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Legendary Raceway For Sale
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Pacific Raceways (PR), one of the Northwest's premier motorsports facilitis, has been listed for sale for the first time in 54 years. It is being marketed by CBRE and Corporate Finance Associates (CFA).
Located in King County, Washington, and featuring 320 acres, a road track, drag strip, motocross track, karting facility, and 22,500 permanent seats, PR is the state's fifth largest outdoor spectator venue.
“I'm really pleased to offer this historic property with all of its advantages. As things stand now, the project is situated to become an incredibly successful automotive and design technology campus, which is something that this region needs and deserves," said Jason Fiorito, President.
Setting the stage for development of a commercial, racing and testing facility, the spectacular property has secured county legislation and a master planned development that calls for 1.2 million square feet of commercial space for technology-based and racing related industry. Boasting a dedicated interchange to SR-18 between Kent and Auburn, the property represents one of the last large parcels available for commercial development in King County.
“The City of Auburn is greatly appreciative of the Fiorito family and the presence of a top-tier racetrack in the greater Auburn area," said Auburn Mayor Nancy Backus. “We have been the longtime beneficiary of its economic impact and look forward to future opportunities for expansion. Auburn is ready to work with a new ownership group, preserving both the legacy of the past with anticipation of what is ahead."
In April 2014, the planned development known as Pacific Innovation Center (PIC) received the Washington State Department of Commerce's designation as a “Project of Statewide Significance” (PSS). In the history of the state, only two other projects have been cited as so important: Boeings 777 composite wing project in Everett and BMW's composite body manufacturing facility in Moses Lake. The automotive based tech campus seeks to utilize the road course as a testing ground, and partnerships with state research facilities and neighboring cities to attract global leaders in the renewable energy driven vehicle industry.
“PIC will create hundreds of clean-tech jobs, and produce accelerated automotive innovation, while establishing Washington State as the international hub in this arena," said Fiorito.
The motorsports park east of Kent was built in 1959 by Dan Fiorito Sr. who owned a heavy highway construction company with the idea of having a safer venue for racers and local youth to push the limits. The track opened on July 4th, 1960 with drag racing legend and local racer Dick Kalivoda winning the inaugural race with his B-Modified roadster. The track has hosted thousands of drag race, road race and motocross events. The 2.25-mile road course was a staple on the USAC circuit in the 1960s and ‘70s hosting a who’s who of American and international sports car racing stars. Team Penske won it’s very first professional race at Pacific Raceways, and NASCAR legend Dale Earnhardt Sr. won one of the track’s last professionally sanctioned road course events under the Winston West banner in 1985.
The family leased the track to various promoters beginning in the 1970’s, who operated the track under the name Seattle International Raceway. The family took operation of the track back in January 2002, and changed the name back to Pacific Raceways. It has hosted an NHRA National event for 27 straight years. Pacific Raceways has been an economic engine in south King County for more than half a century, and neighboring cities are hopeful that potential buyers will continue that tradition.
“While I am saddened to learn the Fiorito family will no longer have ownership of Pacific Raceways, it is my hope that the new buyers will follow their predecessor by continuing a strong partnership with neighboring cities like Kent," said Suzette Cooke, Mayor of Kent.
“Jason Fiorito has consistently kept the City of Kent informed of potential changes at the track and major events that they have hosted over the years. Kent hoteliers and restaurateurs have benefited from events at Pacific Raceways for many years as people from all over the United States choose to stay and eat in Kent,” she added. “Best wishes to the Fiorito family in all future endeavors, and thank you for being a friend to Kent.”
“Because of the location, approvals to develop 1.2 million square feet of commercial space, the designation of Project of Statewide Significance and the sheer size of 320 acres with existing race courses, this is one of the most unique properties in Western Washington, if not the West Coast,” added Milt Reimers, First Vice President, CBRE. “There is not another opportunity in the country to own a professionally sanctioned track with such incredible development potential, nor will there be any time soon.”
Located in King County, Washington, and featuring 320 acres, a road track, drag strip, motocross track, karting facility, and 22,500 permanent seats, PR is the state's fifth largest outdoor spectator venue.
“I'm really pleased to offer this historic property with all of its advantages. As things stand now, the project is situated to become an incredibly successful automotive and design technology campus, which is something that this region needs and deserves," said Jason Fiorito, President.
Setting the stage for development of a commercial, racing and testing facility, the spectacular property has secured county legislation and a master planned development that calls for 1.2 million square feet of commercial space for technology-based and racing related industry. Boasting a dedicated interchange to SR-18 between Kent and Auburn, the property represents one of the last large parcels available for commercial development in King County.
“The City of Auburn is greatly appreciative of the Fiorito family and the presence of a top-tier racetrack in the greater Auburn area," said Auburn Mayor Nancy Backus. “We have been the longtime beneficiary of its economic impact and look forward to future opportunities for expansion. Auburn is ready to work with a new ownership group, preserving both the legacy of the past with anticipation of what is ahead."
In April 2014, the planned development known as Pacific Innovation Center (PIC) received the Washington State Department of Commerce's designation as a “Project of Statewide Significance” (PSS). In the history of the state, only two other projects have been cited as so important: Boeings 777 composite wing project in Everett and BMW's composite body manufacturing facility in Moses Lake. The automotive based tech campus seeks to utilize the road course as a testing ground, and partnerships with state research facilities and neighboring cities to attract global leaders in the renewable energy driven vehicle industry.
“PIC will create hundreds of clean-tech jobs, and produce accelerated automotive innovation, while establishing Washington State as the international hub in this arena," said Fiorito.
The motorsports park east of Kent was built in 1959 by Dan Fiorito Sr. who owned a heavy highway construction company with the idea of having a safer venue for racers and local youth to push the limits. The track opened on July 4th, 1960 with drag racing legend and local racer Dick Kalivoda winning the inaugural race with his B-Modified roadster. The track has hosted thousands of drag race, road race and motocross events. The 2.25-mile road course was a staple on the USAC circuit in the 1960s and ‘70s hosting a who’s who of American and international sports car racing stars. Team Penske won it’s very first professional race at Pacific Raceways, and NASCAR legend Dale Earnhardt Sr. won one of the track’s last professionally sanctioned road course events under the Winston West banner in 1985.
The family leased the track to various promoters beginning in the 1970’s, who operated the track under the name Seattle International Raceway. The family took operation of the track back in January 2002, and changed the name back to Pacific Raceways. It has hosted an NHRA National event for 27 straight years. Pacific Raceways has been an economic engine in south King County for more than half a century, and neighboring cities are hopeful that potential buyers will continue that tradition.
“While I am saddened to learn the Fiorito family will no longer have ownership of Pacific Raceways, it is my hope that the new buyers will follow their predecessor by continuing a strong partnership with neighboring cities like Kent," said Suzette Cooke, Mayor of Kent.
“Jason Fiorito has consistently kept the City of Kent informed of potential changes at the track and major events that they have hosted over the years. Kent hoteliers and restaurateurs have benefited from events at Pacific Raceways for many years as people from all over the United States choose to stay and eat in Kent,” she added. “Best wishes to the Fiorito family in all future endeavors, and thank you for being a friend to Kent.”
“Because of the location, approvals to develop 1.2 million square feet of commercial space, the designation of Project of Statewide Significance and the sheer size of 320 acres with existing race courses, this is one of the most unique properties in Western Washington, if not the West Coast,” added Milt Reimers, First Vice President, CBRE. “There is not another opportunity in the country to own a professionally sanctioned track with such incredible development potential, nor will there be any time soon.”
