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7/28/25
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Space Investment Partners and PCCP have completed a $70 mil recapitalization of University Square, a 199.1k sf grocery-anchored retail center in San Diego. The property is situated on 20 acres at 5821-5975 University Ave, less than two miles from San Diego State University, home to nearly 35,000 students.
The high-visibility retail destination is 98.5% occupied and includes such tenants as Food4Less, Marshalls, Crunch Fitness, and Dollar Tree, among others. The property is one of the highest trafficked centers in San Diego and one of the major retail centers in Mid-City with more than 3.2 million visits per year. Space Investment Partners acquired the property in 2021.
According to Space Investment Partners Co-Founder and Managing Partner Ryan Gallagher, the firm plans to enhance the property and upgrade the tenancy. The company intends to use the proceeds of the recapitalization to continue its focus on acquiring additional retail properties in the Southwest.
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