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2/18/26
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HP Investors has obtained $19 mil in recapitalization financing for Gaslamp Square, a retail property located at 402 5th Ave in San Diego. The 54.9k sf asset comprises retail condominiums paired with a 243-stall subterranean parking garage, which is one of the largest parking facilities in the Gaslamp Quarter.
Gaslamp Square occupies a full block at 5th Ave and J St, one of the busiest corners in Downtown San Diego’s Gaslamp Quarter. The property is strategically located steps from major regional attractions.
CBRE’s Scott Peterson, Bill Chiles, Brian Cruz and Colby Matzke arranged the floating rate loan. The financing features a multi year interest only period and a competitive structure with a maturity in 2029.
“Securing this financing for HP Investors underscores the continued strength of the San Diego retail market and the exceptional value proposition of Gaslamp Square,” said Peterson, vice chairman at CBRE. “This high-profile asset, with its unique mixed-use configuration and significant parking component, is poised for substantial upside, especially with the planned capital improvements and HP’s local market knowledge.”
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