The OmniTrax affiliate, which offers rail freight service between Tulsa and Sand Springs, Okla. purchased the 146-acre Gerdau steel mill property for an undisclosed price, according to a statement from the company.
Sand Springs Railway Co. (SS), which offers freight service between Tulsa and Sand Springs, Okla., has acquired a 146-acre steel mill site in Sand Springs from Gerdau, according to a statement from the company.Financial terms of the deal were not disclosed.
SS is a managed affiliate of OmniTRAX, Inc., one of the largest privately held transportation service companies in North America owned by Denver-based real estate, transportation, and energy investment firm The Broe Group.
OmniTRAX bought SS from Gerdau in 2014 though affiliate Sand Springs Holdings, LLC, and has since been leasing portions of the site.
SS said it plans to demolish a portion of the steelmaking operations at the site and develop the property for mixed use, including industrial, retail, office, and transportation and logistics operations.
â€œThe mill site is a great location to attract tenants that require solid infrastructure, access to major transportation lanes and support from our top-rated development team,â€ OmniTRAX CEO Kevin Shuba said of the purchase. â€œIt will also give us the opportunity to expand the local operation of OmniTRAX Logistics Services, our transloading, terminal and logistics solutions affiliate.â€