Just Another Day In SouthLA
Have you ever notice the shopping center west of the Crenshaw Mall on King Blvd? Yep there’s a shopping center, it’s so run down tho, when you stand in the middle you feel like you’re in a Wild Wild West Movie. Well thanks to Council member Bernard C. Parks and joined business leaders from across the Eighth District, Marlton Square has emerged from bankruptcy, with a final settlement reached on December 29th, 2010.
“To say I’m thrilled would be the understatement of the decade, This blighted property has been an eyesore in the community for years. I share the anger and frustration of my constituents at the incompetence and financial mismanagement of past government officials and real estate developers that created this mess.”
Bernard C. Parks
Commercial Mortgage Managers (CMM) was selected to act as the servicing agent for over 270 claimants on the parcels in the south and west portions of Marlton Square, which have been mired in bankruptcy litigation for several years. The company plans to raise capital for demolition of the existing structures, which have become a magnet for crime, and then sell the entire property on behalf of the claimants, to a qualified developer.