Mark Moshayedi’s Space Investment Partners purchased the Fullerton Metrocenter for $118.5 million.
Space Investment Partners nabbed the property at 1307-1447 South Harbor Boulevard from Kite Realty Group, which acquired it in 2021 for $103 million, according to the company’s latest annual financial filing.
The Orange County Business Journal previously reported on the sale of the 11-property portfolio at South Harbor Boulevard and Orangethorpe Avenue, but a price was not disclosed.
The 431,000-square-foot retail center, home to stores like Target, Sprouts and PetSmart, sold for $275 per square foot. There is about 17,500 square feet of retail space available to lease, according to Newmark, which holds the listings.
Space Investment Partners and Kite Realty Group did not respond to a request for comment.
The Fullerton Metrocenter deal is the priciest retail deal this year based on CBRE data, after Mx3 Ventures’ purchase of Yorba Linda Town Center for $56 million. Mx3 Ventures is helmed by Manouch Moshayedi, brother of Mark Moshayedi.
Space Investment Partners recently sold Westport Plaza & Square to Asana Partners for roughly $26 million or about $650 per square foot.
Orange County total retail investment sales in the first quarter amounted to $283 million compared to $224 million the prior quarter, according to a CBRE report, marking the third consecutive quarter sales volume increase.
Read more
Los Angeles
Pasadena Office Tower loses 60% of value over 10 years
Los Angeles
Is Fitz on Fairfax latest miss for MF1?
Commercial
Los Angeles
CRE movers: Newmark taps industrial vet for Los Angeles dealings