Charter School Buys Former Newspaper Building for $7 MillionTuesday, September 17, 2013
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.
— SDBJ Staff Report