DJM Capital, owner of Ovation Hollywood and Pacific City in Huntington Beach has seen what’s essential and this week closed on four neighbourhood centres in California.
The centres acquired from Merlone Geier through a joint venture with affiliates of Fortress Investment Group total 488,000sq ft. All are located in Southern California except for Deer Creek Village—the largest of the group at 257,000sq ft in Petaluma.
DJM hones in on coastal locations filled with high household incomes to find properties they can re-develop or re-curate to create more traffic and customer engagement. Pacific City, for instance, stages more than 400 events as traffic draws each year. The company’s website states that its acquisition strategy focuses on elite markets in coastal California coastal locations with potential for high returns.
“Well located, outdoor, daily needs retail has continued to outperform expectations across all of DJM’s portfolio,” said the company’s Senior VP of investments Rob Grant. “This category of retail has shown resiliency throughout the pandemic and we are looking forward to even more growth as we emerge from the pandemic.”
