The sales pact is being inked with The IT Group Inc., a waste disposal company based in Monroeville, PA. IT had discontinued using the site in 1987. Extensive environmental remediation had been completed in 1998, GlobeSt.com has been told.
IT says it plans to use the proceeds from the sale to reduce debt. The purchase price is being kept under wraps.
Kansas City-based general contractor, Tran Systems Corp.'s Oakland office will build the rail yard. The terminal will handle between 400 and 600 rail cars, Dan Borgen US Development Group business development specialist, told GlobeSt.com. "We intend to develop the entire parcel," he says. Some areas are under consideration for leasing to third-party providers needing rail yard services. Borgen says the facility is geared toward integrated logistics services, including railcar repairs and inspections.
US Development Group owns the Deer Park Rail Terminal in Pasadena, TX, which accommodates up to 1,000 rail cars, and Pasadena's Bayport Rail terminal, which holds more than 400 rail cars. In addition to rail logistics, US Development Group and its 29 subsidiaries also deals in pipeline and power corridor ownership and management, commercial and industrial development and financial services.
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