No land deal for International Speedway |
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Fri, 30 Nov 2007 23:41
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NEW YORK (AP) - International Speedway Corp. said Friday its plan to sell a sprawling Staten Island, N.Y., tract to a Denver real estate investment trust has fallen through.ProLogis, which manages distribution facilities, agreed to buy the site in October, subject to a due diligence inspection period and other conditions. It backed out of the deal Tuesday, before the inspection period ended, International Speedway said.A ProLogis spokeswoman declined to discuss the reason for the move.'We elected not to proceed under the existing terms and timeframe,' spokeswoman Jessica Neal said. 'We are still interested in the property,' she added.The site has sat idle since International Speedway last year abandoned plans to build an 82,500-seat NASCAR track there. The Daytona Beach, Fla.-based motorsport company says it is the largest undeveloped land parcel in New York City.Brian K. Wilson, International Speedway's vice president of corporate development, said in a statement the company is confident it can find a buyer interested in redeveloping the site in a timely fashion.International Speedway shares slipped a penny to $42.60 in after-hours trading. The stock closed unchanged during the regular session.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Speedway Motorsports to buy New Hampshire Int'l Speedway for $340M 