Westside Retail Center Sells For $80M, A Loss From Last Sale
The Promenade at Howard Hughes Center, recently rebranded as HHLA, has sold for an approximately $40M discount from its previous purchase price.
Laurus Corp. and partner Torchlight Investors bought the 249K SF open-air retail center in Westchester in 2015, paying $111M. They spent another $35M on renovations that wrapped up in early 2020.
The new buyer, TTM Real Estate Capital, picked up the property at 6081 Center Drive for about $80M, a source with knowledge of the deal confirmed to Bisnow.
TTM announced the sale Thursday. TTM is a subsidiary of Cannon Commercial, a real estate investment and management company also headquartered in LA.
In conjunction with the announcement of the sale, TTM said it had secured two new tenants: 60out Escape Rooms and the Muhammad Ali Experience, an interactive storytelling installation based on the life of the famed boxer and civil rights icon. The size of the leases and other terms were not disclosed.
TTM owns 2.2M SF of commercial space, including Costa Mesa's retail center Triangle Square.