By Dave Schwab
Copley Press Inc., which sold the Union-Tribune for an unspecified sum to Platinum Equity in March 2009, is in the process of divesting itself of several of its holdings in La Jolla.
In April 2010, the 15,000-square-foot former Copley Library at 1134 Kline St. was purchased by Kevin Kinsella, who runs private venture capital fund Avalon Ventures based in San Diego, for $3.75 million. Kinsella will continue to maintain it as a library for his collection of art, books and fossils, and as an exhibit “for things of significance to La Jolla.”
Other Copley properties remaining for sale include:
• 0.72 of an acre of residential property at 7720 Ivanhoe Ave. that Alcorn & Benton architects in La Jolla has proposed redeveloping into The Heritage high-end condo project.
• A 10,236-square-foot office building at 7701 Herschel Ave., formerly the Copley Press business (data) center.
• More than 25,000 square feet of office space at 7776 Ivanhoe Ave., formerly the Copley Press corporate office, listed by Mike Slattery and Bob Kuzman of Cassidy Turley.
• Twenty-two acres of undeveloped land next to the Copley estate (not for sale) on Country Club Drive.
For The Heritage project site which presently contains several cottage-style homes including one considered historical, Alcorn & Benton have presented nine different condo redevelopment alternatives, ranging from four to 30 units, on the parcel allowing a maximum of 32 units. The firm’s optimum proposal calls for 14 total units, each about 2,200 square feet, including underground parking.
“The Heritage is on two separate contiguous parcels and the total is being offered at $7.2 million,” said Paul Benton. “If a buyer does not come along, Copley Press is interested in going ahead and developing the property, or finding someone else to do a joint venture.”
The old Copley Press data center has been on the market for about a year and a half, said Curt Perry who, along with Thomas Olson, is listing the property for Coldwell Banker Commercial.
“Copley stopped using it about two years ago,” Perry said. “It started out being offered at $6 million, but is now listed at $3.9 million, a price range where it will sell.”
Perry said the building is on a 17,498-square-foot lot, which includes a 27-space parking lot.
Alcorn & Benton also have submitted a design concept for the former business center, which calls for five or six residential units above commercial space.
The main Copley office property at the corner of Ivanhoe Avenue and Silverado Street, roughly 25,000 square feet in size, is listed at $9,775,000, said Dean Dwyer, vice president of Copley Press.
He said the 22 acres of undeveloped property on Country Club Drive is currently listed at $22 million.
“We’re working to position the property for sale,” Dwyer said.
Listed as La Jolla’s largest singular parcel, La Jolla Realtor Greg Noonan, who is representing the property, notes that the site offers panoramic coastal views and can be accessed via Encelia, Country Club and Romero drives.