Space Investment Partners is continuing its retail center acquisition streak across Southern California.
The Corona del Mar-based real estate investment firm bought the 123,402-square-foot Topanga Gateway mall in Woodland Hills for $64 million, Commercial Property Executive reported.
Family trust Anderson Holdings sold the asset at 21909 Ventura Boulevard after buying it 22 years ago for an unknown price. Prudential Financial issued a $42.9 million acquisition loan to Space Investment for the purchase, and Eastdil Secured brokered the transaction on behalf of both parties.
Topanga Gateway’s location, high occupancy rate and tenant sales performance at the shopping center were factors in Space Investment’s move to buy the development, firm co-founder Ryan Gallagher told Commercial Property Executive. It was 97 percent occupied at the time of sale with occupants like Ralphs, The Container Store and Petco as well as anchor tenant Sprouts Farmers Market. The mall, consisting of four single-story buildings on an 8-acre site, completed a renovation last year.
In July, Space Investment bought the Fullerton Metrocenter mall in Fullerton for $118.5 million. Seller Kite Realty Group bought the 395,703-square-foot retail property in 2021 for $103 million. A month prior, Space Investment trimmed its Orange County portfolio with the sale of the 39,300-square-foot Westport Plaza & Square in Costa Mesa to Asana Partners for $25.7 million, up from the $18.4 million Space Investment acquired it for in 2019.
Investor confidence in local retail is growing.
In the first 11 months of the year, the Los Angeles regional retail market saw nearly $1.5 billion in investment sales of 52 assets. Investment volume in the area in the same period in 2024 amounted to $816 million for 44 properties. The largest property to sell this year is Lakewood Center in Lakewood, with Macerich offloading the 2-million-square-foot mall to Pacific Retail Capital Partners, Lyon Living and Silverpeak for $332.1 million. The new owners are planning a mixed-use redevelopment at the site.
Space Investment is planning to invest between $500 million to $1 billion in new retail acquisitions next year, L.A. Business First reported. — Chris Malone Méndez
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