San Diego Business Journal

Opponents of One Paseo Project Submit Signatures for Possible Referendum

The San Diego County Registrar of Voters is reviewing more than 60,000 signatures submitted by opponents of the mixed-used One Paseo project in Carmel Valley, aimed at rescinding San Diego City Council’s recent approval or placing the measure on a future election ballot.

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Manchester Sells Majority Stake in Grand Del Mar Resort

Private equity firm Blum Capital and the parent of Fairmont Hotels & Resorts are acquiring a majority stake in Carmel Valley’s Grand Del Mar resort for a reported $230 million.

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La Mesa Apartment Property Sells for $2.8 Million

Joehnk LLC of La Jolla has purchased the 14-unit Chateau Shasta apartment building in La Mesa for $2.8 million, according to ACRE Investment Real Estate Services, which represented the seller.

The Good News Keeps Arriving for the Local Hotel Industry

TRAVEL: Millennials’ Tastes, ‘Airbnb’ Options Are Sector’s Challenges

San Diego County’s hotel industry is on track to see another stellar year in 2015, and likely into 2016, said experts at a recent Lodging Industry Forecast forum in Carmel Valley.

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Texas Company Taking the Reins at Catalina Restaurant Group

DINING: Carrows, Coco’s Face Challenge From the Limited-Service Eateries

Catalina Restaurant Group Inc. is about to undergo the latest in what has become a series of corporate turnovers for the Carlsbad company’s flagship brands over the past two decades.

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Betting on Blue

RESOURCES: Leaders Push Blue-Tech Plans as Region’s Next Cluster

A proposal to create a regional “blue-tech” incubator with a related “center of excellence” that would support early-stage companies, cutting-edge research and development of water-oriented technologies has won the backing of city and council officials.

One Paseo Project Opponents Submit Signatures for Possible Referendum

The San Diego County Registrar of Voters is reviewing more than 60,000 signatures submitted by opponents of the mixed-used One Paseo project in Carmel Valley, aimed at rescinding San Diego City Council’s recent approval or placing the measure on a future election ballot.

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La Mesa Apartment Property Sells for $2.8M

Joehnk LLC of La Jolla has purchased the 14-unit Chateau Shasta apartment building in La Mesa for $2.8 million, according to ACRE Investment Real Estate Services, which represented the seller.

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Manchester Selling Majority Stake in Grand Del Mar Resort

Private equity firm Blum Capital and the parent of Fairmont Hotels & Resorts are acquiring a majority stake in Carmel Valley’s Grand Del Mar resort for a reported $230 million.

City, County Teaming to Explore Regional Stadium Options

San Diego city and county government leaders have announced plans to work collaboratively, including sharing consultant costs, in order to devise a new regional stadium plan to retain the San Diego Chargers.

Ramona Getting State’s First Drive-through Dunkin’-Baskin Eatery

Massachusetts-based Dunkin’ Brands Group Inc. has an April 7 opening planned for its new restaurant in Ramona, which officials said will be California’s first drive-through location selling Dunkin’ Donuts and Baskin-Robbins ice cream.

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San Diego Apartments Get $22.8 Million Renovation

National affordable housing developer Vitus Group Inc. has completed a $22.8 million renovation of the 448-unit Meadowbrook Apartments, in San Diego’s Skyline neighborhood.

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Poway Industrial Building Sold for $3.15 Million

Lloyd H. Wells Gift Trust of Poway has acquired a Poway industrial building for approximately $3.15 million, according to CoStar Group and public data.

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Movie Theaters, Events Space Planned at Liberty Station

La Jolla-based Backlot Hospitality plans to open a new events space with six movie theaters at the former Luce Auditorium, at Liberty Station in Point Loma.

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San Marcos Resort Gets New Eatery, Revamped Golf Course

Locally based hospitality property operator Eat.Drink.Sleep plans a March 26 opening for its new restaurant and renovated golf course at Lakehouse Hotel & Resort in San Marcos.

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Chula Vista Shopping Center Sells for $18.5 Million

Affiliates of Anaheim-based Milan Capital Management have purchased a five-building retail center in Chula Vista for $18.5 million, according to CoStar Group and public data.

