Salem Does Sale Leaseback on Camarillo Offices
In a January 25, 2024 filing with the Securities and Exchange Commission, Salem Media Group reveals that it is entering into a sale/leaseback deal on its former corporate headquarters on Santa
Rosa Road in Camarillo, California. Although the company officially moved its headquarters to Irving, Texas, the Camarillo offices are still the base of some of its corporate operations. In notifying and seeking approval from lender Siena Lending Group LLC, Salem notes that the Camarillo officers are being sold to Greg Robinson for $6.2 million and that cash will be applied to the company’s debt. It will then lease the property for $500,000 per year.
comments, “Monument Circle has been Emmis’ home since 1998, and I’m proud of what we built, and the people who helped build it. As we divested assets, including our local radio stations, we weighed what to do with the building and ultimately decided that it made sense to look for a new owner.” Last year, Emmis sold its Indianapolis radio stations – including heritage news/talk WIBC-FM and sports talk “The Fan” – to Urban One. Those stations are still operating from the Monument Circle studios. FOX59 in Indianapolis reports that “the sale of the building would not immediately impact the current tenants, which include Star Bank and several Urban One radio stations such as WIBC. Emmis did not clarify, however, if these tenants would have to negotiate new leases with the eventual purchasers or if they could be required to relocate within a specific time following a sale.”