McClatchy Completes Sale-Leaseback Of Sacramento Bee Building
The McClatchy Co., publisher of the Sacramento Bee and other newspapers, finalized two property deals, one of which is the sale-leaseback of the Sacramento Bee building at 2100 Q St. and surrounding land. Shopoff Advisors, an affiliate of Irvine-based Shopoff Realty Investments, bought the property in a deal struck earlier this year.
The publisher also finalized the sale the Kansas City Star's office building and land in Kansas City, Missouri, to 1729 Grand Boulevard LLC. Combined, the two properties sold for $56.7M, the Sacramento Business Journal reports.
The impetus for the sales is to put McClatchy in a better cash position. More than a decade ago, the company acquired Knight Ridder, leaving McClatchy a legacy of debt that now totals about $840M. None of that debt will be due until 2022, according to the company.