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June, 22

HILCO REAL ESTATE ANNOUNCES BANKRUPTCY SALE OF ANCHOR STORE IN PORTLAND, OREGON LLOYD CENTER

NORTHBROOK, Ill., March 25, 2024 /PRNewswire/ — Hilco Real Estate, LLC, announces April 17, 2024 as the qualifying bid deadline for the Chapter 11 bankruptcy sale of this former Sears in Lloyd Center Mall in Portland, Oregon. The use agreement that transfers with the property will give the next owner a say in future development opportunities for the mall.

The parcel, located at 1260 NE Lloyd Center, is a four-story anchor store on the eastern side of the mall. Situated on 1.51± AC, the building is 142,996± SF with a net 111,695± SF of rentable area and two dock-high doors. The building is currently vacant, ready to host a new tenant or be reinvented by a developer with vision. The Lloyd Center sits just 2.4 miles from downtown Portland, across the river in the Lloyd District. Travel between downtown and the District is easy with convenient access to I-84, the MAX Light Rail and the Portland Streetcar.

Lloyd Center Mall is currently slated for a major redevelopment, which will take place over the next ten years. The plans call for over $1 billion to be invested to transform the existing center into a diverse, connected neighborhood with housing, retail, workspace, restaurants, entertainment venues and large open community spaces. Interestingly, the use agreement for this former Sears property provides its ownership with certain rights as to how the larger Lloyd Center parcel is ultimately redeveloped. By taking advantage of the use agreement, astute investors or developers will have a say in the future of this massive project.

The proposed development would serve as a star destination in an area full of attractions. The Oregon Convention Center sits blocks from the Lloyd Center, and, with over 500 events and 600,000 visitors annually, it contributes more than $500 million to Portland’s economy each year. Just a mile away across I-5, the Rose Quarter houses three more venues: the Moda Center, home of the NBA’s Portland Trailblazers; the Veterans Memorial Coliseum, home of the WHL Portland Winterhawks; and the Alaska Airlines Theater of the Clouds, a smaller venue for intimate shows and speakers. The Lloyd District also hosts events year-round, supporting retail, restaurants and much more. In addition, Prosper Portland, the city’s economic and urban development agency, continues to focus on the area as part of its Oregon Convention Center Urban Renewal Area (OCCURA). OCCURA accomplishments to date include investing in more public transportation, bringing the Portland Streetcar across the river and propelling the Lloyd EcoDistrict into a leading national model for sustainable development.

Jeff Azuse, executive vice president at Hilco Real Estate, states, “Considering the ongoing growth of Portland and within the Lloyd District specifically, this bankruptcy sale represents a significant opportunity for investors to shape the area’s future and redefine Portland’s commercial landscape.”

The sale of 1260 NE Lloyd Center is being conducted by Order of the U.S. Bankruptcy Court District of Delaware (Delaware) Petition No. 23-11942-JTD. Bids must be received on or before the deadline of April 17 at 5 p.m. (PT) and must be submitted on the Purchase and Sale Agreement available for review and download from Hilco Real Estate’s website.

Interested buyers should review the requirements in order to participate in the bankruptcy sale process available on Hilco Real Estate’s website. For further information, please contact Jamie Coté at (847) 418-2187 or [email protected] or Adam Zimmerman, MAI, at (847) 917-9323 or [email protected].

For further information on the property, sale process, and terms or to obtain access to due diligence documents, please visit HilcoRealEstateSales.com or call (855) 755-2300.

About Hilco Real Estate
Hilco Real Estate (“HRE”), a Hilco Global company (HilcoGlobal.com), is headquartered in Northbrook, Illinois (USA). HRE is a national provider of strategic real estate disposition services. Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist clients in deriving the maximum value from their real estate assets. By leveraging multi-faceted sales strategies and techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.

SOURCE Hilco Real Estate

Originally published at https://www.prnewswire.com/news-releases/hilco-real-estate-announces-bankruptcy-sale-of-anchor-store-in-portland-oregon-lloyd-center-302097626.html
Images courtesy of https://pixabay.com

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