Joint-venture partners ASB Real Estate Investments and Blatteis & Schnur Inc. have acquired a trio of retail buildings in the Gaslamp Quarter for $15.3 million, the companies said on July 23. ASB and Blatteis & Schnur bought the properties from Federal Realty Investment Trust, the Rockville, Md.-based REIT.
Located at 643, 653 and 665 Fifth Ave. between G and Market Streets, the properties are fully leased to a roster that includes Urban Outfitters, Ghirardelli Chocolate Co. and The Lime, a popular restaurant. The assets expand the footprint of the ASB-Blatteis & Schnur partnership, which also owns properties in Los Angeles and San Francisco.
Moreover, the acquisition marks the San Diego debut of ASB Allegiance Fund, a $2.7 billion vehicle focused on core assets in top urban markets. ASB Real Estate Investments’ president & CEO, Robert Bellinger, explained in a statement that the Gaslamp Quarter “perfectly meets the Fund’s investment criteria for dynamic, urban infill markets that are well positioned to garner strong tenant demand over the long-term.”
Other recent acquisitions by ASB Allegiance Fund include Class A retail properties in New York City, Los Angeles, Miami, and Washington, D.C. The fund is an affiliate of ASB Capital Management L.L.C., which has $3.8 billion in assets under management on behalf of 180 institutional clients.