Irwindale Speedway in southern California has been sold to developers.
Lindom Properties of Arcadia, Calif., reportedly purchased the property for $22 million. Terms were not disclosed. Lindom’s website touts the firm as a specialist in “real estate investment, development and property and portfolio management.” A Twitter message from a knowledgeable party said an investment group representing Walmart was involved.
The speedway plant reportedly cost $30 million to build 17 years ago.
Jim Cohan, holder of the master lease from previous owners NuWay Industries, issued the following statement:
Something that we have known was in the works for some time now has happened; we have a new landlord at Irwindale Event Center.
Our property lease/contract for the 2014 event season has been transferred with the sale and we are very much looking forward to full facility operations and a great 2014 here at IEC.
We’d like to go on record thanking our former landlords at NuWay Industries, Jim Mnoian and Jay Garrett, for the professional way that the negotiations were carried out.
Our lease with NuWay was negotiated on an annual basis so there were no surprises for our side when the arrangement was announced yesterday.
We look forward to working with our new landlords to everyone’s very best advantage.
The track, built upon 66 acres of a former landfill site, was built in the mid-1990s. It is comprised of a half-mile, third-mile and a quarter-mile oval track and a one-eighth mile drag strip. It also features parking for several thousand cars, concessions stands and offices.
Its original operators liquidated two years ago. Mr. Cohan secured a multi-year contract with the land owners to resume operations earlier this year.
The fate of racing at the facility through 2014 and beyond is in doubt.
October 2, 2013