Mercury Management Firm Sells Surplus Real Estate
NEW YORK NY – Digital First Media, the Colorado-based company that manages The (Pottstown PA) Mercury and dozens of other media outlets nationwide, wants to sell the floors out from under some of them, its consultants indicated Tuesday (Aug. 19, 2014).
Dozens of real estate parcels the firm represents in Pennsylvania and six other states are being offered for sale or lease, according to a press release issued by Twenty Lake Holdings, a real estate asset management firm, and real estate brokerage Praxis Commercial LLC, both located in New York City.
Some are offices or printing plants of the newspapers themselves. Among those on the block are the Markley Street downtown headquarters of The (Norristown PA) Times Herald, for sale at $925,000, and also available for lease; and a portion of the Bradford Avenue home of the Daily Local News of West Chester PA, for annual lease at between $11 and $15 per square foot.
None of the real estate occupied by The Mercury is known to be listed.
Digital First President and Chief Operating Officer Steve Rossi said his company was freeing itself “from the constraints of being overburdened with underutilized properties.” The sale or lease offerings are part of what Rossi called “a comprehensive program” created by Twenty Lake Holdings and Praxis that also will include “new leasing, relocations and consolidation.”
The combined value of 70 newspaper buildings Digital First is listing nationwide amounts to more than $85 million, Rossi noted. The company has placed more than 1.7 million square feet of all types of properties – including office, flex and production sites – into real estate markets, added Praxis President Nathanael Pennington.