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California  + San Diego  + Retail  | 

Grocery-Anchored Mid-City Center Recapitalized for $70M

A joint venture of Space Investment Partners and PCCP announced the $70-million recapitalization of University Square. The 199,115-square-foot grocery-anchored retail center, situated on 20 acres, is located at 5821-5975 University Ave. in San Diego. Space Investment Partners acquired it in 2021.

Located less than two miles from San Diego State University, the high-visibility retail destination serves a diverse customer base. Notable tenants for the 98.5% occupied center include Food4Less, Marshalls, Crunch Fitness and Dollar Tree, among others. The property is among the highest-trafficked centers in San Diego and one of the major retail centers in Mid-City.

“University Square has been a solid performing property,” said Space Investment Partners co-founder and managing partner Ryan Gallagher. “Our plan is to further enhance the property and upgrade the tenancy. We will use the proceeds to continue our focus on acquiring additional retail properties in the Southwest.”

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Space Investment Partners' Gallagher

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
  • ◦Financing
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