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Article: From Scenery to Storage.(LAACO Ltd. sells undeveloped land and invests the money in self-storage operations)(Brief Article)
- Article from:
- Los Angeles Business Journal
- Article date:
- September 10, 2001
- Author:
CopyrightCOPYRIGHT 2001 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LAACO Ltd., the parent company of the Los Angeles Athletic Club, has taken the $43 million it made on the sale of 1,659 acres adjacent to Topanga State Park and invested in self-storage facilities in Southern California, Arizona and Nevada.
LAACQ got state approval to sell the property, which had become somewhat unwieldy because it was unentitled. Lacking entitlements, the property was not worth much to a developer.
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