San Diego Business Journal

Retail Real Estate Services Firm SRS Opens San Diego Office

Retail services provider SRS Real Estate Partners has opened a new office in downtown San Diego, at 402 W. Broadway Suite 400. It is the first office in the local market for Dallas-headquartered SRS.

By Lou Hirsh May 24, 2017 4:10 p.m. share »
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McDonald’s Buys Escondido Building for $4.05 Million

Illinois-based McDonald’s Corp. has purchased an Escondido building, which the restaurant company had been leasing for more than 50 years, for $4.05 million, according to brokerage firm Lee & Associates.

By Lou Hirsh May 24, 2017 12:03 p.m. share »

San Diego Hotels See Continued Growth in Occupancy, Revenue

San Diego County’s hotels continued to post strong post-recession metrics in the first four months of 2017, with total revenue rising 7.4 percent from the year-ago period, according to the latest monthly data from research firm STR.

By Lou Hirsh May 24, 2017 11:28 a.m. share »
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Chelsea Opens $20.4M Affordable Apartment Complex in San Diego

Carlsbad-headquartered Chelsea Investment Corp. recently opened Ouchi Courtyards, a $20.4 million affordable apartment development in San Diego’s Encanto neighborhood.

By Lou Hirsh May 23, 2017 5:29 p.m. share »
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San Diego Apartment Building Sells for $2.04 Million

Investor Travis Likert of San Diego has acquired a 14-unit apartment property in San Diego’s Lincoln Park neighborhood for $2.04 million, according to brokerage firm San Diego Investment Brokers.

By Lou Hirsh May 23, 2017 1:09 p.m. share »
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North Park Apartment Property Sold for $12 Million

Affiliates of San Diego-based E3 Investments Inc. have acquired a 43-unit apartment building in the city’s North Park neighborhood for approximately $12 million, according to CoStar Group and public data.

By Lou Hirsh May 23, 2017 12:02 p.m. share »
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Ocean Beach Apartments Sold for $2.08 Million

Florida-based investors Fred and Cynthia Deluca have acquired a six-unit apartment property in San Diego’s Ocean Beach neighborhood for approximately $2.08 million, according to brokerage firm ACRE Investment Real Estate Services.

By Lou Hirsh May 22, 2017 2:32 p.m. share »
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Palo Alto Firm Buys Oceanside Apartments for $30 Million

An affiliate of Palo Alto-based Pacific Urban Residential has acquired a 136-unit Oceanside apartment property for $30 million, according to CoStar Group and brokerage firm Kidder Mathews.

By Lou Hirsh May 22, 2017 2:22 p.m. share »
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Poway Office Building Sells for $5.36 Million

A San Diego buyer listed as Hotel Mediterranean LLC & 13th LLC has acquired a Poway office building for $5.36 million, according to brokerage firm Pacific Coast Commercial.

By Lou Hirsh May 22, 2017 1:01 p.m. share »
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Local Theme Parks Hope to Have Turnstiles Turning With Visitors to New Attractions

Here’s a sampling of long-awaited projects ramping up for openings this summer at SeaWorld San Diego, San Diego Zoo and Legoland California Resort.

By Lou Hirsh May 21, 2017 1:07 p.m. share »

Mixed-Use Project Planned after $40M Purchase of Former Postal Facility

San Diego-based Hammer Ventures has acquired a former U.S. Postal Service property in the city’s Point Loma/Midway area for approximately $40 million, with plans to develop a new $325 million mixed-use project tentatively called The Point.

By Lou Hirsh May 21, 2017 1:06 p.m. share »
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Tenant Slate Announced for Upcoming Retail Center at Millenia

Retailers HomeGoods and Cost Plus World Market are among several tenants that have signed leases to occupy Millenia Commons, set to be developed by Sudberry Properties as the primary retail component of the mixed-use Millenia community in Chula Vista.

