Our Bid for the Baldwin Hills Crenshaw Mall
I sat down with one of LA's finest, DJ Hed and Home Grown Radio, to break my silence. I partnered with the largest investment manager in the world, and one of the most prolific development firms in the country to bid for the Baldwin Hills Crenshaw Mall.
I created Own Our Own California so that anyone from California could invest, but my specific intention was that anyone from South Central (with at least $1,000) could invest in the mall.
It's a highly unusual structure for an institutional investor and large developer to do a JV with crowdfunded capital. It has never happened before on a deal of this magnitude. But both my investor and development partner agreed with my stance that directly allowing people to have skin in the game was the only way to approach the Crenshaw Mall. This means something different to me, and anyone who is from or who has spent time in South Central.
We submitted our bid on Feb 19, 2021.
When we were notified in March that we weren't the winning bidding group, one of the primary factors cited was that the winning bidder guarantees a quick close. The sale of the mall had been a tough process, and they wanted it to end. We submitted 60 day due diligence, so you can deduce that they promised to close in less than 60 days.
Our immediate response was to increase our bid so that we were substantially higher than the winning bidder, and to reduce our diligence period. We submitted that revised offer same day. The response was that the seller was running a fair and clean process, so they couldn't accept our revised bid. We had to respect it.
Fast forward 60 days, the winning bidder hadn't closed. That's disturbing.
Another two weeks go by, we resubmit our same bid on May 19th. The bid that is materially higher than the bidder who was awarded, and with a tight diligence period. No response to that bid.
It's August 10th as I type this. More than 5 months since our bid was rejected because they wanted a quick close. This is all extensively documented.
Here's the story of our bid for the Baldwin Hills Crenshaw Mall. Please watch the video, subscribe, and share with a friend.
Love + Respect,
Post a Comment