Hillwood Buys Auto Club Speedway from NASCAR for $559M
Corion Properties has completed the sale of the Auto Club Speedway in the Inland Empire city of Fontana, CA to Dallas-based Hillwood Investment Properties and CBRE Investment Management. The price of the transaction was $559 million and ongoing buyer obligations for future development, including a new short race track, exceeds $800 million.
The buyer plans on developing the ACS Logistics Center, a state-of the-art industrial facility on the 364-acres, entitled for up to 6.6 million square feet of space.
“The ACS Logistics Center is a true ‘unicorn’ site and perhaps the best site of its size in the entire U.S.,” said Corion Properties founder and CEO Fred Cordova, who represented the seller along with the firm’s Ravi Choudhry, Al Grazioli and JoAnn Horeni. “We worked very closely with NASCAR and Hillwood & CBREIM for nearly three years and to achieve such an incredibly successful outcome for both parties was an immensely rewarding experience.”
Auto Club Speedway will retain ownership of the 90 acres for the short track and parking use rights for 106 acres of parking area.