IAG Commercial represented Xcel Energy (Xcel) in the purchase of two land sites for regional service centers. These sites were to be an upgrade to existing service sites and were to be newly constructed on purchased land parcels in the Outstate MN area.
The preferred search area did not have an existing business park with land sites that addressed the desired facility need of Xcel. Land sites needed to be identified and landowners needed to be approached. The land sites we did find were part of larger parcels that would need to be subdivided, once landowners agreed to sell. Several of the land sites involved generational families with input from multiple family members. IAG also struggled with timing as we encountered primary family members being ill and unable to make key decisions when needed.
We engaged City officials to help us with the process of subdivision and to bring more credibility to the use, when meeting with the producer/owners. Our client was not revealed until later in the process so we could avoid unnecessary markups on the purchase price. The agreed upon prices represented an increase in agricultural prices but it met the criteria for our client. It also provided the needed incentive for owners to cooperate and agree to subdivide their larger land parcels. Unusual patience and great regard for each individual’s respect was necessary for the success of these projects.
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