June 24, 2024

Keeping Media and Government Accountable.

Anyone Want to Buy This Building? It’s For Sale!

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Asking price–$46 million. Most major credit cards accepted.

According to Loopnet and with a hat tip to Tony, there is some significant commercial property for sale Downtown, specifically “a portfolio of commercial real estate assets which make up the administrative and production facilities of the Kansas City Star newspaper.”

If this is a hoax, it is a good one. Loopnet is the most heavily trafficked commercial real estate marketplace online.

The asking price? A mere $46,024,000. The properties are owned by a wholly-owned subsidiary of The McClatchy Company, which is headquartered in Sacramento. “Kansas City is a growth market,” says the Loopnet listing, “and The Star is the leading daily newspaper in its market,” at least for the time being.

Lest readers get too excited McClatchy intends to lease back the property “for an initial term of 15 years with no early termination provision,” but interested buyers take note: the lease will feature regular rent increases.

Contrary to rumor, the Sentinel has no plans to buy the building, and Sentinel management does not believe its presence in the market triggered the sale.

 

 

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