A retail, dining and entertainment complex in Hollywood that attracts millions of visitors annually has sold.
A JV of Hong Kong private equity firm Gaw Capital Partners and San Jose-based DJM Capital Partners have acquired Hollywood & Highland, a 463K SF mixed-use, retail, dining and entertainment complex in Hollywood, from CIM Group.
The JV did not disclose the sale price.
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Along with the acquisition announcement Monday, Gaw and DJM officials said the JV plans to renovate the property that sits on 7.6-acres on the corner of Hollywood Boulevard and Highland Avenue starting next year.
Natixis' Jerry Tang and Greg Murphy provided the financing package, including the acquisition and funding for the renovations, according to the news release.
A spokeswoman for the JV told Bisnow that a representative had no comment on the sale or renovations beyond what was mentioned in the news release.
Built in 2001, Hollywood & Highland sits adjacent the TCL Chinese Theatre and along the historic Hollywood Walk of Fame. The Dolby Theatre, the venue that hosts the annual Academy Awards/Oscars show, anchors the property. CIM, which has owned Hollywood & Highland since 2004, will retain ownership of the Dolby.
In a news release, the JV said it was attracted to the property due to the high volume of visitors. Though plans were vague, the JV said it plans to upgrade the retail portion of the center and upgrade the common areas with more gathering and programming spaces.
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