California + Los Angeles + Healthcare | May 10, 2023

Avison Young's Mitch Stokes arranged the sale of a Santa Monica medical office building that was acquired as part of a land assemblage

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.”

Connect

Inside The Story

Avison Young's Stokes

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

Order Reprints