Hawkeye Downs Finalizes Sale Of Property To Cellsite Solutions
(Cedar Rapids, IA) – Hawkeye Downs, a prominent venue and racing attraction in Cedar Rapids, Iowa, today announced it has formally sold its property to Cellsite Solutions of Cedar Rapids. Cellsite will now own all 93 acres of the property, but Hawkeye Downs will lease back the exposition halls and racing facilities. It’s a unique partnership between a private company and a nonprofit organization—a partnership that means Hawkeye Downs continues to host events and racing, while Cellsite Solutions will have plenty of land to expand its business.
“Going forward for Hawkeye Downs, it will be business as usual,” said board president, Julie Kraft. “We will continue to operate as a nonprofit organization and host events in our exposition halls. We will also have our regular racing season. Selling the property simply means we can worry less about maintaining 93 acres and instead, focus on improving Hawkeye Downs and the events we hold here.”
“Our company is growing and we needed ground to expand upon,” said Cellsite Solutions President Carter Kramer. “Acquiring this property allows us to stay in Cedar Rapids with plenty of room to grow in the future. Plus, it’ll be pretty cool to have a racetrack right out our front door.”
Hawkeye Downs sold the property in southwest Cedar Rapids for $2.6 million to Cellsite Solutions, which will eventually move its headquarters to the site. Under the purchase agreement, Cellsite Solutions will also provide $200,000 in capital improvements to Hawkeye Downs. That work has already begun with repairs being made to the roof on the North Expo Hall late last year.
“We are so excited about the possibilities and the future at Hawkeye Downs. The sale of the property eases our debt burden and allows us to make necessary improvements and upgrades,” said Kraft. “Hawkeye Downs has a rich history in our community and our board members take that seriously. We know many people have fond memories here. It’s our intent to make Hawkeye Downs be the best it can be, so it can be around for many more years. The sale of our property to Cellsite Solutions makes that possible.”
“Hawkeye Downs has such potential. I see that potential. I believe our partnership with this nonprofit provides an opportunity to make Hawkeye Downs a great destination again,” said Kramer.
“We couldn’t ask for a better partner than Carter Kramer and Cellsite Solutions,” said Hawkeye Downs Racing Director Kevin Korsmo. “Carter has a contagious enthusiasm for racing. As part of this partnership, he can offer ideas for events and racing. We expect race fans will be seeing a lot more entertainment in the near future.”
All events scheduled for Hawkeye Downs, including next racing season, will go on as planned. Next weekend Hawkeye Downs hosts a gun show, followed by an RV show in February. Events are scheduled out into June 2021. Hawkeye Downs will celebrate 100 years of racing in 2025.
About CellSite Solutions: CellSite Solutions is a nationally recognized company, based in Cedar Rapids, Iowa. CellSite Solutions provides used telecommunications equipment as well as telecommunications site services. The company offers quality secondary market and surplus outside plant equipment, a menu of installation services and includes a craning and logistics division. CellSite intends to redevelop its current location at 1720 I Avenue NE in Cedar Rapids and move its headquarters to the Hawkeye Downs property. Currently, the company has 55 employees, with plans to expand and increase its employee base to more than 70 employees in the next 24 months.
About Hawkeye Downs: Each year this premiere venue hosts dozens of trade shows, conventions, and gatherings in its exposition halls and on its vast grounds. Hawkeye Downs is also home to one of two asphalt racetracks in the state of Iowa. Every May through August, you can hear the roar of race engines almost every weekend. Founded in 1925, Hawkeye Downs was previously known as Frontier Park and the Cedar Rapids Speedway. Hawkeye Downs is a nonprofit organization that is governed by a volunteer Board of Directors.