Decorated stock car driver Kyle Busch on Sunday secured the checkered flag in the final NASCAR race at what is now known as Auto Club Speedway in Southern California.
Ross Perot Jr.’s Hillwood Development Company has put down $543.7 million to acquire most of the 633-acre property in San Bernardino from NASCAR, according to data provider Vizzda. The two-mile racetrack that seats about 122,000 people is now set for a massive industrial redevelopment.
Neither Hillwood nor NASCAR returned requests for comment. NASCAR had announced this year that Sunday’s race would be the last at the track as it currently stands, although the association retained about 90 acres for a potential half-mile track.
CBRE on Tuesday announced that 364 acres at the site are set for a major logistics development called Speedway Commerce Center. The project at 9300 Cherry Avenue in Fontana is entitled for up to 6.6 million square feet of logistics space.
The Inland Empire is the one of the top industrial markets in the nation with a vacancy rate of 1.2 percent and rent growth of 35 percent in 2022, according to CBRE. Fontana’s vacancy rate is 0.3 percent with rent growth at 37 percent over the same period.
“The availability rate for Class A buildings larger than 500,000 square feet in the entire Inland Empire is 0 percent,” CBRE’s Mary Lang said in a statement. “Speedway Commerce Center offers an extremely rare opportunity for us to invest in what we believe is irreplaceable real estate of scale in one of the top distribution markets in the world. We will be able to provide brand-new product in the most undersupplied size segment within this high-growth infill market.”
Gregory Cornfield can be reached at email@example.com.
Decorated stock car driver Kyle Busch on Sunday secured the checkered flag in the final NASCAR race at what is now known as Auto Club Speedway in Southern California. Ross Perot Jr.’s Hillwood Development Company has put down $543.7 million to acquire most of the 633-acre property in San Bernardino from NASCAR, according to dataRead MoreChannel, Development, Sales, 9300 Cherry Avenue, Auto Club Speedway, California Speedway, CBRE, Hillwood Development Company, Mary Lang, NASCAR, Ross Perot Jr., slideshow, Speedway Commerce Center, Vizzda Commercial Observer Read More
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
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