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Avison Young completes $9.3 million office building acquisition in Brentwood/Westwood Submarket of Los Angeles
April 3, 2023
Los Angeles, Calif. – Avison Young announced today it has completed the $9.3 million acquisition a 20,576-square-foot (sf) office building located at 520 S. Sepulveda Boulevard in the Brentwood/Westwood submarket of Los Angeles.
Avison Young Principal Mitch Stokes who is based in the firm’s West Los Angeles office represented the buyer, a Southern California-based private investor who was completing a 1031 exchange. The seller, 520 Sepulveda LLC, was represented by Christian Holland and T.C. Macker of Westmac. The closing cap rate was 7%.
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 freeway which is east of the asset.
“I identified this property on behalf of my client who was seeking an upleg in its 1031 exchange,” said Stokes. “520 Sepulveda is in an affluent, prime Los Angeles submarket and provided a high occupancy with a diverse tenant mix which will provide a favorable cash flow for the new ownership.”
The property has 80 feet of frontage on Sepulveda Boulevard and is near UCLA, Westwood Village and a myriad of other tenant-friendly amenities, in addition to a wide variety of housing options.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community. Avison Young is a 2022 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 11 consecutive years. www.avisonyoung.com Follow Avison Young Twitter (News)│Twitter (Deals)│Blog│LinkedIn│YouTube│Instagram For moreinformation: Media Contact: Darcie Giacchetto, Media Relations & Content Specialist – Southwest: +1.949.278.6224 Business Development: Mitch Stokes, Principal: +1.424.257.6472