San Diego Business Journal

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San Diego Office and Industrial Building Sells for $2.45 Million

Locally-based Sasa Group LLC has purchased an office and industrial property in the Mt. Hope area of southeast San Diego for $2.45 million, according to brokers handling the transaction.

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El Cajon Apartment Property Sold for $2.6 Million

Carlsbad Garden Apartments LLC has purchased the 20-unit Sierra Vista Apartments in El Cajon for approximately $2.6 million in an all-cash transaction, according to Marcus & Millichap Inc., which handled the deal.

Carlsbad Land for Potential Residential Project Sells for $4.15 Million

Developer Integral Communities of Newport Beach has purchased a 10.46-acre land parcel in Carlsbad for $4.15 million, with plans for a 200-unit multi-family residential project, according to brokerage company Lee & Associates, which represented the buyer.

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Alpine Medical and Office Building Sells for $6 Million

A buyer recorded as Alpine Regional Center LLC has purchased a multi-tenant medical and office building in Alpine for $6 million, according to brokerage company CBRE Group Inc., which represented the buyer and seller.

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Downtown Sheraton Suites Hotel Sells for $50 Million

An affiliate of Maryland-based Marriott International Inc. has acquired the 264-room Sheraton Suites San Diego hotel in the downtown area for approximately $50 million, according to CoStar Group and public data.

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Downtown Residence Inn Sells for $90 Million

Chatham Lodging Trust of Palm Beach, Fla., has purchased the 240-room Residence Inn San Diego Downtown hotel for $90 million, according to CoStar Group and public data.

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Imperial Beach Apartments Purchased for $20.2 Million

The Apartment Co. of San Diego has acquired the 134-unit Clubhouse at Imperial Beach apartment community for $20.2 million, according to real estate services company HFF, which represented the seller.

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Beer Economy Golden to Region

BREWING: Ballast Point, And Others Keep Growing

Few local beer makers had a growth ride on par with San Diego’s Ballast Point Brewing & Spirits during 2014.

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Back to Business For One Paseo

PROPERTY: Retail Leasing Is on Development’s Agenda

With the political battles set aside at least for the moment, Kilroy Realty Corp. and its brokers are proceeding to fill retail and office spaces at the company’s controversial $750 million One Paseo mixed-use development in Carmel Valley.

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Apartments Near Imperial Beach Sold for $20.2 Million

The Apartment Co. of San Diego has acquired the 134-unit Clubhouse at Imperial Beach apartment community for $20.2 million, according to real estate services company HFF, which represented the seller.

County’s Construction Contract Values Rose 69 Percent in January

San Diego County’s contracts for future construction rose 69 percent in January from a year ago, topping $301.6 million, according to the latest monthly figures from Dodge Data & Analytics.

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Sudberry Properties Opens First Phase of West Park Apartments

San Diego-based developer Sudberry Properties recently completed and opened the first phase of its 612-unit West Park, a $100 million apartment project located at its larger Civita mixed-use development in Mission Valley.

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BioMed Realty Realigns Executive Team as President Leaves Post

San Diego-based BioMed Realty Trust Inc. has announced a realignment of its executive team, following the departure of company President and Chief Operating Officer Kent Griffin.

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Carlsbad Office Property Sold for $19.5 Million

Buchanan Street Partners of Newport Beach has purchased a Carlsbad office building for $19.5 million, the company announced.

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Trigild Appointed Receiver for $17.5 Million Maryland Property

San Diego-based real estate services provider Trigild has been appointed receiver of Centerpointe, a $17.5 million office and industrial park in Landover, Md.

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Airspace Lounge Opens at San Diego International Airport

San Diego International Airport has opened Airspace Lounge, which operators said is the airport’s first and only common-use lounge.

San Diego Council Approves Controversial One Paseo Project

The San Diego City Council has approved the controversial One Paseo mixed-use development in Carmel Valley, a $750 million project slated to include 1.4 million square feet of retail and office space with 608 condos and apartments.

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Lemon Grove Apartment Building Sells for $2.95 Million

A buyer recorded as Phx Capl LLC Investment Partnership has acquired a 24-unit Lemon Grove apartment property for $2.95 million, according to Voit Real Estate Services, which represented the buyer and seller.

