Tribune Media/Kearny Real Estate Sells California Property for $65 Million
Costa Mesa Property is Former Site of Los Angeles Times Printing Plant
CHICAGO and LOS ANGELES, Nov. 16, 2017 /PRNewswire/ -- Tribune Real Estate Holdings, a subsidiary of Tribune Media Company (NYSE: TRCO), and Kearny Real Estate today announced the sale of a 24-acre property in Costa Mesa, California, for approximately $65 million, to a joint venture that includes SteelWave, LLC.
Until its closing in 2010, the building on the property was used by the Los Angeles Times and three of its community newspapers as a printing plant, distribution facility, and office. Over the last two years, Kearny Real Estate has worked with the city of Costa Mesa to re-entitle and redevelop the property, known as "The Press," which is characterized by a 50-foot tall steel frame building, providing high-volume tenant spaces with tiered mezzanine levels. Redevelopment plans also include over three acres of outdoor amenities, and a 20,000-square-foot raised patio.
"This is a jewel of a property and we are extremely pleased with this sale," said Murray McQueen, president of Tribune Real Estate Holdings.
The site is located at 1350 South Coast Drive, bounded by Sunflower Avenue to the north, South Coast Drive to the south, Susan Street to the east and Harbor Boulevard to the west.
"We believe strongly in this project and submarket and we have confidence that SteelWave will do an excellent job on the next phase of it and fulfill our vision to deliver a one-of-a-kind creative office campus," said Kearny's managing partner Jeff Dritley. SteelWave, LLC, is the owner of the newly re-branded "Hive" which is located next door to The Press and home to the new Los Angeles Chargers practice facility.
The sellers were represented by Rick Kaplan and Rob Lambert of Cushman Wakefield.
Tribune Media Company (NYSE: TRCO) is home to a diverse portfolio of television and digital properties driven by quality news, entertainment and sports programming. Tribune Media is comprised of Tribune Broadcasting's 42 owned or operated local television stations reaching more than 50 million households, national entertainment network WGN America, whose reach is approaching 80 million households, Tribune Studios, and a variety of digital applications and websites commanding 60 million monthly unique visitors online. Tribune Media also includes Chicago's WGN-AM and the national multicast networks Antenna TV and THIS TV. Additionally, the Company owns and manages a significant number of real estate properties across the U.S. and holds a variety of investments, including a 31% interest in Television Food Network, G.P., which operates Food Network and Cooking Channel. For more information, please visit www.tribunemedia.com.
About Kearny Real Estate
Kearny is a Los Angeles-based real estate firm noted for its large, complex and transformational development projects including the successful redevelopment of the former headquarters of Nissan North America in Carson, CA and the adaptive reuse of a former 86-acre aircraft manufacturing facility into a multi-tenant office and industrial park in Hawthorne, CA which is home to a variety of technology and aerospace companies including Space X and Tesla Motors.
Kearny Real Estate Company (www.kearny.com) is a partnership of experienced real estate professionals active in the acquisition, entitlement and land development, development, repositioning, distressed debt workouts, leasing, management and disposition of commercial real estate projects with an aggregate value of more than $4.4 billion.
SOURCE Tribune Media Company
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