$35 Million Baldwin Hills Crenshaw Plaza Makeover Complete

LOS ANGELES--(BUSINESS WIRE)--Nearly two years since mall owner Capri Urban Investors announced its intentions to completely overhaul Baldwin Hills Crenshaw Plaza, the $35 million upgrade is complete. The comprehensive makeover, which includes the addition of new state-of-the-art movie theaters, several restaurants and retailers, a new outdoor plaza and cosmetic improvements, has transformed BHCP into a top-tier shopping center in the heart of the Crenshaw community.

“I am thrilled that the team has made an immediate investment to boost the mall to Class-A status, and is moving forward with their long-term plans to transform the mall into a community center for the Crenshaw District.”

“We made a commitment to raise the bar at Baldwin Hills Crenshaw Plaza two years ago, to ensure we are providing the amenities, services and quality experiences consumers have come to expect at best-in-class facilities across the country,” said Ken Lombard, partner and president of Capri Urban Investors, LLC, the owner of the mall. “We now have a gleaming new center and a line-up of quality retailers that this community deserves, and we look forward to announcing even more new restaurants and stores in the months ahead.”

Since the renovation began, several new retailers have opened their doors at Baldwin Hills Crenshaw Plaza including Staples, which now occupies a brand new building adjacent to the mall. BHCP is also now home to the all-new Rave Cinemas 15, a modern multiplex featuring stadium seating, all-digital projection and seven RealD 3-D equipped auditoriums. It is the first Rave theater in California with Rave Extreme: the Big Screen Experience, which includes giant wall-to-wall, ceiling-to-floor screens, enhanced sound systems and digital projects. The theater has been wildly successful since opening in July 2011, often grossing among the top 100 theaters in the nation for family films.

The internationally acclaimed Debbie Allen Dance Academy, which moved from Culver City into a brand new building at the corner of Marlton and Santa Rosalia Avenues in 2009, continues to draw hundreds of young artists from across Southern California to Baldwin Hills Crenshaw Plaza each day.

The mall now boasts several new dining options as well. In January 2012, well-known restaurateur Brad Johnson and Chef Govind Armstrong introduced restaurant Post & Beam to the local community. Featuring open-hearth cooking, seasonal ingredients, and herbs and vegetables from the restaurant’s own garden, Post & Beam is a unique sit-down restaurant in the neighborhood. The Los Angeles Times praised the new restaurant, calling Post and Beam a “promising newcomer” to the LA dining scene, serving “real food, California in spirit with a sassy Southern accent.”

Other new dining options at Baldwin Hills Crenshaw Plaza include Sbarro, Saffron Indian Cuisine, and Southern Girl Desserts, operated by co-owners Catarah Hampshire and Shoneji Robinson, who were recently featured on Season 6 of the Food Network’s “Cupcake Wars.” In 2011, the first Buffalo Wild Wings in the City of Los Angeles opened its doors at Baldwin Hills Crenshaw Plaza.

“We saw this as a great opportunity to grow with the community and be part of the transformation at Baldwin Hills Crenshaw Plaza,” said Hampshire. “We appreciated that the mall ownership believed in our company and the vision we have. BHCP really goes above and beyond to support its tenants and we recognize that we will have a great support team to assist in our success.”

The comprehensive upgrades have sparked investment from the mall’s anchors as well. Macy’s completed a multi-million dollar upgrade that included physical improvements to the store and the addition of new departments, fixtures and merchandise. Walmart is also undertaking significant renovations to enhance the shopping experience, adding features customers have long-requested including groceries, crafts and fabrics, and an expanded apparel selection.

Between the new Rave Cinemas 15 and the upgraded mall is a new 30,000-square-foot promenade that also serves as the featured new entry point for the retail center. The promenade features lush landscaping including dozens of mature trees, Bougainvillea and Japanese Boxwood plants, new lighting, as well as built-in seating areas. Project architects Omniplan and RAW International designed the new theatre and promenade to create a signature gathering area and entry point for the entire property.

Inside the mall, renovations include a new dining court with a kid’s seating area, a children’s play area, a new community room as well as concierge services with a broader range of services. Other improvements include new family restrooms, a new specialty kiosk and cart program, and signage.

“We are excited that members of the community are coming back to shop at Baldwin Hills Crenshaw Plaza, and are taking such pride in the upgraded mall,” said General Manager Sharron King. “It’s important to us that the mall be a hub in the Crenshaw neighborhood, which is why we are so focused on bringing an exciting line-up of programs and events to Baldwin Hills Crenshaw Plaza.”

BHCP serves as home to the Crenshaw Farmers Market, which is operated by the Sustainable Economic Enterprises of Los Angeles and offers a variety of farm fresh produce, delicious gourmet good and unique artisan goods to the local community every Saturday. Hundreds of local residents crowd the outdoor promenade on select evenings through the summer for the mall’s BHCP Live! Concert series. Performances last year included Goapele, Stephanie Mills, Kelly Price and Sheila E. New to the mall this year are free Zumba fitness dance classes and cardio kick classes offered on the Macy’s bridge each week.

“The upgrade at Baldwin Hills Crenshaw Plaza represents a tremendous investment in the community at a time when it really counts,” said Councilmember Bernard Parks, “I am thrilled that the team has made an immediate investment to boost the mall to Class-A status, and is moving forward with their long-term plans to transform the mall into a community center for the Crenshaw District.”

About Capri Capital Partners, LLC

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 $3.7 billion in gross fair market value as of March 31, 2012. 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 Primestor Development, Inc.

Baldwin Hills Crenshaw Plaza is professionally managed by Primestor Development, Inc. Primestor is a full service commercial real estate firm specializing in the management, revitalization, and development of shopping centers in urban locations. Primestor is a national leader in reaching the urban consumer through catalytic economic development partnerships. Primestor's accolades include the Latino Business Association's 2002 Business of the Year Award, the City of Los Angeles' Minority Construction Firm of the Year Award for 2005, the Business Leadership Award by HUB Cities Consortium in 2008, the Los Angeles Business Journal’s 2012 “Latino Business of the Year Award” and most recently the 2012 recipient of the Habitat for Humanity’s “Hammer of Hope” Award.