Thursday, May 16, 2019

REALITY CHECK: MARK ONE ELECTRIC CO. IS NEW KANSAS CITY STAR LANDLORD!!!



We offer a headline that's more useful than retired reporters playing secret agent in a pathetic attempt to relive their glory days, here's a Kansas City newsie tidbit that dead-tree media hacks lament. . .

The Star sold the 424,000-square-feet building to Ambassador Hospitality LLC for $30.1 million, and the Star's parent company will lease the building back for 15 years . . . In addition to printing operations, the building houses a newsroom and administrative operations.

Missouri incorporation records list Rosana Privitera Biondo as president of Ambassador Hospitality, with a registered office at 909 Troost Ave., which also is a Mark One Electric Co. Inc. equipment yard. Privitera Biondo, who was named a Women Who Mean Business honoree in 2001, is president of Mark One.

Again, hack newsies imagine this construction developer lady will soon show up at the print facility to start editing copy.

Unlikely.

Instead, rather than any pressure over their lackluster content . . . It's more likely this buy is a hedge against the future when the newspaper can no longer afford the current space and they continue to downsize.

Developing . . .

8 comments:

Anonymous said...

I would think that they'd be less likely to criticize development.

Anonymous said...

I hope the buyer has another use for the building because it's very doubtful the Star will be around for the 15 year lease term. Maybe there is enough other printing business to pay the rent for some new entity.

Anonymous said...

Fifteen year lease?
It looks like someone misplaced the decimal point.

Anonymous said...

They can't be expecting to be around for the next 15 years otherwise they wouldn't have sold.

Lease is for 15 years at a little over 2 million a year

They sold for 30 million

They'll pay more in rent over the next 15 years than they sold it for. Imagine selling your house and then renting it from the person you sold it to and paying them more in rent for your lease then you sold it to them for. The Star is dead

Anonymous said...

Just another Kay Barnes inspired boondoggle

Anonymous said...

Mafia owned business...... I like it!

Anonymous said...

Red taught her right. Go girl, that was a great buy! They won't make it all the way but if they make it seven years you got a steal.

Anonymous said...

I thought that is where 3 Light was eventually being built.