Freedom Communications, owner of the Orange County Register, is putting the newspaper’s longtime Santa Ana building on Grand Avenue and adjacent property on the market.
Aaron Kushner, Freedom chief executive and publisher, said in a year-end letter to the staff Friday that the company is continuously evaluating the organization. “Along those lines, as have many newspapers, we will be marketing our Santa Ana real estate for either sale-leaseback or sale,” Kushner wrote.
He said if the company does not lease back the existing space, the newspaper will move to another Santa Ana location.
No sales price has been announced.
Freedom owns nearly 16 acres of land in Santa Ana off the I-5 Freeway, including the five-story, 175,000-square-foot Register building at 625 N. Grand Ave. Freedom’s founding Hoiles family built the office in 1986.
Jerry Holdner, vice president of market research for Voit Real Estate Services, said it’s difficult to estimate a sale price because there are no comparable properties in the area. Holdner, who is not connected to the listing, estimated the Register building alone could sell for $20 million to $25 million.
Industrial firm buys Santa Ana foreclosure
Westminster-based American Cooling Tower Inc. has purchased a foreclosed industrial property in Santa Ana for $5.3 million.
Pacific Mercantile Bank sold the vacant manufacturing building at 3130 W. Harvard St. after taking it back from Trimco Finish Inc., which declared bankruptcy last year.
The 49,700-square-foot building sits on more than 3.2 acres and features 23-foot ceilings and five ground-level loading doors. Built in 1970, the property recently was outfitted with solar panels across the entire roof.
“(The property) wasn’t new by any stretch of the imagination but it was in pretty good shape,” said Jim Snyder, a senior vice president and principal with Lee & Associates.
Snyder, along with colleagues Grace Yoon and Matthew Sullivan, represented the seller. Christy Johnson of TAB Enterprises represented the buyer.
Seal Beach strip mall trades hands
Investors have acquired a strip mall near a busy Seal Beach intersection.
BGN Investments Ltd. paid about $6.6 million for three adjacent properties along Westminster Avenue near Seal Beach Boulevard, just down the street from the Leisure World retirement community.
The retail center, comprised of 18,936 square feet of space on about 7.3 acres, houses a number of businesses, including a Del Taco fast-food restaurant and a fitness center. The strip mall was about 91 percent occupied at the time of sale. A hearing aid company is expected to move in soon, said Matthew Sullivan, who represented the buyer along with colleague Bryan Lysne.
Doug Huberman, chief executive of RVM Associates, represented the seller, a family trust.
Retail property sells in Huntington Beach
A Huntington Beach retail center has traded hands for $4.3 million.
Built in 1990, the property at 19300-19324 Beach Blvd. includes about 21,000 square feet of space. The center is fully leased to companies such as auto repair shop Schmidty’s Garage and fast-food restaurant El Pollo Loco.
James Dutton, an independent broker who represented the seller, said the previous owner, a family trust, wanted to dispose of the real estate portion of its holdings. He said the property “was in pretty good shape” and there was no deferred maintenance.
Nathan Holthouser, a senior associate with Marcus & Millichap, represented the buyer.
Apartment complex goes for $5.2 million
Sea Wind Apartments, a 24-unit complex in Costa Mesa, has sold for nearly $5.2 million.
An undisclosed buyer purchased the 20,252-square-foot multifamily property at 241 W. Wilson St. The 45-year-old complex includes 16 one-bedroom and eight two-bedroom units.
Steve Gim and Stephen Heri, brokers with CBRE, represented the seller.
Contact the writer: 714-796-7922 or rclough@ocregister.com
