LOS ANGELES--(BUSINESS WIRE)--CIM Group announced today that it has acquired an approximately 1.3-acre property at 3045 Crenshaw Blvd. which is entitled for a mixed-use development consisting of 168 apartment units, of which 17 will be affordable, and 40,000 square feet of ground floor retail.
The property, located just north of Jefferson Boulevard, is centrally located in Los Angeles and part of the historic West Adams neighborhood which offers dining, entertainment and community-serving retail and services. Future residents will have easy access to the Metro E Line light rail station on Crenshaw Boulevard that provides a connection east to Downtown Los Angeles and west to Santa Monica. In addition to its location on Crenshaw Boulevard, which is a major north/south thoroughfare, it also is near several east/west connectors including the Interstate 10 Freeway, Exposition Boulevard, and West Adams Boulevard.
New development at the site will replace the vacant, former West Angeles Church of God in Christ which now serves the community and congregants from an expansive cathedral at Crenshaw and Exposition Boulevards. After 43 years at its north campus location, West Angeles Church is consolidating facilities at its south campus location at Crenshaw and Exposition.
Commencing almost 20 years ago, CIM Group Principal Shaul Kuba and Bishop Charles E. Blake Sr. forged a relationship to bring positive change and new development to a portion of Crenshaw Boulevard, between Jefferson and West Adams Boulevards. In a series of acquisitions of church-owned properties executed over many years, CIM Group has delivered a variety of developments that created good jobs and attracted businesses to South Los Angeles that have improved the quality of life in the area.
The latest land sale is part of the church’s long-planned property dispositions announced in 2019 to bring new community serving developments to the neighborhood and with proceeds supporting church programs including construction of The Family Life Center. The Family Life Center is a community-serving, multi-use building, which includes a chapel, banquet/fellowship hall, classrooms, media center, counseling center, floor for youth and kids and administrative offices, which will open by the end of the year.
For more than 25 years, CIM Group has applied its community-focused investing approach by utilizing its broad expertise in owning, developing, repositioning, and operating real estate assets to enhance communities throughout the Americas.
About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.
About West Angeles Church
West Angeles is led by recently appointed Pastor Charles Blake II. Under the leadership of his predecessor Bishop Charles E. Blake Sr., the church was grown from an initial 50 members to over 24,000. Bishop Charles E. Blake Sr., former Presiding Bishop of the worldwide Church of God In Christ organization – served as Head Pastor of West Angeles Church of God In Christ from 1975 through 2023.
West Angeles Church of God In Christ is recognized as one of the most influential churches in America today, and serves as the model of visionary leadership into the future. Its main place of worship, the West Angeles Cathedral, is located in the Crenshaw District of Los Angeles, California, a historic African American ethnic enclave. Contact: Stephanie Turner, firstname.lastname@example.org, (323) 733-8300 x2310.