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Gaslamp Quarter Retail Properties Sell for $19.9M

Tenants Include Recently Renewed Urban Outfitters, Ghirardelli Cafe
February 26, 2018
A joint venture affiliated with Los Angeles-based Blatteis & Schnur and Maryland-based ASB Capital Management LLC has sold two adjacent retail properties in San Diego’s Gaslamp Quarter to an undisclosed buyer for $19.85 million, or about $1,137 per square foot.

The properties are at 643-653 and 665 Fifth Ave., containing three retail units totaling 17,462 square feet. Tenants include Ghirardelli Café and Urban Outfitters.

“Institutional investors continue to show strong demand for high street retail,” said Bill Shrader, senior vice president at Colliers International, who heads the firm’s urban property team that represented the seller. Shrader said downtown San Diego’s historic Gaslamp Quarter continues to be an attractive neighborhood for retail property investment.

Schrader originally secured Urban Outfitters and Ghirardelli Café as tenants in the late 1990s, and both recently extended their leases. The unit between Urban Outfitters and Ghirardelli will become available for lease in March 2018, and will be marketed for lease by Colliers International.

The properties are located at the corner of Fifth Avenue and G Street in the Downtown Retail submarket.

CoStar data indicates that the 643-653 Fifth Ave. property is also known as the Casino Theatre building and was originally completed in 1935 and subsequently converted for retail use. The property at 665 Fifth Ave., also known as the Aztec Theatre building, was constructed in 1988 and also replaced an older theater that occupied the site before being converted to retail.

Colliers’ Shrader, David Maxwell, Joe Brady and Serena Patterson represented the seller.

Please see CoStar COMPS #4148007 for more on this transaction.

Lou Hirsh, San Diego Market Reporter  CoStar Group   
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