Avison Young Facilitates Los Angeles MOB Sale
- Jan 12, 2021
Avison Young has arranged the $4.5 million disposition of a vacant, two-building medical office asset spanning 15,213 square feet in Downey, Calif. Principal Patrick Barnes negotiated on behalf of the seller, a local private investor. Gary Martinez with NAI Partners assisted the buyer, non-profit organization The Whole Child.
The asset last changed hands in 2007, when Westwood Financial Corp. sold it for $5 million, according to Los Angeles County records. Wells Fargo Bank originated a $2.7 million acquisition financing package at the time.
Located on 1 acre at 8600 and 8630 Florence Ave., the 1969-built property encompasses an 11,000-square-foot, two-story building and a smaller, adjacent single-story structure. The new owner will use the larger building as its headquarters, according to Barnes. The asset previously served as a dialysis center and was vacated almost a year ago.
Situated close to Interstate 5, the site is 12 miles southeast of downtown Los Angeles. The property is 2 miles from PIH Health Downey Hospital and Kaiser Permanente’s Downey Medical Center.
In December, Doheny Eye Institute began renovation work for its future headquarters in Pasadena, Calif. The company plans to transform the 123,203-square-foot property into a modern vision research center and corporate office space.