PORTLAND, Ore. (AP) - The Medford-based car dealership Lithia Motors has reached a deal to buy Terminal 1, a massive warehouse in Portland, for $12.5 million.
Portland’s Bureau of Environmental Services said Friday in a news release that the bid was nearly $1.4 million more than other bids.
It isn’t immediately clear what Lithia will do with the property.
The terminal had been considered for a homeless shelter.
But those plans fell through after concerns the bureau didn’t have the right to lease the property below market rates because of obligations to ratepayers.
Terminal 1 is a large paved lot with a 96,000-square-foot warehouse and a 3.6-acre dock.
The city purchased it for $6.3 million in 2004 to use as a staging area for a $1 billion sewer overflow project that is now complete.
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