PORTLAND, Maine — MaineToday Media, the owner and publisher of four newspapers, has sold its printing facility in South Portland but plans to continue operating out of that building.

Property manager J.B. Brown and Sons purchased the building Monday for an undisclosed price, according to a news release from real estate brokerage CBRE The Boulos Co.

The company’s flagship paper, the Portland Press Herald, reported Tuesday that the company intends to move almost all of the Portland staff to the South Portland building, at 295 Gannett Drive, once it finds a sublessee for its current downtown Portland space at One City Center.

The company in 2009 sold its former downtown headquarters, which is now a boutique hotel, and moved into the space at One City Center, located near Monument Square.

MaineToday leased the South Portland property back from J.B. Brown for 10 years, according to property records, and has an option to continue that lease for up to 40 years.

Dan Greenstein, a broker at The Boulos Co., said in a news release that leaseback deals are commonly done to generate cash that can be reinvested in the business.

Midcoast businessman Reade Brower formed MTM Acquisition in order to purchase MaineToday in June 2015 from a company led by financier Donald Sussman, for an undisclosed price. The South Portland building was purchased at that time by RFB Holdings LLC, for $2.4 million.

Property records show RFB on Monday paid off a mortgage on the property held by Sussman’s Maine Values LLC.

Brower told the Bangor Daily News at the time of his purchase that one of the major questions for the company was getting new printing equipment at its South Portland facility and figuring out how to most efficiently print the papers between that location and Brunswick-based Alliance Press, in which he is a partner.

The newspaper group also publishes the Kennebec Journal, the Morning Sentinel and the Maine Sunday Telegram.

The South Portland property includes a 170,000-square-foot printing facility on 21 acres. The building was constructed in 1989 and first sold in 1998 for $12.5 million when the newspaper group was purchased by a subsidiary of The Seattle Times Co.

The building sold in 2009 for $7 million and with Brower’s purchase in June sold for $2.4 million to RFB Holdings, according to city records.

The Press Herald reported one party to the deal said the building and land sold for $4.9 million. The building was assessed at $12.2 million last year.

Darren Fishell

Darren is a Portland-based reporter for the Bangor Daily News writing about the Maine economy and business. He's interested in putting economic data in context and finding the stories behind the numbers.