A former printing and distribution site for USA Today in Miramar sold for $12 million.
Zaragon purchased the 56,087-square-foot property at 10315 USA Today Way for $214 per square foot, records show. The seller was Sudha of Miami, which is led by Akhil Agrawal, the president of American Medical Depot.
The property was previously used by Gannett Co. to print and distribute USA Today newspapers, according to Loopnet. The printing operations stopped and the property was sold to the healthcare supplies company American Medical Depot for $4.9 million in 2012.
The building was constructed in 1986 and sits on 7 acres. The property is located within the Miramar Park of Commerce, a 600-acre corporate park in Miramar.
Newspaper companies have struggled to generate revenue from digital advertising and many have stopped printing physical papers. As a result, media companies are trying to shed their real estate assets and distribution centers. In 2011, McClatchy sold the Miami Herald’s 14-acre waterfront property overlooking Biscayne Bay for $236 million to a Malaysian casino operator.
Earlier this year, a Cox Media Group affiliate sold the 360,000-square-foot building that housed the Palm Beach Post in West Palm Beach for $24 million to Scott Sherman and Ben Mandell’s Tricera Capital.
Chicago-based Zaragon is an active developer across the country. It owns and manages about 3,500 apartments, 1,100 mobile home units and 1.2 million square feet of office and industrial space, according to its website.