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March 23, 2018
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Retail Property in San Diego’s Gaslamp Quarter Fetches Over $1,100/sf


A 17.5k sf retail property in San Diego’s Gaslamp Quarter sold for $19.85 mil, or $1,134/sf. The three-unit property, located at 643-653 and 665 5th Ave, on the corner with G St, is the long-time home to Ghirardelli Cafe and Urban Outfitters.

Urban Outfitters and Ghirardelli Cafe have been tenants since the late 1990’s, with both having recently extended their leases. The 2.7k sf unit between Urban Outfitters and Ghirardelli Ice Cream Shop will become available for lease in March 2018.

Bill Shrader, David Maxwell, Joe Brady and Serena Patterson of Colliers International’s Urban Property Team represented the unnamed buyer and the seller, ASB/Blatteis 665 Urban 5th Venture LLC.

“Institutional investors continue to show strong demand for high street retail,” said Shrader, Senior Vice President at Colliers International and leader of the Urban Property Team. “San Diego’s Gaslamp Quarter, specifically Fifth Avenue, continues to be an attractive investment opportunity along with renowned shopping districts like Girard Street in La Jolla, 3rd Street Promenade in Santa Monica, Old Town Pasadena and Union Square in San Francisco.”

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