Liz Swain 9:30 a.m., May 29
Downtown retail property sold for $15M
Washington, D.C.-based ASB Real Estate Investments, which claims over $3.8 billion under management nationwide, has announced the purchase of three Gaslamp Quarter buildings on two parcels carrying a $15.25 million price tag.
The units, at 643, 653, and 665 5th Avenue, at the corner of G Street, are currently leased to an Urban Outfitters retail clothing shop, a Ghiradelli Chocolate store, and the Lime Tequila Bar. Terms of the leases were not disclosed.
The most recent sale for both properties was in December 1996. Public records do not list sale prices at that time, though the parcels had a combined assessed tax base of just under $4.5 million in 2012.
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