Moreno Valley Mall
in Moreno Valley, United StatesCategory: Attraction
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22500 Town Cir, Moreno Valley, CA 92553, USA Print route »
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The Moreno Valley Mall at Towngate is a shopping mall located on the former site of the Riverside International Raceway in Moreno Valley, California.Developed by Homart Development Company, the initial anchor stores in 1992 were Sears, J.C. Penney's, May Company California, and Harris Department Stores and had 140 specialty stores.In the early years competition for tenants divided prospects between competing developers. In September 1996 the City confirmed that lower than anticipated revenues would result in a shortfall estimated to extend the payback period of the $13m infrastructure loan to an estimated 2026 with the loan peaking at $19.5m. Also, the mall was then valued at $66 million, far less than its original valuation of $107 million.Moreno Valley Mall directly contracts with the local Police Service as well as private security firm for security services.Los Angeles Investor International Growth Properties (IGP) completed its purchase of the Moreno Valley Mall in November 2017.The Los Angeles investor was tops among more than 10 investors that competed at an online auction hosted on the RealInsight sales platform. It won the auction with an offer of $60.25 million and had to pony up another 5 percent as a buyer's premium, bringing its total purchase price to $63 million.
