Moreno Valley Mall

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Moreno Valley Mall
LocationMoreno Valley, California
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 (4 open, 1 vacant)
Total retail floor area1,090,000 sq ft (101,000 m2)
No. of floors2
Parking6,500
Websitemorenovalleymall

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's, 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]

Los Angeles Investor International Growth Properties (IGP) completed its purchase of the Moreno Valley Mall in November 2017.[8] The Los Angeles investor was tops among more than 10 investors that competed at an online auction hosted on the RealInsight sales platform. It won the auction with an offer of $60.25 million and had to pony up another 5% as a buyer's premium, bringing its total purchase price to $63 million.

Major anchors[edit]

Former anchors[edit]

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