Tribune Media sells the printing facility for the Baltimore Sun for $46.5 million
CHICAGO, Ill. – December 22, 2014 — Tribune Media Company today announced that it has sold its property at 300 East Cromwell Street in Baltimore, Maryland, to a qualified buyer for a price of $46.5 million. The net proceeds of the transaction, after deduction of transaction costs and taxes, are expected to be approximately $30 million. The transaction closed on Friday, December 19, 2014.
The property at 300 East Cromwell Street is approximately 60 acres in size and includes the printing facility for the Tribune Publishing-owned Baltimore Sun, which has a long-term lease for the facility. The facility and parking occupy roughly 23 acres of the property and the remaining property, totaling 37 acres, is undeveloped.
“We continue to take a disciplined but opportunistic approach to creating value with our significant portfolio of real estate assets,” said Peter Liguori, Tribune Media’s President and Chief Executive Officer. “This sale underscores our strategy to manage, maximize, and monetize our real estate assets and creates value for our shareholders.”