PHOENIX (AP) — There would be limited potential to develop state trust land near the southern Arizona landmark of Picacho Peak as an industrial park if Union Pacific Corp. is allowed to buy some of the property for a new railroad switching yard, according to a study released Monday.

The report by consultants hired by the state Land Department said a value set on the site should probably depend on its unique value to the railroad, not the expectation of a larger payoff from development of adjacent trust land.