CBRE has announced it has been retained by the Maricopa County Stadium District Board of Directors to appraise the value of Chase Field, home of Major League Baseball’s Arizona Diamondbacks.
The Board voted to explore the option to sell Chase Field in downtown Phoenix to private, out-of-state investors last month. The proposed deal, which was made public in early August, would include keeping the Arizona Diamondbacks at the stadium through 2028 — the remainder of the team’s contract with the county.
Julius Blatt, Managing Director of CBRE’s Sports and Entertainment specialty group within the firm’s Valuation and Advisory line of business, will lead the effort in appraising Chase Field for the county.
“We are very excited to work on the appraisal of Chase Field for the Stadium District’s Board of Directors,” said Blatt. “We appreciate the Board’s confidence in our experience valuing sports and entertainment complexes. Our experience and breadth of resources will allow us to put together a comprehensive and well-researched appraisal to help the Board make an informed decision as they explore the sale of the complex.”
Blatt points out there are only 30 Major League Baseball stadiums in existence, making this assignment both unique and challenging.
CBRE’s Sports and Entertainment valuation group has worked on a number of similar projects in recent years, including valuation assignments for the Chicago Cubs’ Wrigley Field in Chicago; the Toronto Blue Jays’ Rogers Centre (formerly SkyDome) in Toronto, Ontario; the O.co Coliseum and Oracle Arena in Oakland, Calif.; and the Palace of Auburn Hills in Michigan, among others.
“Sports complexes generally have a short economic life making their appraisal a unique challenge. Stadiums and arenas are entertainment venues and as they age this impacts overall consumer/fan experience, which in turn affects property values.”
The CBRE Sports and Entertainment group consists of a core group of professionals located throughout the United States, all with extensive and unique experience in appraising and valuating sports and entertainment properties on their clients’ behalf. CBRE’s Valuation & Advisory Services provides appraisal, property condition, market studies, feasibilities, underwriting due-diligence, environmental, zoning and telecommunication consulting services to a broad base of local, regional and global clients. It has a professional staff of more than 1,700 appraisers, engineers, architects and environmental scientists in more than 300 major metro areas globally.