LOS ANGELES--(BUSINESS WIRE)--CIM Group announced today that it has signed a Purchase and Sale Agreement to acquire the 869,000-square-foot Baldwin Hills Crenshaw Plaza, a regional shopping mall situated on over 40 acres at 3650 West Martin Luther King Boulevard in the Baldwin Hills/Crenshaw market of Los Angeles. Macy’s and IHOP stores were not included in the sale.
“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. Two large anchors, Sears and Walmart, closed their doors prior to COVID-19’s shuttering the entire mall, and 300,000 square feet of space in these two large buildings continue to remain vacant. 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,” said Shaul Kuba, Principal and Co-Founder of CIM Group. “Since 1947 this property has been a commercial property, and although current entitlements allow residential components, we believe that residential uses are not suitable for this property and it should remain a commercial property in our repositioning.”
Baldwin Hills Crenshaw Plaza is midway between downtown Los Angeles to the east, Santa Monica to the west, Beverly Hills and Hollywood to the north, and Inglewood to the south, making it centrally located to many of the residential and business centers in the greater Los Angeles area. It is also directly adjacent to a new Metro stop on the Crenshaw/LAX line, connecting Downtown to Los Angeles International Airport, which is scheduled to open later this year.
For more than 25 years, CIM has been an owner, operator, lender and developer of real assets in communities throughout the greater Los Angeles area. It applies its long-standing development and operational expertise including construction management, property management and leasing to enhance properties from ground up construction to adaptive reuse. CIM draws on its broad expertise to conceive and implement development as well as repositioning strategies that add value to properties and the communities these properties serve.
About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.
