U.S. Development Group Inc. is planning to develop a private rail yard on the land, which will be used to handle and store tanks cars with ethanol delivered from the Midwest. The company is also researching using the rail yard for other products.
The property, which is located at 5030 Imhoff Drive within one mile of both Interstate 680 and Highway 4, was previously owned by IT Group.
"This sale is significant because 66 acres of nonproductive land will become a working asset that will supply needed jobs to the area," says Norm Eggen, SIOR senior vice president at Colliers International. "In addition, having a rail yard near the oil refineries will allow products to be brought into the area in a cost-effective manner and in a way that will keep truck traffic off the highways."
Eggen represented IT Group, while Phil Garrett and Brooks Pedder of Colliers represented U.S. Development Group Inc.
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