The once-grand Baldwin Hills Crenshaw Plaza mall in Los Angeles seemed like a prime target for investors. That was before it got caught up in a combustible debate over local ownership, race and economic development.
The surrounding neighborhoods offered a potential redevelopment gold mine, including one of the nation’s largest concentrations of affluent and middle-class Black households. In late April, private-equity company CIM Group agreed to pay around $130 million for the property, which fronts on West Martin Luther King…
