Jones Lang LaSalle
GlobeSt.com UPDATE: ARC Buys into $100M Motor-Sports Resort
By Eric Peterson
Last updated: November 22, 2005 06:46am
MILLVILLE, NJ-ARC Development, a company focused on developing and acquiring racetrack properties, has signed a letter of intent with New Jersey Motorsports Park LLC for the former to acquire “a major ownership position” in the latter’s Thunderbolt Raceway project here. ARC is a Zephyr Cove, NV-based subsidiary of American Racing Capital Inc.
Financial details of the agreement were not released. In the works for three years, Thunderbolt Raceway is described by its developer as a “motor-sports resort.” As reported by GlobeSt.com, the formal plan, released in mid-2004, calls for several road-racing circuits, race garages, VIP suites, commercial space, a conference center, restaurants, a hotel, trackside villas and condos. NJMP, a local partnership, has put an estimated price tag of $100 million on the project.
“As part of our strategy, we intend to fund and acquire companies and projects such as this,” says Davy Jones a principal of American Racing Capital. “The ownership stake in this racing facility is intended to increase our portfolio of motor sports-related holdings that provide access to professional race teams, event sponsorship and motor sports marketing services.”
“By partnering with ARC, we’ll be able to leverage their core competencies and industry connections to gain greater access to capital and to the resources needed to develop our property to its fullest potential,” says Lee Brahin, a principal investor in NJMP. The plan calls for the project to be developed in three phases over a five-year period, with construction expected to start next spring.
Thunderbolt Raceway will sprawl over a 708-acre tract adjacent to the Millville Airport, and a portion of the site was acquired a year ago by the City of Millville under a long-term ground lease with the Delaware River and Bay Authority. Besides the various state and local approvals required for the project, its proximity to the airport requires that the Federal Aviation Administration also sign off on it.
GlobeSt.com UPDATE: ARC Buys into $100M Motor-Sports Resort
By Eric Peterson
Last updated: November 22, 2005 06:46am
MILLVILLE, NJ-ARC Development, a company focused on developing and acquiring racetrack properties, has signed a letter of intent with New Jersey Motorsports Park LLC for the former to acquire “a major ownership position” in the latter’s Thunderbolt Raceway project here. ARC is a Zephyr Cove, NV-based subsidiary of American Racing Capital Inc.
Financial details of the agreement were not released. In the works for three years, Thunderbolt Raceway is described by its developer as a “motor-sports resort.” As reported by GlobeSt.com, the formal plan, released in mid-2004, calls for several road-racing circuits, race garages, VIP suites, commercial space, a conference center, restaurants, a hotel, trackside villas and condos. NJMP, a local partnership, has put an estimated price tag of $100 million on the project.
“As part of our strategy, we intend to fund and acquire companies and projects such as this,” says Davy Jones a principal of American Racing Capital. “The ownership stake in this racing facility is intended to increase our portfolio of motor sports-related holdings that provide access to professional race teams, event sponsorship and motor sports marketing services.”
“By partnering with ARC, we’ll be able to leverage their core competencies and industry connections to gain greater access to capital and to the resources needed to develop our property to its fullest potential,” says Lee Brahin, a principal investor in NJMP. The plan calls for the project to be developed in three phases over a five-year period, with construction expected to start next spring.
Thunderbolt Raceway will sprawl over a 708-acre tract adjacent to the Millville Airport, and a portion of the site was acquired a year ago by the City of Millville under a long-term ground lease with the Delaware River and Bay Authority. Besides the various state and local approvals required for the project, its proximity to the airport requires that the Federal Aviation Administration also sign off on it.
posted by Jones Lang LaSalle NJ News Blog at 9:52 AM
<< Home