THOUSAND OAKS, CALIF. — The media company known for its Christian-themed and conservative Talk content that in 2021 relocated to Irving, Tex., has completed the sale of its former Ventura County, Calif., headquarters, while entering a sale leaseback agreement with its new owner.
Salem Media Group sold its “principal office” in Camarillo, Calif., to Eclipse RE Holdings LLC, earning $5.5 million from the transaction, which closed on May 1.
Salem announced the closing of the deal on Friday.
Salem has agreed to a five-year leaseback of the approximately 41,546 square foot building situated on roughly 121,532 (2.79 acres) square feet of CPD zoned land. Annual rent is set at $500,000.
Stamford, Conn.-based Siena Lending Group on January 19 confirmed to Salem CFO Evan Masyr and General Counsel Christopher Henderson via electronic correspondence Salem’s decision to sell its building at 4880 Santa Rosa Road in Camarillo, Calif. And, Siena gave its approval to the sale, given its role as a major lender to Salem.
Indeed, Salem is a borrower of Siena, and 100% of the proceeds totaling $6,231,900 will be paid to it by Salem. This will offset a new $26 million three-year asset-based revolving credit facility established between Siena and Salem on Dec. 26, 2023. It marked a return to Siena from Wells Fargo Bank, which happens to have a branch directly across the street from the Camarillo building.
