OFFICIAL: Pacific Raceways For Sale

Bill Edgeworth · 10-01-2014, 05:22 PM

I’m not quite as optimistic as some of you. IMHO in the Seattle market the land is probably worth more as houses. Think of it; probably 1500+ half million dollar homes. So just shooting from the hip ¾ Billion dollars in homes. Considering Washington is not the best business environment around that would be an awful big addition of industrial/Commercial space (so don’t count on all the space being filled). Having said that CBRE told me earlier this year that this market is tighter than it has been in years. Also, that particular city has no B&O tax so I’m sure they would be more than happy to rezone to residential and count on the constant flow of property tax rather than partially filled commercial space.
Just my opinion, I could be way off base.
Also, I thought they were going to be able to pay for the new facilities with the money from the gravel mining operation to build the new runway at SeaTac??? Or at least that was the story a few years ago.
Ultimately it’s their land to do with as they please and to me it looks like they are getting out of the racing business so why not take a big as a profit as possible on the sale? And to me that won’t be selling it as a racetrack.

Hope I’m wrong.

10-01-2014, 05:22 PM	#10
Bill Edgeworth Member Join Date: Oct 2006 Location: Tacoma, WA Posts: 258 Likes: 0 Liked 0 Times in 0 Posts	Re: OFFICIAL: Pacific Raceways For Sale I’m not quite as optimistic as some of you. IMHO in the Seattle market the land is probably worth more as houses. Think of it; probably 1500+ half million dollar homes. So just shooting from the hip ¾ Billion dollars in homes. Considering Washington is not the best business environment around that would be an awful big addition of industrial/Commercial space (so don’t count on all the space being filled). Having said that CBRE told me earlier this year that this market is tighter than it has been in years. Also, that particular city has no B&O tax so I’m sure they would be more than happy to rezone to residential and count on the constant flow of property tax rather than partially filled commercial space. Just my opinion, I could be way off base. Also, I thought they were going to be able to pay for the new facilities with the money from the gravel mining operation to build the new runway at SeaTac??? Or at least that was the story a few years ago. Ultimately it’s their land to do with as they please and to me it looks like they are getting out of the racing business so why not take a big as a profit as possible on the sale? And to me that won’t be selling it as a racetrack. Hope I’m wrong. __________________ Bill Edgeworth 6471 STK