Hmm.... our reader Charles woke me up here (thanks).... the story I had read on Joe Saward's (since corrected) site is not really right. Indeed the property at 9900 Twin Lakes Pkwy is for sale.Formula 1 Race Shop - Five-year NNN lease 33,690 Sq. Ft. in immaculate condition. 100% air conditioned and heated. $620,000 in building renovations by tenant in 2009. Leased through June 2014. 9.1% cap rate.
But it does mention in the listing that it's leased till 2014. Apologies to USF1 then.... Now get that car out!
I know there are some who believe in a conspiracy against USF1, they will surely wonder who sent this rather obscure tip to Saward, one of F1's influential and usually trusted sources...
end of post
usf1 doesn't own the building; they rent it. notice the five year lease in the comment that mentions that's it's a formula 1 work shop. usf1 isn't going anywhere, they're just paying a different land lord.
ReplyDeleteAh...OK, so that can make sense. Let me add your response to the post then.
ReplyDeleteEither it's as Charles says, or USF1 DOES own the building and they're are just looking to sell it to raise some capital, while agreeing to lease the building back from any buyer. Basic commercial real estate deal and neither scenario is at all an indication that they are planning to shut down the operation.
ReplyDeleteYeah, I'm sorry about this post.... my bad for trusting a "trusted source" without checking further...
ReplyDelete