USF1 -- F1's All-American Challenger

[Professor]

The guy that currently owns the building is trying to sell it. One of the selling points is that it has been leased for the next 5 years (by USF1). That means a predictable bit of income for the next owner.

It is much easier to sell a building to an investor if it is occupied and has a signed lease. Typical real estate transaction.

Edit: Sorry, I was posting as you were posting. Same point though, we agree.

[The FOZ]

Xcuse me mad, but the place is for sale, check it out. Here;

http://www.walterscommercial.com/

This new is at least two weeks old, probably more. Someone might call Walters and see how long it's been lisited with them. My money says it's been months...possibly even before USF1 moved in.

I think it's either of these:

A) USF1 has always been leasing the facility, and the owners are selling. Lease for USF1 stays in place - simple business transaction, means absolutely nothing.

B) USF1 did buy the building, but wants to free up cash flow, so they've leased it to themselves, and are now selling the property, with their lease still in place. Good move for the balance sheet.

[xpensive]

It is much easier to sell a building to an investor if it is occupied and has a signed lease. ...

Until the tenant go broke, that is.

[Professor]

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.

Further details from the realtor from Feb.2,2010

Floor Plan - I think you have all seen this before
http://www.charlottecpe.com/photos/CIE/ ... _39764.PDF

[Richard]

Further details from the realtor from Feb.2,2010

Floor Plan - I think you have all seen this before
http://www.charlottecpe.com/photos/CIE/ ... _39764.PDF

8 single desk offices in that cluster around the entrance? I thought this was meant to be open friendly skunkworks? There'd be a riot in our place if our senior guys ever thought about hiding away like that.

[joshuagore]

Has the drop dead date already passed? I should rephrase that, has the 'hypothetical', drop dead date passed?

Josh

p.s. I just realized I had been lurking forever, so this is me coming out.

[Richard]

Eric Warren posted this on twitter...

Big week ahead this week, things should become a lot clearer. Looking forward to it. 5:24 AM Feb 14th

http://twitter.com/ericswarren

So, will we see anything resembling a car... with an engine?

[xpensive]

Hot news! Old Joe Sewer reads F1 Technical!

http://joesaward.wordpress.com/2010/02/ ... -for-sale/

[Richard]

Hot news! Old Joe Sewer reads F1 Technical!

http://joesaward.wordpress.com/2010/02/ ... -for-sale/

... gets the story wrong. The details of the sale say the tenant is signed up for a 5 year lease. He also misses out that this story has been known about for some time. Must be a slow news day for Joe.

I wonder if he'll run a "SAAB for sale" or "Donnington in doubt" story tomorrow?

[Richard]

One of the comments on the Joe Saward blog suggests that an F1 fan goes in to have a look around as a prospective buyer. All we need is someone from here with real estate clout to give the vendor a call ....

[marcush.]

windsor out since friday ,Hurley ,Steiner ,Willis...what are they trying to sell
here?

http://www.motorsport-total.com/f1/news ... 21611.html

basically the story says Campos has failed to come up with an investor and Hurley is buying the Dallara chassis and has Willis an Steiner working out a plan.
Windsor has thrown in towel on friday...maybe the Type 1 faces the same fate as Andersons last IRL car....
not exactly new stuff but first time someone dares to make a story out of it? To be
ingested with care ...they usually print without having the story confirmed ...and
admit so in the story.

[ESPImperium]

So it will be USF1-Dalarra-Cosworth.

Drivers could be Lopez and Senna.

I think this could be the best way, the 2 struggeling teams merge, Campos sell their entry to Stefan GP, and we have a 13 team grid that could actually see out the season.

Im gonna say that sence could prevail.

[madtown77]

I don't really see Hurley putting much into this. The way he has talked about it, all he did was give them some initial capital, maybe only a couple million (maybe only a little over the reported $600,000 to renovate the building). Why go in for as much as an additional $20 million to buy the Dallara car? (I may have the cost wrong, just thought I saw that amount somewhere)

I think he is more there as a personality to help Windsor/Anderson attract other sponsers rather than its biggest backer. Otherwise, there wouldn't be any money problems.

[xpensive]

ooops, too late, sorry

[Pup]

So how do the rumors about Geoff Willis and Kolles fit into this? Has Hurley hired them as replacements for Anderson and Windsor? Are those two officially AWOL now?