“Establishing a filter has been really important,” said Lisa Peier, A-Rod's chief investment officer. “We think about Alex almost like a piece of land in real estate. You think about the highest and best use of the asset, and what would make sense in terms of specific verticals, types of deals, types of founders in companies where we can bring the most to the table.”
Earlier this month, Apollo Global Management’s Athene Holding Ltd. agreed to buy Petros Pace Finance for an undisclosed amount. A-Rod invested $10 million in the commercial property loan originator in 2018.
That deal reflected Rodriguez's ongoing interest in real estate, and his ambitions there are growing.
Within sight of the first duplex he bought two decades ago in downtown Miami is one of his biggest projects to date: a 30-story residential tower called Grand Station. And in the booming South Florida property market and beyond, Rodriguez is snapping up single-family homes to renovate and rent.
“We think we’re still in the early innings of single family,” Rodriguez said. “And once we find something, then—and this I learned from Warren Buffett—be disciplined. But when you find your pitch, don’t go for a single or a double, go big.”
Launching A SPAC
His SPAC, Slam Corp., has yet to announce a target. Talks with Panini SpA ended earlier this year after the collectibles company lost exclusive licenses related to the NBA and the NFL, Bloomberg News reported in September.
Rodriguez said being a basketball-team owner may achieve one of his overarching goals: being cool in the eyes of his daughters and creating a business they might someday be a part of. After a recent Timberwolves game against the Philadelphia 76ers, his younger daughter, Ella, caught him off guard.
“She said, ‘Dad, I really like this basketball thing. Maybe one day I’ll get to run the business,’” Rodriguez said. “And I was like, ‘Oh my God, that’s the greatest thing I’ve ever heard.’”
This article was provided by Bloomberg News.