Realm Group Joint Venture Acquires Fashion District Parking Lot In LA For $24.3M

A parking lot located at 7th Street and Maple Avenue in the Fashion District of Downtown LA has been sold in a closed transaction. The property, spanning 74,050 square feet, was purchased for a total of $24,300,000 with a price per square foot of $328. The parking lot offers 452 spots, resulting in a price per spot of $53,761.

Summary of transaction details:

• Property Type: Parking Lot
• Transaction Amount: $24,300,000
• Square Footage: 74,050 sf
• Price per Square Foot: $328
• Number of Spots: 452
• Price per Spot: $53,761

The buyers of the parking lot were Realm Group joint venture. The sellers, Ladder Capital and Pamella McCormack, facilitated the transaction. Notably, the Realm Group plans to transform the parking lot into a 33-story, 452-unit tower in the Fashion District. Additionally, they have successfully rezoned and entitled the area, allowing for the development. The tower will also feature 13,600 square feet of ground-floor commercial space.