Hollywood & Highland retail center sold
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The Hollywood & Highland shopping center, located near the TCL Chinese Theatre, a popular tourist destination in Los Angeles, has been sold. Its new owners, real estate developers DJM and Gaw Capital USA, announced the acquisition on Monday but did not disclose the terms.
With the shift in ownership, the acquisition does not include the Dolby Theater at Hollywood & Highland, where the annual Academy Awards ceremony is held — CIM, the Hollywood & Highland’s former owner, will remain responsible for the theater.
According to the announcement, renovations for the retail hub will begin in 2020 with plans to finish by 2021. While no specific details have been announced on the renovations, both parties shared that there will be upgrades to common areas and “new concepts and uses” to engage and excite its target customers.