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Gaslamp Quarter Retail Asset Goes for $20M
A 17,462-square-foot retail property, located on the corner of 5th Avenue and G Street in San Diego’s Gaslamp Quarter, sold to Charlotte-based Asana Partners for $19.85 million. The three-unit property at 643-653 and 665 5th Ave. is the long-time home to Ghirardelli Cafe and Urban Outfitters.
Colliers International’s Bill Shrader, David Maxwell, Joe Brady and Serena Patterson represented the buyer, as well as the the seller, ASB/Blatteis 665 Urban 5th Venture, LLC. It is a joint venture between Blatteis & Schnur and Bethesda, MD-based ASB, which owned the properties on behalf of its Allegiance Fund, a $7.4 billion core vehicle.
ASB’s Aaron Duncan says, “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.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition



