The San Diego region’s hotels continued to demonstrate post-recession resilience in the first eight months of 2017.
San Marcos-based Creative Electron Inc., which makes X-ray machines, plans to occupy an industrial property there that it recently acquired for $3.2 million.
PROPERTY: Trends in E-Commerce, Manufacutring Drive Down Vacancy Rate
When it comes to rising industrial space demand in San Diego’s Otay Mesa region, some of the biggest movers are logistics companies focused on moving things around for their corporate customers.
Bassett Home Furnishings is the latest furniture seller to spread its footprint in the San Diego market. According to broker Shirley Kanamu of Pacific Coast Commercial, who represented local licensee Furniture & Accessory Retail Group Inc., a 12,440-square-foot Bassett retail store is planned at La Jolla Village Square, 8657 Villa La Jolla Drive. CBRE Group Inc.’s Reg Kobzi represented the center landlord in the $3.9 million lease deal.
San Diego’s RAR Hospitality, led by Robert Rauch, in coming months will be overseeing a $1 million “refresh” of Carlsbad by the Sea Resort, after recently obtaining the management contract for the 150-room independent, boutique-style hotel at 850 Palomar Airport Road. Rauch’s company owns or manages several hotels in Southern California, Arizona and Colorado.
San Diego has seen older office and industrial buildings “going under the knife” for cosmetic and competitive reasons for the past several years, especially in places like Sorrento Mesa, Sorrento Valley and University Towne Center.
An Encinitas buyer listed as 2659 State Partners LLC has acquired a multi-tenant office and retail property in the Carlsbad Village area for $2.7 million.
San Diego buyers Nick Totah and Ronnie Insalaco have acquired a 17-unit apartment property in the City Heights submarket for $2.91 million.
NEJ Properties LLC of La Jolla has purchased a 38-unit apartment complex in Imperial Beach for $6.72 million.
San Diego City Council has voted down zoning and related permit approvals that would have cleared the way for development of the proposed $160 million Legacy International Center in Mission Valley.