143,000 SQFT property completes private equity firm’s control of Portland mall site

The transformation of aging shopping centers into mixed-use developments continues to reshape Pacific Northwest’s retail corridors, with institutional investors increasingly betting on long-term residential conversions despite regulatory hurdles that can stretch timelines by years. KKR Real Estate Finance Trust and its joint venture partner Urban Renaissance Group have acquired the former Sears anchor store at Portland’s Lloyd Center Mall for $9.1 million, according to the Portland Business Journal. The September transaction represents the final piece needed for the private equity firm’s ambitious plan to convert the struggling retail property into a mixed-use development featuring up to 5,000 housing unit

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