CorEnergy Infrastructure Trust has completed acquisition of the Portland terminal facility in the US for about $40m.

Under a long-term triple net lease, CorEnergy will lease the rail or marine facility property, which is situated near the Willamette River, to a subsidiary of Arc Logistics Partners.

Located in Portland, Oregon, the terminal facility has 84 tanks with a total storage capacity of 1,466,000 barrels.

The facility, which is capable of receiving, storing and delivering heavy and refined petroleum products, offers heating systems, emulsions and an on-site product testing laboratory as ancillary services.

CorEnergy Infrastructure Trust CEO David Schulte said the company enabled Arc Logistics to assume full commercial control of the Portland terminal facility.

"We are pleased to add our fourth energy infrastructure asset and execute another participating operating lease," Schulte added.

CorEnergy expects to fund an additional $10m of terminal-related improvement projects in support of Arc Terminals Holdings’ commercial strategy to optimize the Portland Terminal Facility and generate stable cash flows.

The company has entered into a 15-year triple net operating lease with Arc Terminals, a subsidiary of Arc Logistics.