VANCOUVER, Wash. – Port of Vancouver USA announced today that the port’s CEO Todd Coleman has signed a letter of intent with Moorage 5 Properties and Hickey Family Company for the purchase of approximately 94 acres of heavy industrial property. Identified as “strategic property for our future development,” by Commission President Jerry Oliver during today’s commission meeting, the acreage is located along the Columbia riverfront between two port properties, Terminal 5 and Columbia Gateway.

Purchase of the waterfront parcels plays a key role in port efforts to create jobs and bring economic benefit to the community. “For years now, this property has been identified as a key acquisition for the port,” said Coleman. “It offers the potential for additional marine facilities and the ability to provide rail access to Columbia Gateway.”

The letter of intent provides 60 days for the parties to negotiate a purchase and sale agreement. As part of the negotiating process, the parties agree to a purchase price and terms and conditions of the sale. The port’s board of commissioners will then have 30 additional days to act on the agreement. If the decision is made to move forward on the purchase, an environmental site assessment will be completed by the port as part of its due diligence. The letter of intent was signed by both parties on April 18, 2013, starting the 90-day clock.

Two tenants, Tidewater Barge Lines and HME, currently lease property on the site.

 About the Port of Vancouver:

The Port of Vancouver USA is one of the major ports on the Pacific Coast, and its competitive strengths include available land, versatile cargo handling capabilities, vast transportation networks, a dependable labor force and an exceptional level of service to its customers and community. For more information, please visit us at www.portvanusa.com.