LOS ANGELES--(BUSINESS WIRE)--The new year is off to a great start at Baldwin Hills Crenshaw Plaza with the signing of a lease with Staples, the world’s largest office products company.
The addition of Staples to Baldwin Hills Crenshaw Plaza builds on the leasing momentum that started in 2010 with the announcements of several new retailers at BHCP, including theater operator Rave Motion Pictures, Buffalo Wild Wings and Brad Johnson’s new restaurant Post & Beam.
“Bringing in new retailers of this caliber is part of the overall plan to transform Baldwin Hills Crenshaw Plaza into a Class-A center,” said Ken Lombard, President of BHCP owner Capri Urban Investors, LLC and Partner of Capri Capital Partners, LLC. “With these new retail leases and the substantial investment being made to physically transform the center, BHCP is on its way to becoming a top-tier shopping destination.”
In addition to Staples, the new theater complex and new restaurants, plans for the mall’s continued transformation are underway, including a vibrant, brand-new interior design with an upgraded dining terrace and live entertainment performance area, new flooring, lighting and other amenities, as well as extensive exterior building, site and landscape improvements throughout the 43-acre property.
“The investment in BHCP and the addition of top quality retailers will bring direct benefits to the community,” Lombard said. “Staples is a case in point. Capri expects Staples to add significant value to the surrounding community by offering quality services that do not currently exist in the area.”
“We look forward to rolling out the red carpet for Staples,” said Los Angeles City Councilman Bernard C. Parks. “The company’s decision to locate along the Crenshaw Corridor is great news for local residents and proof of the purchasing power of this community. The addition of Staples fills a void, and I am so pleased that the company recognized Baldwin Hills Crenshaw Plaza as a great location to do business.”
Featuring 7,000 products, Staples offers great savings on core necessities for small businesses such as ink and toner, technology, computers and accessories, and innovative Staples® brand products. The new store will also provide other Staples signature services, including a Staples Copy & Print Center, offering full-service copying and printing services with 100 percent quality guarantee.
Lombard anticipates breaking ground on the new Staples store in May of this year.
About Capri Urban Investors, LLC and Capri Capital Partners, LLC
Capri Capital Partners, LLC is the investment manager of Capri Urban Investors, LLC, a real estate private equity fund, which is the owner of Baldwin Hills Crenshaw Plaza on behalf of institutional investors.
Capri Capital Partners, LLC is an institutional real estate investment advisory firm, investing and managing commercial real estate properties and portfolios since 1992. Capri offers a broad spectrum of equity and debt products to its customers through separate account and commingled fund vehicles. Diversified assets managed on behalf of its pension fund and other institutional clients totaled $3.347 billion in fair market value as of September 30, 2010. For more information, please call 312-573-5275 or visit the company’s website www.capricapital.com.
Capri Capital Partners, LLC expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any statements contained herein to reflect any change in events, conditions, or circumstances on which any such statement is based.
This announcement does not constitute an offer to sell, or a solicitation of an offer to buy any security relating to Capri Capital Partners, LLC or any of its funds. Any offer or solicitation may be made only through the delivery of a definitive Private Offering Memorandum and all information contained herein is qualified in its entirety by such Memorandum.
About Staples
Staples, the world’s largest office products company, is committed to making it easy for customers to buy a wide range of office products and services. Our broad selection of office supplies, electronics, technology and office furniture as well as business services, including computer repair and copying and printing, helps our customers run their offices efficiently. With 2009 sales of $24 billion and 91,000 associates worldwide, Staples operates in 26 countries throughout North and South America, Europe, Asia and Australia serving businesses of all sizes and consumers. Staples invented the office superstore concept in 1986 and today ranks second worldwide in e-commerce sales. The company is headquartered outside Boston. More information about Staples (Nasdaq: SPLS) is available at www.staples.com/media.