from commercial, industrial and/or residential development. These tracts are conveniently located along State Highway 80/81 and have a daily traffic count of over 5,900. U.S. Highway 151 is less than one half mile away allowing for easy access to the four-lane highway. This land offers multiple opportunities for the buyer looking to diversify their portfolio.
The three tracts will be offered via an 'Absolute' Public Auction and will take place at 10:00 AM at the Platteville Country Club, 6729 N Water Street, Platteville, Wisconsin. The farmland tracts will be sold as three individual tracts using the “Buyers Choice” auction method on a price per acre basis. The high bidder can take, in any order, one or any of the tracts for their high bid. “Buyer’s Choice” auctioning will continue until all three tracts have been purchased and removed from the auction. Tracts will not be offered in their entirety at the conclusion of the auction. This auction can also be viewed through a Virtual Online Auction option and online bidding will be available.
Long legal descriptions on file. See attached Plat of Survey.
These tracts are located on the southeast edge of Platteville, WI along both sides of Highway 80/81. Look for Peoples Company signs.
There is currently a sanitary main along the north side of Tract 1 with additional sanitary and water lines located approximately .25 miles away from Tract 1 & 2 and .5 miles away from Tract 3. As the hospital and its related facilities continue their expansion to the west, the city plans to bring utilities further west bringing them closer to servicing these tracts. In addition, extending utility service to the south along Highway 80/81 is also a possibility. These tracts are conveniently situated in an area with multiple utility service extension options.
Platteville is the largest city in Grant County with a population of 12,264 and growing. The town of Platteville was officially established in the 1820’s as a flourishing mining community and since then has continued to flourish, diversifying itself with over 150 businesses in a variety of industries.
These tracts are conveniently situated on the growing southeast side of Platteville near the Southwest Health Facilities. The property is currently partially zoned Highway Business with the remainder zoned Agricultural. The city of Platteville has slated Future Land Use of Tract 2 & 3 as Mixed Use to allow the most flexibility for the landowner/developer in the future. Mixed Use may include commercial, industrial, manufacturing, retail, office and more. Tract 1 has been slated for Low Density (Single Family) Residential and its gently rolling topography would offer an attractive variety of walkout, daylight, and standard lots overlooking the valley.
Whether you are a farmer, investor, speculator, or developer, these tracts are situated within the path of development and would make a great investment for the future.
'Absolute' Grant County Land Auction
117.06 Acres M/L
Offered in Three Tracts
Tuesday, July 12th, 2022
Platteville Country Club
6729 N Water Street
Platteville, WI 53818
Online Bidding: Register to bid at http://peoplescompany.bidwrangler.com/
Auction Method: All three tracts will be sold on a per-acre basis and will be offered through the "Buyer's Choice Auction Method", whereas the winning bidder may elect to take, in any order, one, two, three, or all of the tracts for their high bid. The "Buyer's Choice Auction Method" auctioning will continue until all three tracts have been purchased. Tracts will not be offered in their entirety or combined at the conclusion of the auction.
Tract 1: 60.76 Acres M/L
Tract 2: 6.87 Acres M/L
Tract 3: 49.43 Acres M/L
Bidder Registration: All prospective bidders must register with Peoples Company and receive a bidder number in order to bid at the auction. Peoples Company and its representatives are agents of the Seller. Winning bidder(s) acknowledge they are representing themselves in completing the auction sales transaction.
Farm Program Information: Farm Program Information is provided by the Grant County Farm Service Agencies. The figures stated in the marketing material are the best estimates of the Seller and Peoples Company; however, Farm Program Information, base acres, total crop acres, conservation plan, etc. are subject to change when the farm is reconstituted by the Grant County FSA and NRCS offices.
Earnest Money Payment: A 10% earnest money payment is required on the day of the auction. The earnest money payment may be paid in the form of cash or check. All funds will be held at Midwest Title Company.
Closing: Closing will occur on or before Thursday, August 18th, 2022. The balance of the purchase price will be payable at closing in the form of a certified check or wire transfer. With respect to the timing of the Seller and successful Buyer in fulfilling the obligations set forth in the Real Estate Sale and Purchase Agreement, time is of the essence.
