Space Investment Pays $64M for LA Retail
Prudential issued the acquisition loan.
Space Investment Partners has purchased Topanga Gateway, a 123,402-square-foot retail center in Woodland Hills, Calif., for $64 million or $524 per square foot. Anderson Holdings sold the asset after 22 years of ownership, according to Yardi Matrix information. The property was 97 percent leased at the time of the deal.
Prudential Financial issued a $42.9 million permanent acquisition loan, the same source shows. Eastdil Secured brokered the transaction on behalf of both parties.
Asked what drew the company to this particular property, Ryan Gallagher, co-founder & managing partner with Space Investment, told Commercial Property Executive that, “We really liked the location, the historical tenant sales and the occupancy history,” adding that the asset had been owned by a family trust for decades.
The purchase follows Space Investment’s $118.5 million acquisition of Fullerton Metrocenter, a 395,703-square-foot retail property in Fullerton, Calif. The company plans to invest between $500 million and $1 billion in new retail assets over the course of 2026, focusing on core-plus to opportunistic deals across the Southwest. “We hope to buy a few larger deals and/or a portfolio to make up a meaningful amount of the volume,” Gallagher added.
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Completed in 1963 and renovated in 2024, Topanga Gateway consists of four single-story buildings across an 8-acre site. Anchored by Sprouts Farmers Market, the property has a tenant roster that also includes Ralphs, The Container Store and Petco, among other retailers.
Located at 21909 Ventura Blvd., the retail center is at the interchange between U.S. Route 101 and California State Route 27 and, according to the buyer, sees approximately 335,000 cars daily. Downtown Los Angeles is some 25 miles southeast.
“We like buying locations like these because there is always demand from new tenants wanting to get into vacancies. We have seen this consistently throughout our portfolio in Southern California,” Gallagher pointed out.
Los Angeles retail trades
In the first 11 months of 2025, the Los Angeles retail market saw almost $1.5 billion in investment sales, with 52 assets changing hands at an average price of $228 per square foot, according to Yardi Matrix data. During the same period in 2024, the metro’s investment volume amounted to $816 million, with only 44 properties trading at an average price of $320 per square foot.
The largest retail property that changed hands year-to-date through November was Lakewood Center, a 2 million-square-foot super regional shopping mall in Lakewood, Calif. The new owners plan to transform the property into a mixed-use destination.
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