Colorado Media Newsroom
February 9th, 2024, 12:30 PM
From Radio Insight:
https://radioinsight.com/wp-content/images/2023/07/audacy-200x200.pngAs it proceeds through its prepackaged Chapter 11 bankruptcy proceedings, Audacy has agreed to sell a pair of real estate assets in Boston.
The tower site for Sports 850 WEEI (https://www.audacy.com/stations/850weei) Boston will go to American Tower Corporation for $3.5 million. The court filing notes that Audacy has leased a portion of the property to the buyer since 1998, which was set to expire in November 2025. The sale is set to close on February 28 at which time Audacy will enter into an Easement Agreement granting the company an exclusive, perpetual easement in and to the land underlying the three guyed towers, transmitter building, and one garage on the property. Audacy will be responsible for all utilities and maintenance expenses for its towers and access road and reimburse ATC for 15% of the property taxes asssed.
83 Leo Property Owner LLC will acquire the studio/office building on 83 Leo M. Birmingham Parkway in Boston for $11,120,000 at closing and up to another $7 million when zoning approvals are granted or Audacy vacates the property. Closing is set for around March 6. Audacy will enter into a $40,000 per month lease with 3% annual increase for two years with an option for an additional 90 days. The property was built as the studios of WSBK-TV 38, which then became the home of CBS Radio and later Audacy Boston.
more (https://radioinsight.com/headlines/264681/audacy-sells-pair-of-boston-real-estate-assets/)
https://radioinsight.com/wp-content/images/2023/07/audacy-200x200.pngAs it proceeds through its prepackaged Chapter 11 bankruptcy proceedings, Audacy has agreed to sell a pair of real estate assets in Boston.
The tower site for Sports 850 WEEI (https://www.audacy.com/stations/850weei) Boston will go to American Tower Corporation for $3.5 million. The court filing notes that Audacy has leased a portion of the property to the buyer since 1998, which was set to expire in November 2025. The sale is set to close on February 28 at which time Audacy will enter into an Easement Agreement granting the company an exclusive, perpetual easement in and to the land underlying the three guyed towers, transmitter building, and one garage on the property. Audacy will be responsible for all utilities and maintenance expenses for its towers and access road and reimburse ATC for 15% of the property taxes asssed.
83 Leo Property Owner LLC will acquire the studio/office building on 83 Leo M. Birmingham Parkway in Boston for $11,120,000 at closing and up to another $7 million when zoning approvals are granted or Audacy vacates the property. Closing is set for around March 6. Audacy will enter into a $40,000 per month lease with 3% annual increase for two years with an option for an additional 90 days. The property was built as the studios of WSBK-TV 38, which then became the home of CBS Radio and later Audacy Boston.
more (https://radioinsight.com/headlines/264681/audacy-sells-pair-of-boston-real-estate-assets/)