The popular high-end Victoria Gardens shopping mall in Rancho Cucamonga has been purchased for $530 million.
The Southern California-based firms Redwood West and Panattoni, in partnership with Prime Finance and Prism Places, purchased Victoria Gardens, which sits along Interstate 15.
At nearly 1.2 million square feet, the lifestyle retail center opened in October 2004, and quickly drew customers from across Southern California, the Daily Press reported.
Victoria Gardens
Victoria Gardens is considered one of the largest regional malls in Southern California, with more than 30 buildings on 12 blocks, according to the Los Angeles Times.
The retail center is home to 160 specialty retailers and restaurants, including The Cheesecake Factory, Macy’s, AMC Theatres, Apple, lululemon, Chanel, Gorjana, Sephora, Nike, Zara, Shake Shack, Tecovas, Warby Parker, Fleming’s Steakhouse, Sweetgreen and more.
Besides retail and dining options, Victoria Gardens features a cultural center, public library, performance venue, multiple public plazas, parks, gardens and office space.
$530 million purchase
New York City-based Brookfield Properties, a subsidiary of Brookfield Corp., sold the open-air mall for $530 million, with Ares Real Estate providing debt financing for the transaction, according to Shopping Center Business.
“We see tremendous opportunity with Victoria Gardens,” said John Pomer, co-founder and managing partner at Redwood West. “It is a one-of-a-kind, highly productive asset with deep roots in the region.”
Victoria Gardens was 98% leased at the time of sale and attracts more than 14 million visitors a year, according to Redwood West.
The new ownership plans to invest more than $50 million into the property, with immediate improvements focused on enhanced landscaping, new signage, revitalized common areas, and the continued curation of retail, dining and experiential offerings.
In collaboration with Prism Places, Redwood West and Panattoni will oversee leasing, operations and property management at Victoria Gardens.
“Our objective is to build upon what is already working at Victoria Gardens by thoughtfully evolving the tenant mix and expanding programming and activations that bring people together,” Prism Places CEO Stenn Parton said.
The property is a much-loved town square for the city and region due to its outstanding mix of shopping, dining and community-focused amenities, Parton added.
Victoria Gardens early planting
Victoria Gardens was developed through a partnership between Los Angeles-based Forest City California — a unit of the Cleveland, Ohio-based Forest City Enterprises, Inc. — and Lewsi Retail Centers, the Daily Press reported.
The Victoria Gardens complex cost $285 million to build, almost twice as much as it took to construct the 131-acre Ontario Mills Mall in 1996.
The cultural center was constructed two years after the complex was completed.
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