Shoreview Corporate Center was developed on 34.6 acres just north of the intersection Lexington Avenue N. and Interstate 694, the main corridor feeding the Shoreview submarket. The seller--a joint venture partnership of Lutz Real Estate Investments of Farmington Hills and Becker Ventures of Troy--acquired the park in May 2003 for $49 million and then invested an additional $3 million repositioning the property, extending leases and bringing in new tenants.

"This is a blue-chip portfolio of extremely well maintained office properties where four of the buildings are each fully occupied by a major corporation leasing a minimum of 100,000 sf," says James Drever, Argus Realty's vice president of acquisitions. "We are impressed with the strength of the Shoreview submarket with its strong track record of attracting and retaining large Fortune 500 tenants because of its location close to a substantial pool of skilled workers on the north side of the Twin Cities."

Shoreview was originally developed as the world headquarters for Deluxe Financial Services, which largely relocated to a new campus but still leases 226,439 sf at Shoreview. Other large tenants include Medtronic, a global medical technology company, which leases 209,000 sf; Land O' Lakes, the food and agricultural cooperative, which leases 126,609 sf and is headquartered nearby; and, Hil-Rom, a medical products and services company, which leases 100,130 sf.