Agreement made to sell Post Plaza real estate
Published 5:00 pm Tuesday, October 15, 2019
Vicksburg Newsmedia, LLC, owner of The Vicksburg Post, its associated publications, SignsFirst and SpeediPrint, has signed a letter of intent to sell Post Plaza, the commercial building that houses the newspaper, office supply store and sign shop. The buyer will be Action Properties, a Mississippi company that specializes in niche redevelopment.
“I am pleased to have a signed letter of intent from a company that specializes in commercial real estate development,” Catherine Hadaway, president of Vicksburg Newsmedia, LLC and publisher of The Vicksburg Post, said. “Managing commercial real estate has served us well in the past, but it is time to turn our focus to our core mission.
“The sale of the commercial space allows us to focus on covering Vicksburg and its stories and people, and helping local businesses with marketing, printing, office supply and signage needs,” she said. “It also puts prime real estate in the hands of people who specialize in managing such properties.”
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Action Properties, based in Yazoo City, relates on its web site of creating nearly 1,100 jobs and generating an average of 30 percent increase in city sales taxes, $35 million in retail sales and $12.5 million in payroll through their 23 real estate properties and 1.1 million square feet of retail space. Post Plaza will be the 24th property acquired by the company.
Upon closing, Action Properties will assume leases currently held by Fitness Works and Sherwin Williams.
Hadaway said The Vicksburg Post, SignsFirst and SpeediPrint location will remain in Post Plaza indefinitely, but eventually has hopes to move offices back to downtown Vicksburg.
The newspaper moved to North Frontage Road after the purchase of what is now Post Plaza in 1997.
Since its inception in 1883, the newspaper has been published in four downtown locations, one on Washington Street, two on Crawford Street and another on the corner of South and Cherry Streets, in a building that currently houses the United Way of West Central Mississippi and the Church of the Holy Trinity’s Conservatory of Fine Arts.
“From an economic development standpoint, this is a good move for the community as it will bring a positive push for further retail development in that part of our city,” Pablo Diaz, Vicksburg Warren Economic Partnership executive director, said. “Action Properties is a good company that has shown they understand the regional and national trends in retail. We are excited to see them invest further in Vicksburg and our office looks forward to working with them in a partnership to continue to attract retail and commercial tenants to the city and county.”