By Lou Hirsh May 21, 2017 1:02 p.m. share »
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Golden Hill Apartment Property Sells for $4.4M

A Del Mar buyer listed as 3073 B Street Golden Hill LLC has acquired an 18-unit apartment property in San Diego’s Golden Hill neighborhood for $4.4 million, according to brokerage firm Apartment Realty Group (ARG).

By Lou Hirsh May 21, 2017 1 p.m. share »
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Tenant Slate Is Announced for Upcoming Retail Center at Millenia

Retailers HomeGoods and Cost Plus World Market are among several tenants that have signed leases to occupy Millenia Commons, set to be developed by Sudberry Properties as the primary retail component of the mixed-use Millenia community in Chula Vista.

By Lou Hirsh May 19, 2017 2:47 p.m. share »
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Mixed-Use Project Planned after $40 Million Purchase of Former Postal Facility

San Diego-based Hammer Ventures has acquired a former U.S. Postal Service property in the city’s Point Loma/Midway area for approximately $40 million, with plans to develop a new $325 million mixed-use project tentatively called The Point.

By Lou Hirsh May 19, 2017 12:40 p.m. share »
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Golden Hill Apartment Property Sells for $4.4 Million

A Del Mar buyer listed as 3073 B Street Golden Hill LLC has acquired an 18-unit apartment property in San Diego’s Golden Hill neighborhood for $4.4 million, according to brokerage firm Apartment Realty Group (ARG).

By Lou Hirsh May 19, 2017 12:13 p.m. share »
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Busy Summer Project Slate for Region’s Big Theme Parks

Here’s a sampling of long-awaited projects ramping up for openings this summer at SeaWorld San Diego, San Diego Zoo and Legoland California Resort.

By Lou Hirsh May 19, 2017 10:44 a.m. share »

Jack in the Box Mulling Options for Qdoba Division

San Diego-based Jack in the Box Inc. has retained Morgan Stanley & Co. to assist the company’s board in evaluating “potential alternatives” with respect to its struggling Qdoba restaurant division.

By Lou Hirsh May 18, 2017 4:08 p.m. share »
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Affordable on Fourth Ave.

San Diego’s Wakeland Housing and Development Corp. plans an official May 31 opening for Atmosphere, its $79.3 million, 205-unit affordable housing complex at 1453 Fourth Ave. in downtown’s Cortez Hill neighborhood.

By Lou Hirsh May 18, 2017 2:56 p.m. share »

Heart Racing in Hillcrest

In Hillcrest, a June 8 opening is scheduled for CycleBar Hillcrest, an indoor cycling studio at 1040 University Ave.

By Lou Hirsh May 18, 2017 2:54 p.m. share »

Launches on Hold

At Shelter Island, the Unified Port of San Diego has begun improvements to a boat launch ramp that officials said is among the busiest in California, handling about 50,000 launches annually since its original construction in the 1950s.

By Lou Hirsh May 18, 2017 2:53 p.m. share »
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High-Rise Condo Construction Could Be Moving Back In

Could downtown San Diego’s residential high-rise condo construction scene be ready for a re-awakening?

By Lou Hirsh May 18, 2017 2:51 p.m. share »
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Airport Begins Work on New Federal Inspection Facility

San Diego International Airport has broken ground on a previously announced, new $229.4 million federal inspection station, expected to open in summer 2018 at the west end of Terminal 2.

By Lou Hirsh May 18, 2017 2:29 p.m. share »
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Hotels Make Room For Robots on Staff

Forgot to bring toothpaste? Need an extra towel? Craving a snack?

By Lou Hirsh May 18, 2017 1:51 p.m. share »
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New Ambitions For Design District

The area of Solana Beach known as the Cedros Avenue Design District looks nothing like it did in the 1940s, when Quonset huts housed airplane parts from a manufacturing plant that operated there.