Possession: Possession of the farm will be given at closing; subject to tenants rights.
Farm Lease: The current farm lease runs though the 2022 growing season. Buyer(s) will receive a credit for the second half payment of the cash rent at closing totaling $3,875 for Tract 1, $625 for Tract 2, and $5,375 for Tract 3.
Contract & Title: Immediately upon conclusion of the auction, the high bidder will enter into a real estate sales contract and deposit with Midwest Title Company the required earnest money payment. The Seller will provide a current Title Commitment at their expense. Sale is not contingent upon Buyer obtaining financing after the conclusion of the auction. All financial arrangements are to have been made prior to bidding at the auction.
Fences: Existing fences, if any, are in as-is condition and will not be updated or replaced by the Sellers. Not all tract and boundary lines are fenced and if needed, will be the responsibility of the Buyer at closing. Existing fence lines may not fall directly on the legal boundary.
Other: This sale is subject to all easements, covenants, leases, and restrictions of record. All property is sold on an “As is – Where is” basis with no warranties, expressed or implied, made by the Auctioneer, Peoples Company, or Seller. All bids will be on a per-acre basis. Peoples Company and its representatives are agents of the Seller. Winning bidder acknowledges that they are representing themselves in completing the auction sales transaction. Any announcements made auction day by the Auctioneer or Listing Agents will take precedence over all previous marketing material or oral statements. Bidding increments are at the sole discretion of the Auctioneer. No absentee or phone bids will be accepted at the auction without prior approval of the Auctioneer. All decisions of the Auctioneer are final.
Disclaimer: All field boundaries are presumed to be accurate according to the best available information and knowledge of the Seller and Peoples Company. Overall tract acres, tillable acres, etc. may vary from figures stated within the marketing material. Buyer should perform his/her own investigation of the property prior to bidding at the auction. The brief legal descriptions in the marketing material should not be used in legal documents. Full legal descriptions will be taken from Title Commitment.
Tract one consist of 60.76 surveyed acres with 32.59 acres m/l of tillable acres. Primary soils include the highly productive Tama silt loam, Palsgrove silt loam, and Fayette silt loam resulting in an NCCPI of 81. This tract is currently zoned Agricultural with future land use plans calling for low density (single family) residential. Gently rolling topography with mature timber and multiple future pond sites will offer an attractive variety of walkout, daylight, and standard lots overlooking the valley. This tract is located along the north side Highway 80/81.
Tract two consists of 6.87 surveyed acres with 6.31 acres m/l of tillable acres. This tract is currently zoned Agricultural with future land use plans calling for community mixed use zoning which will allow for a variety of future options for a new buyer including both commercial and industrial options. This tract offers exceptional road frontage to State Highway 80/81 with instant access to U.S. Highway 151.
The current lease on the billboard has expired and will be available for leasing once closing occurs. Past leases have combined for a yearly income of $1,400.
*Tract 2 will need a new driveway installed. Approval and installation of the new driveway will be the responsibility of the new Buyer.
Tract three consists of 49.43 surveyed acres with 42.88 acres m/l of tillable acres with Tama silt loam being the predominate soil type with a NCCPI rating over 81. Currently, the property is zoned for mixed use. The city has applied a mixed-use zoning designation to allow the landowner the most flexibility with the property in the future. Mixed Use zoning may include a variety of business, manufacturing, commercial or industrial plans. This tract has great visibility from U.S. Highway 151 and State Highway 80/81 and would make a smart investment for the future. The billboard along Highway 80/81 is leased to Lamar Companies for $1,800 annually and expires on February 28, 2026. The 2022 billboard lease income will be prorated to the date of closing.
New owner(s) will have the opportunity to enter into a new lease with the expiration of the current lease. Billboard companies have now started revenue sharing leases further increasing the revenue for the owner.
Use the Interactive Map to explore the property's regional location. Zoom in and out to see the property's surroundings and toggle various mapping layers on and off in the Map Layer Menu.
Click the “play” button below to watch an aerial drone video of this property.