Hillwood Development and CBRE Investment Management have purchased for $559M the Auto Club Speedway, a 364-acre NASCAR race track in Fontana, with plans to develop a 6.6M SF logistics hub on the site.
The developer, a company headed by billionaire Ross Perot, Jr., bought the speedway at 9300 Cherry Avenue from Auto Club Speedway, a NASCAR entity, in a deal brokered by Corion Properties. Auto Club Speedway retains ownership of 90 acres for a potential half-mile short track and parking rights for 106 acres of the parking area.
The massive logistics center will be called the ACS Logistics Center, according to a release from Corion. The site is fully entitled for a 6.6M SF logistics hub.
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