Moreno Valley Mall

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Moreno Valley Mall
Moreno Valley Mall, Moreno Valley, California.jpg
LocationMoreno Valley, California, United States
Coordinates33°56′20″N 117°16′16″W / 33.93881°N 117.27109°W / 33.93881; -117.27109Coordinates: 33°56′20″N 117°16′16″W / 33.93881°N 117.27109°W / 33.93881; -117.27109
Address22500 Town Circle, Suite 1206
Opening date1992
DeveloperHomart Development Company
OwnerInternational Growth Properties[1]
No. of stores and services133
No. of anchor tenants5 (3 open, 2 vacant)
Total retail floor area1,090,000 sq ft (101,000 m2)
No. of floors2
Parking6,500
Websitemorenovalleymall.com

The Moreno Valley Mall at Towngate is a shopping mall located on the former site of the Riverside International Raceway in Moreno Valley, California.[2]

Developed by Homart Development Company, the initial anchor stores in 1992 were Sears, J. C. Penney, May Company California, and Harris Department Stores and had 140 specialty stores.[3]

In the early years competition for tenants divided prospects between competing developers.[4] In September 1996 the City confirmed that lower than anticipated revenues would result in a shortfall estimated to extend the payback period of the $13 million infrastructure loan to an estimated 2026 with the loan peaking at $19.5 million. Also, the mall was then valued at $66 million, far less than its original valuation of $107 million.[5]

Moreno Valley Mall directly contracts with the local Police Service as well as private security firm for security services.[6]

In 2015, Sears Holdings spun off 235 of its properties, including the Sears at Moreno Valley Mall, into Sertiage Growth Properties.[7]

International Growth Properties purchased Moreno Valley Mall in November 2017[8] for $63 million.[9]

On November 7, 2019, it was announced that Sears would be closing this location a part of a plan to close 96 stores nationwide. The store closed on February 2, 2020. [10]

Major anchors[edit]

Former anchors[edit]

  • Harris - Store converted into Gottschalks in 1999.
  • Gottschalks - Store closed in 2008 due to struggles before bankruptcy in 2009.
  • May Company - Store converted into Robinsons-May in 1993.
  • Robinsons-May - Store converted into Macy's in 2006.
  • Sears - Store closed due to company's struggle in February of 2020.

References[edit]

  1. ^ http://www.crenews.com/top_stories_-_free/top_stories_subscriber/los-angeles-investor-prevails-in-online-auction-for-moreno-valley-mall-in-calif.html
  2. ^ Glick, Shav (2006-02-15). "Learning Curves: NASCAR used to open on the road course at Riverside". Los Angeles Times. Retrieved 2016-01-16.
  3. ^ "Briefs: Moreno Valley Mall at Towngate". WWD. 161 (126). 1991-06-28. p. 12. Moreno Valley Mall at Towngate, a 1.2-million-square-foot two-level regional mall under construction, is scheduled to open in Riverside County, Calif., in fall 1992. Sears, Roebuck & Co., J.C. Penney and May Department Stores Co. are some of the tenants who have committed to opening stores during Phase I. Harris' Department Stores, San Bernardino, Calif., will open a 145,000-square-foot unit, as well. Link via ProQuest.
  4. ^ Myers, David W. (1986-11-23). "2 Developers in Race for Sole Moreno Valley Mall Both Compete for Tenants to Build Project". Los Angeles Times. Retrieved 2016-01-16.
  5. ^ Fleckenstein, Loren (1996-09-15). "Riverside, Calif., Mall's Financial Woes Put Pinch on City Coffers". Press-Enterprise. Knight RidderTribune. Archived from the original on 2011-06-15 – via HighBeam Research.
  6. ^ "Patrol Division". City of Moreno Valley. Archived from the original on 2007-10-14. Retrieved 2007-12-18.
  7. ^ http://www.seritage.com/retail/property/22550-town-circle/3312460/landing
  8. ^ http://www.crenews.com/top_stories_-_free/top_stories_subscriber/los-angeles-investor-prevails-in-online-auction-for-moreno-valley-mall-in-calif.html
  9. ^ "Moreno Valley Mall". marketplace.realinsight.com. Retrieved 2020-04-01.
  10. ^ Tyko, Kelly; Bomey, Nathan (November 7, 2019). "Sears and Kmart store closings: 51 Sears, 45 Kmart locations to shutter. See the list". USA Today. Retrieved November 7, 2019.