91ÊÓƵ

A Leawood, Kan.-based real estate investment trust has entered into a $40 million purchase agreement with an undisclosed seller to acquire an idle, 39-acre petroleum products terminal adjacent to the Willamette River.

The exact location of the site was undisclosed.

CorEnergy Infrastructure Trust Inc. will invest an additional $10 million and lease the property, which has 84 tanks with a total storage capacity of about 1.5 million barrels.

According to the press release, the “Portland Terminal” is expected to be leased out to Arc Terminals Holdings LLC, a Texas-based company specializing in storage and shipment of crude oil and petroleum products.

The deal is expected to close by today, according to Katheryn Mueller, investor relations manager for CorEnergy.

CorEnergy issued 6.5 million shares of stock to pay for the property. Cash from those sales will be used to clean, inspect and upgrade a part of the terminal’s existing assets, Mueller said.

“In short, we intend to enhance the existing terminal’s infrastructure,” she said.

Arc Terminals has 16 terminals spread among the Midwest, East Coast and the South, according to its website. The facilities are used by major oil companies, independent refiners, crude oil and petroleum product marketers for storage and delivery of transportation fuels, crude oil and other petroleum products.

The Portland property sold is approximately 1,000 feet south of the Portland Harbor, which was designated as a Superfund site by the Environmental Protection Agency in 2000, according to filings posted on the U.S. Securities and Exchange Commission website. The owner would be responsible for any future liabilities from the Superfund cleanup project, according to the filings.