The Arlington, Va.-based firm that bought KGMB-TV last year has sold the land under the station at 1534 Kapi'olani Blvd. and will search for a larger building from which to operate the local CBS affiliate.

MCG Capital Corp., which in June bought the station for $40 million through affiliate HITV Operating Co., sold KGMB's building on 40,166 square feet of land for $12.35 million.

The buyer, local investment group Lionking II LLC led by Donna Walden, did not announce plans for the property but said it will allow KGMB to remain until the station can relocate.

Rick Blangiardi, KGMB president and general manager, in a statement said the station has not identified a new site but is seeking larger facilities that allow further programming enhancements.

The real estate deal, which closed Dec. 31, followed interest expressed by the Office of Hawaiian Affairs to buy the KGMB site.

The property is viewed as having high redevelopment potential given its location near Ala Moana Center and across from Nordstrom's soon-to-open department store.