Saturday, August 1, 2015

Railway buys riverfront dump

FirstCity Crestone's Regional Rail LLC takes title to Conshy site

Railway buys riverfront dump

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Kennett Square-based Regional Rail LLC, which owns the Kennett-based, 100+-mile East Penn Railroad, Bucks County-based Tyburn Railroad, and the Middletown (NY) & New Jersey Railroad, has taken title to Conshohocken Recycling & Rail Transfer LLC, a 14-acre, Schuylkill River-side complex in the industrial zone south of Norristown that handles up to 2,000 tons of construction debris a day, by truck and rail.

"We plan to grow the business" by working with construction companies that seek LEED recycling certification for buildings, Regional Rail president Bob Parker said in a statement.

The deal closed two and a half years after Regional Rail owner FirstCity Crestone, a Chicago buyout firm, bought the defaulted loan that financed  the dump's previous owners from Bank of America.

It took that long for the new owners and state Department of Environmental Protection officials to agree and implement a cleanup for the site, Michael Jacoby, partner at Phoenix Management Services, the Montgomery County Common Pleas Court-appointed receiver that ran the plant since BofA sold out, told me. The companies declined to say what Regional Rail paid.

"It was a challenge" running the facility for the past two years, given weak construction traffic, said Rick Szekelyi, managing director at Phoenix. He said the plant's "high level" of customer services and "competitive pricing" kept enough trucks rolling in the plant's Conshonocken Ave. gate to stay in business.

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

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Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

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