April 7, 2016
A 1.5-acre site at Figueroa St. and Venice Blvd. in downtown Los Angeles, currently home to a Toyota dealership, has been acquired by L&R Group for $30 million. The parking lot developer will build a parking facility at the location, though a larger project is conceivable if investor developers show interest in acquiring the site.
L&R owns more than 80 parking lots in DTLA, including a multilevel, 700-car lot on Eighth St. The company is exploring developing the site as a multi-level parking lot, anchored by ground-floor retail. Toyota is moving to another location nearby.
Colliers International’s Adam Tischer represented the buyer in the deal. Colliers’ Tom Lagos represented the sellers, George and Carole McCall.