A leading Chicago-area real estate firm has submitted an offer to buy Wrigley Field, betting that lease payments from the Chicago Cubs and eventual improvements to the ballpark will make it a decent investment.
Sources said Thursday that Inland Real Estate Group of Companies Inc., based in Oak Brook, has turned in the offer to Cubs owner Tribune Co. The amount of the offer couldn’t be learned, but it is believed to be close to $300 million, the sum Tribune Chairman Sam Zell wants out of Wrigley if he sells the team and the property separately.
Inland is among the largest owners of shopping centers in the United States and reports that it manages assets worth $21 billion.
The company’s size and prominence indicates the depth of interest in the investment potential of Wrigley Field. One source close to the Cubs sale process said the team has received 20 offers for the park and 10 for the team or the combination of the team and the stadium. Financial experts have said that the Cubs-Wrigley combination could command more than $1 billion.
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