PRAEDIUM GROUP AND SCANLANKEMPERBARD SELL CRENSHAW IMPERIAL SHOPPING CENTER IN LOS ANGELES AREA FOR $15.5 MILLION
September 9, 2003-New York and Portland, OR--The Praedium Group LLC, a New York City-based national real estate investment firm and ScanlanKemperBard Companies, a Portland, Oregon-based real estate merchant banking firm announced today the sale of Crenshaw Imperial Shopping Center, a grocery-anchored retail center located in Inglewood, CA for $15.5 million. Built in 1956 and renovated in 1990, the property is located at the northeast corner of Crenshaw Boulevard and Imperial Highway, in the City of Inglewood. The 159,000 square foot center is currently 94 percent occupied.
Sam Allison and Dan Riley of CB Richard Ellis represented the seller. The buyer was One Imperial Plaza, L.P.
Christopher Hughes, Praedium Group principal said, "We were attracted to this asset due to its location along major commuter routes within a stable, dense infill neighborhood. Together with our partner, SKB, the rent roll was stabilized, and various capital improvements were made. Ultimately, the asset became more appealing to the investor community as a result of these enhancements and in light of the strong demand for grocery-anchored retail product in major metropolitan areas with solid in-place yield."
"The property's strong infill location allowed us to achieve our business plan in less time than we expected," noted Robert D. Scanlan, Principal of SKB. In 2001, a joint venture between SKB and Praedium acquired the 500,000-square-foot, 33-acre Borland Corporation office campus at 100 Enterprise Way in Scotts Valley, California. In 2002, they also teamed up to purchase 800 Wilshire Boulevard, located at the corner of Flower Street in downtown Los Angeles, Santa Fe Springs Plaza in Santa Fe Springs and Margarita Plaza in Huntington Park, California.
SKB Companies was founded in Portland in 1993 and is a leading real estate merchant banking and development advisory firm that acquires and develops properties throughout the western U.S. www.skbcos.com.
The Praedium Group is a real estate investor focusing on underperforming and undervalued assets throughout North America, with more than $2 billion in total investments to date. Praedium was formed in 1991 with a leading international investment bank as its sole investor.
Building on the experience and exposure gained through this original investment program, Praedium has been a sponsor of commingled real estate private equity funds since 1994. The funds sponsored by Praedium have attracted investors that include public and corporate pension funds, financial institutions, insurance companies and endowments.
Praedium is currently investing in its most recent $465 million real estate private equity fund, Praedium Fund V. This equity will be leveraged to acquire $1.5 billion in properties. The fund will invest in mid-cap assets throughout the United States and Canada in the $10 to $70 million range, targeting multi-family, office, retail and industrial property types. For more information please see www.praediumgroup.com.
