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GlobeSt.com UPDATE: Pallet Company Backfilling Toyota Site

PORTLAND-The Port of Portland closes on the previously announced the sale of a 6.5-acre site in the uplands of Terminal 4 that includes a 54,000-sf building. The buyer is leasing the property to IFCO Systems Inc., which is expected to employ 50 people at the former Toyota auto processing location.

By Brian K. Miller | Updated on March 16, 2005

PORTLAND-The Port of Portland has closed on the sale of a 6.5-acre site in the uplands of Terminal 4 that includes a 54,000-sf building. The buyer, Phase One Equities of Santa Fe, NM, has leased the property to IFCO Systems, the largest pallet provider in North America, which is expected to employ 50 carpenters and laborers at the site. Located on North Lombard Street, the former Toyota auto processing center sold for $1.88 million. Mike Duyn of Macadam Forbes handled both sides of the transaction. Duyn tells GlobeSt.com that Phase One Equities, which acquired the property under the name 528 Associates LLC, locates and develops properties for IFCO around the country.IFCO Systems refurbishes, recycles, and manages pallets. Based in Houston, the company employs 3,000 people at 150 facilities around the world.”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.”Toyota used the building to process autos before shipment to regional and national dealerships. Toyota relocated their auto processing operations to a new facility in the waterfront area of T4 in November.

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