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LANTANA, FL-Three local buildings totaling 33,500 sf are said to be under contract to be sold by American Media Inc. for $1.35 million or $40.29 per sf to investor Lou Appignani. Included in the deal is the 7.6-acre site bordering the tracks of the Florida East Coast Railway near this town’s small Downtown.

The property had been on the market since American Media, publishers of the National Enquirer, Weekly World News and Star, bought the Globe, another supermarket tabloid, and began consolidating operations at the Globe’s 60,000-sf headquarters, about 25 miles south in Boca Raton.

Industry sources say that Appignani, who owns nine South Florida buildings, plans to rename his new acquisition the Lantana Business Park when he begins seeking tenants. There is also a report that he could try to flip the property for $2.1 million, which is the price American Media had originally sought.

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