The Property Was Purchased As Part of 1031 Exchange
Avison Young, a commercial real estate firm, has recently acquired a 20,576-square-foot office building situated in the Brentwood/Westwood submarket of Los Angeles for $9.3 million as reported by What Now Los Angeles. The buyer, a Southern California-based private investor, completed a 1031 exchange, with Avison Young Principal Mitch Stokes representing the buyer in the transaction.
The seller, 520 Sepulveda LLC, was represented by Christian Holland and T.C. Macker of Westmac. Built in 1970 and renovated in 2022, the four-story office building was 97% occupied at the close of escrow by various small and mid-sized tenants.
The property 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. The property has 80 feet of frontage on Sepulveda Boulevard and is situated near UCLA, Westwood Village, and numerous other amenities.
Avison Young Principal Mitch Stokes said, in a statement quoted by What Now Los Angeles, “I identified this property on behalf of my client who was seeking an upleg in its 1031 exchange,” said Stokes in a statement. “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.”
