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Port Approves Sale of Terminal 4 Upland Property

PORTLAND-The 6.5-acre property holds a 54,000-sf building being vacated by Toyota Motor Sales USA, which is relocating its operations in the building down to the waterfront area of Terminal 4. The buyer, an investor, has another tenant ready to fill the space.

By Brian K. Miller | Updated on October 17, 2004

PORTLAND-The Port of Portland is selling a 6.5-acre property in the uplands of Terminal 4 that includes a 54,000-sf building. Port commissioners approved the sale late last week. The sale price is $1.9 million. Located at Terminal 4 and North Lombard Street, the land and building are currently being leased by Toyota Motor Sales USA Inc. for its auto processing activities. At the end of the year, however, when its lease expires, Toyota will be moving that operation down to the Terminal 4 waterfront. The buyer, Phase One Equities, has a tenant ready to lease the building. The tenant is IFCO Systems, a transport packaging logistics company that refurbishes, recycles, and manages pallets. The company says it has the second-largest pool of pallets and the largest pool of recycled pallets in North America. IFCO expects to employ approximately 65 carpenters and laborers at this facility. IFCO is scheduled to move into the property in February 2005.”Because the building was purpose-built for Toyota to process and customize autos, it wouldn’t necessarily work well for warehousing and distribution uses,” says Port real estate marketing manager Joe Mollusky. “The building works for [IFCO] and, just as importantly, they liked the idea of being close to the Rivergate Industrial District’s numerous transportation-dependent companies.”

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