Real estate firms buys The CA’s park­ing lot

The Commercial Appeal - - Business - Tom Bai­ley Mem­phis Com­mer­cial Ap­peal USA TO­DAY NET­WORK - TEN­NESSEE

A real estate in­vest­ment firm on Mon­day pur­chased The Com­mer­cial Ap­peal’s back park­ing lot and ad­ja­cent land at 597 Beale, be­hind the news­pa­per’s head­quar­ters.

New York City-based Twenty Lake Hold­ings LLC bought the sur­face lot and grass field to­tal­ing 5.5 acres for $1 mil­lion. Twenty Lake Hold­ings is ex­pected to soon buy the rest of the news­pa­per fa­cil­i­ties at 495 Union, in­clud­ing pro­duc­tion/print­ing build­ing and news­pa­per of­fices on 6.5 acres.

The Com­mer­cial Ap­peal, an on­line news or­ga­ni­za­tion that con­tin­ues to pub­lish a daily, morn­ing news­pa­per, will move to an­other Mem­phis lo­ca­tion that bet­ter meets its tech­nol­ogy needs and is a bet­ter fit for the size of its staff, ex­ec­u­tives have said.

“The sale of The Com­mer­cial Ap­peal build­ing and re­lated prop­erty is ex­pected to close later this month” to Twenty Lake Hold­ings, said La Guardia My­ers, Gan­nett di­rec­tor of real estate. Gan­nett bought The Com­mer­cial Ap­peal in 2016.

Twenty Lake Hold­ings spe­cial­izes, in part, in ac­quir­ing prop­er­ties that have be­come too large for news­pa­pers as the in­dus­try has grad­u­ally shifted its fo­cus from newsprint to dig­i­tal me­dia.

The firm has bought more than 180 prop­er­ties to­tal­ing 2.3 mil­lion square feet across 29 states, ac­cord­ing to Twenty Lake Hold­ings’ web­site.

“As the lead­ing owner of news­pa­per build­ings and a buyer of ex­cess cor­po­rate real estate in the U.S., Twenty Lake Hold­ings is pleased to have pur­chased Gan­nett’s ex­cess land on Beale Street in Mem­phis,” ex­ec­u­tives for the pur­chas­ing firm said in a writ­ten state­ment.

As of now, The CA and Gan­nett still own 495 Beale, which in­cludes 6.5 acres with two con­nected build­ing. Print­ing of The CA was moved about a year ago to the more mod­ern presses of The Jack­son Sun.

“I can as­sure you that we are stay­ing in Mem­phis and the team is ex­cited at the thought of mov­ing into a space that of­fers an en­er­getic en­vi­ron­ment with the new­est tech­nol­ogy,” said Mike Jung, pres­i­dent of The Com­mer­cial Ap­peal and The Jack­son Sun.

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