GRENADA, Miss. (AP) — A Mississippi railroad is changing hands.
International Rail Partners said Tuesday that it bought rights to the Grenada Railroad from Iowa Pacific Holdings last week. The Boca Raton, Florida, acquirer didn't name a price.
The new owner is leasing and can eventually buy the 180-mile (290-kilometer) railroad from Southaven to Canton. It's now owned by the North Central Mississippi Regional Railroad Authority, which bought it with state money to prevent rails from Grenada to Canton from being scrapped.
The railroad moves 10,000 carloads of freight yearly.
International Rail Partners CEO Gary Marino says the Grenada Railroad is his new company's first acquisition.
Marino says his company still intends to restore service south of Grenada, closed since 2011. The federal government gave $7.5 million to pay half the price of restoration.
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