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]
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| Location | Moreno Valley, California, United States |
|---|---|
| Coordinates | 33°56′20″N 117°16′16″W / 33.93881°N 117.27109°W |
| Address | 22500 Town Circle, Suite 1206 |
| Opening date | 1992 |
| Developer | Homart Development Company |
| Owner | International Growth Properties[1] |
| No. of stores and services | 133 |
| No. of anchor tenants | 5 (3 open, 2 vacant) |
| Total retail floor area | 1,090,000 sq ft (101,000 m2) |
| No. of floors | 2 |
| Parking | 6,500 |
| Website | morenovalleymall |
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
editFormer anchors
edit- Harris - Store converted into Gottschalks in 1999.
- Gottschalks - Store closed in 2008 due to struggles before bankruptcy in 2009.
- May Company - Store converted into Robinsons-May in 1993.
- Robinsons-May - Store converted into Macy's in 2006.
- Sears - Store closed due to company's struggle in February 2020.
References
edit- ^ "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.
- ^ Glick, Shav (2006-02-15). "Learning Curves: NASCAR used to open on the road course at Riverside". Los Angeles Times. Retrieved 2016-01-16.
- ^ "Briefs: Moreno Valley Mall at Towngate". WWD. Vol. 161, no. 126. 1991-06-28. p. 12. ProQuest 1445678505.
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.
- ^ 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.
- ^ 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.
- ^ "Patrol Division". City of Moreno Valley. Archived from the original on 2007-10-14. Retrieved 2007-12-18.
- ^ "Sears at Moreno Valley Mall | Seritage". www.seritage.com. Archived from the original on 2016-03-17.
- ^ "Los Angeles Investor Prevails in Online Auction for Moreno Valley Mall in Calif". www.crenews.com. Archived from the original on 2017-12-06.
- ^ "Moreno Valley Mall". marketplace.realinsight.com. Retrieved 2020-04-01.
- ^ 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.