Shoreview Corporate Center faces foreclosure

  • Updated: July 25, 2011 - 9:20 PM

An investor group that owns the large Shoreview Corporate Center campus is facing foreclosure. LaSalle Bank has initiated foreclosure on the property with nearly $67.4 million owing on the original 2005 mortgage of $54.8 million, according to a foreclosure notice that ran Monday in the St. Paul Legal Ledger.

A sheriff's foreclosure sale has been set for Sept. 15.

According to the notice, the owner is ARI-Shoreview Corporate Center LLC and the lender is Chicago-based LaSalle Bank National Association.

The Shoreview Corporate Center, with five buildings and 552,927 square feet of office space, sits at the intersection of Lexington Avenue N. and Interstate 694 in Shoreview.

San Clemente, Calif.-based Argus Realty Investors purchased the campus in 2005 for $73.4 million. Argus was later bought by Thompson National Properties LLC, which could not be reached for comment Monday.

JENNIFER BJORHUS

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