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EJ&J Acquisition May Have Little CRE Impact

CHICAGO-Canadian National's possible acquisition of the EJ&E railroad is not expected to affect commercial real estate in the area.

By Gina Kenny | Updated on June 24, 2008

CHICAGO-Canadian National Railway Co. is in the process of trying to acquire the Elgin Joliet & Eastern Railway Co. (EJ&E). The possible acquisition has many suburban communities up in arms with concerns of increased train traffic. However, market experts predict that the acquisition would likely have little effect on the commercial real estate market. “I think it probably is not going to have a significant impact on industrial or commercial real estate,” says Tim Cahill, VP of industrial practice for UGL Equis.

The Canadian National Railway is expected to acquire the EJ&E for $300 million and spend an additional $100 million for upgrades and new connections, according to a statement on the proposed acquisition by Canadian National, of which representatives did not return a phone call seeking comment. The EJ&E is currently owned by the United States Steel Corp. The acquisition is awaiting approval from the Surface Transportation Board.

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