The owner of Los Angeles radio stations KABC and KLOS announced plans to sell its longtime broadcasting facility on South La Cienega Boulevard.
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.
The broadcast company, Cumulus Media Inc. of Atlanta, 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.
"A redevelopment site of this size is extremely rare in West Los Angeles," said broker Timothy Bower of CBRE Group Inc., who is marketing the property.
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Cumulus is the second-largest owner and operator of radio outlets in the United States with more than 525 stations in 110 metropolitan areas. KABC, which has an all-talk format, dates from 1925 and is one of the oldest radio stations in the United States. Rock music station KLOS debuted in 1969.
"All of us at Cumulus are excited about this opportunity to collaborate with Los Angeles leaders and play a major role in the redevelopment of West L.A.," said John Dickey, co-chief operating officer.