Justin Mateen And Tyler Mateen Acquire Hollywood Galaxy Shopping Center For $69 Million From Donald C. Wood

This transaction involves the sale of the Hollywood Galaxy shopping center and historic Petersen Building located at 7001 & 7021 Hollywood Boulevard in Los Angeles. The asset features a total square footage of 180,800 and has a sale price of $69,000,000, which equates to a price per square foot of $382.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $69,000,000
• Buyer: Justin Mateen - JAM FUND & Tinder
• Buyer: Tyler Mateen - Cannon TTM
• Seller: Donald C. Wood - Federal Realty Investment Trust
• Leasing Status: Nearly 80% leased
• Prominent Tenants: Target and LA Fitness
• Potential Future Tenants: Flagship brands like Lego or Nintendo
• Largest retail transaction in Los Angeles for the year
• City block included in the deal
• Total real estate deals closed by the Mateens: Over $1 billion in the past 3 years
• Real estate deals closed in Los Angeles: $450 million

The transaction marks a significant move by the Mateen brothers, who are investing in high-foot-traffic locations amidst a trend of institutional investors withdrawing from the Los Angeles market. Tyler Mateen indicated a focus on acquiring assets that are unique and cannot be replicated, showcasing their strategic approach to real estate investment.