More efficient way to write to an output file in Powershell needed

I have a Powershell script i'm using to parse each row in a file, reformat it, and write the new string to an output file. It works fine with an input file with a few hundred lines. However, I need to ultimately run it against a file with a few million lines, and I have been waiting hours and it still hasn't finished. Following this post, I think I need to put Write-Output outside of the loop, but i've been unsuccessful so far.

This is my current code:

Foreach ($line in Get-Content $logFile) {

    $arr = $line.Split()

    $port1 = $arr[9].Split(":")

    $port2 = $arr[11].Split(":")

    $connstring = '|' + $port1[0] + "|" + $port1[1] + "|" + $port2[0] + "|" + $port2[1] + "|" + $arr[4] + "|"

    Write-Output $connstring | Out-File "C:\logging\output\logout.txt" -Append 
}

An example of an input string is:

06/14-04:40:11.371923  [**] [1:4:0] other [**] [Priority: 0] {TCP} 67.202.196.92:80 -> 192.168.1.105:55043

And I need to reformat it to this:

|67.202.196.92|80|192.168.1.105|55043|other|

Any help is much appreciated!