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After about two years of master planning and negotiations, Union Pacific Railroad is a step closer to selling its former 240-acre Sacramento, Calif., yard property to a national real estate development firm. The Class I recently signed a sale agreement with Millennia Sacramento III L.L.C., which is owned by national real estate developer Thomas Enterprises Inc., according to the Association of American Railroads.

UP and Millennia officials expect to close the transaction by year end, pending UP board approval and the resolution of various issues, including public funding.

Millennia plans to develop housing, stores and office buildings on the site as part of an urban redevelopment project.