(For more retail coverage, click GlobeSt.com/RETAIL.)

LA HABRA, CA-Hopkins Real Estate Group of Costa Mesa has lined up a $35.8 million loan through Wrightwood Capital to provide construction financing for the Newport Beach-based developer’s 220,000-sf Imperial Promenade. The project is under way on a 17-acre parcel at Imperial Highway and Idaho Street that formerly was the site of a Kmart.

The development is a joint venture between Hopkins and Irvine-based Arnel Capital Partners that will include retail shops, services and restaurants. It is expected to be completed in June and has signed a tenant roster including Target, Circuit City and a number of restaurants.

The development location is less than a mile east of the Imperial Highway and Beach Boulevard, one of the top retail intersections in Orange County, notes Jason Choulochas, western regional director of investments in Wrightwood Capital’s Newport Beach office. The project will capitalize on the growing retail demand in North Orange County, where rents are rising and vacancy rates falling, Choulochas says.

Built in 1994, the property originally totaled 178,578 sf of retail space and was a build-to-suit for Super Kmart, which vacated the store following its 2002 bankruptcy. The project is one of a number of former Kmart sites in the Southland that have been redeveloped or targeted for redevelopment since the giant retailer closed hundreds of stores in connection with its bankruptcy filing, before it merged with Sears to form Sears Holdings Corp.

The Kmart store at the Imperial Promenade site operated for about 10 years and has been vacant since closing in 2003. The former Kmart location is one of a list of Hopkins projects now under way that includes developments throughout Southern California. Among them are centers in Carson, Santa Clarita, San Clemente, Redlands, La Habra, Whittier, Fontana, Eastvale Sun City, San Bernardino, Palmdale and Palm Springs.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.