Tag: buy

CIM Group drops plan to buy Baldwin Hills Crenshaw Plaza

Developer CIM Group has backed out of a pending deal to buy Baldwin Hills Crenshaw Plaza in the face of opposition from activists in the mall’s South Los Angeles neighborhood.

The Los Angeles developer said in April that it had agreed to pay more than $100 million for the 40-acre property at Crenshaw and Martin Luther King Jr. boulevards and that it planned to remake the shopping center, one of the largest in the region, into a mixed-use complex that included offices for rent in addition to shops and restaurants.

Opponents of the sale called CIM Group’s plans unwelcome gentrification

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Here’s why the biggest U.S. mall owner might want to buy JC Penney

Simon Property Group might want to own bankrupt J.C. Penney in order to be able to redevelop some of its best real estate and make it even better, according to one analyst. 

“We believe Simon wants to control the J.C. Penney boxes and land so that it can ultimately redevelop many of these in order to densify and introduce mixed use elements,” Compass Point real estate analyst Floris van Dijkum said. “A redevelopment (that would require zoning approvals, capital, and time) could unlock significantly greater value while boosting traffic for the retail.” 

Simon is considering teaming up with Brookfield Properties

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