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KIMC JV acquires class A, mixed-use asset on Walk of Fame in Hollywood
Kairos Investment Management Co. (KIMC) has partnered with Harbor Associates to acquire a class A 12-story office and retail property with a five-story parking garage totaling more than 208,000 square feet in the Los Angeles submarket of Hollywood.
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,” said Chang. “The mixed-use asset offers multiple streams of revenue, which mitigates some of the risk around office in the near term, including 100 percent–leased retail, and rapidly improving parking revenue as traffic in this highly trafficked tourist destination has accelerated post-lockdowns. The diversification provid