NewMark Merrill Wraps Up Phase I of Crenshaw Plaza Redevelopment
- Dec 29, 2016
Inglewood, Calif.—Woodland Hills-based NewMark Merrill Cos., has completed Phase 1 of the $15 million redevelopment of Crenshaw Imperial Plaza, a 304,755-square-foot shopping center located on the southwest corner of Crenshaw Boulevard and Imperial Highway in Inglewood, Calif.
The firm secured a $34.4 million senior loan for the recapitalization of the project. PCCP LLC provided the new loan, while George Smith Partners arranged it. CBRE is working closely with the firm’s leasing team on leasing at Crenshaw Imperial Plaza. CSI Construction Co. is the general contractor, while McKently Malak Architects serve as the architect of the project.
The first phase of the redevelopment of the building included an extensive remodeling of the dd’s Discounts and 99c Only stores. The office ground floor was converted to retail and infrastructure improvements were added. The next phase in the transformation of the center includes the remodeling of the remainder of the retail center and office building, which will welcome Mission View Charter School, a new 15,000-square-foot school scheduled to be completed by the end of February 2017. Additionally, the firm has started the final phase of redevelopment, the demolition of an obsolete two-story building, the construction of a Planet Fitness and a new 14,215-square-foot retail building, which is already completely leased.
“Crenshaw Imperial Plaza has seen a significant amount of leasing interest and activity over recent months as we finalize a major redevelopment of the property. This recapitalization of the asset is a strategic milestone to stabilize it financially as it subsequently strengthens from customer and user standpoints as well,” said Sandy Sigal, president & CEO of NewMark Merrill Cos., in prepared remarks.
Crenshaw Imperial Plaza is located at 2930 West Imperial Highway, just minutes from the site of the new LA Rams stadium that recently broke ground. According to Yardi Matrix data, the six-story building was built 1961. Since NewMark Merrill’s acquisition of the center in 2015, the firm along with CBRE and the City of Inglewood have been instrumental in securing 75,552 square feet of leases. Planet Fitness, Save-A-Lot, Chipotle, Five Guys and Ono are amongst the new tenants of the center. Crenshaw Imperial Plaza is part of a portfolio of over 86 shopping centers that NewMark Merrill Cos. owns or manages.
Images courtesy of NewMark Merrill Cos.