Tribune Media Sells 60-acre Property in Port Covington for $46.5M
- Jan 12, 2015
By Adrian Maties, Associate Editor
Tribune Media Company sold a 60-acre property in Port Covington for $46.5 million. The Chicago-based multimedia corporation expects the net proceeds to be approximately $30 million, after the deduction of transaction costs and taxes.
The transaction closed on December 19. Tribune Media did not disclose the name of the buyer. The property is located at 300 East Cromwell Street. It includes Sun Park, the printing facility for The Baltimore Sun. Tribune Media owns the local newspaper. The Baltimore Sun has a long-term lease for the facility.
The Baltimore Sun purchased the 60 acres of land in Port Covington in April, 1988. It then built the 375,000-square-foot facility on the site. Sun Park opened four years later, in 1992. The total investment was $180 million. The Sun Park facility occupies roughly 23 acres of the property. The remaining 37 acres are undeveloped land.
“We continue to take a disciplined but opportunistic approach to creating value with our significant portfolio of real estate assets,” Peter Liguori, Tribune Media’s President and Chief Executive Officer, said in a press statement. “This sale underscores our strategy to manage, maximize, and monetize our real estate assets and creates value for our shareholders.”
Photo credit: Google Maps