COSTA MESA, CALIF. — A joint venture between SteelWave and Invesco Real Estate has purchased The Press, a 249,075-square-foot printing press warehouse in Costa Mesa, for an undisclosed sum. The acquisition also includes an attached 112,408-square-foot office building and an adjacent four-acre parcel of land.
The asset formerly served as the printing facility for the Los Angeles Times, while the office building served as the Times’ Orange County press room.
The JV plans to develop about 420,000 square feet of creative office and retail space. The site is entitled for up to 650,000 square feet, leaving 230,000 square feet of remaining entitlements for future development.
The project is directly adjacent to SteelWave’s Hive project, a 180,000-square-foot creative office development that serves as the headquarters and training facility for the Los Angeles Chargers.
HFF’s John Rose, Todd Sugimoto, Patrick Burger and Olga Walsh arranged acquisition financing for the development.