DJM, Gaw Capital USA Acquire Hollywood & Highland in Los Angeles
LOS ANGELES — San Jose, Calif.-based DJM and Hong Kong- and Los Angeles-based Gaw Capital USA have purchased Hollywood & Highland, a shopping destination located in Los Angeles, for an undisclosed amount. Jerry Tang and Greg Murphy of Natixis secured a financing package, which included an acquisition loan along with a future funding component.
Over the next 24 to 30 months, the buyers plans to reimagine the 463,000-square-foot retail development, which is situated on 7.6 acres. Built in 2001, the property is located at the crossroads of Hollywood Boulevard and Highland Avenue, adjacent to the acclaimed TCL Chinese Theater. The buyers plan to upgrade the retail hub through rebranding, upgrading common areas for enhanced gathering and programming spaces, increasing entertainment events, optimizing the merchandise mix and incorporating new concepts and uses.
Renovations are slated to begin in 2020, with completion expected in 2021.
Eastdil Secured advised the transaction, which is the largest single-asset retail transaction to take place outside of Manhattan in nearly three years.