The Denver Broncos are no longer tenants in Dove Valley.
The team’s new owners now own all of the land under the team’s headquarters and practice facilities in the unincorporated community of Arapahoe County, records show.
The Arapahoe County Clerk and Recorder’s Office on Thursday recorded a $9 million sale of property from Dove Valley Business Park Associates Ltd to Denver Broncos Team LLC.
Dove Valley Business Park Associates owned 13655 Broncos Parkway, a parcel that includes a building and several football fields. The entity also owned an adjacent parcel to the north, which county records list as 7501 S. Potomac St. This parcel includes another building and another field.
A Broncos spokesperson confirmed the purchase, telling BusinessDen Thursday that the team has leased the land under some of its Dove Valley facilities since it began using the site in 1990. The new owners of the team have elected to exercise a long-standing option in the lease agreement to purchase the land, he said.
The team already owned a third parcel it has facilities on, which Arapahoe County records list as 13403 Broncos Parkway, prior to this week.
The transaction is not a sign of major changes coming to the site, according to the Broncos spokesperson.
Land leases are relatively rare but not unheard of in the Denver area commercial real estate world. Developers who enter into ground lease agreements own the structures they build on a property, but not the land below them.
The developer of the 30-story Block 162 office tower, downtown Denver’s newest skyscraper, has a 99-year lease for the land below.
The Broncos were purchased last month by an ownership group led by Walmart heir Rob Walton and his daughter and son-in-law Carrie Walton Penner and Greg Penner.
The Broncos do not own Empower Field at Mile High Stadium, where games are played. This property belongs to a quasi-governmental stadium district, as the stadium was developed with public funds.