CRENSHAW, CA—Baldwin Hills Crenshaw Plaza Mall has secured $75 million in structured financing. Capri Urban Investors LLC owns the 860,000-square-foot retail plaza.
Located at 3650 W. Martin Luther King Jr Blvd., the property recently underwent a series of renovations totaling $40 million. The property was elevated to a class-A asset with a 30,000-square-foot landscaped promenade, new lighting and built-in seating areas. The owners plan to host summer concerts in the new promenade.
CBRE secured the funds on behalf of Capri Urban Investors. The team included Molly Green, VP, Keith Huizinga, SVP, and Peter Marino, SVP, all of who are on CBRE’s Chicago-based capital markets debt and structured finance team.
The property was originally built in the 1940s as an open-air plaza. It has since been renovated to its current appearance. The property has over 100 retail and dining tenants, and is anchored by a Macy’s, Sears and a Walmart. It is the longest standing and operating shopping center in the US, and is a landmark site in south Downtown Los Angeles.
This financing deal is another example of Downtown Los Angeles’ ongoing resurgence, and it is evident across the real estate sectors. Last week, GlobeSt.com reported that the Union Bank Tower in the downtown market signed more than 70,000 square feet of leases, bringing its building occupancy up to 97%, which is higher than the market average.