Connor puts Press Herald buildings on the market
Richard Connor, the new owner of the Portland Press Herald, is seeking to sell the newspaper's downtown buildings immediately, according to the newspaper.
The properties include the newspaper's main offices at 390 Congress St., assessed by the city at $4.5 million, and the former press building at 385 Congress St., assessed by the city at $3.7 million. Connor told the Press Herald he has three prospective buyers for the properties. Some of the Press Herald's staff will be moved to the company's South Portland printing plant, while others will take up residency in leased space in Portland, the paper reported.
The Press Herald building at 390 Congress St. is one of the last buildings of its type in that area of the Portland peninsula that could be redeveloped, says Tom Moulton, a commercial real estate broker at NAI/The Dunham Group. "Everything else is fully occupied and developed. If the Portland Press Herald moves out, it's a great development opportunity," Moulton told Mainebiz.
However, Moulton says it would take a "well-heeled" investor to pull off the deal. For one, the buildings need a good amount of work. And financing would offer a challenge. "It's a tricky economic time because banks are not excited about lending on speculative projects right now."
Moulton says a buyer of the properties would most likely tear down 385 Congress St., the Press Herald's former printing plant, and redevelop the building and its next-door parking lot into a multi-story building. He says that makes the most sense for a developer because that area has the highest height ordinance in the city.
Connor yesterday finalized the deal to purchase Blethen Maine Newspapers, which owned the Press Herald. The sale price was not disclosed.
Most Recent
Most Recent
Comments