SteelWave, Invesco Grab LA Times Facility in SoCal
ByThe 24-acre former L.A. Times printing facility in Orange County, Calif., gets a new owner and a new future. In their first joint venture, SteelWave and Invesco Real Estate recently acquired The Press from Tribune Media and Kearny Real Estate Co. in an approximately $65 million transaction.
“This is a jewel of a property,” Murray McQueen, president of Tribune Real Estate Holdings, a subsidiary of Tribune Media, said in a prepared statement. Tribune and Kearny abandoned the creative office redevelopment plan they had for The Press after receiving SteelWave’s off-market offer to purchase the property. SteelWave and Invesco relied on HFF to arrange acquisition financing for the 361,600-square-foot asset. All parties involved are remaining mum on the source of the loan; however, an industry source cites Square Mile Capital as the lender…
