The new Fullerton Metrocenter buzzes with shoppers from well-known retailers.
Space Investment Partners, led by Mark Moshayedi, has acquired the Fullerton Metrocenter for an estimated $182 million. This 431,214 square foot retail property features major brands like Target and Starbucks. The deal is notably larger than typical retail transactions in Orange County, indicating a shift in the local commercial real estate landscape. The ongoing growth in the retail investment market in the region suggests potential for further expansion and opportunities in the recovering economy.
Fullerton — Space Investment Partners, a company owned by Mark Moshayedi, has successfully completed the acquisition of the Fullerton Metrocenter, marking a significant development in the retail property market in Orange County. Though the exact purchase price has not been disclosed, industry experts speculate that this acquisition may be valued around $182 million, potentially making it the most expensive retail deal in years for the county as well as the highest ever recorded in Fullerton’s history.
The Fullerton Metrocenter spans 431,214 square feet and comprises 11 retail properties. Current market data indicates that retail properties in Fullerton can be valued at approximately $423 per square foot. Major tenants at the Metrocenter include well-known brands such as Target, Starbucks, and Sprouts Farmers Market, which operates from a large 156,163-square-foot space at 1337-1545 S. Harbor Blvd. Additional tenants include Urban Air Adventure Park, PetSmart, Lotteria Burger, Super Mex, Fred Loya Insurance Agency, Denny’s, and Einstein Bros. Bagels.
This acquisition stands out in a market where most retail deals in Orange County typically range between $10 million and $15 million. In comparison, the comparable acquisition of South Coast Collection/SOCO by Continental Realty for $110 million ($377 per square foot) in 2023 positions the Fullerton Metrocenter deal as remarkably larger.
CoStar, a commercial real estate information company, has confirmed the deal as completed, although Space Investment Partners anticipates the formal transaction to close within the upcoming week.
The retail investment market in Orange County has shown promising trends, with total retail investment sales reported at $283 million in the first quarter of 2025, reflecting an increase from $224 million in the fourth quarter of 2024. This growth is part of a broader trend, with retail sales volume consistently rising over the last three consecutive quarters as the region moves into spring 2025. Forecasts from Marcus & Millichap indicate that investor activity in the retail sector is on the rise, partially driven by redevelopment projects aimed at removing vacated properties from the market.
In terms of regional performance, Irvine is poised to emerge as the strongest retail market in Orange County, thanks to the introduction of new multifamily units and improved office occupancy rates. Other areas, including Newport Beach and West Orange County, have also been identified as key retail markets within the county according to findings from Marcus & Millichap.
Earlier in 2023, Moshayedi’s company sold Westport Plaza & Square for $25.7 million, and his brother’s company, Mx3 Ventures, acquired the Yorba Linda Town Center for nearly $56 million in March. Additionally, another local investor secured Warner Marketplace for $24.5 million in the same month. In a larger context, Blackstone Inc. made headlines earlier this year with its acquisition of a San Diego-based real estate investment trust for $4 billion, which included the transfer of 93 retail properties, eight of which are located in Orange County.
The acquisition of the Fullerton Metrocenter by Space Investment Partners signifies a shift in the commercial real estate landscape in Orange County, highlighting the increasing demand and value of retail properties in a recovering economy. The ongoing revitalization of the retail market suggests a potential for further growth and investment opportunities in the region.
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