Saturday, May 25, 2019

McClatchy sells Kansas City Star building

The McClatchy Company has completed the sale and leaseback of its Kansas City Star headquarters to Ambassador Hospitality, according to McClatchy. The glass building was sold for $30.1 million and leased back for 15 years with initial annual lease payments of $2.8 million. The company previously disclosed that it had completed the sale of a distribution center in Miami, Florida, for approximately $2.2 million. 
The company expects to use the approximately $32 million of net proceeds from the real property sales to perform a partial redemption of its 2026 Notes at par as required under its 2026 notes indenture, the company says. 
McClatchy operates 30 media companies in 14 states. 

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