A joint venture between DJM and Gaw Capital has acquired Hollywood & Highland, a 463,000 square foot shopping center in Hollywood, for an undisclosed amount from CIM Group. The asset is the largest single-asset retail transaction to close in the last three years outside of Manhattan. As part of the transaction, CIM Group will retain ownership of the Dolby Theater.
Over the next 24 to 30 months, the investors plan to reimagine the project by upgrading the retail hub and focus on rebranding, upgrading common areas with an eye to creating more desirable gathering and programming spaces, ramping up entertainment events, optimizing the merchandise mix and incorporating new concepts and uses that bring excitement to retailers, visitors and other tenants at the property.
The renovations will begin next year, and the project will deliver in 2021.
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Kelsi Maree Borland