Local Firm Acquires Phoenix Retail Center for $9.9 Million

San Diego-based asset management firm XREIT has acquired a Phoenix shopping center for $9.9 million on behalf of a local client, the company announced.

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North County Office Portfolio Sells for $113 Million

Brookwood Financial Partners LP of Beverly, Mass., has purchased a three-campus portfolio of seven office buildings in Carlsbad and San Marcos for $113 million, according to CoStar Group and brokers handling the transaction.

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Task Force to Press Ahead on Stadium Search Despite Chargers New Proposal

Mayor Kevin Faulconer and his newly appointed stadium advisory group are continuing efforts toward keeping the San Diego Chargers in the city, despite a joint proposal announced by the Chargers and Oakland Raiders to build a new $1.7 billion football stadium near Los Angeles.

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Downtown Hotel Palomar Getting $5 Million Renovation

Kimpton Hotels & Restaurants has begun a $5 million renovation of downtown’s Hotel Palomar San Diego, with 50 of its rooms on five floors being reconfigured and rebranded under a concept called Skyline Collection.

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URBN Coal Fired Pizza Restaurant to Open Next Month in Encinitas

San Diego-based URBN Restaurants, led by longtime restaurateur Jon Mangini, plans to debut its fourth pizza-oriented concept restaurant in March. Operators said URBN Coal Fired Pizza will open at 764 S. Coast Highway 101 in Encinitas.

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URBN Restaurants Opening Fourth Pizza Eatery in Encinitas

San Diego-based URBN Restaurants, led by longtime restaurateur Jon Mangini, plans to debut its fourth pizza-oriented concept restaurant in March. Operators said URBN Coal Fired Pizza will open at 764 S. Coast Highway 101 in Encinitas.

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$5 Million Renovation Underway at Downtown’s Hotel Palomar

Kimpton Hotels & Restaurants has begun a $5 million renovation of downtown’s Hotel Palomar San Diego, with 50 of its rooms on five floors being reconfigured and rebranded under a concept called Skyline Collection.

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Efforts to Keep Chargers Proceed Despite Carson Stadium Proposal

Mayor Kevin Faulconer and his newly appointed stadium advisory group are continuing efforts toward keeping the San Diego Chargers in the city, despite a joint proposal announced by the Chargers and Oakland Raiders to build a new $1.7 billion football stadium near Los Angeles.

It May Be Tax Time for Sites Offering Temporary Stays in S.D.

LEGAL: City Seeks TOT Revenue as Web Changes Tourism Paradigm

San Diego has joined the growing list of major U.S. cities grappling with fiscal and social fallout from rising use of sites such as Airbnb, where property owners rent out rooms or whole homes to vacationers and others on short stays.

Timing Looks Right for This New Life Sciences Campus in UTC

Real Estate Column

San Diego’s BioMed Realty Trust Inc. has not announced the tenants for its long-planned, $190 million life-science lab and office campus called i3, which recently broke ground at University Towne Center. But the trends in recent brokerage data suggest the company shouldn’t have much trouble filling up the 316,000-square-foot project.

Virgin America Relocates to Terminal 2 West

Virgin America has relocated its local air operations to Terminal 2 West at San Diego International Airport.

We Oughta Be in Pictures

TOURISM: Region Plots Ways to Woo Film, TV Productions

Discussions are underway to replace what was once the San Diego Film Commission — eliminated as a result of 2013’s tourism-related city budget squabbling — with a new regional organization aimed at making San Diego County a competitive hub for movie and TV production.

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Church Buys Miramar Office Building for $3.2 Million

Bread of Life Church has purchased an office building in San Diego’s Miramar neighborhood for $3.2 million, with plans to convert the property for a church and related operations, according to Voit Real Estate Services.

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Retail Building Housing Dave & Buster’s Sold for $11.9 Million

Store Capital of Scottsdale, Ariz., has purchased a Mission Valley retail building housing the restaurant Dave & Buster’s for $11.9 million, according to real estate advisory firm Faris Lee Investments, which represented the buyer and seller.

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Report: Craft Beer Generates $600 Million for Region’s Economy

San Diego County’s craft beer breweries and brewpubs generated $600 million in regional economic impact during 2014, a doubling since 2011, according to the latest updated report by National University System Institute for Policy Research.

