Sam Sotoodeh is the president of the California-based investment company, Acquisition Group. It purchased the News & Observer building in Raleigh for $22 million. Sotoodeh said the company and its partners were patient investors because they tried to purchase the building many times before. Acquisition Group made the deal after local investors declined to pay McClatchy Company $20.2 million in 2017.
The newspaper is moving to a new location downtown while the News & Observer building is being developed into a mixed-use project. Sam Sotoodeh said the purchase would help expand the company’s investments. Sara Glines, the president and publisher of the News & Observer, said working with Sotoodeh and his company made the newspaper’s goal a reality. The new location will give them added space on two floors. Glines said its an opportunity to have office space that supports journalistic collaboration and flexibility. The Wall Street Journal reports that property values are increasing, due to the transaction.
Sam Sotoodeh and his company have holdings in the US with operations in Santa Ana and Raleigh, Los Angeles. Sotoodeh leads the company’s diversified investment operations in Europe, North America, and South America. The new building has great developmental potential, since it is located near popular bars, shops, and restaurants. A nearby warehouse district has a massive redevelopment project in progress that might be boosted by the development of the former newspaper building.
Downtown Raleigh Alliance’s president, Orage Quarles, said the property that Acquisition Group purchased is in the premier location of the downtown area. Sotoodeh and his company worked with community leaders to find out how much support and acceptance their new project would provide.
Sam Sotoodeh earned his BA in Economics from California State University in Fullerton. He went on to earn his Masters in Business Administration from Cornell University. He studied at the Samuel Curtis Johnson Graduate School of Management and Northwestern University’s Kellogg School of Management. He has used his education and training to run Acquisition Group’s brand management and international business development. His company offers advisory and consulting services for acquisition transactions and corporate mergers.
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