Avison Young has completed the sale of a 3,049-square-foot medical office building located at 520 Arizona Ave. in downtown Santa Monica for just under $5 million. Principal Mitch Stokes, based in Avison Young’s West Los Angeles office, was the sole broker on this transaction which was originally listed with Madison Partners. The seller was 520 Arizona Ave LLC and US 528 Arizona Owner LLC acquired it as part of a land assemblage for development into a mixed-use project.
Stokes commented: “This property is well situated in downtown Santa Monica and we are pleased to have seen its successful closing despite an extended escrow period while the buyer worked through assessment and feasibility for their new development.”
