Tinder co-founder Justin Mateen is growing his retail holdings in Los Angeles with a new acquisition on the Hollywood Walk of Fame.
Justin Mateen, along with his brother Tyler Mateen, bought the Hollywood Galaxy shopping center and the historic Petersen Building next door from Federal Realty Investment Trust for $69 million, the Los Angeles Times reported. Both properties are located next to the legendary TCL Chinese Theatre on Hollywood Boulevard.
“I’ve always been a contrarian investor,” Justin Mateen, who invests through his JAM Fund venture capital firm, told the L.A. Times of the purchase. “Whether it’s startups, public markets or real estate, I take the long view and hold through cycles for forever. While others are pulling back from cities like L.A., we’re doubling down. Its resurgence feels inevitable.”
The brothers hope to attract tenants who can take advantage of the millions of tourists that flock to the intersection of Hollywood Boulevard and Highland Avenue every year.
The three-story Hollywood Galaxy shopping center, completed in 1990, is currently almost 80 percent occupied and is home to tenants like Target and LA Fitness. The leftover vacant space can be snapped up by tenants “who benefit off heavy foot traffic and value a large format with visibility,” Tyler Mateen told the Times. That could include big-name businesses like Nintendo or Lego looking to create experiential retail for Hollywood tourists or a flagship store for a retail heavy hitter like Nike, Adidas or Sephora.
The Hollywood investment marks the Mateens’ first major retail purchase in Hollywood.
Last August, the brothers, along with their brother-in-law Pouya Abdi of Parallel Acquisitions and Holdings, bought Wilshire Rodeo Plaza, a five-story office building at Wilshire Boulevard and Rodeo Drive in Beverly Hills, for $211 million. They’re in the process of signing new retail tenants and planning a rooftop restaurant at the property.
In March 2023, the Mateens bought the HHLA mall in Westchester for $80 million. They’re currently refurbishing the property in preparation for new tenants like immersive entertainment firm Meow Wolf.
Correction: This story has been edited to reflect that the acquisition marks the Mateens’ first major retail purchase in Hollywood.
Read more
Commercial
Los Angeles
Tinder co-founder and family make office-retail play in Beverly Hills
Residential
Los Angeles
Developer proposes nearly 650 apartments along Hollywood’s Walk of Fame
Commercial
Los Angeles
LA City Council rescinds Hollywood hotel approval after legal defeat