Cumulus Media announced plans to sell its longtime
broadcasting facility housing KABC 790 AM and KLOS 95.5 FM on South La Cienega Boulevard, according to the LA Times.
The 10-acre site at the northwest corner of La Cienega and Jefferson Boulevard
in Los Angeles is near a stop on the Expo Line
rail route connecting downtown Los Angeles and Culver City . The area is
considered ripe for mixed-use development that might include apartments,
offices and stores.
Cumulus has not set a price for its property, but real
estate experts familiar with transit-oriented development say the Baldwin Hills
site could command $200 a square foot, or more than $90 million.
Cumulus determined that the property was a greatly
underutilized asset and decided to sell it in order to free up cash to redeploy
in other areas of the business, a company representative said. Cumulus plans to
consider options that would allow it to remain at the location after the sale,
perhaps as a tenant.
The radio stations have occupied a 45,000-square-foot
broadcast facility on the sprawling square-shaped property for decades.
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