LFC TO AUCTION MORE THAN 80 REO PROPERTIES IN TWIN CITIES AREA

MINNEAPOLIS — Minnesota-based KleinBank has chosen LFC Group of Companies to auction off its more than 80 REO properties located throughout the Minneapolis and St. Paul metro region. The properties, which range from residential lots in Northfield and Shakopee to large commercial buildings in Minneapolis, have a combined suggested value of more than $10 million. The online auction is believed to be the first of its kind in the Twin Cities area. Assets up for bidding include Washington Place, a large industrial/office warehouse in Minneapolis with a minimum bid of $499,000; a 2,200-square-foot retail/office facility in the Union Park area of St. Paul with a minimum bid of $39,000; 1,536-square-foot office condominiums within North Meadow Office Complex in Chaska; and a historic office building in downtown Shakopee. The online auction is currently under way with a scheduled bid deadline of September 30, 2010.