A former Sears property in Portland’s Lloyd Center Mall has hit the market as part of a bankruptcy sale. The deadline for bids on the asset is fast approaching, set for April 17, according to a marketing brochure from Hilco Real Estate, which has the listing. No guidance pricing has been set. The current owner of the property is an entity affiliated with CAPREF Lloyd Center East LLC, according to a report from the Portland Business Journal.
The property is located at 1260 NE Lloyd Center. Spanning approximately 143,000 square feet, this former Sears anchor store sits on 1.51 acres of land and includes 275 outdoor parking stalls, according to the brochure. The building was originally constructed in 1959 and renovated in 1999. Currently, the property is vacant.
Situated within a redevelopment zone, the property is part of a larger transformation project aimed at revitalizing the Lloyd Center into a vibrant mixed-use neighborhood. The redevelopment plan, valued at over $1 billion, is poised to breathe new life into the area, offering a blend of residential, commercial and recreational spaces. As the zoning process for the redevelopment plan progresses, the potential uses for the Sears property become increasingly diverse, ranging from retail to residential or mixed-use developments.
“As the development plans for the Lloyd Center begin their approval process, the future owner of this lot plays a pivotal role,” the brochure states. “The use agreement attached to this property provides ownership certain rights over what is ultimately built on the larger Lloyd Center mall property.”
Adjacent to the Willamette River and surrounded by parks and entertainment venues like the Moda Center and the Oregon Convention Center, the Lloyd District offers a dynamic urban experience. Its mix of commercial, recreational and residential spaces attracts visitors and residents alike, according to the brochure, and is supported by public transportation infrastructure, including the MAX light rail and bus services.
