BEVERLY HILLS – Optimus Properties, LLC, through an affiliate, and with financing provided by First Republic Bank, has added to its holdings in the famed “Golden Triangle” of Beverly Hills by purchasing a two-story retail/office building located at 9701-9725 S. Santa Monica Boulevard. The historical and attractive Modernist/Spanish Revival classic was built in the mid-1920’s by Master Architect W. Asa Hudson (Beverly Hills Hotel bungalows) and consists of 18,000 rentable square feet with nearby parking located in an affiliate property across the street.
Located on “little” Santa Monica Boulevard, at the very apex of the “Golden Triangle”, offers an unmatched location, with convenient access to local business in neighboring West Hollywood and Century City business districts. The building is tenanted by a cigar club, a hair salon and a skin and beauty salon at the ground level, and various psychologists and other professional tenants in the second floor offices. Optimus intends to renovate the building with upgrades to the retail and office spaces while preserving the historically significant and abundantly charming architecture, and will be looking to stabilize the property following a protracted period during which the Property underperformed, as it was embroiled in litigation.
Kamyar Shabani, one of the principals of Optimus, stated, “We have always loved this building, and once we had the opportunity to acquire it, we pulled out all the stops.” K. Joseph Shabani, Optimus’ other principal added, “We have had a lot of success with several properties in Beverly Hills, and with this particular asset, we see a lot of potential for growth under Optimus’ management approach”.
Optimus Properties, LLC, located in Los Angeles, California, was founded by Kamyar Shabani and K. Joseph Shabani and employs a disciplined investment approach focused on value creation in office, retail, office and medical office properties throughout Los Angeles.