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GlobeSt.com EXCLUSIVE: Argus Realty Buys 553,000-SF Corporate Center for $73M-Plus

SHOREVIEW, MN-The office and industrial investor from San Clemente, CA makes its largest investment to date, paying $73.4 million for a five-building development here that sits on 34.6 acres.

By Brian K. Miller | Updated on January 19, 2006

SHOREVIEW, MN-Argus Realty Investors LP has acquired Shoreview Corporate Center, a fully leased, five-building corporate campus in this suburb of Minneapolis-St. Paul. The office and industrial investor from San Clemente, CA acquired the class B office park for $73.4 million or $132 per sf.

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.”

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