Frank Stronach, founder and chairman of the board of Magna International Inc., is buying Santa Anita Park from Meditrust. The $126 million purchase is expected to close today.
The Santa Anita Companies and Meditrust, the nation's largest health-care real estate investment trust, have completed a $383 million deal to merge the two companies.
International businessman and horse owner Frank Stronach confirmed Tuesday that he and Meditrust, the parent company of Santa Anita Park, have signed a letter of intent under which he will buy the race track.
The Santa Anita Cos., Monday reaffirmed its commitment to the previously announced strategic alliance with Colony Capital and its affiliates, saying that a rival bid by Newport Beach based Koll Arcadia Investors was "incomplete."
The Santa Anita Companies and AMC Theatres announced a definitive agreement for AMC to build a 25 screen multiplex adjacent to the Santa Anita Park race track and Fashion Park Mall.
Newport Beach real estate developer Don Koll and Leon Black of New York-based Apollo Real Estate Advisors have made an unsolicited offer to invest approximately $180 million in Arcadia-based Santa Anita Cos.
Officials with the Santa Anita Companies, owners of the race track and Santa Anita Fashion Park, have filed a formal application with the City of Arcadia to build a new 100-acre entertainment center on its property.
Santa Anita Companies have submitted a down-scaled entertainment complex with the new proposal for developing the South parking lot of the Santa Anita Park race track property.
Westfield America Inc. announced yesterday that it will buy an additional 50 percent interest in Westfield Shoppingtown Santa Anita Fashion Park from Meditrust, giving it nearly 90 percent ownership.
Meditrust will be selling Santa Anita Park race track at a lower price than the $400 million purchase price about a year ago. Due to laws changing in July, tax advantages are no longer available.
The Santa Anita Companies was dealt a blow when the State Assembly Appropriations Committee shot down two key bills that would have allowed Santa Anita to begin expansion into the casino industry.