A Los Angeles real estate company is reportedly planning to buy the Baldwin Hills Crenshaw Plaza and add office space to the mall.
The company, CIM Group, announced April 29 that it had signed a purchase and sale agreement for the 40-plus-acre, 869,000-square-foot property west of Downtown, at 3650 W. Martin Luther King Boulevard. The announcement did not disclose the purchase price, though it has been reported to be upward of $100 million.
As of print time, neither CIM Group or Chicago-based seller Capri Investment Group has responded to LA Downtown News’ requests for information.
“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,” Shaul Kuba, principal and co-founder of CIM Group, said in a statement.
Macy’s and IHOP are not included in the sale. However, Kuba noted closed anchors Sears and Walmart amount to 300,000 square feet of vacant space.
“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,” Kuba explained in the statement.
Though the company’s announcement did not mention specific plans for the mall, Kuba, via the statement, clarified residential use is not in the works despite the property being allowed for such. Instead, it has been reported that CIM Group is looking to add office space to the mall.
“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,” Kuba said.