HUNTINGTON — A historic downtown Huntington building has been sold to a prominent local businessman.
The former Herald-Dispatch location at the intersection of 5th Avenue and 10th Street sold for $330,000 during a public auction Thursday at the building’s front entrance.
The winning bidder was Marshall Reynolds of River City Properties LLC, a Huntington real estate investment firm. He said the building’s location, close to Pullman Square and Marshall University, gives it great opportunities for development in the future.
“There are currently no plans for the building,” Reynolds said.
Reynolds was bidding against some investors from out of the area and said keeping it locally owned was important to him.
“I am really happy that it will remain in local hands,” he said. “This historic building is a big and very important part of Huntington. The price seemed so cheap, I decided I would buy it and keep it locally owned.”
Joe R. Pyle Complete Auction & Realty Co. auctioned the five-story, 32,261-square-foot building in combination with two attached buildings with 30,700 square feet of additional space.
About 20 people attended the event, with 10 registered to bid, and 20 additional bidders registered online during a livestream of the auction. The final offer online before the in-person bidding began at noon was $200,000. In about seven minutes, it was up to $330,000.
The original building was built in 1923 and constructed with concrete and brick. The first addition was built in 1958 and has three floors above ground and two below street level. It came with the last-of-its-kind, original Wood printing press. The floor in the press room is made of solid steel.
The second addition was built in 1974 and has two floors that include a basement and a docking area. The docking area has two garage bays and an industrial-grade lift.
Reynolds is the father of HD Media LLC’s managing partner, Doug Reynolds. HD Media LLC owns the building until the sale closes.
Doug Reynolds said an auction sale was the best way to determine the market value for the property.
“I thought it would sell between $300,000 to $500,000,” he said. “This is an incredible building and a piece of Huntington history. I am glad it will be locally owned.”
The Herald-Dispatch moved its operations to 5192 Braley Road off U.S. 60 between Huntington and Barboursville in June.
Doug Reynolds said the decision to move was based on the company’s changing space requirements.
“Our new location will allow for The Herald-Dispatch to continue being a leader in town and the Tri-State region for many years to come,” he said. “We had a long and rich history in our structure on 5th Avenue in the heart of Huntington. Our move represents the closing of one chapter and the opening of another in the still-unfolding story of The Herald-Dispatch. We are excited about our future and our continuing work for the good of both Huntington and the larger Tri-State region.”