International Speedway Corporation (NASDAQ:ISCA) sells expansive NYC industrial tract


Dallas, Texas 09/05/2013 (Financialstrend) – There is an expansive 676 acre West Shore property that is situated to the south of Goethals Bridge. This property is the biggest privately-owned vacant industrial-tract in NYC. Last month, International Speedway Corporation (NASDAQ:ISCA) announced that it had reached an agreement to sell that piece of land for $80M to the Staten Island Marine Development. The latest owner is affiliated to KB Marine Holdings, the Texas based company.

The tract

The SIMD has plans of cleaning-up that contaminated tract. Formerly, it was used as an oil tank farm. This will eventually be developed for commercial use. The wetlands that exist there will be preserved and enhanced under an environment t plan that has state approval. The company says that it will be focusing on preserving all the wetlands there and also completing any remedial work that needs to be undertaken at the site. A SIMD spokesperson said they will eventually build a marine station there with new warehouses and a pier.

Wednesday’s session

International Speedway Corporation (NASDAQ:ISCA) stock rose 2.19% in Wednesday’s trading session. The day started with price of the shares was $30.85 which touched an intra-day high of $31.61 and closed at $31.53. More than 0.142 shares were traded on Wednesday while the average volume of shares traded in 30 days was 0.134. The company has a market cap of $1.46 billion.

About the company

ISCA owns various motorsports entertainment facilities. It also promotes motorsport themed entertainment-activities in the U.S. As on 30 November 2012, the company either operated or owned 13 different motorsports entertainment-facilities- Talladega Superspeedway in Alabama; Daytona International Speedway in Florida; Kansas Speedway in Kansas; Michigan International Speedway in Michigan; Chicagoland Speedway in Illinois are some of them. In 2013 August, ISCA announced that this latest sale of the Staten Island property. The company’s business revolves largely around promoting various racing events.

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