Moreno Valley Mall

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Moreno Valley Mall
Moreno Valley Mall, Moreno Valley, California.jpg
Moreno Valley Mall
Location Moreno Valley, California, United States
Coordinates 33°56′20″N117°16′16″W / 33.93881°N 117.27109°W / 33.93881; -117.27109
Address22500 Town Circle, Suite 1206
Opening date1992
Developer Homart Development Company
OwnerInternational Growth Properties [1]
No. of stores and services133
No. of anchor tenants 5 (3 open, 2 vacant)
Total retail floor area 1,090,000 sq ft (101,000 m2)
No. of floors2
Parking6,500
Website morenovalleymall.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]

Contents

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 Seritage 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

Former anchors

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References

  1. ↑ "Los Angeles Investor Prevails in Online Auction for Moreno Valley Mall in Calif". Archived from the original on 2018-03-01. Retrieved 2018-03-01.
  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 . Vol. 161, no. 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.
  6. ↑ "Patrol Division". City of Moreno Valley. Archived from the original on 2007-10-14. Retrieved 2007-12-18.
  7. ↑ "Sears at Moreno Valley Mall | Seritage". www.seritage.com. Archived from the original on 2016-03-17.
  8. ↑ "Los Angeles Investor Prevails in Online Auction for Moreno Valley Mall in Calif". www.crenews.com. Archived from the original on 2017-12-06.
  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.

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