A 602,382-square-foot parking garage attached to the historic Cinerama Dome Entertainment Center on Sunset Boulevard has sold for $50.2 million, or $83 per square foot, according to CoStar.
The buyer is development and investment group Robertson Properties Group, which owns and manages over 5 million square feet of retail commercial properties in California, Hawaii, and the Pacific Northwest.
Robertson’s parent company, the Decurion Corporation, also owns entertainment companies Pacific Theatres and ArcLight Cinemas, which anchor a commercial complex adjacent to the parking lot. Sources said theatergoers often park at the lot, which comprises 1,700 covered spaces.
The property, at 1400 Ivar Avenue in Hollywood, was previously owned by CRA/LA, a city authority once tasked with redeveloping blighted areas of L.A. In 2012, the California Legislature dissolved state run redevelopment agencies, requiring them to sell their real estate holdings.
A spokesperson for Robertson was not immediately available for comment on the company’s plans for the site. A representative for CRA/LA said she could not confirm the specifics of the deal.