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LOS ANGELES-Los Angeles World Airports has acquired a 21-acre privately operated parking lot at Los Angeles International Airport from San Francisco-based AMB Property Corp. for $125 million. The parcel, known as Park One, is located on the northwest corner of Sepulveda and Century Boulevards, immediately adjacent to LAX Terminal 1. AMB acquired the property, which is the only privately owned parking lot adjoining the terminals at LAX, in 2002.

Hamid R. Moghadam, AMB’s chairman and CEO, said in a statement that the sale was part of the company’s disposition program and that with its completion, “We are now well ahead of our deleveraging plans.” According to Gina Marie Lindsey, executive director of Los Angeles World Airports, Park One has been the only remaining parcel of real estate not yet owned by LAWA that is immediately adjacent to LAX and not separated by a major thoroughfare. “Acquiring this property provides us with a strategic and rare opportunity,” she said. Los Angeles World Airports owns and operates LAX as well as two other Southern California airports, Ontario International and Van Nuys.

The sale of the parking property follows another LAX-area deal late last year in which AMB leased a 128,000-square-foot former distribution facility to Costco Wholesale Corp. membership warehouse chain. The San Francisco-based REIT converted the former warehouse to retail use as the best value-add strategy for the property. Costco signed a 15-year lease for the property, which was at one time known as LAX Cargo Center and once housed air freight operations.

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