May 21, 2024 Breaking News, Latest News, and Videos

Medical Office Building Sells For Almost $5M

The Transaction Was Facilitated By Mitch Stokes, A Principal At Avison Young.

Avison Young, a real estate firm, announced the completion of the sale of a 3,049-square-foot medical office building located at 520 Arizona Avenue in downtown Santa Monica. 

The transaction, valued at just under $5 million, was facilitated by Mitch Stokes, a principal at Avison Young based in the firm’s West Los Angeles office. Stokes acted as the sole broker in the deal. The seller of the property was 520 Arizona Ave. LLC, while the buyer was US 528 Arizona Owner, LLC.

Stokes stated, “This property is strategically situated in downtown Santa Monica and was acquired as part of a land assemblage for a mixed-use project. The buyer needed additional time to assess and evaluate the feasibility of the new development, which resulted in an extended escrow period. We are pleased to announce the successful closing of this transaction.”

It is worth noting that the initial listing was handled by Stokes during his tenure with Madison Partners.

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