Dole Food Expected To Sign 25-Year Lease With Port
Wednesday, August 8, 2012
Dole Food Co. is expected next week to sign a new lease with the Port of San Diego that could keep the port's biggest tenant in town for the next 25 years, according to city documents posted online today.
Dole, the largest of the port's roughly 600 tenants, imports bananas, pineapples and mangoes in refrigerated shipping containers at the 10th Avenue Marine Terminal, which has eight berths, and pays the port about $2 million per year in lease payments.
A new contract -- good for as many as 25 years -- for nearly 1 million square feet at the terminal would bring in about $1.8 million initially, according to a staff report, but port officials said there was a potential to increase revenue.
The port's Board of Commissioners is scheduled to vote on the lease at its Tuesday meeting.