A.H. Belo Putting Its ProJo Properties Up For Sale

The great Ian Donnis, who covers the Providence Journal at the city’s alt-weekly, reports that Belo has put the ProJo‘s real estate up for sale. This includes the Journal Building, home to the ProJo‘s historic downtown offices. Most likely, they will sell the properties (which include parking garages and such) and lease it from the new owners. Why? Cuz that’s what you do when you need cash and you can’t get loans and you’ve got both hands on your effing hat.

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8 comments on “A.H. Belo Putting Its ProJo Properties Up For Sale

  1. I think AT&T did the same thing with its downtown Dallas properties. It’s not always done because a company desperately needs cash.

  2. MLK: If this were a seller’s market, and if news orgs everywhere (including Belo, including us) weren’t facing a cash crunch, I’d agree.

  3. I don’t disagree why AH Belo is doing it. I’m just saying it’s not always done because a company needs cash. In this case, yes AH Belo really needs the cash. Sorry I wasn’t clear enough.

  4. They should have talked the City of Providence into building a Convention Center Hotel next to their real estate. Maybe they could have squeezed a few more dollars out of the sale?

  5. Belo’s already been quietly marketing the Dallas campus. They have to be somewhat careful, however, given the fact that they are acting as one of the primary cheerleaders for the convention center hotel that will be built literally in the middle of their (previously worth much less) existing property portfolio.

  6. Providence Journal already has a convention center, a sports/concert arena and a Westin Hotel next to their building.