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Escondido Industrial Park Sells for $7.3 Million

A San Diego entity recorded as 15 North LLC has purchased an Escondido industrial property known as Simpson Business Park for $7.3 million, according to brokerage company Lee & Associates, which represented the seller.

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Realty Income Posts 2014 Increases in Revenue, Net Income

Revenue at Realty Income Corp. rose 19.6 percent in 2014, reaching $933.5 million, as net income available to common stockholders increased 11.7 percent from 2013, totaling $227.6 million, the Escondido-based company reported.

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New Local Kidder Mathews Office Adds 4 More Commercial Brokers

The newly opened San Diego office of commercial brokerage firm Kidder Mathews has added four experienced brokers to its roster, including three more who switched over from the local office of Cushman & Wakefield Inc.

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Expedia Travel Agency Division Opens San Diego Location

Expedia CruiseShipCenters, a division of online travel information provider Expedia Inc. that markets and sells cruise vacations through franchised offices, recently opened a San Diego location.

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San Diego Industrial Building Sells for $4.95 Million

A Beverly Hills entity recorded as 3055 Del Sol LLC has purchased an industrial building in Otay Mesa West for $4.95 million, according to brokerage company Marcus & Millichap Inc., which represented the seller.

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Lincoln Property Buys Carlsbad Buildings for $11.9 Million

Lincoln Property Co. has purchased a two-building office and industrial park in Carlsbad for $11.9 million, the Dallas-based investment and development firm announced.

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Fallbrook Apartment Building Sold for $2 Million

Wood Family Trust has purchased an 18-unit apartment property in Fallbrook for approximately $2 million, according to brokerage company Colliers International, which represented the buyer.

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Oceanside Apartment Property Sells for $2.5 Million

Glenn L. Goldman Family Trust has acquired a 12-unit Oceanside apartment property for $2.5 million, according to brokerage company Marcus & Millichap Inc., which represented the seller.

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Level 10 Completing Renovations at USD, UC San Diego

The San Diego office of general contractor Level 10 Construction was recently chosen to perform extensive renovations of two buildings at the University of San Diego in Linda Vista, and one at the University of California, San Diego in La Jolla.

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Mesa College Opens $40.5 Million Science Building

San Diego Mesa College recently marked the opening of its $40.5 million social and behavioral sciences building, located at the community college’s Kearny Mesa campus off Mesa College Drive.

Residential Lots in Encinitas Purchased for $7.5 Million

Homebuilder Davidson Communities of Del Mar has purchased 19 undeveloped residential lots in Encinitas for approximately $7.5 million, according to real estate services provider Land Advisors Organization, which handled the transaction.

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Mission Valley Office Building Sells for $2.8 Million

An entity recorded as 3590 CDRN LLC has purchased a Mission Valley office building for approximately $2.8 million, according to brokerage company Cushman & Wakefield Inc., which represented the buyer and seller.

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Forbes Awards Five-Star Ratings to Three San Diego County Hotels

Three San Diego County hotels earned Five-Star ratings for their accommodations in the latest edition of Forbes Travel Guide, formerly known as Mobile Travel Guide.

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Port Studying Options, Leaves Ride Proposals Up in the Air

PROPERTY: Costs Of Attractions Range From $40M to $200M

Questions over timing and priorities came to the fore as port commissioners reviewed five proposals to put Ferris wheel or observation tower attractions on the downtown San Diego waterfront.

American Assets Completes $100M Debt Offering

San Diego-based American Assets Trust Inc. has closed on a $100 million privately placed debt offering.

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Site Remediation Puts Properties Back in Play

BUILDING: Engineers Busy With Environmental Healing

Rising demand for new apartments in the region’s urban-core neighborhoods has quickened the pace of new project assignments for SCS Engineers and its competitors who advise developers on ways to put old contaminated sites to new uses in environmentally friendly ways.

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Medical Group to Occupy Mission Valley Building After $2.8 Million Deal

An entity recorded as 3590 CDRN LLC has purchased a Mission Valley office building for approximately $2.8 million, according to brokerage company Cushman & Wakefield Inc., which represented the buyer and seller.

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