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3/31/23
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TTM Real Estate Capital, a subsidiary of Cannon Commercial, has acquired HHLA, the 245.4k sf retail center that makes up part of the Howard Hughes Center mixed-use campus in Westchester, adjacent to Playa Vista on L.A.’s westside. Although the sales price was not given out, an industry source that we spoke to estimates the deal to be worth around $80 mil ($325/sf).
Developed in 2001, HHLA, formerly known as The Promenade at Howard Hughes Center, is located at 6081 Center Drive, just east of Sepulveda Blvd at Centinela Ave and the 405 Fwy. It was sold by Laurus Corporation and Torchlight Investors LLC, who purchased the asset in 2015 for $111 mil. HHLA subsequently underwent a $35 mil renovation, which included an exterior facelift, new landscaping, and outdoor areas with a fire pit and casual lounge space, along with an improved pedestrian-friendly layout.
We’re told that brokers from Newmark and JLL were involved in the transaction.
In other news regarding HHLA, two new tenants have been signed and will open at the center later this year. One of the new tenants is 60out Escape Rooms, a leading escape room entertainment company in Los Angeles, which will open at HHLA later this spring. The other new tenant is Genio Global Entertainment and Muhammad Ali Enterprises, which will be bringing the Muhammed Ali Experience to HHLA this spring.
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