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CorEnergy acquires rail-marine crude terminal in Oregon

CorEnergy Infrastructure Trust Inc. has reached an agreement to acquire a petroleum products terminal facility in Portland, Ore., for $40 million in cash. The transaction is expected to close in late January.

The rail/marine facility will be leased to an Arc Logistics Partners L.P. subsidiary under a long-term arrangement.

The Portland Terminal Facility is adjacent to the Willamette River and has a total storage capacity of 1.46 million barrels. The multi-modal terminal offers rail, truck and shipping access points.

After the transaction closes, CorEnergy plans to fund $10 million worth of terminal-related improvements to help optimize the facility, such as enhancing terminal infrastructure and expanding throughput.

Contact Progressive Railroading editorial staff.

More News from 1/16/2014