Digital First puts 51 newspaper buildings on the market

Digital First Media has listed 51 newspaper buildings for sale, according to a press release from the real estate firm Twenty Lake Holdings.

The properties are “for sale across seven states including California, Connecticut, Colorado and Pennsylvania, to name a few,” Twenty Lake Holdings says in its release.

The planned sale “enables us to streamline our real estate portfolio through a comprehensive program encompassing property sales, new leasing, relocations and consolidation, thereby freeing the company from the constraints of being overburdened with underutilized properties,” DFM President and COO Steve Rossi says in the release.

With the addition of the DFM properties, Twenty Lakes and the broker Praxis Commercial have 70 newspaper buildings for sale in total, the release says.

Reached by email, DFM CEO John Paton said the listings represent “the remainder of our real estate holdings not yet sold. As you know, this is entirely consistent with our Digital First strategy of focusing on our core competencies of content and sales,” he wrote.

Here’s a list of properties for sale, via Twenty Lake Holdings’ PR firm:

Here’s the release:

TWENTY LAKE HOLDINGS BRINGS TO MARKET 51 NEW PROPERTIES
FOR DIGITAL FIRST MEDIA

Responsible for Newspaper Company’s Real Estate Program and Strategy
with Praxis Commercial

NEW YORK– AUGUST 19, 2014 – Twenty Lake Holdings, whose principals have been responsible for the real estate program and strategy for companies affiliated with MediaNews Group, d/b/a Digital First Media since 2011, today announced with its broker Praxis Commercial the listing of 51 new properties for sale across seven states including California, Connecticut, Colorado and Pennsylvania, to name a few.

Digital First Media, headquartered in Denver, is the second largest newspaper company in the country by daily circulation and reaches more than 67 million Americans monthly across 18 states.

“The strategy outlined by Twenty Lake Holdings and Praxis Commercial enables us to streamline our real estate portfolio through a comprehensive program encompassing property sales, new leasing, relocations and consolidation, thereby freeing the company from the constraints of being overburdened with underutilized properties,” stated Steve Rossi, President & Chief Operating Officer of Digital First Media.

“Since 2012, Twenty Lake Holdings and Praxis Commercial have facilitated the sale of 67 properties, generating significant capital for other Digital First Media business needs,” stated Joseph M. Miller, of Twenty Lake Holdings. “With these listings, the companies have 70 newspaper buildings for sale with $85 million in combined value.”

For example, the combined advisory team recently handcrafted a disposition strategy in San Jose, Calif. for the 36-acre San Jose Mercury News headquarters and printing plant, resulting in a $30.5 million sale. This allowed the paper to further consolidate operations and scout a new home in Silicon Valley, which it recently secured in downtown San Jose at Legacy Civic Towers.

“The new addition of properties for sale brings the total square footage on the market to 1.7 million square feet covering all property types including office, flex and production sites,” stated Nathanael Pennington, President of Praxis Commercial, “From California to New England, the wide ranging launch is expected to bring significant benefits to Digital First Media.”