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The Real Deal Los Angeles

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

Amalgamated Bank is selling the 823K sf garage
By Natalie Hoberman | September 13, 2018 03:01PM

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.

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.