Luxury outdoor mall Victoria Gardens sold for more than $500 million

"Victoria Gardens gets nearly 15 million visitors annually and generates more than $1,100 per square foot in retail sales, placing it among top-grossing open-air shopping centers in the nation, Redwood West said. It has about 160 retailers including Apple, Lululemon, Chanel, Gorjana, Sephora, Nike, Zara, AMC Theatres, Shake Shack and Macy's."

"The center, built in 2004 on former agricultural land at a cost of $285 million, is one of the largest regional malls in Southern California, with more than 30 buildings on 12 blocks, interspersed with parks, gardens and fountains. It also has a public library and cultural center."

"When it was built, the mall was part of a trend among commercial builders to create mini downtowns for cities that lacked them. Town Center Drive in Santa Clarita and Birch Street Promenade in Brea are smaller examples of the town center concept that dates to the early 1990s, after the success of Reston Town Center in Virginia."

Victoria Gardens, built in 2004 on former agricultural land, is one of Southern California's largest regional malls spanning 12 blocks with over 30 buildings, parks, gardens, fountains, a public library, and cultural center. The property attracts nearly 15 million visitors annually and generates over $1,100 per square foot in retail sales, ranking among the nation's top-grossing open-air shopping centers. The center features approximately 160 retailers including Apple, Lululemon, Chanel, Nike, Zara, and Macy's. A venture led by Redwood West and Panattoni acquired the property for $530 million and plans $50 million in improvements. The mall exemplifies the town center concept trend that emerged in the early 1990s, creating mini downtowns for cities lacking them.

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