Parking lot developer pays $30 million for Downtown Toyota lot

The L&R Group may redevelop the site into a multi-story facility with retail

Apr.April 05, 2016 10:00 AM

Parking lot giant L&R Group has scooped up a 60,000-square-foot site Downtown L.A. site formerly home to a Toyota dealership for $30 million.

Adam Tischer, the Colliers International broker representing the buyer, told the L.A. Business Journal that the company, which owns more than 80 downtown parking lots and operates Joe’s Auto Works, may redevelop the property, at Figueroa Street and Venice Boulevard, into a larger multi-level parking lot with ground-floor commercial space.

L&R recently wrapped up a similar development on Eighth Street. That multi-level facility has a five stories of parking with a 700-car capacity, partially build for overflow from the Whole Foods across the street, and a 15,000-square-foot CVS Pharmacy at ground level.

Parking has become scant, particularly in the South Park area, as parking lots have been picked up by developers looking to build residential towers. The district had 78,500 square feet of ongoing construction as of the final quarter of 2015.

Tom Lagos, a Colliers broker, represented sellers George and Carole McCall, who had been leasing the site to the Downtown L.A. Auto Group. The Toyota dealership will relocate a few blocks away to Figueroa Street and Washington Boulevard. [LABJ]Cathaleen Chen

Related Articles

Chen Siqing, head of Industrial and Commercial Bank of China

China’s largest bank finances long-stalled condo tower project near Staples Center

Dean Matsubayashi, executive director at Little Tokyo Service Center and 414 Crocker Street

Nonprofit developer adding to affordable housing portfolio in Little Tokyo area

Brad Korzen, Kor Group CEO

Eye-popping bill at the Proper Hotel: Contractor sues for unpaid steel work

Lorne M. Buchman, president of ArtCenter College

ArtCenter expands into Gilmore Associates’ DTLA building that housed Main Museum

On a roll: Access Industries adds to DTLA haul

Hotel-apartment complex would rise by LA Convention Center transformation

A 66-story tower in the pipeline could become LA’s third-tallest building

City Century’s $1B Olympia project clears LA Planning Commission