Old Dominion Freight Line Inc. intends to build an expanded transloading facility on land near Pasco’s future Darigold plant.
The Thomasville, North Carolina-based trucking line has a $2.55 million agreement to buy 17 acres from the Port of Pasco, subject to a five-month review period. The price works out to $150,000 an acre for the port’s rapidly filling industrial park, known as PIC395.
The port commission approved the deal in early February.
If it goes through, Old Dominion will invest in a transloading facility to replace its existing site at the Pasco Processing Center, where it is across-the-railroad-tracks neighbors with Reser’s Fine Foods. Old Dominion is expected to sell the old site at 5220 Industrial Way.
Old Dominion specializes in transporting partial truck loads, or “less-than-truckload” in industry parlance. It also offers container drayage, truckload brokerage and supply chain consulting services as its clients are generally tied to industrial production.
The port established its newest industrial park in mid-2021 when it bought 55 acres from the Cox Family Land LLC for $4.4 million. The property is served with utilities, though a Cascade Natural Gas line will need to be relocated to accommodate Old Dominion.
The purchase will make the trucking company neighbors to Darigold, the Seattle-based dairy cooperative that is building a $500 million state-of-the-art processing plant to the south.
Randy Hayden, executive director for the port, said there is interest in the remaining parcels, but nothing that can be discussed in public. With Darigold and now Old Dominion, PIC 395 has two spots left, 25 acres between Old Dominion and Reser’s, and 12 acres to the north of Old Dominion.
“There seems to be heavy demand out there,” Hayden said.
Old Dominion (Nasdaq: ODFL) reported net income of $1 billion on $5.2 billion in revenue in 2021.
Its media relations division was not available to discuss how the property purchase will affect its other facilities in the Tri-Cities.
In a recent earnings statement, the company credited success to adhering to long-term investment in growth and winning additional market share in 2022.
Daily and Monthly NewsSign up now!