Railroad Land on Track for Retail Use

The REIT bought 60.4 acres at Aurora Road and Fort Hill Drive in a sale-leaseback until the railroad's facility at the CenterPoint Intermodal Center is completed in August. Meanwhile, the railroad uses the land as an auto distribution center.

"If we play our cards right, the subdivision could be completed at the end of August or the beginning of September, says president and chief operating officer Michael Mullen in an earnings conference call. "As the deal unfolds, you'll see the rhyme and reason. We're selling land sites to a group of retailers who for whatever reason, want to be next to each other."

Mullen says city officials are receptive to a zoning change to make the deal possible, noting the sales tax revenue from a retail development is extremely preferable to noisy trains that do not produce a financial return to the municipal coffers.