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| Gaslamp CitySquare, 430 5th Avenue, historic Gaslamp Quarter, San Diego, CA |
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| Ryan Gallagher |
IRVINE, CA – HFF announced today that it has closed the sale
of and arranged financing for Gaslamp CitySquare, a 54,773-square-foot
high-street retail asset in San Diego’s historic Gaslamp Quarter.
HFF marketed the property on behalf of the seller, Champion
Real Estate Companies. A joint venture
between Clarion Partners and HP Investors purchased the asset free and clear of
existing debt. HFF also arranged a
floating-rate loan on behalf of the buyer.
.JPG) |
| CJ Osbrink |
Gaslamp CitySquare is located at 430 5th Avenue
within walking distance of the San Diego Convention Center and the
42,000-seat PETCO Park and is less than four miles from San Diego International
Airport.
Completed in 2004 and 2006 in two phases, the high-street
retail property is part of a larger mixed-use project that includes 223
residential units (not included in this transaction). The asset includes tenants such as The Oceanaire, Bice Ristorante,
Puma, Quiksilver, Skechers, and Oakley.
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| Tim Wright |
The HFF investment sales team was led by senior managing
director Ryan Gallagher and associate director CJ Osbrink from
HFF’s Orange County office.
HFF’s debt placement team was led by senior managing director
Tim Wright and associate director Zack Holderman from HFF’s San
Diego office.
“This transaction demonstrates the continued strong
institutional interest in high-street retail properties. As the Gaslamp District continues to mature,
we expect to see more high-profile transactions take place,” commented
Gallagher.
Los Angeles-based Champion Real Estate Company was founded
in 1987. The company has been primarily
a developer and investor in urban infill retail, multifamily and mixed-use
projects in prime Southern California locations.
The company has also renovated and repositioned existing projects
and completed the adaptive re-use of historic buildings. To date, Champion Real Estate Company has
completed more than 2 million square feet of development and investment
projects with aggregate and anticipated revenues in excess of $1 billion.
Clarion Partners has been a leading U.S. real estate
investment manager for more than 30 years. Headquartered in New York, the firm
has offices in major markets throughout the U.S., in São Paulo, Brazil and
London, England as well as a presence in Mexico.
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| San Diego Convention Center |
With more than $28 billion in
total assets under management, Clarion Partners offers a broad range of real
estate strategies across the risk/return spectrum to its more than 200 domestic
and international institutional investors.
Formed in 2010, HP Investors is a principal owner and
investor of commercial real estate assets and is based in San Diego.
The firm primarily invests in urban
high-street retail projects in major gateway cities throughout the United
States. The investment marks the company’s seventh retail investment in
Downtown San Diego in the past 18 months.
For a complete copy of the company’s news release, please
contact:
Olivia Hennessey
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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