DJM and Gaw Capital acquired 463,000 square feet of retail space for an undisclosed amount.
DJM, a San Jose-based private equity real estate and development company, and Gaw Capital USA, a Hong Kong and Los Angeles-based real estate private equity firm, announced ownership of one of the busiest and most famous shopping centers in the country - Hollywood & Highland. Natixis finance group, led by Jerry Tang and Greg Murphy, provided a financing package that included a loan for one of the busiest and most famous shopping centers in the country - Hollywood & Highland.
Both DJM, a leading U.S. commercial real estate developer and asset manager with years of experience in Southern California, and Gaw Capital, a global industry leader known for its value-added value to underutilized real estate, have extensive experience specializing in the redesign and positioning of iconic assets.
DJM and Gaw Capital formed a partnership building on their strengths: Gaw Capital's strengths in capital markets and successful positioning of assets around the world, as well as their deep understanding of the Los Angeles market and experience in retail and development. Advising Eastdil Secured, Hollywood & Highland is the largest single-asset retail transaction outside of Manhattan in the last three years.
Together, the partners plan to rethink the 7.6-acre site over the next 24-30 months. Built in 2001, the project is located at the intersection of Hollywood Boulevard and Highland Avenue, next to the famous Chinese theatre TCL. By attracting this desired location and heavy traffic, the team will renovate the shopping mall and focus on rebranding, renovating common areas to create more desirable collection and programming locations, increasing the number of entertainment activities, optimizing the product range and introducing new concepts and uses that will bring joy to retailers, visitors and other tenants.
8 AUGUST 2019, USA