Los Alamitos Is Sold for $100 Million Cash
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An Orange County development company has agreed to buy Los Alamitos Race Course for $100 million in cash, officials announced Saturday.
Hollywood Park, the current owner of the facility in Cypress, also agreed to continue to operate Los Alamitos through a leaseback agreement until the year 2001 for an annual base rent of $3.5 million.
The sale to SDC Development Limited Partnership is subject to the negotiation and execution of definitive agreements, approval by the board of directors of Hollywood Park Realty Enterprises Inc., resolution of some development and zoning issues with the city of Cypress and other unspecified contingencies, said board Chairman Hal Brown Jr. and SDC President Gary Hamilton.
Hamilton said Newport Beach-based SDC will honor Hollywood Park’s agreement with Cypress to provide more than $11 million in improvements to the facility and to reduce traffic congestion.
The $100-million price tag covers the 137-acre race track and 160 acres of contiguous property.
Hollywood Park bought Los Alamitos in August 1984.
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