Gaslamp Retail Building Acquired for $17.1MWednesday, January 23, 2013
Paragon Real Estate Fund of La Jolla has purchased the Bridgeworks retail condominium in the Gaslamp Quarter. The price was $17.1 million, according to CoStar Group.
The 18,569-square-foot property, at 224-238 Fifth Ave., was completed in 2000 at the entrance to the Gaslamp Quarter. It is fully leased to several tenants, including Lou & Mickey’s restaurant, Toscana Café and Chuck Jones Gallery.
Holliday Fenoglio Fowler LP, also known as HFF, represented the seller, an affiliate of Connecticut-based S.D. Malkin Properties Inc. The buyer was represented by Cushman & Wakefield.
An HFF statement said Bridgeworks was developed by S.D. Malkin Properties, which has a San Diego office, as a mixed-use project that also included the Hilton Gaslamp Quarter Hotel. The hotel has been owned since 2005 by LaSalle Hotels.
— SDBJ Staff Report