ASB, Blatteis & Schnur Buy Trio of Gaslamp Retail Properties for $15.3M

A trio of buildings recently traded hands in the city’s famed Gaslamp Quarter after ASB Real Estate Investments shelled out a fee of $15.25 million for the properties. The move is part of the company’s strategy to acquire investment-worthy properties in the country’s best shopping corridor. ASB purchased the three buildings in joint venture with Blatteis & Schnur on behalf of the company’s Allegiance Fund, from Federal Realty Investment Trust. The JV also partners in a number of other Californian properties in Los Angeles and San Francisco.

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.