NASCAR sells acreage currently a part of Auto Club Speedway UPDATE

UPDATE: Corion Properties, Inc. announces the completed sale of phase 1 of 433 acres in the highly sought after Inland Empire West submarket of Southern California by Auto Club Speedway (“Seller”) to Dallas-based Hillwood Investment Properties and CBRE Investment Management (“Buyer”). Phase 1 included 364.2 acres. Total consideration, which included a recorded transaction price of $559 million and ongoing Buyer obligations for future development, maintenance and use of the parking area for a proposed new short track, exceeded $800 million. Phase 2, encompassing approximately 69 acres, is scheduled to close on or before December 31, 2026. Located on the Auto Club Speedway property at the juncture of the I-15 and I-10 Freeways in Fontana, CA, the ACS Logistics Center is fully entitled for up to 6,600,000 square feet of modern logistics facilities. Situated at the heart of the Inland Empire industrial market, which includes 632 million square feet total inventory and a 1.1% vacancy in the Inland Empire West, the ACS Logistics Center will include abundant features programmed to mitigate environmental impacts and appeal to sophisticated logistics tenant ESG requirements.

Development of the property and track, site of the former Kaiser Steel Mill, began in 1995 and was completed in late 1996. Auto Club Speedway received entitlements from the County of San Bernardino in 2021 to reduce the size of the exiting two-mile track to develop a smaller ½ mile “Next Gen” short track, and to make room for the ACS Logistics Center. Auto Club Speedway retains ownership of 90 acres for the short track and parking use rights for 106 acres of parking area.

— Corion Properties —

ORIGINAL POST 2-25-2023: NASCAR has closed on a major real-estate sale of dozens of acres of land on the site of Auto Club Speedway, according to sources and public documents seen by SBJ, part of the reason that this weekend’s racing action will be the last on the track’s current two-mile configuration as the site is destined for redevelopment.

The identity of the purchaser is unclear, as a deed filed to San Bernardino County, Calif., this month indicated that NASCAR, through its California Speedway Corp. subsidiary, had closed a sale for land to an entity named Speedway SBC Development LLC, whose registration info ties back to real estate developer Hillwood, a business partner of NASCAR. SBJ revealed in March 2020 that NASCAR was working with the Dallas-based company, owned by Ross Perot Jr., to sell off parts of its vast properties, as it sought to find new revenue streams and better utilize the huge amount of acreage it owns across the country.

The sale price was not immediately able to be confirmed, but it is expected to be nine figures.

…

A document filed to the California Environmental Quality Act website indicates that the “Speedway Commerce Center” area that Hillwood was selling on behalf of NASCAR included 433 acres on the roughly 522-acre site. NASCAR has retained the rest of the land. The move is part of the reason that NASCAR had informed its fanbase and industry that 2023 would be the last time anyone races on the track as it currently stands.

— Sports Business Journal —

AND:

New motorsports facility, approved by county in 2021, is for 90 acres of current site, surrounded by commerce center, which includes 98 acres parking
–New track at one point was 0.67-mile w/35K grandstand seats, 50K capacity. Likely will be half-mile track when finished (2/2) pic.twitter.com/WHbMNCaKmt

— Bob Pockrass (@bobpockrass) February 24, 2023