By Lou Hirsh May 18, 2017 1:39 p.m. share »
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Grocer Trader Joe’s Opening New Store at SDSU

Specialty grocer Trader Joe’s plans a May 19 opening for its new store at San Diego State University’s South Campus Plaza. The store at 5140 College Ave. is the 15th in San Diego County for the Monrovia-based retailer.

By Lou Hirsh May 18, 2017 1:24 p.m. share »

SDSU Disengages from Talks on SoccerCity Project

San Diego State University has disengaged from talks on the proposed SoccerCity development in Mission Valley, a move that developers of the mixed-use project contend could negatively impact the university’s football program.

By Lou Hirsh May 17, 2017 2:59 p.m. share »

Nelson Resigns as Port Commissioner, Citing Conflict on Convention Center

Bob Nelson has resigned from the Unified Port of San Diego’s board of port commissioners, citing potential conflicts of interest with a new business venture and his plans to campaign in favor of a city ballot measure aimed at expanding the San Diego Convention Center.

By Lou Hirsh May 16, 2017 6:08 p.m. share »

Trump Taps Developer Manchester for Bahamas Ambassador Post

Douglas Manchester was not commenting officially on May 16, regarding President Donald Trump’s announcement that he plans to nominate the longtime San Diego developer to be the next U.S. ambassador to the Bahamas.

By Lou Hirsh May 16, 2017 4:54 p.m. share »

Investors Stashing Some Gains in This Sector

A specialized investment sector apparently is paying off for those who know where to invest.

By Lou Hirsh May 16, 2017 4:11 p.m. share »

Private Bancorp Reports Increase in First Quarter Earnings

Private Bancorp of America Inc., the La Jolla-based parent company of San Diego Private Bank, saw earnings rise 20 percent from a year ago in its first quarter ending March 31, reaching $1,346,000.

By Lou Hirsh May 16, 2017 11:15 a.m. share »
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Sears Plans to Close Store at Westfield UTC

The Sears full-line department store at Westfield UTC is among at least 28 Sears and Kmart stores added to a previously announced nationwide list of planned closures, as the long-struggling Sears Holdings Corp. continues to restructure its operations.

By Lou Hirsh May 16, 2017 10:53 a.m. share »
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Developers Building Opposition to SoccerCity

Not every high-profile development dispute is simply a clash between developers and residents living near the proposed high-impact project. In the case of the mixed-use SoccerCity in Mission Valley, the development team led by FS Investors likely will be up against two other big local development companies, with long histories in the San Diego region, if the soccer-centric project goes to voters this fall as expected.

By Lou Hirsh May 15, 2017 3:14 p.m. share »
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Liberty Station Office Building Sells for $5.28 Million

Real estate services firm Help U Buy LLC of San Diego has acquired a bayfront office property in Point Loma’s Liberty Station mixed-use development for approximately $5.28 million, according to brokerage firm Lee & Associates.

By Lou Hirsh May 15, 2017 1:14 p.m. share »
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Roush Appointed Interim President of San Diego State University

California State University Chancellor Timothy White has appointed Sally Roush to serve as interim president of San Diego State University, starting July 1. University officials said Roush will serve in that capacity until a new president is selected by the CSU Board of Trustees.

By Lou Hirsh May 15, 2017 12:43 p.m. share »

Solar Power, Pedal Power, and Power of the Purses

Kilroy Realty Corp. of Los Angeles, one of San Diego County’s largest office property owners, recently announced a multimillion-dollar project with New Jersey-based Nautilus Solar Energy LLC, in which Nautilus will install significant solar power systems at nine Kilroy properties in California.

By Lou Hirsh May 15, 2017 10:11 a.m. share »

Short-Term Rental Issue Comes to North County

Just three years ago, debates over short-term vacation rentals booked through sites like Airbnb and VRBO were confined primarily to the nation’s largest tourism-focused cities, including San Diego. That’s no longer the case in San Diego County.

By Lou Hirsh May 15, 2017 9:35 a.m. share »
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Feds May Have Nixed Sale of Hotel Del

Six months after its planned sale of Hotel del Coronado to a Chinese insurance company was apparently scuttled by scrutiny from federal officials, the iconic property remains in the portfolio of owner Blackstone Group LP.

