Portland, Ore. — The owners of the 54-year-old center say the space occupied by Nordstrom will be used to diversify the tenant mix as part of a redevelopment initiative.
The Nordstrom entry at Lloyd Center.Portland, Ore. — CAPREF Lloyd Center LLC will purchase the 130,000-square-foot building that Nordstrom currently owns and occupies at the Lloyd Center, an enclosed 1.2 million-square-foot regional shopping center near downtown Portland that opened in 1960. The acquisition is part of the historic center’s renovation plans, which include adding alternative retail and service options to complement the mall’s existing merchant mix, says Chris Maguire, chief executive officer for Cypress Equities, which manages the asset.
“As one of the first Nordstrom locations in the country, we recognize the great history that the renowned retailer established at Lloyd Center. However, as we begin to embark on our plans to enact significant change at the shopping center, we are excited about the opportunity to remake the space into something that is truly unique in the city of Portland,” says Todd Minnis, chief investment officer for Cypress Equities Real Estate Investment Management. “We have reached an agreement with Nordstrom to reclaim the space so that Cypress will have complete control of the future of this prime real estate. We anticipate making an exciting announcement regarding our plans later this year.”