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3/16/2004



Rail News: Rail Industry Trends

Broe Cos. launches land development division to increase OmniTRAX's intermodal business



The Broe Cos. Inc. recently created a land development division charged with developing nationwide intermodal and real estate projects, such as rail-served industrial parks, and multi- and single-family homes.

The division initially will focus on northern Colorado intermodal and land development opportunities that would complement the Great Western Railway of Colorado L.L.C. — which is owned and operated by Broe Cos. subsidiary OmniTRAX Inc. — then, explore similar opportunities for OmniTRAX's other U.S. short lines and Broe Cos.' real estate holdings.

Broe Cos. recently purchased the assets of Colorado real estate development and finance firm The Fellows Cos., and named the firm's owner Chris Fellows division president. Prior to owning the firm for the past ten years, Fellows served Writer Homes as senior vice president of land acquisition and development, and sales and marketing.

"This new division will spearhead [our] continued growth in the intermodal business," said Broe Cos. President and Chief Executive Officer Pat Broe in a prepared statement.

Broe Cos. currently owns land adjoining a new Owens-Illinois Co. bottle manufacturing plant in Windsor, Colo. — which is served by Great Western Railway — and is developing residential projects in Douglas County and near Denver International Airport.


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