February 23, 2018

ASB Sells San Diego Gaslamp District Retail Properties for $19.85 Million

SAN DIEGO, CA — ASB Real Estate Investments (ASB) today announced the sale of three adjacent retail buildings on Fifth Avenue at the corner of G Street in the heart of San Diego’s Gaslamp District to an undisclosed buyer for $19.85 million. In a joint venture with Blatteis & Schnur, ASB owned the properties on behalf of its Allegiance Fund, a $7.4 billion core vehicle.

The three buildings—643-653 and 665 Fifth Avenue—comprise 17,462 square feet of store space with prime street frontage in the heavily trafficked tourist and entertainment district. The ASB joint venture bought the properties in 2013, and recently renewed the leases of their two tenants—Urban Outfitters and Ghirardelli Chocolate Company.

Aaron Duncan, Senior Vice President and Western Region Head of ASB, said: “After maximizing our investment, we are taking advantage of current market conditions to make this disposition and positioning the Fund to redeploy the proceeds more strategically for our investors.”

About ASB Real Estate Investments
ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm with $7.7 billion* in gross assets under management for over 340 institutional clients. Headquartered in Washington DC, ASB invests in major urban markets across the country, concentrating in office, multifamily, retail and industrial properties. ASB manages the ASB Allegiance Real Estate Fund, its sole vehicle for core investing; the ASB Meridian Real Estate Funds, a series of low-leverage value creation vehicles; and a development separate account. For more information about the company, visit www.asbrealestate.com.

*as of December 31, 2017 

The information provided in the release does not constitute an offer to sell or buy securities or the solicitation of an offer to sell or buy securities.