Free Lance-Star Building Sold to Local Developer

by | Jun 13, 2016 | Business

By Susan Larson. Photo copyright Fredericksburg.Today

Sandton Capital Partners announced the sale of The Free Lance-Star headquarters at 616 and 620 Amelia St. in downtown Fredericksburg.

William Square LLC, which is owned by local developer William J. Vakos, Jr., of Spotsylvania County-based W.J. Vakos & Co., paid $5,575,000, according to a report in the paper. The 2.85 acre purchase includes the 90,000-square-foot building and adjacent parking lot.

Publisher and CEO Gene Carr said the company would remain a tenant in the building for one year, “while looking for new office space centrally located in the newspaper’s circulation area.” The statue in front of the building — Lance the paper boy — will “be preserved and relocated with the company,” Carr said.

Sandton, a New York based company, and DPS, its limited partnership in the Cayman Islands, purchased the Free Lance-Star Company’s $38 million BB&T loan balance in the summer of 2013, which lead to the publishing company’s Chapter 11 bankruptcy filing on Jan 23, 2014. Nine companies participated in the May 2014 auction for its assets, according to FLS attorney Lynn Tavenner. Sandton submitted the winning bid of $30.2 million.

Related Stories
Former Free Lance-Star Executive Building Property Sold March 16, 2015

Free Lance-Star Radio Cluster Sold January 23, 2015

WFLS and Sister Stations to Be Sold December 3, 2014

FCC Rules Free Lance-Star, Radio Stations Split December 2, 2014

Sandton Closes Deal, Names Interim FLS Publisher June 20, 2014

Sandton Capital Top Bidder for Free Lance-Star May 22, 2014

Sandton May Credit Bid on Free Lance-Star Assets, Judge Rules March 26, 2014

Free Lance-Star Publishing Company Advances Toward Sale of Assets February 28, 2014

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