TimberRiver Properties
TimberRiver Properties is a real estate investment trust focused on the ownership and management of commercial and industrial properties located primarily west of the Mississippi. Originating from the real estate owned and developed by the Lanoga Corporation, a former LNC subsidiary, TimberRiver currently manages 230 properties in 23 states. These assets include distribution centers, lumberyards, light manufacturing facilities, and office buildings, all operating under long-term, triple net leases.
In 2010, the board of TimberRiver Properties voted to invest $50 million in commercial properties. A commitment of $40 million was made to Unico Properties, which is to be co-invested in office and multi-family real estate located in Seattle, Portland, and Denver. To date, this partnership has acquired three properties. The Lenora is a 108-unit apartment building with ground floor retail space on the edge of Belltown in Seattle. Belleview Tower is a class A, 12-story, 200,000 sq. ft., multi-tenant office building located in the Tech Center submarket of Denver. Seventeenth and Larimer is a class A, eight-story, 118,000 sq. ft., multi-tenant office building with ground floor retail located in the LoDo (Lower Downtown) area of the Denver Central Business District. Twelfth and Northrup is a 75,000 sq. ft., two-story office building and data center located in the heart of Portland’s coveted Pearl District. The remaining $17 million of the original $50 million has yet to be committed, but stands ready to be invested when the appropriate opportunity presents itself.
