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.
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