U-T Owner Takes Loss on Industrial Building
Private equity group Platinum Equity, which bought the Union-Tribune in the spring of 2009, has taken a loss on a property it took over in the deal. Basically, Copley Press paid Platinum to take the U-T by selling it $100 million worth of real estate for $50 million. Right away, Platinum put several of the buildings up for sale. One of those buildings was at 5258-5260 Anna Ave. in the Old Town area. The U-T has used it as a distribution center. Now it has been sold to an affiliate of San Diego-based Westcore Properties for $5 million. Platinum had paid $6.5 million for the building. It is valued on the tax rolls at $7 million. The commercial real estate market is exceedingly weak in the nation and San Diego. Matt Potter of the Reader checked out the building. It is still being used by the newspaper's pre-print department. Westcore plans to put it up for sale.
More like this:
- Yes, Manchester IS Looking at U-T — Nov. 7, 2011
- Rumor: Papa Doug Buying U-T — Sept. 29, 2011
- Did Platinum Pay $30 Million for U-T, or $52 Million? — Sept. 22, 2010
- Copley La Jolla Headquarters, Library for Sale — Oct. 9, 2009
- Copley Building Sold for $4.75 Million Advertised for $6.5 Million — June 7, 2009