LA JOLLA — A close evaluation and analysis of local real estate holdings and work space requirements by the U.S. Postal Service’s San Diego District has identified the La Jolla Main Post Office at 1140 Wall Street as a valuable asset whose potential sale would generate much needed capital for the Postal Service.
Within the process of Facility Optimization, the La Jolla Main Post Office would be relocated to a smaller location within 1 mile of the current site.
P.O. Box numbers will not change and the hours of operation will remain the same.
The Postal Service has retained the real estate professionals of CB Richard Ellis (CBRE) to handle the real estate transactions.
Due to ongoing electronic diversion and the continuing economic recession, mail volumes have decreased significantly over the past several years, adversely affecting the Postal Service’s revenue. At the conclusion of its 2011 fiscal year, ending Sept. 30, 2011, the Postal Service reported a net loss of $5.1 billion. This net loss would have been approximately $10.6 billion had it not been for the passage of legislation that postponed a congressionally mandated payment of $5.5 billion to prefund retiree health benefits.
Total mail volume declined by 3 billion pieces, or 1.7 percent, from 2010.
The Postal Service receives no tax dollars for operating expenses and relies on the sale of postage, products and services to fund its operations.
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A self-supporting government enterprise, the U.S. Postal Service is the only delivery service that reaches every address in the nation, 151 million residences, businesses and Post Office Boxes. The Postal Service receives no tax dollars for operating expenses, and relies on the sale of postage, products and services to fund its operations. With 32,000 retail locations and the most frequently visited website in the federal government, usps.com, the Postal Service has annual revenue of more than $65 billion and delivers nearly 40 percent of the world’s mail. If it were a private sector company, the U.S. Postal Service would rank 35th in the 2011 Fortune 500. In 2011, the U.S. Postal Service was ranked number one in overall service performance, out of the top 20 wealthiest nations in the world, Oxford Strategic Consulting. Black Enterprise and Hispanic Business magazines ranked the Postal Service as a leader in workforce diversity. The Postal Service has been named the Most Trusted Government Agency for six years and the sixth Most Trusted Business in the nation by the Ponemon Institute.
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