CIM Group Buying Baldwin Hills Crenshaw Plaza for $100M
CIM Group is acquiring the 869,000-square-foot Baldwin Hills Crenshaw Plaza, a regional shopping mall in Los Angeles’ Baldwin Hills/Crenshaw market. The more than 40-acre property at 3650 W. Martin Luther King Blvd. is reportedly being bought for more than $100 million from Chicago-based Capri Urban Investors.
CIM Group’s Shaul Kuba says, “Baldwin Hills Crenshaw Plaza occupies a pivotal location in a well-established Los Angeles community, centrally-located and adjacent to a soon-to-open Metro light rail station.”
Kuba points out prior to the COVID-19 shut-down, 300,000 square feet of Sears and Walmart anchor space sat closed, vacant and primed for a repositioning. “We have the opportunity to bring a fresh perspective to the future of the property viewed through the lens of the current climate and the acceleration of the already declining retail environment,” he adds, noting the asset is expected to remain a commercial property with office space incorporated.
Macy’s and IHOP stores were not included in the sale.
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