Exclusive: LA Mall Lands $135M in Financing
The property is currently undergoing a redevelopment process.
Harridge Development Group has obtained a $135 million loan from Schroders for Baldwin Hills Crenshaw Plaza, an 870,000-square-foot retail property in Los Angeles, Yardi Matrix shows.
The asset last traded in 2021, when Harridge paid LACERA $111 million. ACORE Capital provided a $117.9 million loan for that deal.
Following that acquisition, Harridge teamed up with Access Industries and SilverPeak to create the Baldwin Hills Crenshaw Plaza Partnership with the goal of redeveloping the property, which debuted in 1947 and received further additions in the 1980s and 1990s.
It is unclear if Schroders’ loan retires existing debt or funds the redevelopment. Harridge and Schroders did not return Commercial Property Executive’s request for comment at the time of publication.
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The City Council approved the project to include the new construction of a 400-key hotel, 961 residential units, 331,838 square feet of retail space and 143,377 square feet of office space.
Phase one of the redevelopment began in March 2026 with the demolition of a former Sears building totaling 141,972 square feet, along with its automotive center and several surrounding structures. This initial stage is set to bring online 92 residential units. Costs clocked in at $90 million, CBS News reported, citing Mayor Karen Bass.
The enclosed mall structure and cinema will remain intact during the redevelopment. T.J. Maxx is among the property’s largest tenants, while the roster also includes companies within the apparel, health and beauty, jewelry, restaurant and entertainment sectors.
Located on nearly 43 acres at 3650 Martin Luther King Jr. Blvd., the property is next to a metro station that opened in 2022.
Retail lending surges nationally
Commercial real estate lending activity surged 52 percent year-over-year through March, according to a Mortgage Bankers Association report. Retail origination volume increased by a substantial 148 percent during the same interval.
Metro Los Angeles captured some of that debt through the $65 million acquisition loan issued by Wells Fargo for Brixton Capital’s purchase of the 433,553-square-foot Quad at Whittier, Yardi Matrix shows. The asset commanded $100 million in January.
This deal also reflects investor confidence, as retail transactions clocked in at $848.1 million during 2026’s first three months across the market, a CBRE report shows. The volume marked a 1.7 percent quarter-over-quarter improvement.
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