Monday, April 14, 2014

DriveTime Chairman Acquires Vacant F-1 Race Factory Building

By: Paul Dionne |

Benderson Development, a vertically integrated developer of commercial properties, has completed the sale of the former F-1 Race Factory building—now known as Tech 143—for $9.4m or $82.58 per square foot. The acquiring entity, Verde Investments, Inc. is a real estate investment vehicle used by DriveTime chairman, Earnest Garcia. Garcia paid $3.4m in cash and secured an additional $6m in financing with MidFirst Bank.

Benderson originally developed the property for a subsidiary of the Kmart Corporation, and took possession in a sale lease-back in 1991. Following Kmart’s Chapter 11 bankruptcy in 2002, Benderson refinanced the now-vacant facility in 2003 with $75m in cross-collateralized debt with Wells Fargo, eventually replacing that note with a property-specific $7.0255m debt with Equitable Life Insurance.

At that time, the property was remodeled as an indoor go-kart facility, F-1 Race Factory. The structure is a 113,827 SF free-standing warehouse witting on 12 acres, zoned A-2. The site has 919 parking spaces, six dock, five grade doors and a 24’ clear. Marketing materials prepared by Mike Haenel with Cassidy Turley include renovation renderings that would further re-purpose the property for flex/industrial use. 

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