Real estate firms buys The CA’s parking lot
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.