Description: Target Anchored Center with Chipotle, Corner Bakery, Jamba Juice, Pinkberry, T-Mobile, Pacific Credit Union
Location: La Habra, CA
Parking Space/Ratio: 808 spaces or 3.75 per 1,000 SF
Land Size: 16.2 Acres
Equity Partner: Arnel Capital Partners
Redevelopment of Existing K-Mart Center
Imperial Promenade is a recently completed Target-anchored community center located in the affluent submarket of Westridge in the city of La Habra, California. Imperial Promenade is the redevelopment of an existing shopping center which was acquired by Hopkins Real Estate Group in 2005. The center is 213,564-square-feet and offers a wide variety of shopping, service and restaurant tenants. In addition, Imperial Promenade features an outdoor seating area and a fountain component, thus creating an inviting shopping environment. The project was developed in partnership with Arnel Capital Partners.
At the time of acquisition, the property was a single-tenant, 175,000-square-foot former KMart building that had been vacant for three years. Hopkins Real Estate Group approached Target with the relocation opportunity from an older, under-sized store just east of the site, and created a plan to redevelop the existing K-Mart building to a dual tenant space. Target preferred Imperial Promenade’s location and the synergies of an additional anchor tenant and opened for business in the third quarter of 2008 (electronics retailer, Circuit City, opened shortly after Target, but due to their bankruptcy, this location was recently closed; however, there are a number of retailers interested in this site).
