University Square, a 199,115-square-foot grocery-anchored retail center on 20 acres in San Diego, has been recapitalized for $70 million.
The deal for the asset at 5821-5975 University Avenue was a joint venture between Space Investment Partners, a Southern California-based investment and developer firm, and PCCP, a real estate finance and investment management company.
The retail destination, less than two miles from San Diego State University—home to nearly 35,000 students—is 98.5% occupied.
Notable tenants include Food 4 Less, Marshalls, Crunch Fitness, and Dollar Tree, among others.
The property is one of the highest-trafficked centers in San Diego, with over 3.2 million visits per year. Space Investment Partners acquired the property in 2021.
“This is an extremely densely populated area in San Diego,” Ryan Gallagher, managing partner and co-founder of Space Investment Partners, told GlobeSt.com.
“Food For Less is doing extremely well, and we really liked the amount of traffic and land area of 20 acres that the property sits on.”
Gallagher said his team is going to enhance the signage, as well as bring in new tenants to complement the mix of grocery, fitness and quick service retail there. Additionally, it will add car charging stations and solar to the property as part of a sustainability commitment.
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