CBS 2 News reports that Hawkeye Downs has been sold to Cellsite Soluitions.

The racetrack and events venue have been part of the Cedar Rapids landscape for decades, and board president Julie Kraft told CBS 2 News it will continue to host racing and other events "business as usual".

Hawkeye Downs sold the property for $2.6 million. Cellsite Solutions says it will eventually move its headquarters to the site.

Cellsite Solutions will also invest $200,000 into much-needed capital improvements to Hawkeye Downs. That work has already begun with roof repairs on the North Expo Hall.

The venue has been a destination for race fans for years, and has hosted a wide variety of trade shows including hunting and fishing expos, car shows, sporting goods, and gun shows.

In recent times the building has welcomed the Cedar Rapids Jaycees Festival of Trees and the Insane Inflatable 5k Race.

When asked about the future by CBS 2 News, Cellsite Solutions President Carter Krame said

“Our company is growing and we needed ground to expand upon. 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.”