The 158,400 square-foot printing plant used by The Providence Journal was put up for sale by parent company Gannett Co., as part of a leaseback package that would allow the newspaper to continue using the facility for at least 10 years.
The 204 Kinsley Ave. Providence Journal production facility was recently listed for sale by New York-based real estate company BellCornerstone with an $8 million asking price.
As part of the offer, Gannett requires a lease to continue using the printing plant to produce the Providence Journal and its other newspapers, with an annual leaseback rent of $633,600 over the course of 10 years, with Gannett, provided the right to opt-out halfway through the deal. Annual operating costs for the building, according to marketing materials from BellCornerstone, were $1.69 million last year, including more than $1 million for utilities, $178,759 in repairs, and $331,621 in property taxes.