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Morguard Acquires Remaining Stake in Hollywood Mixed-Use
Morguard Corporation acquired the remaining 40.9% ownership of Lumina, a premium mixed-use property in Hollywood. Although the company didn’t disclose the purchase price, an earlier announcement from the Mississauga, Ontario-based REIT put it at US$79.4 million.
“Our increased investment in this strategically-located luxury property strengthens our commitment to multi-suite residential and commercial assets in the United States,” said K. Rai Sahi, chairman and CEO of Morguard. “Expanding our ownership of this prominent asset aligns with our portfolio strategy to provide long-term growth potential.”
Lumina is a 22-story high-rise with 299 urban loft residences, 40,746 square feet of creative office and 12,078 square feet of retail. The property is surrounded by media production and entertainment studios including Netflix, Sunset Gower and Paramount Studios.
John Tolano, SVP, US, added, “Lumina’s premium location in Hollywood’s creative and business epicenter positions Morguard as an active participant in the development of the city’s entertainment industry.”
- ◦Sale/Acquisition
