TORRANCE, CA-The Daily Breeze newspaper, a long-time fixture in the Torrance community, has sold its offices and production facilities and the 6.7 acres of land the buildings occupy for $18.6 million as part of a consolidation and restructuring. The deal was brokered by CB Richard Ellis, with CBRE’s Tim Vaughan, Richard Rizika and Mike McKinney representing the seller, La Jolla-based the Copley Press Inc., which also owns the San Diego Union Tribune.

CBRE was also on the buy side of the deal, with Gregg Kirkpatrick representing buyer Providence Health Systems/Little Company of Mary Hospital, which has operated a hospital near the newspaper for years and plans to build medical offices on the site. Rizika tells GlobeSt.com that the Breeze newspaper will continue to occupy one of the two existing facilities on the site, an 86,566-sf building at 5215 Torrance Blvd., on a short-term lease while the newspaper looks for new offices in the area. The other building is 31,800 sf.

The newspaper’s new requirement is for office space only as opposed the office and production facilities it is vacating, and Vaughn is heading the site-selection process for CBRE on behalf of the paper. The sale of the 6.7-acre site was preceded by Copley’s sale of the Daily Breeze operations to the Hearst Corp. in December 2006, and the paper is consolidating its production operations elsewhere.

Vaughan notes that the transaction involves two entities that are longtime institutions in Torrance. The Daily Breeze has operated from its location in Torrance for more than 40 years, and Vaughn calls the property sale “the end of an era of sorts in the Torrance community.”

Vaughn describes the redevelopment opportunities for the site as “vast,” with more than 30 offers from developers wanting to do everything from mixed-use to retail to residential, senior housing and hotels. The new owners plans “will serve the community well by bringing much-needed new modern medical office space to the city,” Vaughan observes.

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