STAR-ADVERTISER
Oahu Publications Inc., parent company of the Honolulu Star-Advertiser, is putting its print production facility up for sale.
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Oahu Publications Inc. has put up for sale its 147,000-square-foot print production facility in Kapolei and the 11.61 acres of land beneath it in a lease/buyback transaction to take advantage of increasing prices in the area.
The parent company of the Honolulu Star-Advertiser said Monday it is seeking to lease back the property at 4545 Kapolei Parkway for 20 years, with four additional five-year options. Commercial real estate brokerage firm CBRE Inc. is handling the transaction.
No listing price was
disclosed, but OPI said that “the right buyer will pay fair value and agree to a long-term lease that meets our needs.”
“Kapolei has grown
tremendously in recent years and our land and building have multiplied in value,” said Dennis Francis, president and chief executive officer
of OPI. “After thorough analysis, we have decided that now is the best time to capitalize on its value and move forward
with a sale/leaseback
of our print-production
facility.”
Francis said this type of transaction has become an industry trend nationally, particularly by media corporations. He said business will continue as usual after the sale.
OPI became owner of the print production
facility in 2010 when the Honolulu Star-Bulletin and The Honolulu Advertiser merged. Gannett Co.,
former owner of the
Advertiser, opened the
facility in 2004.
Besides the Star-Advertiser, OPI owns The Garden Island newspaper on Kauai, The Hawaii Tribune-Herald and West
Hawaii Today newspapers on the Big Island, and publishes a range of publications including MidWeek and various specialty publications, luxury and hotel magazines.
