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CIM Group Divests Hollywood & Highland to DJM, Gaw Capital

CIM Group sold Hollywood & Highland, the 463,000-square-foot retail and entertainment center in Hollywood, to a partnership between San Jose-based DJM and Gaw Capital, reportedly for $325 million. They plan to reimagine the 7.6-acre site over the next 24 to 30 months encompassing upgrades to the retail hub, rebranding, upgrading common areas, ramping up entertainment events, optimizing the merchandise mix and incorporating new concepts and uses.

DJM’s Stenn Parton says, “The retail landscape has shifted, consumer tastes have adapted, and ‘New Hollywood’ is constantly redefining itself. With Hollywood & Highland, we at DJM and Gaw Capital are eager to seize the opportunity to create, in the heart of Los Angeles, an environment where the iconic allure of ‘Old Hollywood’ meets the modern innovation of new media.”

Natixis’ Jerry Tang and Greg Murphy provided the financing package. Eastdil Secured advised on the transaction.

The sale does not include the iconic Dolby Theatre at Hollywood & Highland, a 3,400-seat auditorium and home of the annual Academy Awards.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition