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Trinity Broadcast Network's over six-acre campus off the 405 freeway in Costa Mesa has been sold to a real estate developer for an undisclosed amount. TBN was founded in 1973 by Dr. Paul Crouch, and his wife Jan.
TBN runs over 30 24-hour networks, and is the world's largest faith-based broadcaster, notes the Los Angeles Times.
TBN bought the 65,000-square-foot building at 3150 Bear Street in Costa Mesa for $6 million in 1996. And while the property's recent sale price to Greenlaw Partners was not disclosed, the site was valued at $41.3 million in 2016.
“[The sale] was significantly less than that assessed number,” Chuck Noble, of Lee & Associates, which represented both sides in the deal, told the Orange County Register.
TBN Chairman Matthew Crouch stated that the sale of the property will “provide the network with new options that are targeted at millennials as well as a diverse and changing culture.”
The network operates facilities all over the world, including in Chicago, Jerusalem, Madrid, London, and a large production facility in Tustin, which it will maintain. What's more, TBN has noted that it's flagship Costa Mesa facility is "obsolete", however, a report by the Register found that the network has been facing dwindling profits for several years.
As for the new plans for the site, Greenlaw Partners has yet to announce anything. The city has zoned the area for commercial space, and Nobel adds, “The significance of that site is obviously location (and) tremendous freeway visibility for people that want identity.”
