A Boston-based personal fairness actual property agency has struck a deal to purchase California’s Willow Springs Worldwide Raceway, The Drive reported Friday.
CrossHarbor Capital Companions, which focuses on “property turnarounds” for industrial actual property and at present has a property portfolio valued at over $10 billion, confirmed to the web site {that a} deal to buy the historic observe, opened in 1953, is pending.
Willow Springs has had the similar house owners for the previous 62 years, the Huth household, however it was listed on the market final yr at an undisclosed worth. The observe has been maintained in roughly the identical situation over the many years, in order different racetracks have modernized and targeted extra on a wealthy clientele—or just disappeared into housing tracts, purchasing facilities, or industrial parks—Willow Springs has remained unpretentious and accessible.
Willow Springs Worldwide Raceway (picture by way of LoopNet)
Whether or not that can stay the case below new possession stays to be seen. In a press release to The Drive, a CrossHarbor spokesperson mentioned the agency goals to “protect the legacy and fanatic entry” to Willow Springs, “whereas additionally establishing the property for development and success sooner or later.”
That gives some hope that Willow Springs will stay roughly as it’s. Opened in 1953, it is really a complicated of seven tracks, together with the two.5-mile Large Willow street course, Streets of Willow, and Horse Thief Mile, together with a skidpad, autocross space, and grime oval.
Willow Springs Worldwide Raceway (picture by way of LoopNet)
Situated about 80 miles north of Los Angeles, Willow Springs has by no means been a mainstay of big-time skilled racing. However it’s extraordinarily common with lovers, partially as a result of the Huth household has saved it accessible and low cost to lease. It was additionally a filming location for “Ford v. Ferrari,” which is becoming as Ken Miles, who the movie’s story facilities round, helped design the power.
Willow Springs is not the one observe to return up on the market just lately. Palm Seaside Worldwide Raceway was listed on the market earlier this yr, and actual property listings for Oregon Raceway Park and Michigan’s Grattan Raceway have popped up over the previous few years as nicely.