It’s been reported that Inland bid $300 M for Wrigley Field last week, part of Zell’s attempt to sell the Cubs for $1 B in a tax-efficient transaction. Inland has historically overpaid for assets. Given the front-end fees associated with their acquisitions and little dependence on promote, it’s no wonder.
Wrigley is their biggest folly yet. Not only will the asset not perform but the City and State will end up building the Cubs a new stadium (in some fashion or another) when the lease expires in 20 years. Of course, if the Cubs don’t win a World Series by then, I might be wrong. We’re past the All-Star break and they still have the second best record in baseball. They might get that new stadium more quickly than we think.

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