L.A. developer pays $7.76M for SoBro site

The SoBro property on which Sprocket Rocket Party Bike once operated has sold for about $7.76 million.

The new owner of the 0.51-acre property, located at 516 John Lewis Way (Fifth Avenue South) is Los Angeles-based ELK Development. Of note, ELK also owns a two-parcel property at 522 and 526 Rep. John Lewis Way, having paid $6,794,025 for it in February (read here). Those properties offer a collective 0.45 acres. As such, ELK now controls 0.96 acres at the intersection of John Lewis Way and Lea Avenue.