It could fetch offers as high as $300 million
Ownership of the Hollywood and Highland shopping center could be changing. The Real Deal reports that owner CIM Group and Abu Dhabi Investment Authority have listed the roughly 450,000-square-foot tourist magnet for sale.
Sources tell The Real Deal a sale could bring in as much as $300 million.
Located along the Walk of Fame, Hollywood and Highland stands out, perhaps in large part because of it unusual design, inspired by a Babylonian film set from a 1916 epic directed by Birth of a Nation’s D.W. Griffith.
The retail center opened in 2001 and has been owned by CIM since 2004. Hollywood and Highland holds a Sephora, a Forever 21, and a fancy bowling alley. Rascal Flatts was supposed to have a restaurant in the mall, but the country music trio was later sued by their partner in the restaurant deal (the partner claimed the musicians pocketed the money instead of using it to build the eatery).
The shopping center sits above Metro’s Hollywood/Highland subway station, and its namesake intersection received a scramble crosswalk two years ago.
The sale would not include the neighboring Dolby Theatre, which hosts the Oscars and is owned by the city. (CIM is the operator of the theater.)
- CIM Group and ADIA shopping Hollywood & Highland retail complex: sources [Curbed LA]
- Hollywood & Highland Center’s design is based on the Babylon set from the 1916 film ‘Intolerance’ [Curbed LA]
- City of LA closes escrow on Hollywood’s Dolby Theatre [Curbed LA]
Source: Real Estate