About the Company
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 Seritage 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.
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Latest $SRG News
Seritage Growth Properties Makes $50 Million Loan Prepayment
Seritage Growth Properties (NYSE: SRG) (the “Company”), a national owner and developer of retail, residential and mixed-use properties, today announce ...
This Company Is Shutting Down Its Business -- and Could Have 74% Upside for Investors
Management decided to throw in the towel, but this company's asset value could be far more than its stock price.
Major developers are converting South Florida malls into mixed-use projects
Electra America, Codina Partners and Aimco are among major developers jumping on the mall-to-mixed-use conversion trend.
Former Sears store at Meriden Mall to be auctioned off May 6 with bids starting at $750K
Sears was the second anchor store in the Meriden Mall to close, followed by Macy's. JCPenney led the exodus in 2017. The city ...
Westfield UTC is expanding with a new wing of luxury shops and destination restaurants
Unibail-Rodamco-Westfield has started construction on a 50,000-square-foot project that will add nine storefronts and two ...
EastGroup Properties, Inc. (NYSE:EGP) Q1 2024 Earnings Call Transcript
EastGroup Properties, Inc. (NYSE:EGP ... In keeping with our strategy of targeting high-growth markets, we are excited near ...
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