Port Selling Terminal 1 Warehouse

PORTLAND, OR-Emerson Hardware Co. has agreed to acquire a 2.82-acre property with a 54,000-sf warehouse on it from the Port of Portland for $2.11 million. The hardwood lumber, plywood and flooring products wholesaler distributor will use the property for future expansion of its warehousing and distribution operations, currently located on a neighboring property.

The Port of Portland Commission this week agreed to the sale of the property, known as Warehouse 4 and located at 2303 NW Front Ave. The port’s real estate leasing and sales manager Peggy Krause says the sale was approved because Terminal 1 is no longer a working marine terminal and no longer serves a strategic purpose for the Port. “On the other hand, it’s contiguous to Emerson Hardwood’s headquarters and thus is strategic to their plans to stay and grow in Portland,” she adds.

Emerson Hardwood officials said they would assume the existing lease with Bear Springs Inc., a subsidiary of Western International Forest Products that leases the property, until the lease expires on Jan. 31, 2005. Bear Springs operates a lumber cutting operation in the warehouse.