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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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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.