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RETAIL NEWS
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First Phase of Redevelopment at Inglewood Retail Center Completed

12/29/16

NewMark Merrill Companies has completed Phase 1 of the $15 mil redevelopment of Crenshaw Imperial Plaza, a 304.8k sf, neighborhood shopping center located on the southwest corner of Crenshaw Blvd and Imperial Hwy in Inglewood.

Phase 1 includes the extensive remodel of the dd's Discounts and 99c Only Stores; converting the ground floor of the office building to retail; and infrastructure improvements. Phase 2 of the center, which includes the remodel of the remainder of the retail center and office building, will welcome Mission View Charter School with a new 15k sf school, scheduled to be completed by the end of February 2017.

Additionally, the firm has started on final phase of redevelopment, which includes the demolition of an obsolete two-story building and the construction of a Planet Fitness and a new 14.2k sf retail building which is 100 percent leased.

The firm has also secured a $34.4 mil senior loan for the recapitalization of the project. The new loan has been provided by PCCP LLC and was arranged by David Pascale of George Smith Partners.

Richard Rizika and Mitchell Hernandez of CBRE are working closely with the firm's leasing team on leasing at Crenshaw Imperial Plaza. 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 75.6k sf of leases. New tenants to the center include Planet Fitness, Save-A-Lot, Chipotle, Five Guys and Ono.

CSI Construction Company is the general contractor with Hany Malak of McKently Malak Architects serving as the architect on the project.







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