Moreno Valley Mall Explained

Moreno Valley Mall
Location:	Moreno Valley, California, United States
Address:	22500 Town Circle, Suite 1206
Coordinates:	33.9388°N -117.2711°W
Opening Date:	1992
Owner:	International Growth Properties^[1]
Number Of Stores:	133
Number Of Anchors:	5 (3 open, 2 vacant)
Floor Area:	1090000square feet
Floors:	2
Parking:	6,500

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]

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

• Harkins Theatres
• Macy's
• J. C. Penney
• Round1 Entertainment

Former anchors

• 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.

Notes and References

1. Web site: Los Angeles Investor Prevails in Online Auction for Moreno Valley Mall in Calif . 2018-03-01 . 2018-03-01 . https://web.archive.org/web/20180301225831/http://www.crenews.com/top_stories_-_free/top_stories_subscriber/los-angeles-investor-prevails-in-online-auction-for-moreno-valley-mall-in-calif.html . dead .
2. News: Shav . Glick . Learning Curves: NASCAR used to open on the road course at Riverside . 2006-02-15 . . 2016-01-16.
3. News: Briefs: Moreno Valley Mall at Towngate . . 1991-06-28 . 12 . 161 . 126 . . 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. . .
4. News: David W. . Myers . 2 Developers in Race for Sole Moreno Valley Mall Both Compete for Tenants to Build Project . 1986-11-23 . . 2016-01-16.
5. News: Riverside, Calif., Mall's Financial Woes Put Pinch on City Coffers . https://web.archive.org/web/20110615052817/http://www.highbeam.com/doc/1G1-18676970.html . dead . 2011-06-15 . . Knight RidderTribune . 1996-09-15 . Fleckenstein . Loren.
6. Web site: . Patrol Division . . City of Moreno Valley . 2007-12-18 . https://web.archive.org/web/20071014050458/http://www.moreno-valley.ca.us/resident_services/police/depts_patrol.shtml#mall . 2007-10-14.
7. Web site: Sears at Moreno Valley Mall Seritage . www.seritage.com . dead . https://web.archive.org/web/20160317002525/http://www.seritage.com/retail/property/22550-town-circle/3312460/landing . 2016-03-17.
8. Web site: Los Angeles Investor Prevails in Online Auction for Moreno Valley Mall in Calif. . www.crenews.com . dead . https://web.archive.org/web/20171206090701/http://www.crenews.com/top_stories_-_free/top_stories_subscriber/los-angeles-investor-prevails-in-online-auction-for-moreno-valley-mall-in-calif.html . 2017-12-06.
9. Web site: Moreno Valley Mall. marketplace.realinsight.com. 2020-04-01.
10. News: Tyko . Bomey . Kelly . Nathan . Sears and Kmart store closings: 51 Sears, 45 Kmart locations to shutter. See the list . November 7, 2019 . USA Today . November 7, 2019.