Atlanta Braves Dig Deep on Real Estate Purchases

The Atlanta Braves may not be done expanding their real estate empire near Truist Park.

Following the club’s $93 million acquisition of the Pennant Park office complex in April, Braves Development Company is scouting for more opportunities around The Battery Atlanta, the 2-million-square-foot mixed-use district the team has built up over the past decade, the Atlanta Business Journal reported.

“We continue to evaluate assets and opportunities in the surrounding area of Truist Park and the Battery Atlanta that advance our core mission of delivering the best sports and entertainment experiences,” said Mike Plant, CEO of Braves Development Company, during an earnings call Monday.

The April acquisition added six office buildings, totaling 760,000 square feet and 2,700 parking spaces, just across the pedestrian bridge from Truist Park.

Though there are no immediate redevelopment plans for Pennant Park, the Braves say the addition aligns with their goal of reducing the seasonal volatility of baseball-related revenue. The company’s office space is 99 percent occupied, Plant said.

The team has also been adding tenants nearby. Shake Shack recently leased 25,000 square feet at Two Ballpark Center, and Truist Securities is moving its headquarters to Five Ballpark Center, a new 250,000-square-foot building. Meanwhile, construction is underway on The Henry, a major mixed-use project that will include 650 apartments, 54 condos and a 250-key hotel.

In the first quarter, Braves mixed-use revenue reached $19 million and total revenue climbed to $47 million, up 27 percent year-over-year. Braves Holdings is the only MLB team to publicly report earnings following Liberty Media’s 2023 spin-off of the team into a separate entity.

The Braves’ off-field real estate moves now play a central role in their long-term business model, and the team appears set to keep building.

The Braves aren’t the only ones in suburban Atlanta betting big on mixed-use. Lincoln Property Company recently unveiled plans for The Shoppes at The Gathering, a 43,700-square-foot retail development in Alpharetta featuring boutique storefronts, open-air amenities and event space, part of a growing trend of lifestyle-focused, walkable districts cropping up across the metro.

— Judah Duke