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March 14, 2017 Comments Off on Terminal 1 Sale Enters Next Steps Views: 453 National News, Oregon, West

Terminal 1 Sale Enters Next Steps

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.

Read More at Portland Business Journal

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