The real estate partnership of DJM Capital Partners, Inc. and Gaw Capital recently purchased the Hollywood & Highland complex from L.A.’s CIM Group. Although the purchase price is undisclosed, the participants referred to it as the largest single-asset retail transaction outside of Manhattan since 2017, and a positive indicator for the Hollywood market. The Dolby Theatre, currently owned by the city, was not included in the sale. Renovation of the 463,000 square foot venue will begin next year with completion slated for 2021. The partnership hopes to elevate the center’s status with the addition of globally recognized tenants, luxury food and beverage experiences and regular event offerings. While the creation of the shopping center has played an important role in reinvigorating Hollywood Boulevard, the investors aim to take the complex to an entirely new level. The redesign will aim to lure more visitors with a Hollywood-style attraction experience similar to the Walk of Fame, the Hollywood sign and the TCL Chinese Theatre.
Posted on 09/04/2019 at 05:40 PM
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