10 Jun 2010 12:00 Africa/Lagos
Movie Theaters to Get a Makeover at Baldwin Hills Crenshaw Plaza; New Operator to Bring First Class Moviegoing Experience
Major Renovation of Existing Theater Complex to Start Immediately
LOS ANGELES, June 10 /PRNewswire/ — Starting Monday, the movie theaters at Baldwin Hills Crenshaw Plaza are getting an extreme makeover. The mall’s owner, Capri Urban Investors, LLC (“Capri”), a commingled fund of institutional investors, will transform the current theaters into a modern, state-of-the-art multiplex featuring stadium seating, new amenities, digital technology, 3-D screens and new decor throughout. The theater upgrade also calls for a new operator, which Capri plans to announce later this month.
“We are thrilled to be bringing in a new theater operator at Baldwin Hills Crenshaw Plaza,” said Ken Lombard, Partner and President of Capri Urban Investors, LLC. “We are currently finalizing a new contract with an operator that truly understands Los Angeles, the urban marketplace, and has an absolute commitment to delivering the best movie experience you’ll find anywhere. Transforming the mall is about giving shoppers more choices and better amenities, and having a new state-of-the-art multiplex is an important step in that direction.”
The transformation will begin with an immediate decommissioning of the existing theater, to be followed over the next several months with an extensive remodel of the theater complex both inside and out that will provide a completely new movie-going experience. Due to the extensive renovation that will take place, the theater facility, located on Martin Luther King Jr. Boulevard between Marlton Avenue and Crenshaw Boulevard, will be closed temporarily beginning in the month of June.
Beyond the new multiplex, renovation plans for the mall’s continued transformation are underway, including a vibrant, brand-new interior design featuring a dining terrace and live entertainment performance area, new flooring, lighting and other amenities, as well as extensive exterior building, site and landscape improvements throughout the 43-acre property. The mall renovation will be completed before the 2011 holiday season.
About Capri Urban Investors, LLC and Capri Capital Partners, LLC
Capri Urban Investors, LLC owns Baldwin Hills Crenshaw Plaza on behalf of institutional investors. Capri Capital Partners, LLC is the investment manager of Capri Urban Investors, LLC. Capri Capital Partners, LLC is an institutional real estate investment advisory firm, investing and managing commercial real estate properties and portfolios since 1992. Capri offers a broad spectrum of equity and debt products to its customers through separate account and commingled fund vehicles. Diversified assets managed on behalf of its pension fund and other institutional clients totaled $3.617 billion in fair market value as of March 31, 2010. For more information, please call 312-573-5275 or visit the company’s website www.capricapital.com.
Source: Capri Urban Investors, LLC
CONTACT: Steve Sugerman, +1-310-689-7535, for Capri Urban Investors,
Web Site: http://www.capricapital.com/