The 166,257-square-foot Union-Tribune building in Mission Valley at 350 Camino de la Reina, San Diego 92108, has been sold for $42.5 million. The property consists of an office building and a printing plant.
The buyer was Mission Valley Holdings LLC, c/o Michael S. Levinson, Cooley LLP, 4401 Eastgate Mall, San Diego 92121.
The acquisition was financed with a $30 million loan from Manchester Financial Group L.P.
Richard V. Gibbons is president of Mission Valley Holdings; is president of SDUT Holdings LLC, manager of The San Diego Union-Tribune, LLC, the lessee of the Mission Valley building; and is president of Manchester Financial Group Inc., the general partner of Manchester Financial Group, L.P., the lender.
The seller of the property (437-260-41) was Platinum Equity, as The San Diego Union-Tribune LLC.
The buildings were constructed in 1975 on a 13.08-acre parcel. Beverly Hills-based Platinum acquired the property in May 2009 for $35.5 million, as part of its acquisition of the entire Union-Tribune property from Copley Press.
Earlier this month, San Diego developer Doug Manchester announced that he and longtime local radio executive John Lynch had completed the acquisition of The San Diego Union-Tribune newspaper.