Moreno Valley Mall
The Moreno Valley Mall at Towngate is a shopping mall located on the former site of the Riverside International Raceway in Moreno Valley, California.
| Location | Moreno Valley, California, United States |
|---|---|
| Coordinates | 33.93881°N 117.27109°W |
| Address | 22500 Town Circle, Suite 1206 |
| Opening date | 1992 |
| 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 |
| Parking | 6,500 |
| Website | morenovalleymall |
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.