Carey Funding $10.8M Auto Training Campus in Race City USA

MOORESVILLE, NC-Race City USA, otherwise known as Mooresville, NC, 25 minutes from Charlotte, is getting a $10.8 million, 145,000-sf automotive training campus which will serve as the industry’s only registered provider of NASCAR-specific training. The project is scheduled for completion in first quarter 2003.

W.P. Carey & Co., a New York-based real estate investment banking firm, is funding the project for Corporate Property Associates 14 Inc. (CPA: 14). Universal Technical Institute of Phoenix, AZ and NASCAR Technical Institute will jointly lease the property from CPA 14 on a 20-year, bond-type net lease, followed by two 10-year renewal options.

The aggregate value of the lease wasn’t disclosed. CPA 14 is a publicly held, non-traded REIT and a member of the $3.5 billion W.P. Carey Group.