18/03 Port completes property sale

The Business Journal of Portland - 2:12 PM PST Wednesday

The Port of Portland has completed the sale of a 6.5-acre industrial site and building at Terminal 4 to 528 Investors LLC , under assignment from Phase One Equities Inc.

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The deal was first announced last October. Ifco Systems Inc. will lease the building and property from 528 Investors for a pallet management business starting in April. Ifco will employ 50 people initially and expects to hire up to 15 additional employees during full-scale operations.

Ifco is a transport packaging logistics company that refurbishes, recycles and manages pallets. The company employs 3,000 people at 150 facilities around the world.

The North Lombard Street property sold for approximately $1.9 million and consists of a 54,000-square-foot building and a 6.5-acre portion of the Terminal 4 upland area formerly leased by Toyota for their auto-handling operations.

Toyota relocated their auto processing operations to a new facility in the waterfront area of Terminal 4 in November.

"Because the building was purpose-built for Toyota to process and customize autos, the existing building did not support typical warehousing and distribution uses," said port Real Estate Marketing Manager Joe Mollusky. "But the location and building met Ifco's needs, and they liked the idea of being close to the Rivergate Industrial District's numerous distribution and logistics companies."