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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...

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Famed Los Angeles restaurateur, Nick Mathers (Elephante and Eveleigh) recently opened The Kassi Club in the former Goldie’s space on West Third Street. Described as a new age, Greek taverna, the venue encourages group dining offering southern Mediterranean food with a variety of seafood and roasted meats. Menu highlights include grilled octopus, salt-baked branzino, delicious lamb shoulder and an interesting mix of modern and classic cocktails. The chic redesign features oak flooring, stone from Ithaca, rattan ceilings with hanging fabric and lounge-style leather and wood seating. For more info visit kassiclub.com.

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Under the Los Angeles Rent Stabilization Ordinance, landlords can only raise rents in accordance with the Consumer Price Index for most apartments built before 1978. During recent times, the annual increase has been capped at three percent. Beginning in July, landlords can raise rents by four percent. The higher index leading to the increased cap is likely due to lower unemployment and other strong economic indicators in the area. With rents on the rise, even a one percent rent hike adds pressure on tenants struggling with affordability. As of now, Santa Monica and West Hollywood have not approved similar annual increase hikes.

Mediterranean street food restaurant, Dr. Sandwich, has taken over the location at Beverly Boulevard and Gardner, formerly occupied by XO, Stir Market and Buddah’s Belly. The restaurant’s flagship location in a Beverly Hills strip mall has garnered a loyal following, setting the stage for its recent expansion into its new space in the Miracle Mile neighborhood. The kosher venue offers generous servings of shawarma, falafel, kebab, schnitzel and merguez, along with a mouth-watering array of side salads such as hummus, babaganoush and Mediterranean salad. For more information visit drsandwich.com.

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Short-term home sharing has become a lucrative business in Los Angeles. In an effort to limit the proliferation of these rentals in residential neighborhoods and curb their negative impact on housing affordability, the City Council recently enacted new regulations. While the legislation was passed last December, the new requirements came into effect in July. Under the rules, all short-term rental hosts must register their home with the city planning department and pay an $89 fee. The host must live in the property for at least six months of the year and rentals cannot exceed an annual cap of 120 days unless they qualify for an extended home sharing option (and pay an $850 fee). Hosts are also limited to one home-sharing rental at a time ...

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Local developer, GPI Companies, purchased the site of Amoeba Music in 2015 for $34 million. Located in Hollywood at the corner of Sunset and Cahuenga Boulevard, GPI’s proposed 26-story mixed-use complex was recently approved by the Los Angeles City Council. Designed by Johnson Fain, the modern glass tower will include 200 apartments, including 10 low income units, a podium with 277 parking spaces, and 7,000 square feet of retail space. Planned amenities are multiple outdoor decks, a pool and fitness center. The Coalition to Preserve L.A. launched an unsuccessful appeal citing affordable housing requirements and sustainability concerns. With a streamlined environmental review, construction will likely start when Amoeba’s curre...

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West Hollywood’s Formosa Cafe recently reopened after completion of a multi-million dollar, multiyear upgrade. Vintage restoration experts, the 1933 Group, spared no expense in bringing the 1930’s venue back to its former heyday including terrazzo floors, red booths, period artwork and newspaper clippings paying respect to the influence of Chinese Americans in early Hollywood. The original red trolley car from 1904 has also been fully restored. Chef David Kuo of Little Fatty and Accomplice has reimaged the restaurant’s classic Chinese-American menu and cocktail offerings. For more information visit theformosacafe.com.

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Thanks to a recent $10 million donation by board president, Carolyn Clark Powers, the Museum of Contemporary Art will soon be offering free admission. Taking a cue from the Broad, Hammer Museum and Marciano Art Foundation, all having a similar policy, MOCA aims to be more welcoming and open by eliminating its $15 general admission fee. Power’s donation will also allow the museum to expand educational programs and hire more staff. The museum had 284,160 visitors in 2018, much less than the Broad’s 750,000 annual visitors. The museum hopes the new policy will broaden its audience. For more information please visit moca.org.

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Local developer, CGI Strategies, is planning a mixed-use project in Miracle Mile at 639 S. La Brea Avenue, just north of Wilshire Boulevard. While former plans contemplated a twelve-story apartment complex, the revised proposal includes a combination of 121 condo units and 122 hotel rooms. The structure will rise seven stories with two levels of subterranean parking holding 250 spaces. 16,000 square feet of ground-floor commercial space will feature a market-style food hall and possibly some retail outlets to replace the current storefronts at the site. Plans also include two rooftop pools, one for hotel guests and one for residents. The hotel will be located on the south side of the building, close to the future Purple Line Wilshire/La Brea station slated to open in 2023. Design of the development will be handled by Morris Adjmi Architects. Although the project has not yet been approved by the Planning Department, it will likely break ground within the next 18 months and will be completed within the following 24 months.

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Beverly Grove resident, Karen Koeppe Adamaley, teaches a rich resource of pilates, yoga, dance, TRX and weight workouts. Karen offers private training sessions in the privacy of her neighborhood home where she has a beautiful, dedicated room with a reformer machine. I love training with Karen because of her vast experience and gentle support, and I particularly enjoy her guided meditations at the end of each session. By applying intention and some hard work, Karen helps her clients reassess and transform their physical achievements. For more information please contact: KarenKoeppe@gmail.com

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Compass is a licensed real estate broker (01991628) in the State of California and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdraw without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. Exact dimensions can be obtained by retaining the services of an architect or engineer. This is not intended to solicit property already listed.