REAL ESTATE

Lloyd Center to acquire department store space

BY Michael Fickes

Portland, Ore. — Cypress Equities, the management company for Lloyd Center in Portland, Ore., has announced that the Center’s owners intend to purchase the 130,000-sq.-ft. building currently owned and occupied by Nordstrom. The acquisition is part of the center’s recently announced renovation plans.

Plans call for the building to change hands in January of 2015. Nordstrom has notified its employees that the store will close.

“We believe the Nordstrom building might better serve Lloyd Center shoppers if it featured alternative uses,” said Chris Maguire, CEO of Cypress Equities. “Our leasing team is exploring other retail and service options that will not only complement the mall’s existing mix, but provide our shoppers with unique offerings not available at other Portland-area shopping centers.”

Lloyd Center is an enclosed, three-level, 1,200,000-sq.-ft. regional shopping center located near downtown Portland with close proximity to the Oregon Convention Center, Moda Center and Memorial Coliseum.

The center was developed in 1960 as the largest shopping center in the country. Lloyd Center features six anchor stores, more than 150 specialty shops, a 900-seat food court, plus an indoor ice-skating rink and an eight-screen movie theater. With an impressive lineup of shops and restaurants, it is still one of the largest shopping centers in Oregon.

Lloyd Center showcases many of today’s most compelling and popular retail brands, including anchor stores Macy’s, H&M, Sears, Marshalls, Barnes & Noble Booksellers and Ross Dress for Less. Other highlights include the recent addition of Ulta, a newly expanded Forever 21 and an array of other tenants including Aeropostale, American Eagle Outfitters, Bath & Body Works, Ben Bridge Jeweler, G by Guess, GAP, Hollister, Journeys, Loft, Old Navy, Vans, Victoria’s Secret and Zumiez.

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REAL ESTATE

JLL names new VP in Dallas office

BY Michael Fickes

Dallas — Jones Lang LaSalle has appointed Byron Howard as VP in the firm’s Dallas office. He will work under the direction of Dallas Retail Brokerage Lead Clay Smith, who joined JLL in early 2013 when the firm expanded its retail brokerage platform in Texas.

According to JLL, employment gains in Dallas doubled the national average last year, while the housing marked is improving rapidly. That has produced an increased demand for retail space.

Howard joins JLL from Xceligent in Dallas, where he was a regional director of sales and client services.

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REAL ESTATE

Ingenuity and NYSE REIT to combine on JVs

BY Michael Fickes

Virginia Beach, Va. — Ingenuity Development has entered into a strategic alliance with a New York Stock Exchange-traded Real Estate Investment Trust (REIT) to combine forces on joint venture opportunities for retail and mixed-use projects in the Mid-Atlantic and the Southeast. Ingenuity will also see opportunities to work with its affiliate, Divaris Real Estate, to lease and manage completed projects.

The REIT will provide financing, project management, asset management and construction services. The alliance reinforces and formalizes an existing working relationship that has existed since 2000, while expanding its geographical scope.

The alliance will seek projects over 100,000 sq. ft., considering vacant development sites, partially developed projects and centers that would benefit from redevelopment.

Ingenuity Development’s DRE affiliate, a full-service real estate firm known for commercial real estate expertise, particularly in retail and mixed-use leasing and development, will be responsible for most of the pre-development work.

Divaris Real Estate (is a member of Realty Resources a national group of independent retail property brokers and managers, covering 91 major markets throughout the U.S.

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