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**$70M Recapitalization Announced for University Square in San Diego**
A joint venture between Space Investment Partners and PCCP has announced the $70 million recapitalization of University Square, a prominent grocery-anchored retail center in San Diego. The 199,115-square-foot complex, which sits on 20 acres, is located at 5821-5975 University Avenue and was originally acquired by Space Investment Partners in 2021.
University Square is strategically located less than two miles from San Diego State University, making it a key retail destination for the surrounding diverse population. The center is currently 98.5% leased, with anchor tenants including Food4Less, Marshalls, Crunch Fitness, and Dollar Tree. It is recognized as one of the highest-trafficked and most significant retail centers in the Mid-City area.
“University Square has been a solid-performing property,” said Ryan Gallagher, co-founder and managing partner of Space Investment Partners. “Our plan is to further enhance the property and upgrade the tenancy. We will use the proceeds to continue our focus on acquiring additional retail properties in the Southwest.”
The recapitalization marks a significant step for the partnership as it continues to invest in high-performing retail assets across the region.
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