Luxury Outdoor Mall Victoria Gardens Sold For More Than $500 Million

Victoria Gardens, an expansive outdoor shopping halfway successful Rancho Cucamonga, has sold for $530 cardinal arsenic open-air malls proceed to outdraw accepted indoor centers.

The center, built successful 2004 connected erstwhile cultivation onshore astatine a costs of $285 million, is 1 of nan largest location malls successful Southern California, pinch much than 30 buildings connected 12 blocks, interspersed pinch parks, gardens and fountains. It besides has a nationalist room and taste center.

The caller ownership is simply a task led by Newport Beach existent property institution Redwood West and Irvine developer Panattoni, successful business pinch Prime Finance and Prism Places.

Victoria Gardens gets astir 15 cardinal visitors annually and generates much than $1,100 per quadrate ft successful unit sales, placing it among top-grossing open-air shopping centers successful nan nation, Redwood West said.

It has astir 160 retailers including Apple, Lululemon, Chanel, Gorjana, Sephora, Nike, Zara, AMC Theatres, Shake Shack and Macy’s.

“We spot tremendous opportunity pinch Victoria Gardens,” John Pomer, a managing partner astatine Redwood West, said successful a statement. “It is simply a one-of-a-kind, highly productive plus pinch heavy roots successful nan region. ”

The caller owners said they will walk different $50 cardinal connected improvements, specified arsenic landscaping, signage and communal area upgrades.

When it was built, nan promenade was portion of a inclination among commercialized builders to create mini downtowns for cities that lacked them.

Town Center Drive successful Santa Clarita and Birch Street Promenade successful Brea are smaller examples of nan municipality halfway conception that dates to nan early 1990s, aft nan occurrence of Reston Town Center successful Virginia.

The seller of nan promenade was Brookfield Properties, a Canadian existent property elephantine that has been trading commercialized properties successful Southern California successful caller years, including agency buildings successful downtown Los Angeles and nan Shoppes astatine Carlsbad promenade successful San Diego County.