LOS ANGELES—Laurus Corp. has acquired the Promenade at Howard Hughes Center, a retail complex on the city's West Side, for $111 million. The Los Angeles-based firm plans to spend $30 million to renovate the property, this according to a report from Bloomberg News.
The upgrades will include improvements to restaurants, stores and entertainment venues, and will be the first major renovation for the 250,000-square-foot complex built in 2001.
The asset was sold by Passco Cos. Bloomberg said the seller disclosed the price. Emily Heidt, a spokeswoman for Laurus, declined to comment on the price.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
