Earlier this year, downtown San Diego saw a major changing of the media guard when The Daily Transcript vacated its longtime home on Third Avenue — downsizing and moving into smaller quarters on Fourth Avenue following its acquisition by Daily Journal Corp. of Los Angeles.
PROPERTY: Economic Activity and Space Demands Raise Rents But Also Motivate Landlords to Improve Offerings
Many San Diego County office tenants landed some great “Class A” space at bargain prices in the immediate aftermath of the Great Recession of 2009-2010. Now, many of those businesses are facing what local commercial brokers aptly describe as “sticker shock,” as leases signed during that period come up for renewal.
TOURISM: Improving Atmosphere, Economy in Mexico Will Boost Travel
It won’t soon become the economic juggernaut that it was in pre-recession days, when it supported 3,000 jobs and generated an estimated $300 million annually for the region’s economy, but port calls and other indicators suggest a distinct recovery in the making for San Diego’s long-ailing cruise ship industry.
HOSPITALITY: Companies Furiously Updating Theaters
Fresh out of college in 1993, Adolfo Fastlicht joined with three friends in Mexico City to form Cinemex, taking on several longer-established Mexican theater chains to eventually offer a more upscale, luxury version of moviegoing.
Sportech Venues California, a subsidiary of U.K.-based Sportech PLC, has opened Striders, a new downtown San Diego restaurant and high-end lounge where guests can legally wager on horse racing.
Private equity firm CVC Capital Partners and Canada Pension Plan Investment Board have signed an agreement to acquire the holding company for San Diego-based Petco Animal Supplies Inc. for $4.6 billion.
The U.S. Bankruptcy Court has approved the sale of 47 more Haggen Inc. grocery stores in five states, including eight in San Diego County. Financial terms of separate purchase agreements involving several retailers were not immediately available.
Port district commissioners have approved a lease for a planned 400-room luxury InterContinental Hotel, to be developed on the southern portion of the former Lane Field ballpark site in downtown San Diego.
San Diego International Airport officials have chosen a design concept from among five alternatives for a planned $2.2 billion redevelopment and reconfiguration of the aging Terminal 1.
Industry veteran Joe Davis has been appointed to serve an interim general manager of the San Diego Convention Center Corp., the nonprofit public benefit corporation that operates the waterfront facility on behalf of the city.