SVPs Cass Camarda and Glenn Fritts and sales associate William Winterburn in the Bethlehem office of Morris Plains, NJ-based Weichert Commercial Brokerage Inc. are marketing the property. The owner is International Speedway Corp., which is headquartered in Daytona Beach, FL.
Camarda tells GlobeSt.com his team was working with a prospect for nearly two years, "and the buyer walked away on Nov. 15." The entity had developed plans for a mixed-use complex, "a kind of town center," he says. While he declines to identify the company, he suggests the credit crunch accounts for its failure to close. "The obvious reason, I think, is they thought the current money supply could not support what they wanted to do."
The property is comprised of six parcels and includes a one-mile paved racetrack and several service and maintenance buildings. "It has three separate zonings," Camarda says: "57 acres of residential, 90-some acres of general commercial, and 10 acres of industrial." He acknowledges that the warehouse/distribution sector here is especially robust, but says, "the township would prefer not to have just big box on the land."
The tract is located at the intersection of Rtes. 191 and 248 and minutes from the northern section of the Rte. 22 corridor. "Raw land is quickly becoming a scarcity in this area," Camarda says, adding that he anticipates significant demand, primarily among companies able to fund a complex of varied uses. He also notes that, unlike much of the country, Lehigh Valley residential is holding up.
International Speedway transferred the racing activities that took place here to Watkins Glen, NY, ending this track's 39-year history. It was built as an 11/8-mile dirt track in 1966. When it gained fame in the mid-1980s as the home track of the Mario and Michael Andretti father/son racing duo, the track was paved.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
