Avison Young announced it has completed the $9.3 million acquisition of a 20,576-square-foot (sf) office building located at 520 S. Sepulveda Boulevard in the Brentwood/Westwood submarket of Los Angeles.
Avison Young Principal Mitch Stokes who is based in the firm’s West Los Angeles office represented the buyer, a Southern California-based private investor who was completing a 1031 exchange. The seller, 520 Sepulveda LLC, was represented by Christian Holland and T.C. Macker of Westmac. The closing cap rate was 7%.
Built in 1970 and renovated in 2022, the four-story office building was 97% occupied at the close of escrow by a number of small and mid-sized users. The property also includes two levels of subterranean parking with 55 spaces, an atrium/courtyard area, and signage visible from the 405 freeway which is east of the asset.
“I identified this property on behalf of my client who was seeking an upleg in its 1031 exchange,” said Stokes in a statement. “520 Sepulveda is in an affluent, prime Los Angeles submarket and provided a high occupancy with a diverse tenant mix which will provide a favorable cash flow for the new ownership.”
The property has 80 feet of frontage on Sepulveda Boulevard and is near UCLA, Westwood Village and a myriad of other tenant-friendly amenities, in addition to a wide variety of housing options.