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LOS ANGELES — For 32 years, a one-acre corner lot has been home to Downtown Car Wash, the Los Angeles Downtown News reported.
The Feb. 17 story stated that the lot has long been the subject of many unsolicited offers. But the 82-year-old owner, Robert Bush, was never inclined to sell the property until now — for $25 million.
“People have been trying to buy this off him for years,” Broker Rod Delson said in the story. “The price kept escalating and he wasn’t in a mood or position to want to sell…. It’s finally gotten to a point where the land is now far more valuable as an asset to his family than the income from the business.”
Delson said in the story that he is in talks with an array of potential buyers for the property, but the most likely purchaser is a hospitality investor. Due to a possible NFL stadium, hotel investors have been active in the area.
The carwash property is a half-block from a planned dual-Marriott hotel, and it is situated between the convention center and the financial district, the story noted.