Avison Young completes $6.5-million sale
of medical office building in Los Angeles
Los Angeles, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed the $6.5-million sale of an 8,568-square-foot (sf) medical office building located in the Culver City submarket of Los Angeles.
Avison Young Principal Lloyd Bakan and Senior Vice-President Gary Berwick, based in the company’s West Los Angeles office, represented the seller, a Los Angeles-based private investor. The private buyer is based out of Los Angeles and purchased the property as an investment to diversify his holdings.
Built in 1979, the property is located at 10801 Venice Boulevard, one block west of Overland Avenue and directly across from the Culver Center Mall. The building is situated on just under one-half acre of land.
“We aggressively marketed this property as an opportunity to add value through redevelopment of the extremely well-located site,” comments Bakan. “We had multiple offers on the asset and selected a qualified buyer who plans on leasing the property for the next few years with the potential of future redevelopment.”
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,000 real estate professionals in 69 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.
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