Los Angeles, Calif. – Avison Young announced today it has completed the just under $5 million sale of a 3,049-square-foot medical office building located at 520 Arizona Avenue in downtown Santa Monica.

Avison Young Principal Mitch Stokes who is based in the firm’s West Los Angeles office 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.”

*The listing was originally with Stokes while with Madison Partners.