By: E&P Staff
The Honolulu Advertiser reported Wednesday that parent Gannett Co. Inc. intends to sell property next to the Advertiser’s headquarters.
The parcel has been unused except for parking since printing was moved to a new, $82 million plant in nearby Kapolei (E&P Online, Nov. 24, 2003).
CB Richard Ellis will market the nearly three-acre parcel without an asking price, according to the paper. Some parking for Advertiser staff will be retained, and a distribution operation will be moved. Efforts to partner with a developer for the site were unsuccessful.
Acknowledging difficulty in estimating the land’s value in light of the real estate market’s downturn, staff writer Andrew Gomes reported that, “based on prior sales in the area, the land conservatively could raise more than $20 million.”