As the brokerage company Cassidy Turley noted in a newly issued report, an apartment vacancy rate below 5 percent is considered a landlord’s market.
TOURISM: Visa Extension, Marketing Efforts Aim for Gains
Local officials are looking to snag a larger share of the fast-growing contingent of Chinese travelers visiting California following a reciprocal agreement reached between the United States and China to significantly extend the duration of tourist visas — making them valid for 10 years instead of one year.
TRANSPORT: Civic Seeks Submittals for New Service
San Diego officials are aiming to create a public transit version of mobile-app-enabled car services like Lyft and Uber, with plans in the works for a downtown shuttle system that could help with nagging issues related to parking availability and pricing.
General contractor McCarthy Building Companies Inc. has relocated its San Diego operations to larger facilities in the Kearny Mesa neighborhood.
Cameron Brothers Construction Co. LP has purchased four adjacent industrial buildings in El Cajon for $5 million, according to brokerage company Pacific Coast Commercial, which represented the seller.
The $907 million Green Build Terminal 2 expansion at San Diego International Airport was recently named Best Project, in annual awards bestowed by the industry news publication Engineering News-Record, published by McGraw-Hill Construction.
Chelsea Investment Corp. has entered into a $28.6 million joint venture with the current property owner to acquire and renovate the 152-unit Westminster Manor senior housing building in downtown San Diego, according to brokerage company Colliers International.
Civic San Diego, the city’s downtown project oversight agency, has issued a request for proposals for professional advisory services, related to plans by the organization to form a transit-oriented development investment fund.
An affiliate of Hyspan Precision Products Inc. of Chula Vista has purchased a Carlsbad office building for $4.85 million, according to CoStar Group and public data.
San Diego-based MG Properties Group has acquired two apartment properties in Napa and Tempe, Ariz., for a total of approximately $50 million, the private investment firm announced.