McClatchy Company to sell and lease back some property
The Sacramento Bee entered into a transaction with Shopoff Advisors o sell its real property which includes The Sacramento Bee building and surrounding land and buildings.
Simultaneously with the closing of the sale, McClatchy will enter into a 15-year lease with Shopoff to leaseback the real property with initial annual lease payments of approximately $4.6 million.
This transaction excludes a parking garage formerly owned by The Sacramento Bee, which was sold for $5.75 million in a transaction that closed in December 2016.
In a separate but similar transaction, The State Media Company contracted with a subsidiary of Twenty Lake Holdings to sell its real property including The State building and surrounding land.
McClatchy will enter into a 15-year lease with Twenty Lake with initial annual lease payments of approximately $1.6 million.
These transactions are subject to customary closing conditions and are expected to close in the second quarter of 2017.
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