Redwood West/Panattoni JV Buys Victoria Gardens Open-Air Mall for $530M

A joint venture comprising Newport Beach-based Redwood West, Irvine-based Panattoni, Prime Finance, and Prism Places acquired Victoria Gardens, a 1.2 million-square-foot open-air shopping center in Rancho Cucamonga, California, from Brookfield Properties and Australia-based Queensland Investment Corporation for approximately $530 million. Eastdil Secured brokered the deal, and an Ares Real Estate fund provided acquisition debt financing. The buyers plan to invest an additional $50 million into the property for landscaping upgrades, new signage, improved common areas, and further tenant curation. Victoria Gardens is 98% leased to 160 retailers and restaurants and attracts 14.7 million annual visitors, ranking it as the fifth-busiest open-air shopping center in the U.S. - Redwood West: Newport Beach, CA-based real estate investment firm led by co-founder John Pomer. JV lead. - Panattoni: Irvine-based commercial real estate developer and investor with a major industrial and retail portfolio. - Prism Places: Retail operator led by CEO Stenn Parton, managing the day-to-day leasing and tenant experience. - Brookfield Properties: New York-based subsidiary of Brookfield Corp. (TSX/NYSE: BN), one of the world's largest real estate owners; sold its stake as part of ongoing retail portfolio optimization. - Ares Real Estate: Provided the acquisition loan tied to the transaction. An Ares Real Estate fund provided acquisition financing, though the loan amount was not publicly disclosed. In mid-2024, sellers Brookfield and QIC had been exploring a $265 million refinancing with potential CMBS placement through J.P. Morgan and Barclays; it is unclear whether that deal closed prior to this sale.