Santa Monica MOB Trades as Part of Land Assemblage
Avison Young has completed the sale of a 3,049-square-foot medical office building located at 520 Arizona Ave. in downtown Santa Monica. The property traded for just under $5 million.
Principal Mitch Stokes, who is based in Avison Young’s West Los Angeles office, was the sole broker in the transaction, which was originally listed with Stokes while at Madison Partners 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.”