Gannett has a pending agreement to sell the Milwaukee Journal Sentinel buildings, according to Andy Fisher, the Journal Sentinel’s chief business executive, the paper reported.
A group of local investors plans to purchase the downtown buildings, the paper said.
Before the sale, an investigation of the conditions of the buildings must be done, which could require months, Fisher said.
Gannett didn’t make the buyers’ name public. The paper reports that according to industry sources, a partnership involving Interstate Development Partners and J. Jeffers & Co. is the buyer.
Executives at both companies declined to comment to the paper.
Both companies are or have been involved in developments or redevelopments in the city. Interstate Development is redeveloping the Grand Avenue, the well-known site of the former Grand Avenue mall.
The Journal Sentinel buildings could serve a number of purposes, including apartments, offices and retail, sources said, the paper reported. The Journal Sentinel could stay on as a tenant, although the paper has been looking at other sites as well, Fisher said.