Western Communications Inc., owner of The Bulletin, is looking to make a deal for the sale and lease-back of its land and building on Chandler Avenue.
The property, 1777 SW Chandler Ave., is listed with Lowes Commercial Properties for $20 million.
Built in 2000, The Bulletin building is 86,445 square feet of offices and state-of-the-art production space. The building sits on a total of 10 acres, and 2½ acres remain for future development as student housing, condos or apartments, all of which is included in the listing.
The Bulletin would continue to occupy the building under a long-term lease. “The newspaper is not for sale,” said John Costa, publisher of The Bulletin.
The property, which is near the new Oregon State University Cascades campus, has drawn interest from potential buyers or investors for the past several years, Costa said, but this is the first time Western Communications has listed it.
“If it benefits The Bulletin in the long run we’ll pursue it, and if it doesn’t benefit The Bulletin in the long run, we won’t,” Costa said.
Peter Lowes, broker and president of Lowes Commercial Properties, said a sale-leaseback is a “win-win” for buyer and seller. The deals provide capital to the seller while reducing monthly overhead costs, and the lease payments provide a return on investment to the buyer, he said.
The Bulletin building is one of the highest-dollar listings in Central Oregon, Lowes said.
— Bulletin staff report