Playing small mall: New firm picks up shopping center in Costa Mesa

Large malls owners are scrambling to find buyers amid flagging sales, but investors remain bullish on smaller retail centers

Los Angeles /
Sep.September 25, 2019 03:00 PM
Space Investment Partners co-founders Mark Moshayedi and Ryan Gallagher with Westport Plaza (Credit: Connect California)
Space Investment Partners co-founders Mark Moshayedi and Ryan Gallagher with Westport Plaza (Credit: Connect California)

An investment firm co-founded by a former HFF broker is beefing up its portfolio of retail properties, and it’s starting with shopping centers.

Irvine-based Space Investment Partners paid $18.4 million to acquire a fully-leased Westport Plaza & Square shopping center in Costa Mesa, the firm said Wednesday.

Wohl Investment Co. was the seller. The firm had owned the 39,000-square-foot complex for more than two decades.

Mark Moshayedi, founder of MSM Global Ventures, and former HFF broker Ryan Gallagher teamed up to create Space Investment last year. The firm specializes in developing and managing multifamily, office and retail property in the $15 million to $200 million range.

Though large owners of shopping malls have been trying to redevelop and repurpose their struggling properties, smaller shopping centers in the Los Angeles area have been in demand over the last year.

Westport Plaza, at 369 East 17th Street, includes tenants Etoile, Plums Cafe and Catering, Shunka Sushi and others. The 45-year-old complex was renovated last year.

Philip Voorhees, Jimmy Slusher and Sean Heitzler of CBRE represented the seller.


Related Articles

arrow_forward_ios
Mark and Arman Gabay and the Bedford Triangle property (LoopNet, Style Outlets)
Gabays asking $52M for trio of Beverly Hills retail properties
Gabays asking $52M for trio of Beverly Hills retail properties
SeneGence founder Joni Rogers-Kante bought the home in 2017 (Coldwell Banker Realty, SeneGence)
Multilevel marketing CEO seeks $50M for Irvine mansion
Multilevel marketing CEO seeks $50M for Irvine mansion
Disney Store at Montebello Town Center (Disney, Shops at Montebello)
Mall vs. The Mouse: UBS sues Disney store for $275K in back rent
Mall vs. The Mouse: UBS sues Disney store for $275K in back rent
Redcar Properties CEO Jim Jacobsen with Dynasty Center (Google Maps, Industry Partners)
Redcar buys Dynasty shopping center in Chinatown
Redcar buys Dynasty shopping center in Chinatown
AMC CEO Adam Aron and The Grove and Americana theaters (Getty, Google Maps)
Coming attraction: AMC inks leases at the Grove, Americana theaters
Coming attraction: AMC inks leases at the Grove, Americana theaters
Stan Kroenke and Malibu Colony Plaza (Getty, Newmark Knight Frank)
Here’s what tenants pay at Stan Kroenke’s Malibu Colony Plaza
Here’s what tenants pay at Stan Kroenke’s Malibu Colony Plaza
Director Quentin Tarantino and the Vista Theatre cinema in Los Feliz (Getty)
Once upon a time in Los Feliz, Tarantino bought a movie theater
Once upon a time in Los Feliz, Tarantino bought a movie theater
The Sherman Oaks Galleria (Marriott)
Action: Regal Cinemas inks deal at Sherman Oaks Galleria
Action: Regal Cinemas inks deal at Sherman Oaks Galleria
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...