Cumulus Media announced plans to sell its longtime broadcasting facility housing KABC 790 AM and KLOS 95.5 FM on South La Cienega Boulevard, according to the LA Times.
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.
Cumulus 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.
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