City of Portland sells Terminal 1 to Oregon-based Lithia Motors



City of Portland sells Terminal 1 to Oregon-based Lithia Motors

After more than three years of trying, Commissioner Nick Fish finalized the sale of Terminal 1 to Lithia Motors for $11.125 million on Monday.

"This sale is a win-win-win: preserving scarce industrial land, generating good family-wage jobs, and delivering a solid return for ratepayers. With the property in Lithia's hands, I'm confident that T1 will continue to be an asset on our working waterfront," says Fish, who oversees the Bureau of Environmental Services (BES), which sold the site along the Willamette River in Northwest Portland. "

Mayor Ted Wheeler agrees, saying, "Lithia Motors is an important economic player in Oregon. I know that they will leverage this property to its fullest potential to create good jobs in our city."

Lithia Motors, a Southern Oregon-based Fortune 500 comany, will use the 14.5-acre property at 2400 N.W. Front Ave. to consolidate its Portland operations.

"The development of Terminal 1 allows our company to plan for the future, control current operations and meets the needs of our customers in a fully consolidated facility," says Mark DeBoer, the company's vice president of corporate development.

The price was more than the $10 million the company originally bid on it, but less than a revised offer of $12.5 million because of structural problems discovered during the due diligence process.

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