Space Investment Partners completed an $11-million renovation of The Ranch at Newport Bay, a 60,000-square-foot grocery-anchored, mixed-use retail property located at 2651-2675 Irvine Ave. in Costa Mesa. The firm welcomed new tenant Verde, a new restaurant and bar concept, bringing The Ranch to 100% occupied.
Verde, which opened in November 2024, occupies two distinct spaces in the neighborhood center encompassing a total of 5,000 square feet. It features a beverage program in its lower-level Verde Bar along with ingredient-driven seasonal California cuisine in its upper-level restaurant.
Space Investment Partners acquired The Ranch in 2019 with immediate plans to launch a major transformation. The team identified the opportunity to redefine The Ranch into a health and wellness-themed center, anchored by Irvine Ranch, that could meet the daily needs of the surrounding upscale neighborhoods.
“Now that we are fully occupied and the transformation is complete, the response has been overwhelmingly positive,” said co-founder Ryan Gallagher
