Sharp Capital and Cole Capital acquire 78,000 SF office building in booming Baldwin Hills submarket
Sharp Capital and Cole Capital Group acquire 78,000 SF office building in booming Baldwin Hills submarket
“J.V. looks to purchase additional assets in the neighborhood”
Los Angeles– A joint venture between Family investment fund Sharp Capital and Cole Capital Group acquired Stocker Plaza, a 78,000 square-foot building on 3.5 acres of land in the Baldwin Hills market.
As Sharp’s most recent acquisition, the purchase follows a string of successful efforts to acquire office and residential properties throughout the Greater Los Angeles area.
“This is an incredibly exciting investment in a neighborhood full of opportunity.” says David J. Shophet, Principal at Sharp Capital. “We have the Metro subway line access nearing completion one corner over, the complete redevelopment of Baldwin Hills Mall, and the impending completion of the new Kaiser facilities.”
Stocker Plaza, a four building portfolio, is located at 3731, 3741, 3751, and 3761 Stocker St. Stocker Plaza is already occupied by divisions of Los Angeles County and City of Los Angeles, as well other groups.
Sharp and Cole are both leaders in the redevelopment of Baldwin Hills and the adjacent areas. “A joint venture between the two groups seemed like the perfect fit.” says David Shaaya, Principal at Cole Capital Group, “We are both very active in the neighborhood”.
“Part of our commitment to continued growth in the Los Angeles Real Estate market means anticipating new pockets for acquisition and development” Shophet says. “We’re thrilled to be part of the revitalization of Baldwin Hills and we look forward to playing a pivotal role in breathing new life into the area over the coming years.”
The Buyer was represented by Rich Higgins of The Charles Dunn Company and the Seller was represented by Mike Dunn of The Dunn Property Group. Financing was provided by Israel Discount Bank of New York (IDBNY).