CITY OF IRWINDALE, CA-Lindom Co. has acquired the 63-acre Irwindale Speedway from New Way Industries for an undisclosed price. The first new owner in nearly 50 years, Lindom has plans to develop the property, but will leave the Speedway operational through December 2014.

“My client recognized that the market is improving across the board and this a good time to sell the property. It's a relatively flat, versatile piece of land and the buyer has several ideas for future use,” says CBRE VP Edward Matevosian, who negotiated the deal on behalf of the seller.

Located at 500 Speedway Dr., the Irwindale Speedway is one of a few racetracks of its kind in the nation with a drag strip. The purchase includes the oval track, a 6,000-square-foot race-training center, administration buildings, luxury suites and a parking lot. The grandstand seating can accommodate an audience of approximately 10,000. The location is also a prime feature of the property, which is located at 500 Speedway Dr. It offers direct access to the 605, 10 and 210 freeways and is located 20 miles from downtown.

“We are very pleased with our purchase of the Irwindale Event Center, formerly the Irwindale Speedway,” says Chris Atkinson, Managing Partner at Lindom Company. “There are very few 64-acre sites located in the greater Los Angeles metropolitan area, let alone on a major freeway with immediate on/off-ramp access.” The company has not yet released details of the redevelopment plans, but will announce more information as details become available in the coming months.

For Los Angeles County, this was a considerable land purchase for redevelopment. Other notable land deals reported recently by GlobeSt.com include the six-acre Mack Urban and AECOM Capital joint venture project downtown and the 4.5-acre Millennium Hollywood development.