The Perot family’s development company snapped up a NASCAR race track that is planned to be transformed into an industrial park.
reported in March 2020
that NASCAR was working with Hillwood to sell off parts of its properties as it looked to find new revenue streams and better utilize the huge amount of real estate it owns across the country. On Tuesday, CBRE Investment Management, an independently operated affiliate of CBRE Group Inc., said a fund it sponsored hasat the same address as the speedway at 9300 Cherry Ave. in Fontana for the first phase of up to 6.6 million square feet of logistics space across multiple buildings called Speedway Commerce Center.
CBRE Investment Management’s announcement of the deal did not name Hillwood. The firm declined to name other parties involved in the deal.the San Bernardino BNSF rail yardThe Inland Empire area is one of the strongest logistics markets in the nation for investors with a vacancy rate of 1.2% and rent growth of 35.4% in 2022, according to CBRE Investment Management, which added that the Fontana submarket had a vacancy rate of 0.3% and rent growth of 36.9% last year.
“Speedway Commerce Center offers an extremely rare opportunity for us to invest in what we believe is irreplaceable real estate of scale in one of the top distribution markets in the world,” Mary Lang, portfolio manager of CBRE Investment Management, said in a statement. “We will be able to provide brand new product in the most undersupplied size segment within this high-growth infill market.”
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