Lloyd Center Gets New Owner, Local Operator | Business and finance
PORTLAND, Oregon – (BUSINESS WIRE) – December 20, 2021–
Urban Renaissance Group (âURGâ), a full-service real estate company with offices in Portland, Seattle and Denver, today announced its partnership with KKR Real Estate Finance Trust Inc. (âKREFâ) (NYSE: KREF) to lead the revitalization of the Lloyd Center in Portland.
Founded in 2006, URG specializes in the reimagining, development and management of commercial real estate, including the development of the 140,000 square foot Canvas office building adjacent to Providence Park and a $ 28 million renovation. dollars from the old Oregonian newspaper headquarters at 1320 SW Broadway. Other notable URG projects in Portland include the renovation of the Yeon Building at SW 5th and Alder and the redevelopment of the JK Gill Building (formerly known as the McCoy Building) at SW 5th and Harvey Milk Boulevard.
Lloyd Center is home to around 100 stores and businesses and remains fully open under its new owner. Lloyd Center traditions such as holiday shopping, ice skating and visiting Santa Claus, which began in 1960 when the mall opened, continue today.
URG plans to initiate a visioning process for future investments that will recognize the importance of property to Portland by listening and engaging with existing tenants, neighbors, the wider community and city officials.
âThis is an incredible opportunity to invest in the heart of our city and we believe there is great potential for this uniquely located property,â said Tom Kilbane, managing director of URG in Portland. âWe know many Oregon residents have fond memories of the Lloyd Center and we take seriously our responsibility to ensure it continues to be a place of community gathering. As we begin the planning process, our ambition is to embrace and preserve the features of the property that make it special, including retail, creative workspaces, and ice skating.
For more information about Lloyd Center, including shopping center hours and directions, please visit: www.lloydcenter.com.
About the Urban Renaissance group
Urban Renaissance Group LLC is a Seattle-based full-service commercial real estate company engaged in acquisitions, development, asset management, leasing, property management and ownership in Seattle, Bellevue, Denver and Portland. Founded in 2006, URG’s strategic premise is that the shape of the American city will change dramatically over the next 20 years. The company acts as a catalyst that understands and triggers this change, thereby creating a community, generating appropriate returns for its investors and opportunities for the community, partners and employees. Find out more at www.urbanrengroup.com.
KKR Real Estate Finance Trust Inc. is a real estate finance company primarily focused on the granting and acquisition of senior loans secured by commercial real estate properties. KREF is managed and advised externally by a subsidiary of KKR & Co. Inc.
KEYWORD: OREGON UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: COMMERCIAL BUILDING AND REAL ESTATE CONSTRUCTION AND REAL ESTATE REIT
SOURCE: Urban Renaissance Group LLC
Copyright Business Wire 2021.
PUB: 12/20/2021 7:00 a.m. / DISC: 12/20/2021 7:02 a.m.
Copyright Business Wire 2021.