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Downtown L.A. carwash owner cleans up in sale estimated at $25 million
Downtown L.A. carwash owner cleans up in sale estimated at $25 million

One of the most sought-after real estate parcels in downtown Los Angeles is a carwash — and it's been sold for an estimated $25 million. Purchased for $525,000 in 1980, the Downtown Car Wash across the street from L.A. Live was bought by a local developer who plans to build a high-rise hotel-and-residential complex at the busy crossroads of Olympic Boulevard and Figueroa Street. During the carwash's more than three decades of operation, its surrounding neighborhood has undergone a dramatic transformation that has left the sprawling one-story business looking out of place, like a go-cart among sleek race cars. The intersection was once on the edge of the city's...

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