Churchill Downs Inc. announced Friday that it closed on the sale of 115.7 acres of excess land near Calder Casino for $291 million (or approximately $2.5 million per acre) to Link Logistics, one of the premier owners of logistics real estate assets, established in 2019 by Blackstone.
CDI is planning to use certain proceeds of the sale to purchase property as part of the previously announced Peninsula Pacific Gaming acquisition and to invest in other replacement properties that qualify as Internal Revenue Code §1031 transactions.
CDI now retains ownership of approximately 54 acres of land on which the company's wholly-owned Calder Casino sits. The company may sell 15-20 acres of land along NW 27th Ave. in the Miami Gardens area in the future for retail development.
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