Cascade General officially took control yesterday of the 57-acre Swan Island Shipyard, for which it has been the sole contractor since 1995.

The facility, acquired from the Port of Portland for $30.8 million, was the last publicly owned commercial yard in the country. It was not a profitable operation for the port, but it was a profitable sale.

The port has owned the shipyard since 1953. The sale come with $18 million up front, which the port will use to pay off a 25-year-old Port improvement bond, eliminating the possibility of future property tax assessments.

The original deal between the port and Cascade was for $38.8 million and 90 acres that included 32 acres of undeveloped land along the Willamette River side of Swan Island. The final deal did not include the excess land.

Cammell Laird Holdings, Britain’s largest ship building, provided financing for the acquisition. As a result, it owns a share of the company, Portland Ship Yard LLC, which was set up as an affiliate of Cascade general to own and operate the yard.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt Net Lease Spring 2023Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.