Baltimore Sun Printing Plant Property Is Sold for $46.5 Million
PORT COVINGTON, MD—December 29, 2014—Tribune Media, The Baltimore Sun's parent company, has sold a 60-acre plot of Port Covington, MD, land that houses the newspaper's printing plant, according to the Baltimore Business Journal. An undisclosed buyer purchased the property for $46.5 million.
The site is comprised of 23 acres occupied by the printing facility and parking, along with 37 acres of undeveloped land. Because Tribune Publishing has a long-term lease for the printing plant, the paper's operations are likely to stay in Port Covington.
Earlier this year, Tribune Media also sold its Columbia Flier building in Howard County, MD, which is also part of the Baltimore Sun Media Group.
Tribune Media CEO Peter Liguori said in an statement that the property sales are in line with his company's plan to "manage, maximize and monetize" its real estate assets.
This transaction is the largest price paid for property in the industrial Port Covington neighborhood. After taxes and associated costs, the sale should net Tribune Media approximately $30 million.