>From the ground up The last Puente Hills renovation in 1991 failed to provide the punch necessary to attract new tenants.
Today, would never build a mall like this in southern California, because there wouldn't be enough specialty retailers to fill it." "It has a good location, good visibility from good roads and is surrounded by single family homes with high income. "What we saw at Puente Hills was a facility designed for a different time," Krigsman says. The closest, Brea Mall, about half an hour away, has a 5-mile target radius with 50,000 fewer people and about $3,000 less in average household income. With those figures, the right center is likely to give nearby centers a run for their money. Thefamilies are well-off, with an average household income within 1 mile of $68,313 per year within 5 miles, average household income stands at $64,509. More than 40 percent of adults within a 1-mile radius of the center have college degrees. During the past 10 years, area population has shifted to an ethnically diverse mix of middle and upper middle class consumers, including Asians, Caucasians and Hispanics. Within a 5-mile radius of the shopping center, the population of 356,628 is projected to grow slightly over the remainder of the decade. Traffic counts taken in 1995 show that 220,000 cars per day pass the property on the freeway and that 40,000 cars per day move through the intersection of Azusa and Colima. Colima Road, another major thoroughfare, runs along the property's south border. The highway exits to Azusa Avenue, which feeds directly to the mall. Solid location, shining demographics Located in the City of Industry, about 40 miles southwest of Los Angeles, the cross shaped, four-anchor Puente Hills sits just south of the Pomona Freeway (Highway 60). Krigsman, real estate director for The Krausz Cos. "If this site were farm land, and you announced that you were building a center, tenants would line up around the block," says Jay E. Krausz executives attributed the center's downfall to a failure to keep pace with changing demographics. saw immense potential despite Puente Hills' recent poor performance. While the center's future appeared bleak, The Krausz Cos. Shortly after the purchase, JCPenney vacated, leaving only two anchors: Sears and Robinsons-May. Inc., San Francisco, purchased the mall from Hahn Property Management in August 1996, only 49 percent of the mall remained leased. center had lost its Broadway department store when the chain closed its doors, and many of the other tenants had left as well. In 1996, Puente Hills mall was near obsolescence. helps Puente Hills shed its checkered record for a new look and tenant mix.
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