An affiliate of Las Vegas Sands, owned by Miriam Adelson, has purchased more than a dozen acres on Stemmons Highway in Dallas' Design District, the Dallas Morning News reports. Terms of the deal were not disclosed.
The property near downtown includes a building used as the Mavericks' practice facility. Cuban has owned the land since 2016 and once considered using it for a new arena. The property's value for tax purposes is just under $43 million, the newspaper reported, citing county records.
Las Vegas Sands bought a majority stake in the NBA team for $3.8 billion, a purchase recently approved by the league. Cuban still owns 27 percent of the Mavericks and will retain control of basketball operations.
Cuban decided to sell the team because it would allow both sides to play to their strengths.
"They're not basketball people and I'm not real estate people, so I did it," Cuban previously told the outlet.
Cuban and Las Vegas Sands were planning to build a casino resort in Dallas, possibly including a location for the Mavericks. But Texas legislators rejected a proposal earlier this year that would have allowed casinos connected to hotel, retail and entertainment districts. Still, the Adelsons' longstanding political influence could encourage Texas lawmakers to legalize sports betting and casino resorts.
In addition to the Design District site, the Adelsons own 259 acres in Irving, including 108 acres near the former Texas Stadium site. The land assemblage in Irving has raised questions about the team potentially relocating elsewhere, but a spokesperson for Las Vegas Sands said the land purchase is indicative of the company's longstanding interest in Dallas-Fort Worth and has nothing to do with the Mavericks.
Cuban also confirmed the team would remain in Dallas.