Maryland Investment Firm Buys 3 Gaslamp Buildings for $15.25MTuesday, July 30, 2013
Maryland-based ASB Real Estate Investments has acquired three adjacent retail buildings in the Gaslamp Quarter for $15.25 million.
The properties are at 643-653 and 665 Fifth Ave. at G Street. A statement from ASB said the acquisition was made in a joint venture with Blatteis & Schnur Inc. of Los Angeles, on behalf of ASB’s $2.7 billion Allegiance Fund.
The three Gaslamp buildings are fully leased to Urban Outfitters, Ghirardelli Chocolate Co., and The Lime restaurant. The seller was Maryland-based Federal Realty Investment Trust.
ASB and Blatteis have previously made joint acquisitions in Los Angeles and San Francisco. The ASB Allegiance Fund owns Class A retail properties in markets including New York, Miami and Washington, D.C.
Robert Bellinger, president and CEO of ASB Real Estate Investments, said the Gaslamp acquisition meets the fund’s criteria for investment in “dynamic, urban infill markets” with long-term prospects for strong tenant demand.
ASB Real Estate Investments is a division of ASB Capital Management LLC. As of July 1, it had more than $3.5 billion in gross assets under management for approximately 180 institutional clients.
— Lou Hirsh