Everything You Need To Know About Real Estate Mogul & NFL Owner Stan Kroenke
FAST FACTS:
- Kroenke is one of the wealthiest developers in the country, with a real estate empire that spans more than 30M SF and an estimated net worth of $7.4B.
- He founded Kroenke Group in 1983 and THF Realty in 1991. Both firms specialize in development of shopping centers, office buildings and industrial projects in suburban markets.
- His sports empire includes the LA Rams, English soccer club Arsenal and a trio of Denver-based teams: the NBA's Denver Nuggets, the NHL's Colorado Avalanche and MLS' Colorado Rapids.
- He's married to Ann Walton, daughter of Walmart co-founder Bud Walton.
- He seldom speaks to the press, which earned him the moniker "Silent Stan."
Building A Home For The LA Rams
Kroenke made headlines this January, when he prevailed in the race to bring the Rams back to LA, which they abandoned in 1995. The relocation stirred up a great deal of controversy in the Rams' former hometown, St. Louis, where a Missouri board approved $15M in tax credits for a new riverfront stadium. But Kroenke—who became the full owner of the Rams in 2010—forged ahead with plans to build an entertainment district, along with a 80,000-seat football stadium in Inglewood, just outside of LA. With an estimated cost of $2.6B, the project is on track to become the world's most expensive sports arena.
The Walmart Factor
When Kroenke married Ann Walton in 1974, Walmart was operating roughly 100 stores in only eight states—Arkansas, Kansas, Louisiana, Missouri, Oklahoma, Tennessee, Kentucky and Mississippi. But as the retail chain turned into a global powerhouse in the 1980s and 1990s, Kroenke's fortune rose along with Walmart's success. His two real estate companies, the Kroenke Group and TFH, started developing malls anchored by Walmart, first in the Midwest and then across the country. Kroenke's relationship with Walmart was a true cash cow: in the years of Walmart's expansion, he collected hundreds of millions of dollars in rents and fees, the Dever Post reports. Today, TFH has properties in 18 states, including Colorado, Pennsylvania, Alabama and Ohio.
Malls, Stadiums and Beyond
Aside from shopping plazas and malls, Kroenke's companies developed two major sport venues: he owns the Pepsi Center in Denver, home of the Nuggets and Avalanche, and co-owns Dick's Sporting Goods Park in Commerce City, home of the Rapids. In recent years, Kroenke has turned his focus away from THF Realty and back to his wholly-owned venture, The Kroenke Group, and has diversified his portfolio with apartment buildings and storage facilities. A little-known fact: He's the eighth-largest landowner in the US, with cattle ranches in Montana and Wyoming, vineyards in Napa Valley and resorts in Hawaii.
