Kaiser to Build at Marlton Square
Marlton Square – formerly know as Santa Barbara Plaza – is a 22-acre retail and residential area located in the Crenshaw district of Los Angeles. According to the Los Angeles Times, it was part of a $1 billion real estate portfolio that defaulted when lender USA Capital, filed for bankruptcy in 2006. A court-ordered stay halted redevelopment until 2010 when the federal trustee allowed the portfolio to be split.
Kaiser, the largest nonprofit health plan and hospital system in the U.S., bought 8.65 acres from Commercial Mortgage Managers (CMM), the primary investor in Marlton Square. The price was not disclosed, but real estate experts estimate the land to be worth about $40/sf. Kaiser plans to build two medical office buildings there.
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In addition to Kaiser, an apartment complex for seniors was completed last December on 2.25 acres of Marlton Square and CMM is in negotiations to sell the balance of the property developers of a 120,000sf retail center.
Last Updated on June 3, 2012 by Ramin Seddiq