Two years ago, Kevin Plank’s real estate development company, Sagamore Development, bought a plot of land in Port Covington for $35 million. And now, Sagamore has turned around and sold that same piece of land back to Under Armour–Plank’s company–for more than $70 million.
While the insider-y nature of the deal (and the 200% appreciation in value in two years) is sure to raise some eyebrows, Plank and his associates assured the Baltimore Sun that Sagamore made no profit on the deal, and that the $70.3 million price tag was arrived at through an independent assessment. The land will be the site of Under Armour’s massive, cutting-edge new headquarters, which will include three high-rise buildings and a waterfront stadium, and won’t be complete until 2021.
Part of that rapid rise in value comes from the fact that Under Armour has already made improvements on the land, converting a former Sam’s Club into temporary office space. But it also shows just how much more valuable land in Port Covington is, now that we all know about Plank’s plans for the place. Plank spent $100 million of his own money acquiring land around Port Covington over the past several years–and it’s looking like that’s a bet that’s likely to pay off for him in the long run.
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