Saturday, July 24, 2010

Marcus & Millichap Lists $150.9M Mixed-Use Development Site in Tulare, CA

TULARE, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for 312 acres of a 685-acre planned mixed-use development site, the future home of the Tulare Motorsports Complex, the nation’s first fully amenitized master-planned racing complex.

The sales price for the 312 acres is $150,908,698. The remaining acreage will be used for roadways, other public improvements and the construction of a speedway and drag strip.

Bruce Bartleson, a vice president investments and a director of the firm’s National Land Group in Sacramento, is representing the seller, Tulare Motor Sports Complex LP.

“The Tulare Motorsports Complex is designed to host all major categories of American racing, including regional and national races sanctioned by NASCAR, Indy Racing League, National Hot Rod Association and other sanctioning bodies,” says Bartleson.

“All the necessary local, state and federal approvals have been obtained, including all zoning, environmental and planning approvals.

Project elements include a one-mile D-shaped oval speedway, including a quarter-mile short track, a two-plus mile road course in the infield with seating for 40,000 to 100,000 people, and a quarter-mile drag race facility with seating for 20,000,” adds Bartleson.

The one-square-mile property is located just east of State Highway 99 and the Tulare Golf Course between Turner Drive to the north and Avenue 200 to the south.

Three national parks, Sequoia, Kings Canyon (top left photo) and Yosemite, (middle right photo)  are within a short driving distance. Approximately 20 million people live within a 3.5-hour drive.

The development plan includes sites for luxury condominiums overlooking the raceway, a full-service hotel and conference center, extended-stay motels, themed retail centers, a 59.12-acre luxury recreational vehicle park, a driving range, multiplex theaters and 87 acres of automotive-related businesses.

A parcel has been set aside for an indoor sports complex that will include skiing, bobsledding and ice-rock climbing.

“This project is destined to become one of the major destination resorts in California,” says Bartleson.

Tulare is home to the world’s largest agricultural exposition, the World Ag Expo. (bottom left photo)

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716