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Johnny Rockets Restaurant Coming to Boomers in Vista

A new location of the Johnny Rockets hamburger restaurant is set to open this spring at the Vista location of Boomers family entertainment center, according to center operator Palace Entertainment.

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Carlsbad Firm Opens New Senior Apartments in Mission Valley

Chelsea Investment Corp. of Carlsbad has completed and opened Versa at Civita, a $27.7 million, 150-unit apartment complex featuring affordable apartments for seniors 55 and older in Mission Valley.

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Carlsbad Office Building Sold for $4.26 Million

Investor Andrew Lisowski has acquired the Carlsbad Corporate Center office property in Carlsbad for approximately $4.26 million, according to brokerage company Marcus & Millichap Inc., which represented the seller.

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Financing Completed for $79.3 Million Downtown Apartment Project

Wakeland Housing and Development Corp of San Diego has closed on financing for its planned $79.3 million Atmosphere affordable housing project in downtown San Diego, according to U.S. Bank.

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SeaWorld Entertainment Names Manby as its New CEO, President

SeaWorld Entertainment Inc., parent company of SeaWorld San Diego and the Aquatica water park in Chula Vista, has named Joel Manby as its new president and CEO, effective April 7.

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San Diego Apartment Properties Sold for $12.7 Million

An affiliate of Newport Beach-based WLA Investments Inc. has purchased a three-property portfolio of San Diego apartment properties for approximately $12.7 million, according to CoStar Group and public data.

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Report: Apartment Industry Has $11.9 Billion Local Impact

The San Diego metro area’s apartment industry had an $11.9 billion economic impact in 2013, including supporting more than 111,000 jobs, according to a recent report by two industry advocacy groups.

Why Mission Valley Stadium Site Looks Better 12 Years Later

DEVELOPMENT: Politics Might Align With Nearby Projects

Two members of the Citizens’ Stadium Advisory Group, each of whom is an expert on land-use or construction matters, say they’re confident that Mission Valley will be the place that ultimately keeps the San Diego Chargers in town if the financing is right.

State Supreme Court to Review SANDAG Case

LAW: Appellate Ruling Said to Have Left Some Unresolved Questions

The California Supreme Court has agreed to review an appellate court’s decision calling on the San Diego Association of Governments (SANDAG) to make long-term transportation plans better comply with revised state pollution-reduction goals.

Legislation Would Cut Civic S.D. Power

LAW: Some Call for More Localized Input on Projects

Legislation proposed by California Assemblywoman Lorena Gonzalez (D-San Diego) would effectively strip the nonprofit Civic San Diego of its current role as final arbiter on downtown development projects.

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SeaWorld Entertainment Names Manby as its New President, CEO

SeaWorld Entertainment Inc., parent company of SeaWorld San Diego and the Aquatica water park in Chula Vista, has named Joel Manby as its new president and CEO, effective April 7.

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San Diego Apartment Properties Sold for $12.7M

An affiliate of Newport Beach-based WLA Investments Inc. has purchased a three-property portfolio of San Diego apartment properties for approximately $12.7 million, according to CoStar Group and public data.

County Employees Retirement Association CEO Resigns

Brian White has tendered his resignation as CEO of the Board of Retirement of the San Diego County Employees Retirement Association, effective March 30, the organization announced. White has served as the association’s CEO for 18 years.

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Mission Beach’s Cannonball Restaurant Reopening After $3.5 Million Overhaul

San Diego-based hospitality management company Eat.Drink.Sleep plans an April 1 reopening of its Cannonball restaurant, following a $3.5 million renovation of the building at 3105 Ocean Front Walk in Mission Beach.

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San Diego Business Park Sells for $4 Million

Rio San Diego LLC has purchased the Mission Gorge Business Park industrial and office property in San Diego for approximately $4 million, according to brokerage firm ECP Commercial.

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Solana Beach Firm Buys 2 Nevada Hotels for $20 Million

Solstar Investments LLC of Solana Beach has acquired the 120-room Marriott SpringHill Suites and 108-room Marriott TownePlace Suites hotels in Henderson, Nev., for a total of $20 million, according to Nevada public records.

San Diego Firms Buy Arizona Hotels for $8.65 Million

Hospitality management and consulting firm R.A. Rauch & Associates Inc. and investment firm PacVentures Inc., both of San Diego, recently acquired two Arizona hotel properties for a total of $8.65 million, the companies announced.

