Greyhound Corp. said Tuesday that it has sold the downtown Los Angeles bus terminal and 10 other terminals for a total of $79 million.
The 11 separate sales also included terminals in San Diego, San Jose and Santa Rosa. Also sold were terminals in Dallas; Chicago; Baltimore; Philadelphia; St. Petersburg, Fla.; Norfolk, Va., and Kansas City, Mo.
Individual prices for the terminals, which were sold during December, were not released.
The terminals are all run by outside operators and will continue to serve as Greyhound facilities, a company spokeswoman said. However, when the contracts with the operators run out, the new owners could opt to put the terminals to a different use, she said.
The purchasers generally are private investors or real estate developers, although a few of the terminals were bought by the cities where they are located.
Downtown L.A. Terminal
The Los Angeles terminal, located downtown at 6th and Los Angeles streets, was bought Dec. 1 by SAMKO General Partnership. The San Diego terminal, at 120 W. Broadway, was purchased Dec. 16 by Pickwick Partners of La Jolla. Officials of the two partnerships could not be reached for comment.
Greyhound has sold 39 other terminals since it began a restructuring program two years ago designed to shrink the bus system and free resources for other areas of the Phoenix-based company's operations. The program has yielded $166 million in proceeds to Greyhound, which has been overtaken by new competitors, largely because of deregulation of bus companies and airlines.
Last year, Greyhound closed the Long Beach terminal and two others, substantially fewer than the 35 terminals it had planned to shut. Last-minute union concessions reduced the number of closures.
Greyhound Corp. recently announced plans to sell almost all of its Greyhound bus lines to a group of Texas investors for $350 million in cash and securities.