Howard Hughes Center Nabs 10 Offers


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The Laurus Corp. plans to invest an additional $30 million into the 248,841-square-foot retail center.

LOS ANGELES—Passco Cos. received 10 offers from investors for the Howard Hughes Center, a 248,841-square-foot retail property. Earlier this week, GlobeSt.com reported that the Laurus Corp. purchased the property for $111 million and plans to invest an additional $30 million for renovations. Now, the seller’s team tells us that the sale was very competitive with a broad range of investors bidding on the property.

“We had a very competitive bid environment for this two-level entertainment-oriented retail asset,” Bryan Ley, managing director at HFF, tells GlobeSt.com. “We had all types of investors interested in the asset from institutions and regional groups to foreign capital sources. The most competitive groups realized the need to continue the seller’s business plan of upgrading the asset quality to make it a top-tier retail asset in Los Angeles.” Ley represented the seller in the transaction along with his colleague, HFF director John Crump

Howard Hughes Center Nabs 10 Offers

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