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December 16, 2018
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Sharp Capital Buys Glendale Office Building

10/09/18

Sharp Capital acquired Broadway Plaza, a 72k sf office building in the city of Glendale. The building was sold by Equity Office in a deal valued at $19.75 mil ($274/sf). Sharp acquired the asset using a combination of cash and ten-year fixed financing provided by a life insurance company.

Built in 1984, Broadway Plaza is located at 425 W. Broadway, west of Brand Blvd. It is 93% leased, with tenants that include the State of California and Acrisure of California. The property is located walking distance to The Americana and Glendale Galleria, which offer 2.5 msf of high-end retail and restaurants.

According to David J. Shophet, Vice President of Acquisitions for Sharp Capital, “Broadway Plaza offers a strong initial yield on cost and an extremely amenity-rich location, being walking distance to both The Americana and Glendale Galleria.

Since 2013, thousands of residential units have been added to the city, transforming Glendale into a premier corporate and entertainment hub. It is home to distinguished firms such as Walt Disney, Nestle, Whole Foods, Marvel Animations, and Dreamworks.

Mark Shaffer and Anthony DeLorenzo of CBRE represented both the buyer and the seller in the transaction. Financing was provided by Global Atlantic Financial Group and was sourced by Jeff Sause of HFF.





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