By: E&P Staff The McClatchy Co. has announced that Citisquare Group, buyer of 10 acres of parking lots around The Miami Herald's Biscayne Bay headquarters, has exercised an option to extend the closing date from June 30 to Dec. 31.
The deal earlier had been extended form Dec. 31 2008. The Sacramento Business Journal reported that the current extension requires the buyer to increase a termination fee payable to McClatchy, headquartered in Sacramento, Calif.
Three years ago, the Herald's former owner, Knight Ridder, agreed to sell the lots and the Boulevard Shops on Biscayne Boulevard to a development group for $190 million. That group then struck a deal to flip most of the property to Citisquare for at least $230 million. McClatchy's acquired Knight Ridder shortly after the land deal was reached.
The deal with Knight Ridder included a $10 million non-refundable deposit and a since-withdrawn option to acquire the newspaper building's site.
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