The transaction was part of a six-property deal by Sacramento-based McClatchy where its newspapers sold six properties in four states to its pension plan for a combined $47 million. It then agreed to lease back the properties from its pension plan for 11 years for a combined $3.5 million in rent.
The Miami Herald built its 123,161-square-foot Doral printing press facility on the 6-acre site at 3500 NW 89 Court in 2013. It leased the neighboring building for its headquarters. It relocated from downtown Miami after selling its headquarters on Biscayne Bay to Genting for $236 million, with a good chunk of that money going to its pension plan.
The entity that acquired the Miami Herald building was 3500 Doral MRP LLC, which is managed by James E. Bishop in Boca Raton on behalf of the pension plan.
McClatchy, which is going through Chapter 11 bankruptcy and owns 30 newspapers nationwide, is also doing the same with newspapers in Charlotte, Washington, D.C., Columbia (South Carolina), and in three California markets.