A parking lot at LAX just hit the trading block at $100M

Amalgamated Bank is selling the 823K sf garage

Amalgamated Bank CEO Keith Mestrich, parking lot
Amalgamated Bank CEO Keith Mestrich, parking lot

A chance to own a parking garage that abuts one of the country’s busiest airports is ready to take flight.

Amalgamated Bank, the largest union-owned bank, has put QuickPark LAX on the market for about $100 million, The Real Deal has confirmed.

Located at 6200 W. 98th Street, just a half-block away from the Los Angeles International Airport, the eight-story structure has 2,544 parking spaces.

The 823,000-square-foot building generates $7.4 million of annual net operating income, Real Estate Alert first reported. That figure is projected to grow to nearly $11 million by 2024, given the pace at which LAX is operating at.

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Kevin Shannon and his team at Newmark Knight Frank have the listing.

Amalgamated Bank, led by CEO Keith Mestrich, acquired the property through a foreclosure.

The listing comes on the heels on an announcement that the airport’s governing officials will now negotiate a contract with several companies to build a $1 billion consolidated car rental facility at LAX. The facility, named Consolidated Rent-a-Car, would consolidate 20 car rental operations into a 5.3 million-square-foot structure.

Other developments are also underway at the airport, which saw 84.5 million people pass through it last year. As part of an ongoing $14 billion redevelopment, a new $1.6 billion, five-story concourse that will have a dozen new gates broke ground in February. City officials also recently signed off on a new transit project, the People Mover, that will connect the airport to the Metro.

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