INGLEWOOD, CALIF. — NewMark Merrill Cos. has completed the first phase of the $15 million redevelopment of Crenshaw Imperial Plaza in Inglewood. The 304,755-square-foot shopping center is located on the southwest corner of Crenshaw Boulevard and Imperial Highway.
The first phase includes the remodel of the dd’s Discount and 99¢ Only Stores; converting the ground floor of the office building into retail space; and infrastructure improvements.
The second phase will include the remodel of the remainder of the retail center and office building, which will be home to the 15,000-square-foot Mission View Charter School. The second phase is slated for completion by February.
The firm has also started on the final phase of redevelopment, which includes the demolition of an obsolete two-story building and the construction of a Planet Fitness and a 14,215-square-foot building that is 100 percent pre-leased.
Additionally, NewMark Merrill has secured a $34.4 million senior loan for the recapitalization of the project. PCCP provided the loan, which David Pascale of George Smith Partners arranged.