CIM Group has signed a purchase and sale agreement to acquire Baldwin Hills Crenshaw Plaza, a regional shopping mall in the Baldwin Hills/Crenshaw market of Los Angeles.
The 869,000-square-foot shopping mall is situated on over 40 acres at 3650 West Martin Luther King Boulevard. Macy’s and IHOP stores were not included in the sale, said the company in a press release.
The purchase price was not disclosed. CIM Group has agreed to pay more than $100 million for the property, according to Los Angeles Times report.
“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.