McClatchy Company has sold 14 acres of Miami land, which includes a building, to Bayfront 2011 Property, a subsidiary of Genting Malaysia. The U.S. newspaper company obtained a total of $236 million from the sale. As a part of the deal, the key tenant of the property, Miami Herald Media Company, will continue to operate from its existing location for up to two years. The seller will use the proceeds for its pension plan, to pay the holders of its 2017 senior secured notes and to pay for transfer taxes associated with the sale.

Click here for the release from McClatchy.