Signaling significant progress in transforming the theaters at Baldwin Hills Crenshaw Plaza, mall-owner Capri Urban Investors, LLC today announced that Rave Motion Pictures will step-in as the new theater operator for the upgraded facility. The theaters are currently being transformed into a state-of-the-art, fifteen-screen multiplex featuring stadium seating, new amenities, digital projection and sound, 3-D screens and new décor throughout.
The Baldwin Hills Crenshaw Plaza theaters will provide a completely new movie-going experience for its patrons, with a targeted opening by Memorial Day, 2011.
In Los Angeles, Rave currently operates the Rave 18 at the Howard Hughes Center (formerly known as “The Bridge” Theater). The company, founded in 1999 by Thomas W. Stephenson Jr., owns or manages 61 theaters and approximately 1,000 screens located in 20 states across the country.
Rave Motion Pictures was a pioneer in adopting 3-D technology and has set the industry standard for customer experience and comfort. Rave is also a leader in alternative content programming, from live sports to concerts to opera.
“Rave Motion Pictures will make a fantastic addition to Baldwin Hills Crenshaw Plaza,” said Ken Lombard, President of Capri Urban Investors, LLC and Partner of Capri Capital Partners, LLC. “They understand Los Angeles, the urban marketplace, and have an absolute commitment to delivering the best movie experience you’ll find anywhere.”
“We are extremely impressed with Capri’s commitment to turn Baldwin Hills Crenshaw Plaza into a Class-A retail center,” said Thomas W. Stephenson, Jr., President and CEO of Rave Motion Pictures. “We look forward to being part of the new plans at Baldwin Hills Crenshaw Plaza, and are proud to be the first major upgrade of many more to come for the center.”
Due to the extensive renovation taking place, the theater building, located on Martin Luther King Jr. Boulevard between Marlton Avenue and Crenshaw Boulevard, closed its doors earlier this summer. During the construction process, local residents are encouraged to visit the Rave 18 theater complex at 6081 Center Drive just off the San Diego Freeway. Show times and information are available at www.ravemotionpictures.com.
“Bringing a top-flight operator with the most modern facilities available in America today is great news for the residents of neighborhoods surrounding Baldwin Hills Crenshaw Plaza,” said Los Angeles City Councilman Bernard C. Parks. “Capri made a commitment to upgrade the mall, and this is a big and immediate step in delivering on that commitment,” he said.
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.
For more information, please visit: www.crenshawplaza.com.
About Capri Urban Investors, LLC and Capri Capital Partners, LLC
Capri Capital Partners, LLC is the investment manager of Capri Urban Investors, LLC, a real estate private equity fund, which is the owner of Baldwin Hills Crenshaw Plaza on behalf of institutional investors. 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 $3.534 billion in fair market value as of June 30, 2010. For more information, please call 312-573-5275 or visit the company’s website www.capricapital.com. Capri Capital Partners, LLC expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any statements contained herein to reflect any change in events, conditions, or circumstances on which any such statement is based. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy any security relating to Capri Capital Partners, LLC or any of its funds. Any offer or solicitation may be made only through the delivery of a definitive Private Offering Memorandum and all information contained herein is qualified in its entirety by such Memorandum.
Rave is currently the fifth largest domestic circuit by box office gross and number of screens. Since its founding by Thomas W. Stephenson, Jr. in 1999, Rave Motion Pictures has been dedicated to enriching the movie-going experience for audiences across the country. Rave Motion Pictures has set the industry standard for customer service and comfort and is a pioneer in the adoption of current digital and 3-D technology and a leader in alternative content programming from live sports to concerts to opera.