Sharp Capital Continues Downtown LA Transformation
“The acquisition of 1200 Wilshire Boulevard positions Sharp as a leader in the city’s Downtown Renaissance.”
Los Angeles– Family investment fund Sharp Capital has acquired the 92,000 square-foot building located at 1200 Wilshire Boulevard in Downtown Los Angeles.
As Sharp’s most recent acquisition, the purchase follows a string of successful efforts to develop retail and residential properties throughout the Greater Los Angeles area.
“Our main focus remains our tenants” says David J. Shophet, Principal at Sharp Capital. “Part of our mission as responsible landlords and developers is to provide unparalleled service to the businesses and individuals that already call our properties home.”
The 1200 Wilshire Building is already occupied by Wells Fargo Bank, Modern Parking Inc. , and Amanecer Community Counseling Services, among others.
“Smooth acquisition transitions are more art than science” says Shophet. “It’s our job to provide the excellent service our tenants have come to expect, while continuing to improve the building’s quality both now and in the future.”
Improving the quality of new and acquired developments has proven to be a specialty of Sharp Capital, a leader in the development of increasingly changing neighborhoods like Westlake and Silver Lake.
In a somewhat unprecedented move, Sharp has recently turned its sights south of the 101 Freeway, and has begun construction on a new luxury apartment complex near Temple and Glendale Boulevard, in the city’s little-developed Westlake area.
The HōM Temple Apartments will feature 67 luxury units. Residents will enjoy an outdoor BBQ patio, fire pits, water feature’s, multiple courtyards and patios, a state-of-the-art fitness center, and a coffee shop located on the first floor.
“Part of our commitment to continued growth in the Los Angeles Real Estate market means anticipating new pockets for development” Shophet says. “We’re thrilled to be one of the first developers in the city to understand the untapped potential of the Westlake area, and we look forward to playing a pivotal role in the area’s development over the coming years.”
For over 30 years, Sharp Capital has specialized in maximizing the profit potential of undervalued land and properties in Los Angeles. The family-owned nature of Sharp’s business and investments has allowed the company to dramatically increase the swiftness of transactions. Because Sharp invests personal capital, the company is able to close deals in as little as 7 business days, thus reassuring sellers and brokers of the soundness of their investments with this unique firm.
Retail, residential, and commercial properties under Sharp ownership can be found everywhere in Los Angeles, from established neighborhoods to the emerging streets of Westlake and Downtown Los Angeles. With over $200 million in development and under ownership, the addition of 1200 Wilshire to Sharp’s portfolio rounds out an impressively diverse collection.
If the success of Sharp’s past acquisitions and development is any indication, 1200 Wilshire, the HōM Temple Apartments, and Sharp’s planned acquisitions for 2015 are sure to lead Los Angeles forward into a new era of development and revitalization.
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) and was sourced by Jeff Sause and Todd Sugimoto of Holiday Fenoglio Fowler (HFF).