Gaslamp Quarter Retail Property Sells For $19.9M
A 17,462 SF retail property on the corner of Fifth Avenue and G Street in San Diego’s Gaslamp Quarter has sold for $19.85M. The three-unit property at 643-653 and 665 Fifth Ave. is the longtime home to Ghirardelli Cafe and Urban Outfitters.
“Institutional investors continue to show strong demand for high street retail,” Colliers International Senior Vice President Bill Shrader said in a statement. “San Diego’s Gaslamp Quarter, specifically Fifth Avenue, continues to be an attractive investment opportunity along with renowned shopping districts like Girard Street in La Jolla, 3rd Street Promenade in Santa Monica, Old Town Pasadena and Union Square in San Francisco.”
In a joint venture with Blatteis & Schnur, ASB owned the property on behalf of its Allegiance Fund.
“After maximizing our investment, we are taking advantage of current market conditions to make this disposition and positioning the Fund to redeploy the proceeds more strategically for our investors,” ASB Senior Vice President and Western Region Head Aaron Duncan said in a statement.
Shrader originally secured Urban Outfitters and Ghirardelli Cafe as tenants in the late 1990s, both of which recently extended their leases. The 2,692 SF unit between Urban Outfitters and Ghirardelli Ice Cream Shop will become available for lease in March.