The buyers of a pair of downtown parking lots and an office building on Laurel Street have not decided whether they will build on the lots, as continued downtown development is putting a premium on parking spaces.
Dean Offices LLC, managed by Bob Dean, sold the properties for $3.2 million to MLC-TEC LLC and TSA-TEC LLC, both managed by Gordon LeBlanc. Saurage Rotenberg Commercial Real Estate brokered the deal, with Jim Allen representing the seller and Edward Rotenberg representing the buyers.
The deal includes a parking lot at Laurel and Lafayette streets that measures over 12,000 square feet and a lot at Laurel and Fourth streets that is more than 28,500 square feet, along with a 4,000-square-foot vacant office building at 365 North Fourth St.
Allen says hotels and new mixed-use complexes, like 440 on Third, the Commerce Building and IBM’s office building, will create even more demand for parking downtown than there already is, which may lead the buyers to leave the sites as parking lots.
Though parking revenues won’t be lucrative, Allen says, LeBlanc and his partners are waiting to see how downtown development progresses. One of the lots could eventually house another parking garage, Allen says. See a copy of the listing for the lots and building. —Kelly Connelly