Ignite San Diego

Ignite San Diego

Local business spotlight

School Buys Former NCTimes Distribution Building

View Comments (
)
|
Email
|
Print

    NEWSLETTERS

    NBC 7 San Diego

    The Classical Academy, a locally based charter high school, has bought a former North County Times distribution building near downtown Escondido for $7 million, according to CoStar Group and public data.

    The seller was Manchester Financial Group, led by prominent local developer and U-T San Diego publisher Douglas Manchester.

    The purchase involved a 4-acre site at 207 E. Pennsylvania Ave., including a 57,140-square-foot distribution facility and two adjacent undeveloped parcels. UT-San Diego bought the North County Times in October 2012, and it announced plans at that time to sell the Escondido property to the charter school.

    However, the original 90-day escrow was extended by several months due to changes in the bond market, which impacted the school’s timeline for closing on the acquisition, according to CoStar.

    The U-T will continue to lease space from the school, pending the opening of its planned new office in the Lexus dealership building at The Centre, 1205 Auto Park Way in Escondido.

    The Business Journal is the premier business publication in San Diego. Every day online and each Monday in print, the Business Journal reports on how local business operate and why businesses leaders make the decisions they do. Every story is a dose of insight into how to run a better, more efficient, more profitable business.