A new real estate venture backed by former U.S. ambassador George Argyros is targeting retail developments in Southern California.
Arnel Hopkins Retail Group LLC kicked off operations a few weeks ago.
The Costa Mesa-based company is a venture of Arnel & Affiliates, the real estate development and management company founded by Argyros in 1968, and Brian Hopkins, a former executive with Irvine developer Hopkins Real Estate Group.
Hopkins recently left the development business run by his father, Stephen Hop-kins, to take on the role of president at Arnel Hopkins. The company’s being run out of Arnel & Affiliates’ offices in Costa Mesa.
Hopkins had been with his father’s company for nearly 10 years, most recently serving as vice president and director of development for Hopkins Real Estate.
Arnel Hopkins plans to invest in two to three projects by year’s end, with about three projects added to the pipeline each year after that, Hopkins said.
Smaller projects will be in the five-acre size, while more sizable deals could run closer to 30 acres. How long the venture holds on to the properties after completing development will be made on a case by case basis, Hopkins said.
The developments are set to be retail focused. Some projects could be combined with Arnel & Affiliates’ specialty,apartments,and be more mixed-use.
Arnel & Affiliates owns more than 5,200 apartments, along with some 2 million square feet of office, industrial and retail space. Among the company’s most prominent holdings is the 280,000-square-foot Metro Pointe in Costa Mesa.
Argyros,a longtime force in local real estate,will have an active role in the company’s plans, according to Hopkins.
“He’s definitely going to be involved in this,” Hopkins said.
Argyros, who’s been back in Orange County about three years now, served as U.S. ambassador to Spain from 2001 to late 2004.
Hopkins and Arnel are no strangers when it comes to local developments. Another unit of Argyros’ company, Arnel Capital Partners LLC, has provided equity for several California projects that Hopkins Real Estate Group has undertaken.
Their most prominent local partnership is in La Habra, where Hopkins is building the 220,000-square-foot Imperial Promenade shopping center. The project is valued at $45 million, and replaces a Kmart that was vacated at the site in 2002.
Construction on the redevelopment project began earlier this year and is set to wrap up in a few months. Tenants include a Target and a 35,000-square-foot Circuit City. Plans for the shopping center were first announced back in 2005.
