Overview
- Newport Beach–based Redwood West and Irvine-based Panattoni led the buyer joint venture with Prime Finance and Prism Places.
- An Ares Real Estate fund provided the acquisition financing, according to the buyer group.
- Eastdil Secured brokered the transaction, which ranks among the highest-priced single-property retail sales in Southern California.
- Victoria Gardens in Rancho Cucamonga spans roughly 1.2 million square feet, is about 98% leased to some 160 retailers, and is ranked the fifth-busiest open-air center nationally by Placer.ai with around 14.7 million annual visitors.
- The new owners plan to invest more than $50 million in upgrades, including landscaping, signage, common areas, and tenant curation to enhance the visitor experience.