It is a reference to Pacific Raceway, a real location in Kent, Washington.
Racecars are able to spawn here usually in sets of two on the track. The landmark includes an oval racetrack, a parking lot, spectator stands and a small service station which and construction related items along with two car lifts similar to ones in mechanic shops. Civilian Zombies can spawn in the parking lot outside the track.
Blowtorch, Carjack, Stealy Wheely Automobiley and Gas Cans can be found in the central service station along with various other items usually found in a typical mechanic area. Civilian grade items can also be found in the stands surrounding the track (e.g. Baseball Bats, Binoculars.) Several cars also spawn at the parking lot.
Here you can see all the buildings present in this place: