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Morgan Fleming Buys Half of Mills Mall for $243M

ONTARIO, CA-The move buys a 50% interest in Ontario Mills and ranks among the largest retail transactions ever in the Inland Empire.

By Bob Howard | Updated on August 03, 2004

ONTARIO, CA-A commingled fund advised by JPMorgan Fleming has agreed to acquire a 50% interest in the 1.7-million-sf Ontario Mills Mall, one of the largest shopping venues in Southern California, in a $243-million transaction. The deal is considered one of the largest retail transactions ever executed in the Inland Empire.

The JPMorgan Fleming fund is buying the joint-venture interest in the property from Arlington, VA-based Mills Corp. and Germany’s Kan Am Realty Inc. While Kan Am conveys its entire 35% partnership interest to the fund, Mills Corp. relinquishes 15%.

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