Victoria Gardens, reportedly the fifth busiest open-air lifestyle center in the nation, has sold to a venture led by Redwood West and Panattoni, in partnership with Prime Finance and Prism Places. The 1.2-million-square-foot Inland Empire retail property was acquired from Brookfield Properties for approximately $530 million, with an Ares Real Estate fund providing debt financing.
Located in Rancho Cucamonga, the 98% leased lifestyle center welcomes nearly 15 million visitors annually and is home to approximately 160 retailers and restaurants, including Apple, Lululemon, Chanel, Gorjana, Sephora, Nike, Zara, AMC Theatres, Shake Shack, Tecovas, The Cheesecake Factory, Warby Parker, Fleming’s Steakhouse, Sweetgreen and Macy’s.
“We see tremendous opportunity with Victoria Gardens,” said Redwood West co-founder and managing partner John Pomer, “It is a one-of-a-kind, highly productive asset with deep roots in the region. We plan to build upon that foundation by strengthening the experience for both the retailers and the community it serves.”
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