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Hollywood and Highland’s New Owner Acquires Another SoCal Retail Center – WWD

California-based private equity Real Estate and DJM’s portfolio keeps getting bigger.

The company acquired the Long Beach Exchange (LBX) in partnership with PGIM Real Estate from Newport Beach, California-based Burnham Ward Properties. DJM will handle the management, leasing and marketing.

LBX is a 26-acre property anchored by Whole Foods with retail Tenants include TJ Maxx, Nordstrom Rack, Ulta and Old Navy. It also houses The Hangar, a 17,000-square-foot food hall decorated in the style of a vintage hangar that offers a wide range of artisan and small food retailers.

DJM has been gradually adding to its open portfolio retail in the past few years, acquisition of LA .’s Hollywood & Highland complex, to be renamed Ovation Hollywood, which is adjacent to TCL Grauman’s Dolby Theater and Chinese Theater; The village of Lido Marina in Newport Beach, home to Elyse Walker, LoveShackFancy and Stoney Clover stores, among other tenants, and the 853,000-square-foot Bella Terra in Huntington Beach, California.

In addition, DJM is included by Invesco Real Estate as a partner to redevelop the Runway outdoor mall in Playa Vista, California, the neighborhood known as Silicon Beach.

“Over the next year, we plan to double the area of ​​assets under management and focus on positive growth within our company,” said. Lindsay Parton, president of DJM. “We have positioned ourselves for the future with our team and are currently working through a number of deals that will reflect the true ethos of DJM’s mission to create places where people and communities thrive. strong.”

“While COVID-19 has certainly impacted retail across all sectors, we are now seeing a tremendous return to growth across our entire portfolio, with traffic traffic and sales surpass even pre-pandemic figures,” C said.there is Cress, creative director at DJM. “This rebound, underpinning the ever-changing nature of retail, is due in part to the outdoor nature of our properties as well as our thoughtful community programming and tailored, region-specific merchandise.” body. The Long Beach Exchange is a great addition to DJM’s portfolio and we look forward to shaping this asset into the best version of itself. ”

“We have seen firsthand the transformation DJM has made at Bella Terra,” says Tim Hennessey, managing director of PGIM Real Estate. “We are extremely pleased with the value that DJM and PGIM Real Estate have been able to add to our portfolio and deliver amazing results for our investors even during these unprecedented times. We are excited to continue our work together at the Long Beach Exchange. ”

“The Long Beach Exchange is a perfect example of what retail will look like in the future,” says Scott Burnham, managing director and partner at Burnham Ward Properties. “This iconic property fosters an experiential environment that encourages shopping through the community and experiences by developing innovative real estate. LBX’s continued success during this unprecedented time is a true testament to its consumer appeal, which has ensured that the center continues to grow and thrive. DJM and its partners will be excellent custodians of this property going forward. ”

https://wwd.com/fashion-news/fashion-scoops/hollywood-and-highland-owner-acquires-another-long-beach-exchange-1235025554/ Hollywood and Highland’s New Owner Acquires Another SoCal Retail Center – WWD

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