LOS ANGELES—Laurus Corp. has acquired the Promenade at Howard Hughes Center, a retail complex on the city's West Side, for $111 million. The Los Angeles-based firm plans to spend $30 million to renovate the property, this according to a report from Bloomberg News.
The upgrades will include improvements to restaurants, stores and entertainment venues, and will be the first major renovation for the 250,000-square-foot complex built in 2001.
The asset was sold by Passco Cos. Bloomberg said the seller disclosed the price. Emily Heidt, a spokeswoman for Laurus, declined to comment on the price.
The property is located just off Interstate 405, one of the country's busiest freeways.
Laurus, has more than $1 billion in assets under management, including hotels in Chicago and Texas, and office buildings in Baltimore and Houston.
GlobeSt will post full coverage of this story on Monday.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
