Corona del Mar’s Space Investment Partners, a privately-held real estate investor and developer backed by local entrepreneur Mark Moshayedi, ended the year with another sizeable retail acquisition, in the San Fernando Valley region of Los Angeles.
The firm last month announced the acquisition of Topanga Gateway, a 123,402-square-foot open-air grocery-anchored retail center located in Woodland Hills.
The lifestyle center, sold by an undisclosed private investor, traded hands for $64 million, or almost $519 per square foot. Eastdil brokered the deal
The center, located at the intersection of Topanga Canyon Boulevard and Ventura Boulevard, was built in 1963 and renovated in 2024. The center’s largest tenants include Ralphs, The Container Store and Petco. It’s 97% leased, the owner said.
“We love this center for its location, its affluent consumer base, and proven sales.
Additionally, the seller did a great job repositioning the center, providing a pathway for escalating rents over time,” Space Investment managing partner and co-founder Ryan Gallagher said in a statement.
Retail Focus
Gallagher, a former senior managing director and co-head of the Orange County office of commercial brokerage HFF, started the investment firm in 2018 with Moshayedi, whose family made their initial fortune with Santa Ana-based memory storage firm STEC Inc.—now part of Western Digital Corp.
The family, which immigrated from Iran, has since pivoted to real estate investments through a variety of entities, and their varied holdings include large portions of Mariner’s Mile in Newport Beach.
Space Investment’s initial investments included offices, apartments and industrial buildings, though recent investments have been focused on retail deals.
In mid-2025, the company paid $118.5 million for Fullerton Metrocenter, a 395,703-square-foot dual-grocery-anchored center located along Harbor Boulevard in Fullerton.
That deal, at about $300 per square foot, is one of the largest retail acquisitions in Orange County in several years.
Other area retail properties it owns are The Ranch, a recently revamped, 60,000-square-foot center along Irvine Avenue in Costa Mesa near the Back Bay, and Westport Plaza & Square, a 39,000-square-foot retail center along Costa Mesa’s busy 17th Street corridor.
Space Investment says it is targeting $500 million to $1 billion in new retail acquisitions for 2026, with a focus on grocery-anchored centers located across the Southwestern U.S.
