|A la une|
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.
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."