LAX Parking Garage Sold for $56 Million
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A San Diego-based investment bank has sold Car Barn Airport Parking near Los Angeles International Airport to PRG Parking Holding for more than $56 million in cash.
The sale follows a $15-million renovation of the site by its former owner, investment bank First Commercial Corp. The 1-million-square-foot garage at 5757 W. Century Blvd. contains 2,700 parking spaces.
For the record:
12:00 a.m. Oct. 15, 1999 For the Record
Los Angeles Times Friday October 15, 1999 Home Edition Business Part C Page 3 Financial Desk 1 inches; 25 words Type of Material: Correction
Car Barn--A story in Tuesday’s Business section gave the wrong address for Car Barn Airport Parking. The garage near Los Angeles International Airport is at 5701 W. Century Blvd.
Purchase of the property allows PRG to enter the highly competitive LAX parking market just before the traditionally heavy holiday season.
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