|Location||Moreno Valley, California, United States|
|Address||22500 Town Circle, Suite 1206|
|Developer||Homart Development Company|
|Owner||International Growth Properties|
|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|
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, 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 $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.
Moreno Valley Mall directly contracts with the local Police Service as well as private security firm for security services.
In 2015, Sears Holdings spun off 235 of its properties, including the Sears at Moreno Valley Mall, into Sertiage Growth Properties.
International Growth Properties purchased Moreno Valley Mall in November 2017 for $63 million.
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.
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.Link via ProQuest.