KIMC Snags Distressed Office Building on Hollywood Boulevard
Kairos Investment Management Company (KIMC) has partnered with Harbor Associates to acquire 6922 Hollywood Blvd., a 12-story, 208,000-square-foot office and retail property in Hollywood, CA. KIMC, which focuses on an opportunistic, value-add real estate investment strategy, said the headwinds from the pandemic allowed the property to be acquired at distressed pricing. “This mixed-use asset offers ... The post KIMC Snags Distressed Office Building on Hollywood Boulevard appeared first on Connect CRE.
Kairos Investment Management Company (KIMC) has partnered with Harbor Associates to acquire 6922 Hollywood Blvd., a 12-story, 208,000-square-foot office and retail property in Hollywood, CA. KIMC, which focuses on an opportunistic, value-add real estate investment strategy, said the headwinds from the pandemic allowed the property to be acquired at distressed pricing.
“This 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,” said KIMC CEO Carl Chang. The property also includes a five-story parking garage, and retail tenants Wahlburgers, CaboWabo and US Bank.
Kairos plans to do site and facade improvements, as well as update vacant office space, with a goal of reaching 85% to 90% occupancy by the end of 2025. The Trailer Park Group, an entertainment marketing and production company is currently the building’s anchor office tenant, occupying the top three floors.
The post KIMC Snags Distressed Office Building on Hollywood Boulevard appeared first on Connect CRE.
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