New York-based developer Magnum Real Estate Group is growing its presence across the Greater Los Angeles area, recently purchasing a 103,905 square-foot shopping center in Baldwin Hills for $37.3 million, or about $358 per square foot. According to public records, the grocery-anchored shopping center was sold by Watt Properties, a real estate investment company based in Santa Monica.
The Baldwin Hills Shopping Center is located at 5060 Obama Boulevard, and property records show it was built in 1960. The property is currently occupied by several tenants, and anchored by Ralphs and CVS, according to a landing page on Watt Properties’ website.
Located just off Interstate 10, the property is in a densely populated retail area, with nearby retail including Popeyes, Albertsons, Target and more. The area is also home to more than 335,000 people within a three-mile radius, with an average household income of $69,912 per year.
While it is unclear what Magnum Real Estate plans for the property are, the company has recently been making major steps into the Los Angeles area. Earlier this year, the company submitted plans to develop a 376-unit multifamily complex at 1457 Main Street in Los Angeles’ Chinatown neighborhood. In total, the development would reach 194,581 square feet and include a 6,448 square-foot restaurant as well as several tenant amenity spaces.
The company has previously been very active throughout New York City. According to the company’s website, Magnum Real Estate owns an expansive portfolio worth more than $4 billion across the city. In total, the company has undertaken 80 development projects, with a main focus on multifamily developments.
