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Exciting Parking Lot Deal

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The secret to amassing wealth: Build a time machine and go back and buy up all the city's parking lots. The Los Angeles Times' Roger Vincent is reporting of a potential $100 million plus sale of a parking lot near LAX, a deal that "could be the largest commercial real estate transaction of the year in Los Angeles County." Via the paper: "With investment financing hard to come by since the national credit crunch began, large transactions have been rare in Southern California for almost a year. The largest sale in Los Angeles County in 2008 was the $275-million purchase of Citibank Center, a 48-story downtown Los Angeles skyscraper, according to Cushman & Wakefield." According to the Times, the interested buyer of the lot is Los Angeles World Airports, which would likely continue to operate the 21 acre parcel as a parking lot. [LA Times]