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3/13/26
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In a major retail acquisition out of the Inland Empire, the 1.2 msf Victoria Gardens destination center in Rancho Cucamonga was purchased by a venture led by Redwood West and Panattoni, in partnership with Prime Finance and Prism Places. The asset was sold by Brookfield Properties for approximately $530 mil, or $442/sf. Ares Real Estate fund provided the debt financing for the transaction.
Located at 12505 N Main St, in the northwest quadrant at the intersection of I-15 and Foothill Blvd, Victoria Gardens is the fifth busiest open air lifestyle center in the nation. The center welcomes nearly 15 million visitors annually and generates more than $1,100 per square foot in retail sales.
Victoria Gardens stands at 98 percent leased and is home to approximately 160 specialty and highly sought after 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.
Redwood West will focus on enhancing the overall customer experience and reinforcing Victoria Gardens’ role as a central gathering place for the community, working in collaboration with Prism Places, tapped to oversee leasing, operations, and property programming. The new ownership plans to invest more than $50 mil into the property, with immediate improvements focused on enhanced landscaping, new signage, revitalized common areas, and the continued curation of retail, dining, and experiential offerings.
“Our objective is to build upon what is already working at Victoria Gardens by thoughtfully evolving the tenant mix and expanding programming and activations that bring people together,” said Prism Places CEO Stenn Parton, “The property is a much-loved town square for the city and region due to its outstanding mix of shopping, dining and community focused amenities. We look forward to building upon that success.”
Unique to Victoria Gardens is that, in addition to its industry-leading retailers and restaurants, the center features the Victoria Gardens Cultural Center that encompasses a public library where the Randall Lewis Second Story and Beyond® immersive discovery space is located as well as a performance venue. The center is further enhanced by inviting public plazas and office space.
Victoria Gardens is situated in a densely populated Inland Empire trade area with 2.2 million residents within a 25-minute drive. The city of Rancho Cucamonga has an average household income of $138,000, 22 percent higher than the national average, with a 9 percent projected household income growth over the next five years. Market researchers note that Rancho Cucamonga’s residents have a relatively moderate cost of living compared to nearby coastal cities, allowing for disposable incomes 10% greater than the Los Angeles County average.
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