Goodwin Gaw Buys Popular Hollywood Shopping Centre In Record-Breaking Deal
Goodwin Gaw is renovating another popular Los Angeles property.
On Monday, private equity firm Gaw Capital and California-based real estate company DJM announced that they’ve acquired The Hollywood & Highland shopping and entertainment centre, a 463,000-square-foot space located on Hollywood Boulevard that’s just steps away from tourist attractions like the Hollywood Walk of Fame and the TCL Chinese Theatre.
While neither company disclosed the purchase price, they described it as the most expensive sale of retail space outside of New York City since 2017. According to the Los Angeles Times, the previous record was held by a Las Vegas shopping centre, which was sold for US$389 million.
“We look forward to working with DJM … to re-imagine this complex to become the new ‘town [centre] for the Hollywood community,” Goodwin, who is the Founder, Chairman and Managing Principal of Gaw Capital, wrote in a press release.
Stenn Parton, chief retail officer at DJM, told the Los Angeles Times that both parties plan to extensively renovate the commercial complex, which was opened in 2001. Some retail space will be turned into offices, and they’ll be increasing events at the centre focusing on art, food and music.
This isn’t the first Los Angeles property that Goodwin has purchased. In 1995, he acquired the struggling Hollywood Roosevelt Hotel—which is just one block away from the Hollywood & Highland—and renovated it for US$20 million, restoring the hotel to its former glory days as a hotspot for Tinseltown’s A-listers.