America’s sports teams are turning into landlords.
Pro sports team owners are developing millions of square feet of retail, office and residential space, extending their influence—and revenue streams—outside the turnstile at a quickening pace. If development plans in cities stretching from San Diego to Boston come to fruition, pro sports teams, as a group, will be one of the largest commercial property owners in the nation, controlling 28 million square feet of non-game-related space.
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“Control is an incredibly important word in this,” said Derek Schiller, president and CEO of the Atlanta Braves.