You Can Buy the Standard-Times Building [OPINION]
It appears that an era is ending in New Bedford. The Standard-Times newspaper is selling its building in downtown New Bedford.
The posting on Loopnet.com was updated on Sept. 19, and it makes it clear that the paper is willing to leave if the new owner finds a better tenant.
"Home to The Standard-Times, 25 Elm Street is located in the historic town of New Bedford. The Standard-Times’ building was constructed in 1995. It is now also home to BayCoast Bank. The Standard-Times would like to stay in the building and lease space back from a purchaser, though it is willing to relocate. BayCoast Bank leases 5,700 SF and the Standard-Times would need to keep approximately 6,000 SF."
The property is currently listed at the price of $4 million and it is fully occupied.
The company listing the property is BellCornerstone out of Syracuse, New York. They handle property sales around the country. "We believe you deserve a partner that recognizes the true value of your property and helps you capture that value; an advisor with the capabilities, knowledge, and partnerships that can bring you success; and a company that embraces technology, and understands that time is the new currency," the BellCornerstone website proclaims.
While nobody wants to see the Standard-Times leave the downtown area, the consumer has spoken. The print newspaper business is suffering all over the world and the business model is antiquated. I prefer a paper newspaper to the online version, but I'm in the minority.
The upside of this development is that the owners of the building believe they can sell their property to another owner who will find a more profitable use for the facility and they will pay accordingly. A thriving business in that relatively new building is a positive shift for the downtown.
Chris McCarthy is the host of The Chris McCarthy Show on 1420 WBSM New Bedford. He can be heard weekdays from 10 a.m. to noon. Contact him at email@example.com and follow him on Twitter @Chris_topher_Mc. The opinions expressed in this commentary are solely those of the author.