NASCAR: News release on sale of Auto Club Speedway claim a deal worth $559 million for land purchase

NASCAR’s representatives made public the sale of the Auto Club Speedway in Fontana. Corion Properties Inc. represented NASCAR and announced the completion of the Phase 1 sale of the speedway. The buyer was revealed as Dallas-based Hillwood Investment Properties and CBRE Investment Management.

The Phase 1 sale includes 364.2 acres of land, sold for a record $559 million. The transaction includes clauses for the buyer for future development, maintenance, and use of the proposed parking area adjacent to the upcoming short track.

The overall cost, including the newly built parking area, is expected to be over $800 million. The rest of the 69 acres will be sold to the buyer in Phase 2, expected to be closed on or before December 31, 2026.

The Auto Club Speedway will be demolished to make room for the proposed ACS logistics center. The 6.6 million square feet logistics center will have modern logistics facilities. The new logistics center is planned to mitigate environmental impact and cater to the needs of the businesses in the Inland Empire.

Fred Cordova, Founder and CEO of Corion Properties, shed light on the deal, saying:

“The ACS Logistics Center is a true 'unicorn' site and perhaps the best site of its size in the entire United States. We worked very closely with a terrific world-class client (NASCAR) and buyer (Hillwood & CBREIM) for nearly three years, sometimes under intense pressure and throughout the night to achieve such an incredibly successful outcome for the parties. The process presented challenges, but ultimately it was an immensely rewarding experience for the Corion team.”

NASCAR retains 90 acres of land and the right to use 106 acres as a parking area. The County of San Bernadino asked the Auto Club Speedway promoters to reduce the size of the existing two-mile track. The body suggested that the promoters build a smaller half-mile "Next Gen" track to make room for the logistics center.

In 1994 the Kaiser Steel Mills was demolished to build the California Speedway. Auto Club Speedway held its first race in 1997.

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NASCAR champions congratulate Kyle Busch

Kyle Busch took the checkered flag for the Pala Casino 400 winning the final race at the Auto Club Speedway. Hendrick Motorsports drivers Chase Elliott and Kyle Larson were glad to see ‘Rowdy’ back in form.

The 2020 cup series champion appraised the #8 driver, saying in the pit-road interview after the race:

“Congratulations to Kyle. For him to leave and then to go get the job done like that is pretty cool, He’s always been really good to me, so happy for them and looking forward to getting to Vegas and hopefully competing for some more wins.”

Many drivers weren’t surprised by Busch’s surge in performance after switching teams over the winter. 2021 title winner Kyle Larson took to Twitter to praise Busch on his performance:

"Couldn’t be more happy for @KyleBusch. The guy is one of the best race car drivers of all time and will always be. I’m glad it only took him 2 races to remind the world."