Redwood West and Panattoni, in partnership with Prime Finance and Prism Places, have purchased the Inland Empire’s main town square, the Victoria Gardens, for more than half a billion dollars. Ares Real Estate fund provided the debt financing for the transaction.
The Orange County-based joint venture struck a $530 million deal with Brookfield Properties for the 1.2 million-square-foot, 147-acre open-air shopping and lifestyle destination at 12505 N. Mainstreet in Rancho Cucamonga.
“We see tremendous opportunity with Victoria Gardens,” said John Pomer, Redwood West co-founder and managing partner, in a news release. “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.”
Redwood officials said that Victoria Gardens, which is 98% leased, attracts more than 14 million visitors a year and is considered one of the nation’s busiest retail centers. The JV plans to invest more than $50 million into the property.
Read more in the March 23 edition of the Business Journal.
