Brothers Gain 700% On Hollywood Property In 5 Months, Net $42 Million

Memorial Healthcare System paid $49 million for the shuttered Hollywood Fashion Center mall, which closed in 1993.

The deal closed April 17.

Memorial Healthcare System, a nonprofit hospital system, is looking to redevelop the property into “a wellness hub” but has yet to make a final decision and construction is at least two years away, according to a statement from the hospital.

The 8-acre property houses the 155,880-square-foot shopping center located at 101 South State Road 7. Constructed in 1971, the building is curently home to Gordon Food Service Store, a food distribution center and grocery store. The site sits adjacent to Hollywood Boulevard, surrounded by big-box stores such as Aldi and Walmart.

441 MADE PROPERTY INVESTMENTS LLC, an entity managed by Shlomi Ben-Shmuel,  3J 441 LLC, an entity managed by Izac Ben-Shmuel, and LB5 FAMILY LLC, an entity managed by Lior Ben-Shmuel, bought the Hollywood property November 17, 2022 for $7 million with each brother owning a third, according to property records.

Tobin Real Estate President and COO Jason Tobin and Senior Vice President Louie Granteed exclusively represented Memorial in the acquisition.