Sunset magazine, once located on Willow Road in Menlo Park and co-published by the late Bill Lane of Portola Valley and his brother, the late Mel Lane of Atherton, has been sold to Regent L.P., a Los Angeles-based private equity firm, Time Inc. has announced.

Regent, led by investor Michael Reinstein, adds Sunset to its portfolio of companies that includes Supercuts & Regis Salons, Sightline Media Group, Weider History Group and FineStationery, according to the company's website (regentlp.com).

"As a native Californian, I am honored to take the mantle as the fourth owner of this iconic and beloved institution," Mr. Reinstein said in a statement. "For almost 120 years Sunset has been the definitive, pioneering voice of the promise, hope, values and innovative spirit of the West. We are excited to partner with Sunset's talented Editor-in-Chief Irene Edwards and her accomplished team to ensure that Sunset continues to thrive for generations to come."

Sunset Publishing Corp., founded in 1898, left its longtime location at 80 and 85 Willow Road in Menlo Park in December 2015 and relocated to Oakland. The Willow Road property was sold to Embarcadero Capital Partners.

The Lane brothers sold the magazine to Time Warner in 1990. Bill Lane got his start with the magazine by selling it door-to-door during the early years of the Great Depression.

Rich Battista, president and chief executive of Time Inc., said the company was pleased to have found Mr. Reinstein.

"For 27 years, we've expanded Sunset's influence and reach as the defining lifestyle brand of the modern American West serving an audience of 6.5 million across platforms," Mr. Battista said in the company statement. Under Mr. Reinstein, Sunset "will have the opportunity to reach new heights," Mr. Battista added. "We thank the Sunset team for their talented work, tireless commitment and passion."

Time Inc. itself recently reached an agreement to be sold for $2.8 billion to Meredith Corp.