Agreement reached to sell and lease back The State building on Shop Road

The corporate parent of the State Media Company — publisher of The State newspaper in Columbia and thestate.com — announced Wednesday that it has reached an agreement to sell its offices, land and printing plant at 1401 Shop Road to a subsidiary of Twenty Lake Holdings.

The sale of the property by McClatchy allows the The State to lease the property back for 15 years at an annual cost of about $1.6 million.

The sale price of The State building and surrounding land was not released by agreement with the purchasers, said McClatchy Vice President and CFO Elaine Lintecum.

Also, McClatchy announced Wednesday the sale of its Sacramento Bee offices to Shopoff Advisors, L.P.

This story was originally published January 11, 2017 at 9:00 AM with the headline "Agreement reached to sell and lease back The State building on Shop Road."