By Lou Hirsh May 15, 2017 9:32 a.m. share »
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Feds May Have Nixed Sale of Hotel Del

Six months after its planned sale of Hotel del Coronado to a Chinese insurance company was apparently scuttled by scrutiny from federal officials, the iconic property remains in the portfolio of owner Blackstone Group LP.

By Lou Hirsh May 14, 2017 1:06 p.m. share »

For Teachers and Journalists, Lessons in Rent Affordability

Teachers, when it comes to the financial crush of rising apartments rents, we in the journalism profession feel your pain.

By Lou Hirsh May 14, 2017 1:03 p.m. share »
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Wilson Cos., Milestone Obtain $30M in Financing for Assisted-Living Facility

San Diego-headquartered Douglas Wilson Cos. and Milestone Retirement Communities LLC have obtained approximately $30 million in financing for a planned new assisted-living and memory care facility in Chula Vista.

By Lou Hirsh May 14, 2017 1:01 p.m. share »
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Carlsbad Industrial Building Sold for $11.15 Million

A buyer recorded as Lionshead LLC of Encino has acquired a Carlsbad industrial “flex” property for $11.15 million, according to brokerage firm Lee & Associates.

By Lou Hirsh May 14, 2017 1 p.m. share »

For Journalists and Teachers, Lessons in Rent Affordability

Teachers, when it comes to the financial crush of rising apartments rents, we in the journalism profession feel your pain.

By Lou Hirsh May 12, 2017 1:53 p.m. share »
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Wilson Cos., Milestone Obtain $30 Million in Financing for Assisted-Living Facility

San Diego-headquartered Douglas Wilson Cos. and Milestone Retirement Communities LLC have obtained approximately $30 million in financing for a planned new assisted-living and memory care facility in Chula Vista.

By Lou Hirsh May 12, 2017 12:21 p.m. share »
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Carlsbad Industrial Building Sold for $11.15M

A buyer recorded as Lionshead LLC of Encino has acquired a Carlsbad industrial “flex” property for $11.15 million, according to brokerage firm Lee & Associates.

By Lou Hirsh May 12, 2017 11:44 a.m. share »

Feds May Have Nixed Sale of Hotel del Coronado

Six months after its planned sale of Hotel del Coronado to a Chinese insurance company was apparently scuttled by scrutiny from federal officials, the iconic property remains in the portfolio of owner Blackstone Group LP.

By Lou Hirsh May 12, 2017 11:05 a.m. share »
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Escondido Retail Center Sells for $24.83 Million

ADF Gateway LP of Rancho Santa Fe has purchased the Gateway Center retail property in Escondido for approximately $24.83 million, according to real estate services firm Faris Lee Investments.

By Lou Hirsh May 11, 2017 1:57 p.m. share »

Mayor Reiterates Push to Expand Convention Center in Talk to Tourism Leaders

Mayor Kevin Faulconer and tourism officials reiterated the need to expand the San Diego Convention Center, while addressing growing problems with homelessness, during the annual meeting of the San Diego Tourism Authority.

By Lou Hirsh May 11, 2017 12:57 p.m. share »

SeaWorld Parent Reports Continued Declines in Revenue, Attendance for Q-1

The parent company of SeaWorld San Diego reported a 15 percent decline in revenue for its first quarter, with attendance down by a similar percentage from the year-ago period for its 12 U.S. theme parks.

By Lou Hirsh May 11, 2017 11:52 a.m. share »

El Cajon Posts Nation’s 12th-highest Rate of Rent Growth

El Cajon had the nation’s 12th-highest rate of year-over-year growth in apartment rent, according to the latest monthly survey of 250 U.S. cities by commercial real estate data provider Yardi Matrix.

By Lou Hirsh May 10, 2017 3:20 p.m. share »

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