Arsenal owner Stan Kroenke has reportedly put one of his landmark properties in the United States of America that could see him earn over $14.5m (£11.4m).
Despite being best known for his involvement in endless sports franchises, Kroenke has a big influence in the real estate market in the USA. The Kroenke Group, Kroenke’s real-estate company, has invested millions in endless projects over the years – including last year’s purchase at Midway Rising.
According to American outlet CoStar, a landmark property alongside Dallas’ Victory Park has been placed on the market and was last valued at $14.5m (£11.4m). The 3.6-acre redevelopment site currently houses a 141,000-square-foot building, utilised for mixed-zone redevelopment, the marketing proposal claims.
The ownership group are understood to have planned to redevelop the property following the purchase but they never occurred. The site, being sold by Provident Realty Advisors and The Kroenke Group, is “a quintessential part of Dallas’ history”, according to Provident CEO Leon Backes.
According to CoStar, the property was sold to the Provident-Kroenke partnership for $10.5m (£8.3m) in December 2013. The Dallas Central Appraisal District last valued the property by over £2m more.
For Arsenal, Kroenke’s investment in the transfer market has accelerated in recent years with his son, Josh, taking on a more hands-on role. Last summer, over £250m was spent on improving Mikel Arteta’s team and this year is expected to be another busy window.
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Kroenke continues to have his fingers in a number of investment opportunities. Should the Dallas property be sold above the £11.4m figure mentioned, the Arsenal owner get another cash injection.
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