The Bulletin newspaper building on Bend’s west side has been sold to a local real estate investor for $13.25 million dollars.
EO Media Group, which bought the newspaper in July, will lease the bottom floor of the 86,000-square-foot building for two years, according to Graham Dent with Compass Commercial.
However, EO Media Group will have to remove the newspaper’s printing press from the site by November. It has has said it will move the paper’s printing to a facility in Prineville.
Without the printing press, the building will have 46,000-square-feet of industrial warehouse available for lease.
“That would be the largest block of space for industrial space in Bend,” Dent said. “Especially on the west side…it’s very unusual to have a big industrial space available on the west side.”
Next Development Group submitted the initial bid for the building in late August. No other bids were submitted before Tuesday’s deadline.
The building was initially offered for $20 million in 2017. More recently, Compass Commercial had the property listed at $18 million.
“The Bend Bulletin building represents a unique opportunity to control a large block of quality product in a low vacancy, land constrained market with limited supply,” according to the listing brochure. “The property has a land coverage ratio of just 20%, offering significant development potential with favorable zoning and a highly desirable location near many of Bend’s most sought-after amenities.”