Prior to its bankruptcy filing, Audacy sold its real estate in Phoenix to a development firm for for $10.5 million.
The Phoenix Business Journal reports that the sale was completed on December 8 to James Jason Merck and Jordan Taylor’s Main & Main RoRo Property Owner LLC. The owners are tied to local developer Intersection.
The 1.06 acre property on North Central Avenue in downtown Phoenix serves as the offices and studios of Classic Hits “Big 94.5” KOOL-FM, CHR “Live 101.5” KALV-FM, and Country 107.9 KMLE. It was originally constructed in 1957 as the home of 550 KOY replacing an older studio building on the property.
Audacy had originally filed in an August SEC filing its intent to sell the Phoenix property.
Edward Ford
This is only the beginning of the fire sale.