Phoenix Radio: Audacy Sells Real Estate For $10.5M

Audacy has sold off prime real estate that houses several of its Phoenix radio stations, a sale that comes as the Philadelphia-based audio content provider works it way through bankruptcy protection to reduce $1.9 billion in debt.

The studio building at 840 N. Central Ave. in downtown Phoenix was sold for $10.5 million on Dec. 8, according to Maricopa County records and filings from Audacy with the U.S. Securities and Exchange Commission. Audacy, which owns more than 200 radio stations across the country, filed for Chapter 11 bankruptcy protection on Jan. 7.

The company operates four stations in Phoenix, including classic hits Big 94.5 and country format 107.9 KMLE. and other local stations.

The Philadelphia Business Journal reports the buyer appears connected to a local real estate firm that’s planning a slew of ambitious projects along the Roosevelt Row District in downtown Phoenix. The purchase included $7.5 million as a down payment and $3 million in new debt, data from real estate database Vizzda shows.

The stucco building was constructed in 1957 and had a full cash value of more than $1.4 million in 2024, according to Maricopa County records. The purchase price appears to include multiple parcels surrounding the building that make up more than 46,000 square feet in total, public records show. Vizzda pegged the general land area of the sale at 1.06 acres.

The buyer is Main & Main RoRo Property Owner LLC, an entity connected to James Jason Merck and Jordan Taylor — both part of the leadership team of Intersection Development, according to the firm’s website. Main & Main also shares the same address as Intersection, which was incorporated in 2021 by Taylor, according to the Arizona Corporation Commission.

Intersection declined to discuss their potential plans for the Audacy building and surrounding land. Audacy could also not be reached for comment on the deal.

Audacy filed for bankruptcy protection with a prepackaged restructuring agreement and is seeking court approval for a plan that will hand control of the company over to a group of lenders

Tim Hynes, global head of credit research at Debtwire, said the top lien holders will want to get returns that are multiples of their investment, and they will do whatever they have to do to achieve that. That includes cost-cutting by enacting layoffs and closing facilities, or through selling assets such as radio stations and real estate.