Dover Motorsports, Inc. reported that on July 26, the company closed on a previously announced sales agreement with an entity owned by Panattoni Development Company for the sale of approximately 133 acres of the property near Nashville Superspeedway.
Proceeds from the sale, less closing costs, were approximately $6.4 million. Net proceeds after taxes are estimated to be approximately $5.3 million.
The purchaser has an option to acquire an additional 97.17 acres at $66,685 per acre. The option expires March 1, 2022 and may only be exercised for all 97.17 acres at one time for a total purchase price of $6,479,781. None of the acreage sold or optioned extends to the land on which the superspeedway is location. Dover Motorsports continues to hold approximately 1,000 acres of commercial real estate that includes the track.
The Tennesse track no longer holds NASCAR events, following a long-running slowdown in attendance that has affected most tracks, including Dover International Speedway.
However, greatr Nashville is a vibant area for entertainment and buisness, making Dover’s holdings potentially valuable. A deal to sell the track, about 30 miles outside Nashville, fell through.
Dover Motorsports, Inc. is apromoter of NASCAR sanctioned and other motorsports events in the United States. For further information, log on to dovermotorsports.com.
