Hollywood & Highland Shopping Center Sold

Hollywood & Highland, the L.A. shopping center with old Hollywood-inspired decor and Oscars fame, has been sold by Hollywood-based CIM Group to DJM, a San Jose-based private equity real estate and development firm, and Gaw Capital USA, a Hong Kong- and L.A.-based private equity firm. DJM and Gaw Capital did not disclose the purchase price of the 463,000-square-foot shopping destination. Built in 2001, the project sits at the intersection of Hollywood Boulevard and Highland Avenue, and adjacent to the famed TCL Chinese Theater, making it a prime tourist attraction. The sale does not include the Dolby Theatre, where the Academy Awards are held, which remains with CIM Group. The team will upgrade the retail hub and focus on rebranding, upgrading common areas with an eye to creating more desirable gathering and programming spaces, ramping up entertainment events, optimizing the merchandise mix and incorporating new concepts and uses that bring excitement to retailers, visitors and other tenants at the property, according to a release. With expertise in experiential retail. DJM developed the beachside retail, hotel and residential project Pacific City in Huntington Beach, Calif, the Lido Marina Village in Newport Beach, Calif., as well as Runway in L.A.’s Playa Vista. “The retail landscape has shifted,

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