SOLD
Realm Group Joint Venture Acquires Fashion District Parking Lot In LA For $24.3M
7th Street and Maple Avenue
Other
74,050 SF
74,050 SF
Summary
Sale
CALIFORNIA
Other
74,050 sqft
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.
Read LessPlayers
All
5
Agents
3
Agencies
2
Details
SOLD
IMAGE: Charles Halladay, Andrew Hornblower, Jamie Kline, Pamella McCormeck
DATE: 07/06/2018
ADRESS: 7th Street and Maple Avenue
MARKET: Fashion District, Downtown
CITY: LA
ASSET TYPE: Parking Lot
PRICE: $24,300,000
SF: 74,050 sf
PPSF: $328
SPOTS: 452
PPS: $53,761
BROKERS: Charles Halladay, Andrew Hornblower and Jamie Kline
BUYER: Realm Group joint venture
SELLER: Ladder Capital, Pamella McCormack
NOTE: Realm Group plans to build a a 33-story, 452-unit tower in the Fashion District, and
rezoned and entitled the area – currently a parking lot – for the development,
which will include 13,600 square feet of ground-floor commercial space.View on map
Loading...
Address7th Street and Maple Avenue
Comparables
Reset filters to show results.
Contact
Get in touch with the broker you want