New buyers have emerged for Baldwin Hills Crenshaw Plaza, a sprawling regional mall that has been a focal point of the South Los Angeles community since shortly after World War II but has struggled for business in recent decades.
New York real estate companies LIVWRK and DFH Partners have been selected by the current owners to acquire the 40-acre property at Crenshaw and Martin Luther King Jr. boulevards, the sellers said.
The sale is expected to close before the end of the year. No price was disclosed, but offers to buy the mall earlier this year, including one from Los Angeles developer CIM Group, exceeded $100 million.
CIM Group agreed to buy the mall in April but backed out of the deal in June in the face of resistance from neighborhood activists who objected in part that CIM’s plans didn’t add housing to the complex, which was approved by the