A. H. Belo Corporation, which owns the Dallas Morning News, has sold the former campus of the newspaper at 508 Young St. in downtown Dallas to Charter DMN Holdings, LP for a purchase price of $28 million.
Charter Holdings is a Dallas-based real estate entity owned by Ray W. Washburne, entrepreneur and commercial real estate developer who most recently was president of the U.S. government’s Overseas Private Investment Corporation.
He also owns Highland Park Village, as well as a stake in the Mi Cocina restaurant chain.
According to a release, the price comprises $5.6 million in cash paid at closing on May 17, and a two-year seller-financed promissory note of $22.4 million.
The promissory note bears interest payable in quarterly installments beginning July 1, 2019, continuing through its maturity on June 30, 2021, and includes a pre-payment feature. Taking into consideration the interest on the note and the elimination of carrying costs for the Company, the total realizable value of the transaction is approximately $31.6 million over two years.
Belo has been struggling to find a buyer for the 7.2-acre property since 2017, wooing candidates such as the high-speed train, Amazon, and Dallas businessman Mike Hoque, who offered $33 million before backing out.
A. H. Belo CEO Robert W. Decherd said in a statement that "we are very pleased to conclude the sale process related to the 508 Young Street campus, and consider Charter DMN Holdings to be an outstanding owner and future developer of this important site that was the Company’s home for almost 60 years."