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Space Investment Partners, a Southern California-based private real estate investment, development, and management firm, has acquired the Fullerton Metrocenter—a 395,703-square-foot community retail center located at 1375 Harbor Boulevard in Fullerton. The purchase price was $118.5 million, making it the largest outright sale of a retail asset in Orange County in the past eight years, according to Eastdil Secured.
Fullerton Metrocenter is a high-performing, dual-grocery-anchored retail center situated on 30 acres. It is currently 97% leased and features more than 40 national and local tenants, including Sprouts, Target, Urban Air Adventure Park, and PetSmart.
The transaction was brokered by Eastdil Secured, with Christopher Hoffmann, Mark Damiani, and Chase Levra representing the seller, Kite Realty. Acquisition financing for the deal was arranged by Greg Stampley and Jessica Henning, also of Eastdil Secured.
“This center is in an outstanding top-tier Orange County location, which is why we were so excited about the acquisition,” said Ryan Gallagher, managing partner and co-founder of Space Investment Partners. “Looking ahead, we plan to revamp the center, bringing in new concepts and ensuring it serves the surrounding community as more housing is added.”
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