Deluxe Financial Services Inc

Foreclosure looms for Shoreview complex

A lender has started foreclosure proceedings against the Shoreview Corporate Center, a nearly 553,000-square-foot suburban office and industrial campus that once was the headquarters of Deluxe Corp.

A notice of mortgage foreclosure sale was published Monday in the St. Paul Legal Ledger Capitol Report, a sister newspaper to Finance & Commerce. The notice indicated that the original mortgage on the property was $54.77 million in December 2005. The amount due is now nearly $67.4 million. A sheriff’s sale is currently scheduled for Sept. 15.

Dean Freeman, a senior vice president and principal with the Minneapolis office of St. Louis-based Cassidy Turley, said that his company is seeing a recent uptick in distressed commercial properties, including foreclosures.

“I would say the activity has picked up in the last couple of months,” Freeman said. Much of Freeman’s current work deals with distressed properties and receiverships. Freeman has no connection to the Shoreview Corporate Center.

“I think we’re seeing a lot of the lenders try to work things out as best they can. They will work with borrowers if there is a glimmer of hope of things getting better,” Freeman said. But if things don’t appear to be getting better, Freeman said, lenders ultimately get to the point where they can no longer delay foreclosure proceedings.

Shoreview Corporate Center, just north of the intersection of Lexington Avenue North and Interstate 694 in Shoreview, was sold to a group of tenant in common (TIC) investors at the end of 2005. At the time, TIC investments were being promoted as a way for smaller investors to own a chunk of larger assets with the idea that the investments could generate stable, bond-like returns for TIC owners without having to deal with day-to-day property management issues.

TIC structures are complicated and allow for as many as 35 different owners to own fractional interest in a property. The recorded owner, according to the CoStar Group property database, is ARI SCC 33 LLC.

According to property records, the Shoreview Corporate Center sold for $49 million in May 2003. The website (cbre.com) for CB Richard Ellis, which handles leasing for the center, reports that the buildings sold for a combined $72 million in the TIC deal in December 2005.

At the time the TIC deal was sponsored by San Clemente, Calif.-based Argus Realty Investors. Argus was bought by Irvine, Calif.-based Thompson National Properties LLC in 2008. On Monday, a representative of Thompson National Properties did not return a phone call seeking comment.

CRWE Wallstreet» Blog Archive » (DLX, HIG, NHPR, AVB, VLY ...

Deluxe Corporation (NYSE:DLX) declared a quarterly dividend of 25 cents per share on all outstanding shares of the Company. The dividend will be payable on September 6, 2011 to shareholders of record at the close of business on August 22, 2011. The Company had 51,077,568 shares outstanding as of July 31, 2011.

Deluxe Corporation provides various personalized printed products, promotional products, and merchandising materials to small businesses and financial institutions in the United States, Canada, and Europe.

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The Hartford (NYSE:HIG) reported second quarter 2011 net income of $24 million, or $0.03 per diluted share. In the second quarter of 2010, the company reported net income of $76 million, or $0.14 per diluted share. Core earnings for the second quarter of 2011 were $12 million, or $0.00 per diluted share. In the second quarter of 2010, core earnings were $193 million, or $0.38 per diluted share. Weighted average diluted shares outstanding were 482.4 million in the second quarter of 2011 compared with 480.2 million in the second quarter of 2010.

The Hartford Financial Services Group, Inc., through its subsidiaries, provides insurance and financial services in the United States and internationally.

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National Health Partners, Inc. (NHPR)

National Health Partners, Inc . is a national healthcare savings organization that provides discount healthcare membership programs to uninsured and underinsured people through a national healthcare savings network called “CARExpress.” CARExpress is one of the largest networks of hospitals, doctors, dentists, pharmacists and other healthcare providers in the country and is comprised of over 1,000,000 medical professionals that belong to such PPOs as CareMark and Aetna. National Health Partners, Inc primary target customer group is the 47 million Americans who have no health insurance of any kind. The company’s secondary target customer group includes the millions of Americans who lack complete health insurance coverage.

National Health Partners, Inc. (NHPR), a leading provider of unique discount healthcare membership programs, announced that it has entered into agreement with a major Hispanic marketing group for the sale of its CARExpress programs. The company also sees growth in new sales of memberships of more than 300% thru the remainder of the year.

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