Dave Rice 8:30 a.m., Feb. 19
Union-Tribune Headquarters Sale Valued at $42.5 Million
How much did developer and now media mogul Douglas Manchester pay for the San Diego Union-Tribune?
He's keeping details secret, but a deed and trust deed filed as security for a mortgage -- along with leasing agreement related documents recorded this week in San Diego county -- cast some light on the deal.
On December 6, according to the deed, Mission Valley Holdings, LLC, a Delaware firm run by Manchester vice-chairman Richard V. Gibbons, took title to the Union-Tribune's Mission Valley headquarters from San Diego Union Tribune LLC, another Delaware company that had been set up by the U-T's seller, Beverly Hills-based Platinum Equity.
Based on the transaction's full value transfer tax of $46,750 provided by the county, the deal was worth $42.5 million.
In May 2009 Platinum paid $35.5 million for the 13.08 acre complex housing the newspaper’s main offices and printing plant at 350 Camino de la Reina in Mission Valley, according to the full value transfer tax amount provided by the county.
According to a trust deed recorded this Wednesday, December 7, Mission Valley Holdings has borrowed $30 million from the Manchester Financial Group.
In turn, Mission Valley Holdings is leasing the U-T headquarters to San Diego Union Tribune LLC, whose manager is another firm, SDUT Holdings, LLC, also helmed by Gibbons.
More like this:
- Mortgage disinterest — Nov. 14, 2012
- Manchester A Step Closer to Union-Tribune Takeover — Dec. 1, 2011
- New U-T Owners Borrowing against Real Estate — July 21, 2009
- Copley Building Sold for $4.75 Million Advertised for $6.5 Million — June 7, 2009
- Tracking the Union-Tribune Deal: Five parcels sold for a total of $51.2 million — May 6, 2009