Tribune, Kearny Divest “The Press” to SteelWave for $65M
Tribune Real Estate Holdings and Los Angeles-based Kearny Real Estate sold The Press, a 24-acre property in Costa Mesa, CA to a joint venture that includes Foster City, CA-based SteelWave, LLC for roughly $65 million. Until its closing in 2010, the 300,000-square-foot building was used by the Los Angeles Times and three of its community newspapers as a printing plant, distribution facility and office.
Subsequently, Kearny Real Estate worked with the city of Costa Mesa on a $100-million adaptive-reuse plan to re-entitle and redevelop the commercial real estate property at 1350 South Coast Dr. into a creative work environment. The 50-foot tall steel frame building features high-volume tenant spaces with tiered mezzanine levels. The plan also includes more than three acres of outdoor amenities, and a 20,000-square-foot raised patio.
Cushman Wakefield’s Rick Kaplan and Rob Lambert represented the sellers.
For comments, questions or concerns, please contact Dennis Kaiser