US airport operator Los Angeles World Airports (LAWA) has acquired 20 acres of land within proximity of Los Angeles International Airport (LAX) for $125m.
The land is located on the east side of LAX’s Terminal 1 and was viewed as a strategic purchase opportunity.
Airport officials intend to continue leasing the property to a private operator, which operates the area under the name Park One.
Airport revenue funds were used to acquire the land.
LAX is one of the three Southern California airports that LAWA owns and manages.