LOS ANGELES (AP) — Parking lot operator L&R Group of Companies has paid $31 million for a 2.7-acre property in downtown Los Angeles across the street from where sports and entertainment company AEG wants to build an NFL stadium.
The site has approvals for the construction of a pair of high-rises with some 650 residential units, but L&R project manager Gilad Lumer said Monday that the company will run it as a parking lot for now.
Jeff Adkison, a vice president with the sale’s broker Jones Lang LaSalle, says L&R likely has its eye on future development opportunities at the site if a stadium gets built.
L&R bought the property from a subsidiary of Stockholm-based Swedbank AB, which had taken possession of the parcel from its previous owner during the real-estate downturn.
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