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Carlsbad Firm Buys Two Local Retail Centers for $10.8 Million

Investment firm Capstone Advisors has purchased retail centers in San Diego and Poway in separate transactions for a total of $10.8 million, the Carlsbad-based company announced.

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Mission Valley Hilton Completes $12 Million Renovation

Operators recently completed a $12 million renovation of the Hilton San Diego Mission Valley hotel, with a new outdoor event deck and pool area expected to open this spring.

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Coco’s, Carrows Restaurant Operator Getting New Owner

Carlsbad-based Catalina Restaurant Group Inc., which operates 149 Coco’s Bakery and Carrows restaurants in three states, has been sold to an affiliate of Texas-headquartered Food Management Partners (FMP) for an undisclosed price.

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Grocer Haggen Opens First Local Store in Carlsbad

Washington-based grocer Haggen Inc. recently opened its first San Diego County store in Carlsbad’s La Costa neighborhood, the first of 25 local debuts planned through May at former Vons and Albertsons locations.

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La Mesa Townhomes Sold for $2.88 Million

Munther and Jawan Jarjes Gorial of San Diego recently acquired Helix Manor Townhomes, a 16-unit multifamily property in La Mesa, for approximately $2.88 million, according to brokerage company Colliers International.

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El Cajon Apartment Property Purchased for $4.96 Million

Vincent and Donna Ivicevic of San Diego recently acquired a 38-unit apartment property in El Cajon for $4.96 million, according to brokerage company Marcus & Millichap Inc., which represented the seller.

Report: Apartment Industry Has $11.9 Billion Local Impact

The San Diego metro area’s apartment industry had an $11.9 billion economic impact in 2013, including supporting more than 111,000 jobs, according to a recent report by two industry advocacy groups.

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Poway Industrial Building Sells for $4.5 Million

An entity recorded as Kirkham Pacific LLC of San Diego has purchased a Poway industrial building for $4.5 million, according to CoStar Group and public data.

Ruling on SANDAG Transportation Plan to Get State Supreme Court Review

The California Supreme Court has agreed to review an appellate court’s decision calling on the San Diego Association of Governments (SANDAG) to make long-term transportation plans better comply with revised state pollution-reduction goals.

Excel Trust Sells Arizona Office Property for $65 Million

San Diego-based Excel Trust Inc. has sold the two-building Promenade Corporate Center office property in Scottsdale, Ariz., for $65 million, according to Arizona public data.

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Apartments in Imperial Beach Purchased for $4.5 Million

IB Villas LLC of Del Mar has purchased the 33-unit Stuart Manor apartment property in Imperial Beach for $4.5 million, according to brokerage company Berkadia.

Kidder Mathews Acquires StepStone Real Estate

PROPERTY: Firm Expanding After Recent Entrance to S.D. Market

Commercial real estate services provider Kidder Mathews has acquired StepStone Real Estate Services, a San Diego-based asset and property management firm, for an undisclosed price.

North County Clusters Spur Property Demand

REAL ESTATE: Health Care, Other Sectors Seek Out Space

Growth in North County’s key “cluster” industries — including health care, biotech, clean-tech and sports-related lifestyle companies — is creating jobs, and also raising demand for commercial real estate space.

Crowdfunding Moves Into Real Estate

FINANCE: Commercial Sector Opens Up to Small Investments

Online crowdfunding has already made its mark in the financing of technology startups, movies and philanthropic giving, and early indications are that it could make its next big splash in the world of commercial real estate investment — led by sites such as Realty Mogul, CrowdStreet and Fundrise.

State Supreme Court to Review Ruling on SANDAG Transportation Plan

The California Supreme Court has agreed to review an appellate court’s decision calling on the San Diego Association of Governments (SANDAG) to make long-term transportation plans better comply with revised state pollution-reduction goals.

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Imperial Beach Apartments Sold for $4.5 Million

IB Villas LLC of Del Mar has purchased the 33-unit Stuart Manor apartment property in Imperial Beach for $4.5 million, according to brokerage company Berkadia.

Excel Trust Sells Arizona Office Property for $65 Million

San Diego-based Excel Trust Inc. has sold the two-building Promenade Corporate Center office property in Scottsdale, Ariz., for $65 million, according to Arizona public data.

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