Marketpointe Bloomington Mn
Foreclosure looms for Minnesota Center
Lenders have started foreclosure proceedings against the owners of the Minnesota Center, a large office tower in Bloomington.
A notice of mortgage foreclosure sale published in the public notice section of Finance & Commerce on Saturday listed the current amount due on the property at more than $29.4 million. According to a listing on the Minnesota Commercial Association of Realtors (MNCAR) database, the 276,425-square-foot office tower is about 39 percent vacant.
The Dallas-based Behringer Harvard paid $40.6 million for the Minnesota Center in October 2003. The original lender was the Connecticut-based Greenwich Capital Financial Products Inc.
On Monday, a representative of Behringer Harvard relayed a comment on the Minnesota Center from Jason Mattox, the company’s chief administrative officer: “We’re still in negotiations with the lender on the property. We’re still hopeful that we’ll come to an agreement.”
The foreclosure process takes time to unfold, during which property owners and lenders can work out deals. According to the notice of mortgage foreclosure sale, the sheriff’s sale for the Minnesota Center is scheduled for Aug. 12. After a sheriff’s sale, there is typically a six-month redemption period during which owners still have time to find a way to hang onto a property.
But distressed properties do not always go through the full process. In some cases, owners will simply hand the keys back to their bank, called a “deed in lieu of foreclosure” process.
In December, Behringer Harvard REIT I Inc. handed One Financial Plaza, a 394,000-square-foot tower in downtown Minneapolis, back to its lender, the Miami Beach, Fla.-based LNR Property. Behringer Harvard paid $57.15 million for One Financial Plaza in August 2005. At the time that Behringer Harvard surrendered the building, it was 38 percent vacant.
Bob Pounds, senior vice president for Minnetonka-based Welsh Cos., confirmed on Monday that One Financial Plaza is under contract to be sold but declined to provide additional information.
Marketpointe Bloomington Mn - News
The local office of CB Richard Ellis, the world's largest commercial real estate services company, had previously been a tenant of the Minnesota Center. But in 2008, the CB Richard Ellis office moved to the nearby Two MarketPointe building,
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