|Journal Communications, Inc. and Journal Sentinel Inc. Announce Sale of Former Vehicle Maintenance Garage Site|
MILWAUKEE--(BUSINESS WIRE)--Nov. 16, 2006--Journal Communications, Inc. (NYSE:JRN) and Journal Sentinel Inc., publisher of the Milwaukee Journal Sentinel, announced today that they have sold the former Milwaukee Journal Sentinel maintenance facility at the corner of North Sixth Street and West McKinley Avenue in Milwaukee to Daniel Druml, owner of Milwaukee-based Paul Davis Restoration. Journal Sentinel Inc. is a Journal Communications' company. Terms of the sale were not disclosed.
Mr. Druml said that the complex, to be known as Haymarket Square, is expected to house a 45,000- to 65,000-square-foot retail or grocery store along with four stories of office space totaling 88,000 square feet. The north end of the complex will be developed into residential apartments or condominiums along with additional retail space for smaller users, or possibly one significant tenant.
Druml believes the acquisition of the property offers additional options for the development. "This is one of the most significant corners in the downtown area, with incredible visibility. We will remain focused on ensuring that the development fits the neighborhood and that it services property owners for many years to come," Druml said. "Additionally, this purchase allows us to develop the entire city block with a cohesive design, focused on servicing residential condo owners and businesses throughout the downtown area."
About Daniel Druml
Dan Druml is the owner of Paul Davis Restoration, a commercial and residential construction company, located at 2000 South 4th Street in Milwaukee. Paul Davis Restoration is a general contractor that focuses on providing quality construction and disaster restoration services for both commercial and residential property owners. The business also includes a Remodeling Division that competes in the residential market and has completed several award-winning projects throughout the area. Druml is also part owner of a national commercial construction firm headquartered in Milwaukee known as Paul Davis National. This company specializes in providing commercial disaster restoration and general contracting services throughout the United States with branch offices currently strategically located in five major cities. Druml is involved in various commercial real estate development projects throughout Southeast Wisconsin and is also the owner of property adjacent to the Journal Sentinel facility.
About Journal Sentinel
Journal Sentinel Inc. publishes the flagship Milwaukee Journal Sentinel newspaper as well as a range of other print and electronic products, primarily serving southeast Wisconsin people and businesses. Journal Sentinel is committed to producing a newspaper that reflects the ever-changing world and fulfills the needs of readers and advertisers. In addition to the daily and Sunday newspaper, Journal Sentinel produces Web products and services through its Journal Interactive division, including JSOnline.com and PackerInsider.com. The company also offers direct mail and database marketing services, and the addition of a new printing facility in 2003 led to Journal Sentinel's recent entry to the business of commercial printing.
About Journal Communications
Journal Communications, Inc., headquartered in Milwaukee, Wisconsin, was founded in 1882. We are a diversified media and communications company with operations in publishing, radio and television broadcasting, telecommunications and printing services. We publish the Milwaukee Journal Sentinel, which serves as the only major daily newspaper for the Milwaukee metropolitan area, and about 80 community newspapers and shoppers in eight states. We own and operate 36 radio stations and nine television stations in 12 states and operate two television stations under local marketing agreements. Through our telecommunications segment, we own and operate a regional fiber optic network in the upper Midwest, provide integrated data communications solutions for small and mid-size businesses and offer network transmission solutions for other service providers. We have entered into a stock purchase agreement under which Q-Comm Corporation is expected to acquire our telecommunications business. We also provide a wide range of commercial printing services -- including printing of publications, professional journals and documentation material -- as well as electronic publishing, kit assembly and fulfillment. In addition, we operate a direct marketing services business.
CONTACT: Journal Communications
SOURCE: Journal Communications, Inc.
|"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Journal Communications, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.|