Friday, November 15, 2013

Report: Cumulus Wants To Sell L-A Property

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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