DALLAS, March 18, 2014 (GLOBE NEWSWIRE) -- Dallas-based Texas Industries, Inc. (NYSE:TXI) and CBRE's Industrial Brokerage Services Group (NYSE:CBG) announced today the completed sale of 31 acres of land in TXI's RailPort Business Park in Midlothian, Texas, to Applied Natural Gas Fuels, Inc. (ANGF), the second largest producer and marketer of Liquefied Natural Gas (LNG) in the United States.
ANGF is based in Westlake Village, California, and has announced plans to build a multi-liquefier LNG production platform in Midlothian that will consist of up to five liquefiers with a production capacity of 86,000 LNG gallons per day per liquefier. Upon commissioning of all five liquefiers at the Midlothian Plant, ANGF's total production capacity will reach over 600,000 LNG gallons per day.
"ANGF's investment in Midlothian further validates RailPort and Ellis County as an ideal place to do business," said TXI Vice President of Real Estate, Barry Bone.
RailPort, located midway between Dallas and Fort Worth on U.S. 67 just south of U.S. 287, is a 1,700-acre business and industrial park that is serviced by both the Burlington Northern Santa Fe and Union Pacific railroads, affording companies located in the park the opportunity to obtain competitive freight rates.
"The rail and highway infrastructure, the ease of access to the Dallas/Fort Worth area, the availability of qualified labor, and the support for industry demonstrated by community leaders are all factors that continue to attract companies of this caliber and quality to the area," said Dave Anderson, Executive Vice President of CBRE Industrial Brokerage Services Group.
Completing the most comprehensive economic development package in the area, RailPort also offers the Freeport Tax Exemption, which gives taxing jurisdictions (city and school district) the authority to exempt taxes on goods that have been acquired in, or imported into, Texas to be forwarded out of the state within 175 days.
"By transforming gas from its material state into liquefied natural gas, ANGF can deliver efficiently from RailPort's strategic location to the D/FW area," Bone said. "LNG is clean, reliable, and abundant, and is a meaningful step toward improving our environment."
At the time of the sale, other tenants of RailPort include Target, GDF Suez, QuickTrip, Toys"R"Us and the recently announced Buckley Oil Company.
Dave Anderson, with CBRE in Dallas, represented the seller. The buyer was represented by Brandi McDonald, with Newmark Grubb Knight Frank, in Houston, Texas.
Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, the impact of competitive pressures and changing economic and financial conditions on our business, the cyclical and seasonal nature of our business, the level of construction activity in our markets, abnormal periods of inclement weather, unexpected periods of equipment downtime, unexpected operational difficulties, changes in the cost of raw materials, fuel and energy, changes in the cost or availability of transportation, changes in interest rates, the timing and amount of federal, state and local funding for infrastructure, delays in announced capacity expansions, ongoing volatility and uncertainty in the capital or credit markets, the impact of environmental laws, regulations and claims and changes in governmental and public policy, and the risks and uncertainties described in our reports on Forms 10-K, 10-Q and 8-K. Forward-looking statements speak only as of the date hereof, and we assume no obligation to publicly update such statements.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About Texas Industries, Inc.
TXI is the largest producer of cement in Texas and a major cement producer in California. TXI is also a major supplier of construction aggregate, ready-mix concrete and concrete products. Please visit our website at www.txi.com.