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Publishing   In Sacramento, Ca. and Columbia, S.C.

McClatchy Company to sell and lease back some property

Sacramento BeeMcClatchy has entered into separate agreements to sell and lease back real property owned by The Sacramento Bee in Sacramento, Ca. and The State Media Company in Columbia, S.C. for total gross proceeds of $67.8 million.

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.

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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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