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Retail and entertainment hub Hollywood & Highland is being sold by its longtime owner, CIM Group, but the company is holding onto the Dolby Theatre.

The buyers are DJM, a San Jose-based private equity real estate and development firm and Gaw Capital USA, a Hong Kong and LA-based real estate private equity firm. The two companies promise to “reimagine” the 460,000-square foot site over the next two-plus years.

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Financial terms were not disclosed.

CIM has owned the 460,000-square-foot complex since 2004. It initially opened in 2001, along with a long-planned subway stop and a host of other initiatives aimed at revitalizing Hollywood as a neighborhood and retail destination. While the results have been somewhat mixed, the Dolby (né Kodak) has emerged as a mainstay, hosting the Oscars every year since 2002 and other marquee live events like American Idol. In 2012, CIM and the Academy of Motion Picture Arts and Sciences signed a 20-year deal for the Oscars to be held at the Dolby.

DJM and Gaw have big plans for Hollywood & Highland 2.0. In an announcement, they vowed to “upgrade the retail hub and and focus on rebranding, upgrading common areas with an eye to creating more desirable gathering and programming spaces, ramping up entertainment events, optimizing the merchandise mix and incorporating new concepts and uses.”

“The retail landscape has shifted, consumer tastes have adapted, and ‘New Hollywood’ is constantly redefining itself,” DJM Chief Retail Officer Stenn Parton said. “With Hollywood & Highland, we at DJM and Gaw Capital are eager to seize the opportunity to create, in the heart of LA, an environment where the iconic allure of ‘Old Hollywood’ meets the modern innovation of new media.”

CIM acquired the Hollywood & Highland complex in 2004, which at that time included the retail and entertainment center, the theater and the adjacent 632-room hotel. The hotel was sold in 2012 and the retail and entertainment complex was recapitalized in a CIM-managed joint venture.

“CIM’s repositioning of Hollywood & Highland increased its visibility and provided a stable anchor for the resurgence of Hollywood,” CIM co-founder and principal Shaul Kuba said. “The development was envisioned as a catalytic project that would propel private investment and development in the community. We believe we have fulfilled this mission, and established Hollywood & Highland as a major economic generator for the City of Los Angeles.”

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