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Dodger Stadium Parking Area Sells To JV For $150M

LOS ANGELES-Guggenheim Baseball Management has purchased the team, the stadium and the land underneath it; the 260-acre parking surface will be developed in a long-term process by a joint venture between GBM and former Dodgers owner Frank McCourt.

By Carrie Rossenfeld | Updated on May 08, 2012

LOS ANGELES-GlobeSt.com has learned from real estate attorney Tony Natsis of Allen Matkins that the sale of the Los Angeles Dodgers, 50-year-old Dodger Stadium, the 15 acres of land underneath the stadium and the 260 acres of parking surface adjacent to the stadium has closed. Natsis, who along with senior associate Crystal Lofing represented former Dodgers owner Frank McCourt in the real estate transactions, says Guggenheim Baseball Management has purchased the team, stadium and land for $2 billion and the parking area for $150 million in a separate transaction. GBM then sold the parking area back to a joint venture consisting of McCourt and GBM, allowing McCourt to have reasonable control over the parking for Dodger Stadium.

The joint venture will develop the parking area in two phases—a near-term development phase that includes properties that are synergistic with the stadium, and a long-term process that could include more retail, residential and hotel properties and span close to 50 years.

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