Photo via Bell Cornerstone
(Disclosure: Rose Law Group represents Atlas Capital Partners.)
By Corina Vanek | Phoenix Business Journal
Gannett Co., the parent company of The Arizona Republic and azcentral.com, sold its north Phoenix printing facility for $38 million, according to Maricopa County records.
The 300,000-square-foot plant sits on 20 acres near 19th Avenue and Williams Drive, north of Loop 101. The company put up the building for sale in October 2022 with an asking price of $47.7 million.
The property was purchased by a partnership between Scottsdale-based Atlas Capital Partners and New York-based DRA Advisors, a real estate investment firm.
Gannett will continue to lease and use the space. Sale and lease-back arrangements are a way for businesses to sell a property to unlock capital while continuing to occupy the facility post-sale.
“Gannett has a long-term lease agreement with the property at 19th Avenue and Williams Drive, with no intention to move,” Steve Wagenlander, senior vice president of publishing operations for Gannett, said in an email. “In addition, Gannett maintains ownership of the press and related equipment, printing numerous daily, weekly and commercial products.”
