Corona del Mar-based Space Investment Partners, in a joint venture with real estate finance and investment firm PCCP, announced today a $70 million recapitalization of University Square, a 199,115-square-foot retail center in San Diego.
“Our plan is to further enhance the property and upgrade the tenancy,” Space Investment Partners co-founder and managing partner Ryan Gallagher said in a statement. “We will use the proceeds to continue our focus on acquiring additional retail properties in the Southwest.”
The recapitalization was completed about two weeks after Space Investment Partners acquired Fullerton Metrocenter, a 30-acre retail center in North County, for $118.5 million.
University Square is located near San Diego State University. Tenants include Dollar Tree, Food 4 Less and Marshalls.
Space Investment Partners has owned University Square since 2021.
