Beverly Hills Courier to be purchased by publishers of San Marino Tribune.

The owner and publisher of the Beverly Hills Courier, a free community weekly known for its glossy coverage of the comings and goings of celebrities and socialites, has agreed to sell the publication to the owner of the San Marino Tribune.

March Schwartz, who suffered a stroke in 2002 and launched the community newspaper 39 years ago, confirmed the sale but would not address terms, referring questions to Courier Editor Norma Weitz Zager. She, too, would only confirm the pending transaction.

The two-part deal has an investment group led by Clifton Stanwood Smith Jr., publisher of the 75-year-old Tribune, buying the paper and Beverly Hills real estate-magnate Stanley Black purchasing its headquarters building at 8840 W. Olympic Blvd.

"We are buying the real estate and Clifton is buying the paper," Black said, adding that he would lease the building back to the Courier's new owners.

Smith, a lawyer, said he would make an announcement on the acquisition "when the time comes."

The real estate portion of the deal was valued "somewhere in the neighborhood" of $2 million to $3 million, Black said. The sale was expected to close April 20. "Everything closes at the same time," he said.

Black runs KB Management, which has developed over $400 million in real estate properties, and manages more than 500 holdings under Black Equities.

The Courier, with controlled circulation of nearly 50,000, regularly publishes front-page photographs of celebrities showing up at City Council meetings or various fundraising and social events around town.

Courier officials would not provide financial information about the paper or how much revenue it generates.