Victoria Gardens, a major open-air lifestyle center in the Inland Empire, has been sold by Brookfield Properties to a venture led by Redwood West and Panattoni for approximately $530 million. The buyer group is partnering with Prime Finance and Prism Places on the 1.2-million-square-foot retail asset, while an Ares Real Estate fund is providing debt financing for the acquisition.
The property is located in Rancho Cucamonga and is reported to be the fifth busiest open-air lifestyle center in the United States. Victoria Gardens is currently 98% leased and draws nearly 15 million visitors each year, underscoring its position as a heavily trafficked regional destination.
The center houses roughly 160 retailers and restaurants spanning fashion, technology, dining and entertainment. Notable brands at the property include Apple, Lululemon, Chanel, Gorjana, Sephora, Nike, Zara, AMC Theatres, Shake Shack, Tecovas, The Cheesecake Factory, Warby Parker, Fleming’s Steakhouse, Sweetgreen and Macy’s.
Redwood West co-founder and managing partner John Pomer described Victoria Gardens as a one-of-a-kind, highly productive asset with deep roots in the surrounding community. He noted that the new ownership group intends to build on the property’s existing strengths and focus on enhancing the experience for both tenants and local residents.
The transaction highlights ongoing investor interest in high-performing, open-air retail centers with strong tenant rosters and consistent customer traffic. With institutional capital on both the equity and debt sides of the deal, Victoria Gardens is positioned to remain a key retail and lifestyle hub for the Inland Empire under its new ownership partnership.
