The LISA_HOME environment variable was set to a different directory that was not the location where DevTest was installed.
When starting the Portal ($LISA_HOME/bin/Portal), the first message shows what is the LISA_HOME variable value.
The Portal looks for logging.properties inside the LISA_HOME and throws the exception below when it doesn't find it:
Warning! Logging configuration file "$LISA_HOME"/logging.properties does not exist or is not readable!
Where $LISA_HOME is the environment variable value.