Tonkon Torp real estate lawyer Joe Voboril represented the owners of Lloyd Center Mall in their recent $188 million sale of the regional shopping complex.
Glimcher Realty Trust initially planned to divide the Mall into two parcels, then sell one and retain the other. That entailed obtaining approvals from the City of Portland, which required the separation of a single sewer, water, and fire & life safety system into separate systems for each parcel. A project architect familiar with Joe’s expertise recommended him to handle the negotiation with the City. The representation also involved preparation of complex reciprocal easement agreements which will govern the operation and management of each parcel.
The first parcel was sold to TMT Lloyd Retail Inc., a California-based real estate investment trust, with closing scheduled for June 10, 2013. Once the agreement with TMT was consummated, Glimcher decided to put the second parcel on the market with a goal of closing that sale on the same date. The second parcel was purchased by Cypress Equities Real Estate Investment Management, a Dallas, Texas real estate firm. Joe’s understanding of how to efficiently secure the necessary approvals and prepare the documents was instrumental in Glimcher’s ability to accelerate the sale and close both parcels at the same time.
Lloyd Center includes nearly 1.5 million square feet of retail, restaurant and office space. When it opened in 1960, Lloyd Center was the largest shopping mall in the Pacific Northwest.