BEVERLY HILLS—Wilshire Lucas Investments just sold a massive office building to a Beverly Hills investment fund, Sharp Capital, who was represented by the Charles Dunn Company, a real estate firm established in 1921 and self-described as “one of the largest full-service regional real estate firms in the Western United States,” in an off-market transaction.
The 92,000-square-foot building is eight stories, and is located at 1200 Wilshire Boulevard, across the street from Good Samaritan Hospital near the cross street of Lucas Avenue in Downtown Los Angeles.
The Charles Dunn Company erected the building 44 years ago. Joseph C. Dunn reportedly developed the building with his late brother, Richard C. Dunn, in 1971.
The sale price of the building is undisclosed, but the Los Angeles Times reports that “real estate experts familiar with the downtown office market valued the deal at about $20 million.”
The building currently has a 95 percent occupancy rate with tenants such as Wells Fargo Bank, Modern Parking Inc., Amanecer Community Counseling Services, among others.
Richard Higgins, managing director of Charles Dunn Company, said that “Downtown Los Angeles is enjoying a significant amount of investor interest in existing properties as well as redevelopment opportunities.”
He predicts, “1200 Wilshire will flourish in this location which is in earlier growth stages as compared to other areas of the Downtown market. This was a strategic acquisition for Sharp.”
Sharp Capital said in a statement that it “is planning on improving on the quality and service already provided to the tenant base and has future plans to upgrade and modernize all the facilities of the building.”
Richard Higgins, managing director with Charles Dunn Company out of the firm’s west Los Angeles office, represented the buyer, Sharp Capital, a family investment fund. The seller, Wilshire Lucas Investments, LLC was represented by Michael J. Dunn, president of Dunn Property Group.