Subaru of America Inc. adds another 10 years to lease with Port of Vancouver USA
VANCOUVER, Wash. – Longtime Port of Vancouver USA tenant Subaru of America Inc. has extended its lease with the port until at least 2030.
The port’s Board of Commissioners unanimously approved the lease extension on Tuesday, May 26. Subaru’s lease would have expired August 31, 2020. The extension means Subaru will remain with the port until August 31, 2030, with two five-year options that could take its lease to 2040.
Revenue to the port over the remainder of the lease is expected to exceed $7 million.
“I was here, working at the port, when the first Subaru rolled off the ship,” said Commission president Nancy Baker. “It’s grown so much, and we celebrated our one-millionth car last summer. I think we’re doing a very good job putting (Subaru’s leasehold) to work and bringing benefit to this community.”
Subaru leases approximately 40 acres from the Port of Vancouver. The company has imported, processed and transported vehicles at the port since 1992. In 2014, Subaru processed 81,718 vehicles in Vancouver, an 18 percent increase over 2013.
About 150 Subaru and Auto Warehousing employees work at the port to process vehicles for sale in the U.S. They install a variety of accessories and perform high-quality control checks to prepare the vehicles for transport by truck or rail.
About 60 percent of Subarus processed at the Port of Vancouver are loaded onto rail cars provided and serviced by BNSF Railway, while the rest are transported by truck. United Road Services, another port tenant, transports vehicles by truck to dealers in the Pacific Northwest.
Subaru is part of the family of more than 50 tenants at the Port of Vancouver. Learn more about industry at the port and our strategic advantages by visiting www.portvanusa.com/industrial.
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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 skilled labor force and an exceptional level of service to its customers and community. For more information, please visit us at www.portvanusa.com.