A mixed-use portfolio situated in San Diego’s Gaslamp Quarter has recently hit the market. According to a listing for the sites from CBRE, the portfolio, known as Urban Collective, is available for sale for a combined asking price of $23.5 million, or about $971 per square foot.
Located at 629 to 633 & 643 to 665 Fifth Ave., Urban Collective comprises two buildings: the Ghirardelli Collection and the Yuma Building, which together span approximately 24,179 square feet. The Ghirardelli Collection is listed for $19.5 million, while the Yuma Building is priced at $4.075 million. An investor would have the option of buying the properties together or separately. Currently, both properties are currently owned by an entity that shares an address with Asana Partners, according to public records.
The retail-driven portfolio is home to a number of tenants, including Ghirardelli Café, Vans, Goorin Hats and the Museum of Illusions. The Museum of Illusions, a globally recognized brand with over 45 locations across four continents, has signed a 10-year lease to occupy 9,903 square feet of space. Additionally, N8iV Beauty has committed to a five-year lease for 1,250 square feet. Ghirardelli Café has extended its lease for an additional 10 years as well.
Situated within the Gaslamp Quarter, the portfolio sits amongst a number of entertainment and dining options. It also has regional accessibility, with the MTS Trolley, Amtrak COASTER and Interstate-5 within a close proximity.
“The Gaslamp Quarter is a vibrant and historic neighborhood in the heart of downtown. Known for its Victorian-era architecture and lively atmosphere, it offers a unique blend of entertainment, dining, and nightlife along with immediate proximity to the famous Petco Park, home of MLB’s San Diego Padres,” the listing states.
