Brookfield, Queensland Selling 1M SF Southern California Mall
Brookfield Properties and Queensland Investment Corp. are selling the Inland Empire mall Victoria Gardens, Bisnow has learned.
A representative for GGP, Brookfield Properties' retail division, declined to comment.
The open-air mall at 12505 N. Mainstreet in Rancho Cucamonga spans more than 1M SF and is a strong performer in a relatively affluent corner of the Inland Empire. Cash flow at the mall in 2024 was $33.6M, roughly on par with the underwritten level, according to Morningstar Credit data. While the final 2025 numbers haven’t yet been reported, the cash flow is pacing roughly the same.
The property’s net operating income was $32M at the end of 2023, up 6% from the year prior and 15% from before the pandemic, The Real Deal previously reported.
As of September, the mall was 94% occupied, according to Morningstar. That represents an increase over the 92% occupancy in 2024, according to TRD.
The mall counts Apple, Fleming's Prime Steakhouse & Wine Bar, P.F. Chang's, Pottery Barn, Warby Parker, Williams Sonoma and Yard House among its tenants. It also features an AMC Theatres multiplex.
In 2024, about 700K SF of the mall was refinanced for $265M. Barclays and JPMorgan Chase originated the five-year, floating-rate loan, which was then packaged into a CMBS deal, the Real Deal reported at the time. The property has another mortgage as well as mezzanine financing, but the details of that debt are unclear.
Brookfield is also selling its FIGat7th shopping mall at 735 S. Figueroa St. in Downtown Los Angeles, CoStar reported in December. Target and Zara are among the 330K SF shopping center’s tenants.
In January, Brookfield announced its retail division would rebrand as GGP, after the Chicago-based mall owner the company acquired in 2018. The move was intended to underscore that the retail division operates independently within Brookfield.
