A landmark property fronting Dallas' Victory Park, built in the 1880s for local brewers before evolving into part of the city's nightlife, has been placed on the market by a partnership tied to sports mogul and billionaire Stan Kroenke.
Provident Realty Advisors and The Kroenke Group are selling the 3.6-acre redevelopment site at 703 McKinney Ave. in Dallas that houses an existing 141,000-square-foot building. The tract is zoned for a mixed-use redevelopment, the marketing proposal says, a move the ownership group had planned to make in the years following its acquisition of the property in 2013, but plans never came to fruition.
Kroenke is the chairman, owner and founder of The Kroenke Group. He also owns Kroenke Sports & Entertainment, the holding company of Arsenal F.C., the NFL's Los Angeles Rams, the NBA's Denver Nuggets, the NHL's Colorado Avalanche and Major League Soccer's Colorado Rapids, among other sports teams. He also has Texas property, including a North Dallas mixed-use site and "the largest ranch under one fence," the 535,000-acre Waggoner Ranch.
Kroenke isn't the only billionaire who has taken a bet on the future of Victory Park. Recently, Mark Cuban closed on a deal selling the majority stake in the Dallas Mavericks to a partnership between Miriam Adelson and Patrick and Sivan Dumont. The partnership has been buying real estate in Dallas-Fort Worth in a hint at what the partnership could bring to the region in the future.
For the site being sold by Provident Realty Advisors and The Kroenke Group, Provident CEO Leon Backes said in a statement it has been "a quintessential part of Dallas' history," and the firm is "excited to see how the future of this phenomenal site unfolds." Backes did not immediately respond to a media request from CoStar News.
The Dallas-based real estate investment firm hired Foundry Commercial's Marty Neilon, Alex Perry and Zach Hartzer to market the property, which offers the possibility of expanding the existing building on the tract.
Neilon, a senior vice president at Foundry, said the site has "some of the best zoning in Dallas."
The Dallas Central Appraisal District last valued the property at $14.15 million. According to CoStar data, the property was sold to the Provident-Kroenke partnership in December 2013 in a $10.5 million deal. Prior tenants have been Zouk Nightclub and The Starck Club.