Dealmaker: Avison Young Completes $9.3M Office Building Acquisition
(520 S. Sepulveda Boulevard, Los Angeles.)
Avison Young completed a $9.3 million acquisition a 20,576-square-foot office building in Los Angeles’ Brentwood/Westwood submarket.
Avison Young Principal Mitch Stokes represented the buyer, a Southern California-based private investor who completed a 1031 exchange. Westmac Commercial Brokerage Co. President T.C. Macker and Managing Director Christian Holland seller 520 Sepulveda LLC. The closing cap rate equaled 7%.
Built in 1970 and renovated in 2022, the four-story office building was 97% occupied at closing 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 just east of the asset.
“I identified this property on behalf of my client who was seeking an upleg in its 1031 exchange,” Stokes said. “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 and Westwood Village.