Brookfield is selling another Southern California mall.
Brookfield Properties and Queensland Investment Corporation are selling the Victoria Gardens shopping center in Rancho Cucamonga, Bisnow reported. The property at 12505 North Mainstreet spans 1.2 million square feet. Pricing guidance for the open-air mall has not been disclosed.
Victoria Gardens boasted a cash flow of $33.6 million in 2024, per Morningstar data cited by Bisnow. The Inland Empire property’s net operating income was $32 million at the end of 2023, an increase of 6 percent from the year prior and 15 percent from before the pandemic, The Real Deal previously reported.
The mall was 94 percent occupied as of last September, marking a slight increase from 92 percent occupancy in 2024. Tenants include AMC Theatres, Apple, Fleming’s Prime Steakhouse & Wine Bar, P.F. Chang’s, Pottery Barn, Warby Parker, Williams Sonoma and Yard House.
Brookfield and Queensland pursued a refinancing package for about 700,000 square feet of the mall in 2024. Barclays and JPMorgan Chase originated that five-year, floating-rate loan, which was then packaged into a commercial mortgage-backed securities deal. Besides that loan, Victoria Gardens has another mortgage as well as mezzanine financing, though details around that debt is not clear.
Brookfield is in the midst of a retail property sell-off in SoCal.
In December, Brookfield began searching for buyers for its FIGat7th development in downtown Los Angeles. The 330,000-square-foot property is 85.8 percent occupied and is expected to sell for about $70 million.
In San Diego County, Brookfield sold part of The Shoppes at Carlsbad in September for $71.5 million. A joint venture between Los Angeles-based Steerpoint Capital and San Mateo-based Steelwave bought the 727,000-square-foot main portion of the property. The Victoria Gardens listing comes on the heels of another eastern L.A. County mall selling last month. Solana Beach-based Brixton Capital acquired The Quad at Whittier, spending $100 million for the nine-building, 315,000-squa
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