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4/03/23
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A SoCal-based private investor paid $9.3 mil for a 20.6k sf ($451/sf) office building in the Brentwood/Westwood area on L.A.’s Westside. The property, located at 520 S. Sepulveda Blvd, was 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 Fwy, which is situated east of the building.
The property has 80 feet of frontage on Sepulveda Blvd and is near UCLA, Westwood Village and a myriad of other tenant-friendly amenities, in addition to a wide variety of housing options.
Mitch Stokes with Avison Young represented the buyer, who was completing a 1031 exchange. The seller, 520 Sepulveda LLC, was repped by Christian Holland and T.C. Macker of Westmac. The closing cap rate was 7%.
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