PHOENIX—The Maricopa County stadium district board of directors voted to explore the option to sell Chase Field, downtown home of Major League Baseball's Arizona Diamondbacks, 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.

The board has retained CBRE to appraise the value of Chase Field. 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.

“Sports and entertainment complexes hold unique status in the American consumer experience and, in addition to age and condition, there are numerous other factors that affect the value of such a property,” Blatt tells GlobeSt.com. “Our team analyzes everything from the value of the land underneath the facility, leases and naming rights, and how various revenue and expenses are split between the team and the venue. There often needs to be consideration for a stadium's role in its home team's history and culture. When looking at proposed facilities, there is frequently a need for public sector involvement. These projects are always exciting and always different, and we look forward to our work on Chase Field.”

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, the O.co Coliseum and Oracle Arena in Oakland, CA, 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,” Blatt says.

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 and 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.

“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.”

PHOENIX—The Maricopa County stadium district board of directors voted to explore the option to sell Chase Field, downtown home of Major League Baseball's Arizona Diamondbacks, 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.

The board has retained CBRE to appraise the value of Chase Field. 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.

“Sports and entertainment complexes hold unique status in the American consumer experience and, in addition to age and condition, there are numerous other factors that affect the value of such a property,” Blatt tells GlobeSt.com. “Our team analyzes everything from the value of the land underneath the facility, leases and naming rights, and how various revenue and expenses are split between the team and the venue. There often needs to be consideration for a stadium's role in its home team's history and culture. When looking at proposed facilities, there is frequently a need for public sector involvement. These projects are always exciting and always different, and we look forward to our work on Chase Field.”

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, the O.co Coliseum and Oracle Arena in Oakland, CA, 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,” Blatt says.

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 and 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.

“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.”