{"id":1004691018,"date":"2023-11-17T05:14:44","date_gmt":"2023-11-17T13:14:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004691018"},"modified":"2023-11-21T10:31:15","modified_gmt":"2023-11-21T18:31:15","slug":"hollywood-shopping-center-gets-new-life-after-100m-renovation","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hollywood-shopping-center-gets-new-life-after-100m-renovation\/","title":{"rendered":"Hollywood Lifestyle Center Gets New Life After $100M Renovation"},"content":{"rendered":"\n<div class=\"wp-block-jetpack-slideshow aligncenter\" data-effect=\"slide\"><div class=\"wp-block-jetpack-slideshow_container swiper-container\"><ul class=\"wp-block-jetpack-slideshow_swiper-wrapper swiper-wrapper\"><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"1819\" height=\"1365\" alt=\"Following the substantial three-year renovation, Ovation Hollywood has been reimagined into a modern-day shopping destination. Image courtesy of DJM Capital Partners\" class=\"wp-block-jetpack-slideshow_image wp-image-1004691020\" data-id=\"1004691020\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/Courtyard-e1700222501665.jpg?w=1024\"\/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">Following the substantial three-year renovation, Ovation Hollywood has been reimagined into a modern-day shopping destination. All images courtesy of DJM Capital Partners<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"1819\" height=\"1365\" alt=\"\" class=\"wp-block-jetpack-slideshow_image wp-image-1004691024\" data-id=\"1004691024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/Grand-Staircase-street-e1700222539360.jpg?w=1024\"\/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">The Grand Staircase from the exterior<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"1819\" height=\"1365\" alt=\"\" class=\"wp-block-jetpack-slideshow_image wp-image-1004691021\" data-id=\"1004691021\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/Grand-Staircase-e1700222317262.jpg?w=1024\"\/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">The Grand Staircase<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"2048\" height=\"1536\" alt=\"\" class=\"wp-block-jetpack-slideshow_image wp-image-1004691022\" data-id=\"1004691022\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/Tower-e1700222406147.jpg?w=1024\"\/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">The Tower<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"1819\" height=\"1365\" alt=\"\" class=\"wp-block-jetpack-slideshow_image wp-image-1004691023\" data-id=\"1004691023\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/Terrace-e1700222456555.jpg?w=1024\"\/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">The Terrace<\/figcaption><\/figure><\/li><\/ul><a class=\"wp-block-jetpack-slideshow_button-prev swiper-button-prev swiper-button-white\" role=\"button\"><\/a><a class=\"wp-block-jetpack-slideshow_button-next swiper-button-next swiper-button-white\" role=\"button\"><\/a><a aria-label=\"Pause Slideshow\" class=\"wp-block-jetpack-slideshow_button-pause\" role=\"button\"><\/a><div class=\"wp-block-jetpack-slideshow_pagination swiper-pagination swiper-pagination-white\"><\/div><\/div><\/div>\n\n\n<p><strong>DJM Capital Partners<\/strong> and <strong>Gaw Capital USA<\/strong> have officially reopened Ovation Hollywood, a 475,000-square-foot lifestyle center in Los Angeles&#8217; Hollywood, following a $100 million renovation process that started three years ago.<\/p>\n<p>Located in the heart of the neighborhood at 6801 Hollywood Blvd., in an Opportunity Zone, Ovation Hollywood comprises 135,000 square feet of retail space, two floors of nearly 100,000 square feet of creative office space, 85,000 square feet of dining, 65,000 square feet of entertainment space and 40,000 square feet of event space.<\/p>\n<p>The property&#8217;s tenant roster includes a diverse <a href=\"https:\/\/www.commercialsearch.com\/news\/getting-in-the-heads-of-retail-tenants\/\">mix of retailers<\/a> such as Footlocker, Sephora, Walgreens, Forever 21, Caf\u00e9 de Leche, Hard Rock Caf\u00e9, Tacos Neza, Lucky Strike, Dave &amp; Buster\u2019s and TCL Chinese 6 Theatres, among others.<\/p>\n<h2>A shopping center with a history<\/h2>\n<p>Formerly known as Hollywood and Highland, the shopping center was developed by TrizecHahn Corp. with funds from the Community Redevelopment Agency. The property came online in 2001, on the former location of the 1902 Hollywood Hotel, which was demolished in 1956 and replaced by the First Federal Building of the First Federal Savings &amp; Loan Association of Hollywood.\u00a0<\/p>\n<p>DJM and Gaw purchased the decades-old shopping center back in 2019 from CIM Group for $325 million, according to CommercialEdge data, in the largest single asset retail transaction outside of Manhattan of that year. Natixis provided the buyers with a $211.3 million CMBS loan from Wells Fargo Bank and a $52.5 million note from Natixis Bank.\u00a0<\/p>\n<hr \/>\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/cpe-asks-when-will-be-a-good-time-to-invest-in-retail\/\">CPE Asks: When Will It Be a Good Time to Invest in Retail?<\/a><\/p>\n<hr \/>\n<p>After the acquisition, the new owners announced plans for a major renovation which was set to include the rebranding of the property, upgrade of several retail levels and the courtyard, the addition of office space on the upper floors and removal of the controversial Babylonian-themed archway and oversized elephant statues. The renovation process began in 2020 and much of the property remained open throughout the revamp.<\/p>\n<p><strong>Gensler<\/strong> reimagined and updated the design of the outdated architecture, transforming the five-level mall into a vibrant <a href=\"https:\/\/www.commercialsearch.com\/news\/what-limits-retail-leasing\/\">destination for retail<\/a>, dining and entertainment which reflects modern-day Hollywood. The newly renovated center achieved a 110 percent increase in foot traffic this year and registered 500,000 more visitors in comparison to 2022.<\/p>","protected":false},"excerpt":{"rendered":"<p>DJM Capital Partners and Gaw Capital USA acquired the property for $325 million in 2019.<\/p>\n","protected":false},"author":3014,"featured_media":1004691020,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21783,1594,21742,21749,15],"tags":[33194,44795,38766,33012,34029,33215],"class_list":["post-1004691018","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-investment","category-los-angeles","category-latest","category-retail","category-west","tag-cim-group","tag-djm-capital-partners","tag-gaw-capital-partners","tag-gensler","tag-natixis","tag-wells-fargo-bank"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hollywood Lifestyle Center Gets New Life After $100M Renovation - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"DJM Capital Partners and Gaw Capital USA have officially reopened Ovation Hollywood, a lifestyle center in Los Angeles&#039; 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