Los Angeles Retail Center Sells for a Major Discount
Laurus Corp., Torchlight sold the 248,841-square-foot property for 28% less than it paid to acquire HHLA eight years ago
By Greg Cornfield March 30, 2023 4:55 pm
reprints
TTM Real Estate Capital, a subsidiary of Cannon Commercial, has acquired a 248,841-square-foot retail center in Los Angeles at a big discount, and also announced two new tenants opening there this spring.
The L.A.-based landlord acquired the entertainment and retail asset named HHLA for about $80 million, sources familiar with the deal told Commercial Observer. That’s a discount of about 28 percent from the previous sale, when Laurus Corporation and preferred equity partner Torchlight Investors acquired the property for $111 million in 2015. The previous owner also completed a $35 million renovation of HHLA.
HHLA, previously known as The Promenade at Howard Hughes Center, features a mix of entertainment, dining and retail tenants, including Cinemark theaters,, Dave & Buster’s, Islands Fine Burgers & Drinks, Kabuki Japanese Restaurant, Mrs. Fields, Ben & Jerry’s and Buffalo Wild Wings. It was completed in 2001 in L.A.’s Westchester neighborhood at 6081 Center Drive between Howard Hughes Parkway and Sepulveda Boulevard, adjacent to Interstate 405.
Newmark (NMRK) and JLL (JLL) handled the sale.
TTM also announced two new tenants: 60out Escape Rooms will open its flagship at HHLA later this spring with multiple escape rooms, and, also this spring, Genio Global Entertainment and Muhammad Ali Enterprises are bringing the Muhammed Ali Experience to HHLA. It will showcase the story of the legendary boxer through Ali’s most notable moments.
“We’re excited to elevate HHLA by bringing new entertainment options to the center,” TTM principal Tyler Mateen said in a statement. “Dining and entertainment centers continue to be popular with consumers, particularly as they evolve with new technology and more immersive experiences.”
Cannon Commercial owns and manages nearly 20 million square feet in real estate, including retail, office, industrial and multifamily properties around the United State. TTM owns an additional 2.2 million square feet, including a dining and entertainment center in Costa Mesa called Triangle Square, and others in Nevada.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
