March 14, 2017
Lithia Motors, which is under contract to acquire the 14-acre Terminal 1 property on the Port of Portland, OR’s Willamette River, entered the due diligence phase. The Medford, OR-based buyer, whose bid was $12.5 million, has 150 days to close on the property.
Terminal 1 made headlines in summer 2016, when the Portland city council wanted to lease the property as a homeless shelter. Pushback from the community, however, scuttled the idea, and the property returned to the market. Lithia Motors’ bid was selected from a pool of seven bids for the property. The potential buyer is interested in consolidating some of its Portland operations at the site, which is at 2400 N.W. Front Ave.
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