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California  + Orange County  + Retail  | 

Space Investment Partners Completes Transformation of Costa Mesa Retail

Space Investment Partners completed an $11-million renovation of The Ranch at Newport Bay, a 60,000-square-foot grocery-anchored, mixed-use retail property located at 2651-2675 Irvine Ave. in Costa Mesa. The firm welcomed new tenant Verde, a new restaurant and bar concept, bringing The Ranch to 100% occupied.

Verde, which opened in November 2024, occupies two distinct spaces in the neighborhood center encompassing a total of 5,000 square feet. It features a beverage program in its lower-level Verde Bar along with ingredient-driven seasonal California cuisine in its upper-level restaurant.

Space Investment Partners acquired The Ranch in 2019 with immediate plans to launch a major transformation. The team identified the opportunity to redefine The Ranch into a health and wellness-themed center, anchored by Irvine Ranch, that could meet the daily needs of the surrounding upscale neighborhoods.

“Now that we are fully occupied and the transformation is complete, the response has been overwhelmingly positive,” said co-founder Ryan Gallagher

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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).

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