Avison Young Completes $5 Million Sale Of A Medical Office Property For Redevelopment In Downtown Santa Monica

The seller was 520 Arizona Ave. LLC and the buyer was US 528 Arizona Owner, LLC
Avison Young completes $5 million sale of a medical office property for redevelopment in downtown Santa Monica
Photo: Official

Avison Young announced 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.

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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 in a statement. “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.

Lisa Hay

Lisa is a staff reporter for What Now Media Group. She covers new restaurant, retail, and real estate openings across all of our markets. A true foodie, this Air Force veteran has lived all over the world — from Aviano, Italy to Nairobi, Kenya — but her favorite spot is NOLA for its rich history, architecture, culture, and of course, its good eats.
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