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Article: Dark horse sets pace in race for Hollywood Park: owner of racetrack in Northern California looks to buy facility.
- Article from:
- San Diego Business Journal
- Article date:
- June 27, 2005
- Author:
CopyrightCOPYRIGHT 2005 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The owner of Bay Meadows racetrack in San Mateo has emerged as the leading candidate to acquire Hollywood Park with a bid of about $275 million, according to numerous sources.
Stockbridge Capital Partners, through its Bay Meadows Land Co. unit, entered the bidding late in the process and its sudden emergence has surprised Inglewood city officials, as well as the crowded field of homebuilders and developers who were vying for the 240-acre property.
City officials, losing bidders and other real estate sources said Stockbridge, a private equity firm, submitted a price 10 percent higher than its closest rival and that it has agreed to hire the current owner, ...