San Diego CA— CBRE Group Inc. announced the Casey Brown Company acquired the San Diego Union-Tribune property, located 350 Camino de la Reina in Mission Valley for $52 million. Doug Manchester, the former publisher of the Union-Tribune was the seller. CBRE will be leasing the property.
The property is situated on 13 acres of infill land in the center of San Diego County; which includes a 170,000 square foot, five-story office building and a 190,000 square foot, three-story industrial building, which was the former newspaper print facility. The Casey Brown Company plans to upgrade the existing office building into an amenity-rich, Class A corporate campus. The industrial building is currently being evaluated for alternative uses. The site was also recently entitled for 200 apartment units with a unanimous approval by the City Council.
“I was drawn to the asset given its premier central location at the intersection of I-8 and SR-163, which is further enhanced by the walkability to the Green Line Trolley stop and Fashion Valley, San Diego’s premier mall. I plan to make this an iconic landmark for all of San Diego,” said Casey Brown, founder, president and CEO of the Casey Brown Company. I have a great deal of respect for Doug Manchester and the Union-Tribune and I look forward to celebrating the rich history of the campus while converting it to the next generation office environment.”
The campus acquisition marks the first purchase under the newly launched Casey Brown Company. Casey Brown has a long history of acquiring commercial real estate, as past president of BBL Commercial Real Estate, Casey was instrumental in the acquisition of many quintessential properties in San Diego such as 2550 Fifth Avenue, a 13-story financial building, where Mr. A’s restaurant is located, The downtown Bank of America and Commonwealth Towers, and The Palladium building.
Casey Brown, a veteran of the commercial real estate industry in San Diego founded the Casey Brown Company, a regional commercial real estate firm specializing in acquiring office and industrial properties. Prior to his current role, he was the founder and president of BBL Inc., a commercial real estate investment firm for more than 18 years. Mr. Brown started his career at CBRE where he was a successful broker for 13 years and was a top producer in the region. Mr. Brown is a native La Jollan and graduated from San Diego State University’s Business School with a degree in Real Estate Finance, where he also played football for the Aztecs on an athletic scholarship.