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Woodbury Lakes avoids foreclosure

Woodbury Lakes is not headed for foreclosure after all.

The former owner of the upscale retail center transferred ownership to the lender, the Minneapolis/St. Paul Business Journal reported Friday.

Cornerstone Real Estate Advisors transferred the title to LNR Partners, which was servicing the loan and had initiated foreclosure proceedings, according to the Journal.

A sheriff's sale had been scheduled for Oct. 1, but Woodbury city staff said they were told a deal was reached that keeps the shopping center open.

Welsh Companies continues to manage the upscale retail center. Welsh officials could not be reached for comment Friday afternoon.

"They assured us that their future is solid there," said Janelle Schmitz, Woodbury's planning and economic development manager, said of Welsh officials.

Check back for more information and see the Sept. 23 print edition of the Woodbury Bulletin for a full story.