KIMC JV Acquires Class A, Mixed-Use Asset on Walk of Fame in Hollywood

RENTV

March 7, 2023


Kairos Investment Management Company (KIMC) has partnered with Harbor Associates to acquire a Class A, 12-story office and retail property with a five-story parking garage totaling over 208k sf in Hollywood. The property is located at 6922 Hollywood Blvd, at the intersection of North Orange Dr and Hollywood Blvd.

6922 Hollywood Boulevard fits with Kairos’ value-add strategy as the headwinds from the pandemic have allowed the property to be acquired at distressed pricing leaving the asset primed for capital and operational improvements, according to Carl Chang, CEO and Founder of Kairos.

“This joint venture acquisition seeks to take a contrarian view of the current market conditions surrounding office,” says Chang. “The mixed-use asset offers multiple streams of revenue which mitigates some of the risk around office in the near term, including 100% leased retail, and rapidly improving parking revenue as traffic in this highly trafficked tourist destination has accelerated post lockdowns. The diversification provides real opportunity to grow the asset’s value as really well-positioned properties recover in the future.”

As part of this strategy, Kairos plans to do site and facade improvements, as well as update vacant office space, with a goal of reaching 85% – 90% occupancy, by the end of 2025.

The Trailer Park Group, an industry leader in entertainment marketing and content production, is the building’s anchor office client, currently leasing the top three floors. The retail space totaling over 37k sf on the street-level is fully leased with most tenants renewing long-term leases in the past six months. Retail tenants include Wahlburgers, CaboWabo, US Bank, and Line Friends.

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* The information contained herein is for general, informational purposes only and is not intended to constitute an offer to sell or buy any securities or other assets or promise to undertake or solicit business, and may not be relied upon in connection with any offer or sale of securities or other assets.

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