IE Business Daily Business news for the Inland Empire.
Victoria Gardens, the 1.2 million-square-foot regional shopping center in Rancho Cucamonga, has been sold.
Redwood West in Newport Beach and Panattoni, a commercial real estate company, have purchased the open-air facility for $530 million, according to multiple reports.
The seller was Brookfield Properties in New York.
The new owners plan to spend $50 million upgrading the property, which is one of the largest regional malls in Southern California. It sits on 147 acres, has more than 150 retailers and restaurants and attracts approximately 15 million visitors a year, according to reports.
Its tenants include Macy’s, JCPenney, Bass Pro Shops, and AMC Theatres. It’s also home to Victoria Gardens Cultural Art Center, and the Rancho Cucamonga Public Library.
“We see tremendous opportunity with Victoria Gardens,” John Pomer, a managing partner at Redwood West, told the Los Angeles Times. “It is a one-of-a-kind, highly productive asset with deep roots in the region.”
Victoria Gardens is at 12505 N. Mainstreet near Interstate 15. The mall opened in October, 2004.
