Redwood West and Panattoni, in partnership with Prime Finance and Prism Places, have acquired Victoria Gardens, a 1.2 million-square-foot lifestyle retail center in Rancho Cucamonga, Calif., according to media outlets.
Brookfield Properties, a subsidiary of Brookfield Corp., sold the open-air shopping center for $530 million. Ares Real Estate provided debt financing for the transaction.
Developed in 2004, Victoria Gardens spans approximately 12 blocks and includes more than 30 buildings. The property was 98 percent leased at the time of sale and includes 160 retailers and restaurants, including Apple, lululemon, Chanel, Sephora, Nike, Zara, AMC Theatres, Shake Shack, The Cheesecake Factory and Macy’s. Other amenities include a cultural center, public library, performance venue, public plazas, gardens and office space.
The new ownership group plans to invest more than $50 million in upgrades to the property.
Redwood West and Panattoni will oversee leasin
