LOS ANGELES-Avon Studio Transportation, an entertainment transportation service, has acquired a 1.29-acre lot at 956 Seward Street in Hollywood, GlobeSt.com reports exclusively. Commercial real estate services firm Avision Young located and negotiated the deal on behalf of Avon Studio for an undisclosed price; however, Avision Young principal Martin McDermott tells GlobeSt.com, “This is the lowest-priced land deal in the Hollywood district for this level of density.”

The property, which had formerly been owned by Editing Film Center and BENHAR Company since 1952, includes a 41,000-square-foot film vault that Avon Studio intends to continue operating. The property was also entitled for a five-story office development at the time of the sale; however, Avon Studio will not pursue the development.

“This is more than a parking lot for Avon. It provides income from the film vault and the storage facility,” says McDermott, who worked with Avon Studio for several years to locate land that could be underwritten as a parking lot—which he found very difficult. “Developers had driven up land prices that outstripped the ability for use as a parking lot. Like all owner-users, the business drives the real estate they need. Avon was able to get this property at a time when it could be underwritten for what they needed, which was a parking lot.”