Daily Advance building for sale at $1.3M
By William F. West
Friday, October 5, 2018
The building occupied by The Daily Advance is up for sale.
The two-story structure, built in 2004 at the northwest corner of South Water and East Church streets, is listed with The Rich Co. at $1.3 million. An advertisement was posted on Monday on the Albemarle Area Association of REALTORS’ website.
The ad was posted more than a month after the Minnesota-based Adams Publishing Group closed on a deal to purchase the operations of Cooke Communications' eastern North Carolina newspapers. Those operations include The Daily Advance, which serves Pasquotank, Camden, Currituck, Perquimans and Chowan counties.
Cooke Communications continues to own the building in which The Daily Advance news, advertising, circulation and business operations are housed.
Daily Advance Publisher/Editor Mike Goodman said in a statement Wednesday, "While the building occupied by The Daily Advance is for sale and may change ownership in the months ahead, the newspaper will continue to serve readers and businesses in Northeastern North Carolina.
"Our plans are to remain in the building for now under an agreement with Cooke Communications," Goodman continued. "Under a change in ownership at the property, our options may include an agreement with the new owner to continue leasing space here or relocating to another site.
"With either option, The Daily Advance will continue to publish and distribute newspapers and do business as we have for more than a century, serving the Albemarle region," he said.
According to Pasquotank County records, the Daily Advance building and property have a tax assessment of $1.49 million.
The property is slightly less than seven-tenths of an acre, the building is 15,818 square feet and includes an elevator. There's also an emergency generator on the property.
Alex Rich, who owns the Rich Co., on Wednesday called the structure "the nicest commercial building in Elizabeth City," adding, "I'm happy to have the opportunity to sell it for the owners."
Rich pointed out the building’s zoning allows for a wide variety of uses. Besides office space, it could also be used for medical offices or “even a restaurant if somebody wanted to renovate it extensively,” he said.
Hudson Brothers Co. of Greenville constructed the building, Rich said.
"In my estimation, I think it is extremely sturdy," he said. "And I would stand behind their work and engineering."
Asked about the building's assets, Rich pointed to its prime location across the street from Mariners' Wharf and its view of the Pasquotank River.
"And it's central to downtown Elizabeth City — and everybody knows where the building is," he said, also noting there's much adjacent public parking.
Rich said anyone with questions about the property may call 252-256-1279 or email him at email@example.com or find him on the internet at www.rich-company.com.