null - Commercial Real Estate News Releases | Avison Young News
Commercial real estate news releases from Avison Young
Quarterly and topical research insights to help your business gain competitive edge in commercial real estate.
Avison Young completes $5 million sale of a medical office property for redevelopment in downtown Santa Monica
May 12, 2023
Los Angeles, Calif. – Avison Young announced today it has completed the just under $5 million sale of a 3,049-square-foot medical office building located at 520 Arizona Avenue in downtown Santa Monica.
Avison Young Principal Mitch Stokes who is based in the firm’s West Los Angeles office was the sole broker in the transaction.* The seller was 520 Arizona Ave. LLC and the buyer was US 528 Arizona Owner, LLC.
“This property is well-located in downtown Santa Monica and was acquired as part of a land assemblage for the development of a mixed-use project,” said Stokes. “Escrow on this asset was extended as the buyer worked through the assessment and feasibility for the new development and we are pleased to have a successful closing.”
*The listing was originally with Stokes while with Madison Partners.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community. Avison Young is a 2023 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 12 consecutive years. www.avisonyoung.com Follow Avison Young Twitter (News)│Twitter (Deals)│Blog│LinkedIn│YouTube│Instagram For moreinformation: Media Contact: Darcie Giacchetto, Media Relations & Content Specialist – Southwest: +1.949.278.6224