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Another Florida newspaper parts with its real estate
The News-Press got $4.75 million for its building near downtown Fort Myers but will continue to operate there
Another daily newspaper in Florida has parted with pricey urban real estate, this time in Fort Myers.
The News-Press reported that it got $4.75 million for property on a prime corner near downtown Fort Myers in an apparent sale-leaseback deal.
The newspaper will continue to run its newsroom at 2442 Dr. Martin Luther King Jr. Boulevard, together with other operations: sales, marketing, accounting and distribution.
The new owner is New York City-based Twenty Lake Holdings, a specialist in acquiring over-sized and underutilized properties from newspapers as they shift from printing to digital publishing.
In March, Atlanta-based Cox Enterprises agreed to sell the Palm Beach Post, to Gatehouse Media but will retain the daily newspaper’s building at Belvedere Road and Dixie Highway in West Palm Beach.
In similar fashion, the Morris family of Augusta, Georgia, sold the Jacksonville Times-Union last year but kept the daily paper’s downtown property for future redevelopment. [News-Press] – Mike Seemuth