Moreno Valley Mall

Moreno Valley, CA

Previously owned by a REIT. Property was in a state of severe decline for several years. Reit turned over the property to the bank at the expiration of the loan. At which point we were given the task of stabilizing the asset prior to a sale.

Transformation By The Numbers

Occupancy

18.7%

Increase

75.1%
93.8%

2011

At Takeover

9/16

Sales

76.5%

Increase

$240
$424

2011

At Takeover

2017

Budget

NOI

55.12%

Increase

$5.1M
$8.01M

2013

At MGMT Takeover

2017

Long-Term Vacancy

0

SF

SREG completed a 43,700 SF lease on the 2nd floor of Moreno Valley Mall, that was vacant since 2007. The space was very difficult to lease as it was located on the upper level of the mall, with no grade level access or parking. Round 1 is a family amusement and entertainment venue similar to Dave & Busters, featuring bowling, arcade games, billiards, karaoke, and much more.

 

Before

 

After

0

SF

Converted a 20,600 SF area of long-term vacant specialty shops to a long-term permanent deal

 

Before

 

After

0

SF

Leased by Spinoso Real Estate Group 7,148 SF - Opened summer 2014

0

SF

Before: 1 story of 6,800 SF.  After: 2 stories of 20,000 SF

 
 

Before

 
 

After

  • Completed 30 Permanent Leases with terms of 7 years or longer totaling 146,000 Square feet; including:
    • Converting 20,000 SF of long term vacancy to long term permanent Crunch Gym on 2nd level with no exterior entrance
    • Completing a 43,000 SF Round One (2nd in the nation) on the 2nd level of the Shopping Center with no direct exterior access
    • Expanding Forever 21 in the 1st ever 2-level Forever 21 occupying 21,558 square feet
    • Other new national tenants included, Rue 21, Tillys, Lids Locker Room, Hot Topic, Hibbetts, among many others
  • Completed 56 permanent lease renewals at the property from 2014-2016
  • Increased Small Shop sales to $424/sf from $240/sf
  • Increased NOI to $8.01 million from $5.1 million
  • Increased Occupancy by 18.7%
  • Increased Specialty Income by 81.5%
  • Reduced Accounts Receivable by $460,876; of which received $245K in AR from a vacant department store that was deemed uncollectable from the previous owner.
  • Bid Contracts and managed construction on $4.4 million of Capital Projects, including Roof Replacements, HVAC/Central Plant Replacements, parking lot repairs, skylight repairs as well as upgrading the lighting package at the mall to LED which itself created an equitable ROI.
  • Successfully reduced city required police contract, which had been in place since mall opening for an annual savings of $130K.