A piece of land with a parking lot in Downtown Los Angeles has traded for more than some office buildings in the market on a per-square-foot basis.
L&R Group of Companies, a parking operator, bought the 2-acre block of land in Downtown Los Angeles for $20 million, or $249 a square foot, according to an announcement from Cushman & Wakefield, whose Mike Condon Jr. brokered the deal.
An entity tied to Aron Harkham, the son of hotelier Efram Harkham, sold the 80,300-square-foot lot at 1032 Main Street, between 11th Street and Olympic Boulevard. The property is home to two buildings and a sprawling parking lot.
The Harkhams and the Aflalo family — Moshe and Laura — have been tied to the lot since 2001, records show.
Some office buildings in Downtown L.A. have traded for less than $150 a square foot in recent months, given most are struggling with vacancy and a lack of tenant interest. One building sold for just $94 per square foot.
Adam Rubin, who runs L&R, bought the AON Center at 707 Wilshire Boulevard for $134 a square foot in December, through his other firm, Carolwood.
L&R owns Joe’s Auto Parks, Wally Park and Metro Auto Parks, and operates more than 125 facilities across nine states, according to its website. The firm is one of the largest privately owned landlords in Downtown L.A.
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