Apollo College Expands, Extends Lloyd Center Lease

PORTLAND-Apollo College has expanded and extended its commitment at Lloyd Center, a 1.4-million-sf enclosed regional mall here with 100,000-sf of office space on its third level. The mall is owned by Glimcher Realty Trust.

The school for dental and medical assistants has added about 5,000 sf to the 13,716-sf lease it signed two years ago and extended its commitment to 10 years. Based on an estimated lease rate of between $19 and $20 per sf per year, the value of the lease is around $3.5 million, though Glimcher is giving some of that back in the form of a tenant improvement allowance.

The leasing assignment is held by Rich Sabel of CB Richard Ellis. Sabel tells GlobeSt.com the transaction leaves less than 5,000 sf of office space available at the mall.