Local investment fund Sharp Capital Group has formed a joint venture with Cole Capital Group to acquire Stocker Plaza, a four-building office complex in Baldwin Hills.
The property, located at 3731-3761 Stocker Street, consists of a large surface parking lot and four low-rise structures that currently house divisions of Los Angeles County, the City of Los Angeles and various other groups.
Interest in the approximately 3.5-acre site was was driven by the anticipated opening of the Crenshaw/LAX light rail line in 2019, which will have an underground station a short distance away at Martin Luther King Jr. Boulevard. Other nearby developments have also been spurred by the transit line, including new apartments, a Kaiser Permanente medical facility and a makeover of the Baldwin Hills Crenshaw Plaza shopping mall.
Similar potential is seen for Stocker Plaza, although no construction is imminent.
Sharp Capital, based out of Beverly Hills, has also invested in a series of ground-up projects in Central Los Angeles, including a podium-type apartment building now rising in City West.
The buyers were represented by Rich Higgins of the Charles Dunn Company, while the seller was represented by Mike Dunn of the Dunn Property Group. Financing was provided by Israel Discount Bank of New York.
- Sharp Capital Group Archive (Urbanize LA)