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5/12/23
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In Santa Monica, a 3k sf medical office building traded in a $5 mil ($1,667/sf) transaction. The property is located at 520 Arizona Ave, in the city’s downtown area.
Mitch Stokes with Avison Young (formerly of Madison Partners) was the sole broker in the transaction. 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.”
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