Space Investment Partners, a Southern California-based private real estate investment, development, and management company, acquired a 395,703-square-foot community retail center located at 1375 Harbor Blvd. in Fullerton from Kite Realty. The $118.5-million deal marks the largest outright sale of a retail asset in Orange County in the past eight years, according to Eastdil Secured.
Known as Fullerton Metrocenter, the high-performing, dual-grocery-anchored center spanning 30 acres is home to more than 40 national and local retail tenants including Sprouts, Target, Urban Air Adventure Park, and PetSmart. It is 97% occupied.
Eastdil Secured, led by Christopher Hoffmann, Mark Damiani and Chase Levra, represented the seller. Greg Stampley and Jessica Henning of Eastdil arranged acquisition financing on behalf of the buyer.
“This center is in an outstanding top-tier Orange County location, which is why we were so excited about the acquisition,” said Space Investment Partners managing partner and co-founder Ryan Gallagher. “Looking ahead, we plan to revamp the center, bringing in new concepts and ensuring it serves the surrounding community as more housing is added.”
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