The Moreno Valley Mall at Towngate is a shopping mall located on the former site of the Riverside International Raceway in Moreno Valley, California .
8-457: 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
16-541: A Chicago -based subsidiary of Sears , was one of the largest builders of shopping centers and malls in the United States from 1959 to 1995. As retail development in the United States shifted away from downtowns with the growth of suburbia after World War II, some major department stores such as Sears moved into the business of developing malls in which to place new anchor tenant locations. Homart Development Company
24-522: 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. Official website Homart Development Company Homart Development Company ,
32-481: The biggest real estate deals in history. Homart also owned a number of office buildings which were also sold in 1995. Sears executive Emory Williams was the first president of Homart. Warren G. Skoning was appointed president in 1967, and elected as chairman in 1974. Also serving as vice-president of real estate development for Sears, Skoning was involved in the development of the Sears Tower . W.E. Lewis
40-415: 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
48-498: Was founded in 1959 for the purpose of building regional shopping malls for Sears . The "Homart" brand name had been used by Sears for many years before the development company was founded. Seminary South Shopping Center in Fort Worth was their first project. By 1971, Homart was operating nine regional shopping locations, and had numerous others in development. It became the nation's second largest mall developer, and by 1992 it
56-481: Was named president in 1974 when Skoning became chair. Edwin Homer, former president of Chrysler Realty, joined as president in 1980, later became chair and CEO, and served until his retirement in 1984. Homer diversified Homart's portfolio by developing office properties and community centers, in addition to malls, and also sold some of Homart's malls to generate additional profit for Sears. In 1985, Michael J. Gregoire
64-411: Was reported that Homart had developed 80 malls with over 75,000,000 square feet (7,000,000 m ) of retail space. By 1994, it was also operating 36 of those developed malls. In November 1994, Sears announced that it planned to sell off Homart as part of a restructuring. General Growth Properties completed an acquisition of Homart in late 1995 in a transaction valued at $ 1.85 billion, then one of
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