San Diego Business Journal

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Retail Property in Little Italy Sells for $3.15 Million

India and Juniper LLC of San Diego has acquired a Little Italy retail property for $3.15 million, according to brokerage firm Colliers International Group Inc.

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Point Loma Retail Center Sold for $2.45 Million

San Diego-based Williams@Rosecrans LLC has acquired a strip shopping center in Point Loma for $2.45 million, according to brokerage firm Franco Realty Group.

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Murphy Development Nears Completion of Otay Mesa Industrial Park

San Diego-headquartered Murphy Development Co. is nearing completion on its Siempre Viva Business Park in Otay Mesa, with the recent groundbreaking on an $11.9 million industrial building at 8500 Kerns St.

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The Shoppes’ Multipurpose Makeover Is About People Pleasing

After years of delays and ownership changes, it appears that the long-fading mall in northern Carlsbad, known as Plaza Camino Real when it opened nearly a half-century ago, is ready to benefit from an extensive renovation.

Renovations Dominate Commercial Projects

CONSTRUCTION: Value Is Trending Above 2015

Converting older non-residential buildings for new and updated uses makes up more than three-quarters of the work being done these days by busy San Diego construction firms like Jaime Partners, and industry observers say those kinds of projects present further growth opportunities for local contractors in 2017 and beyond.

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Liberty Public Market Ranks 13th Among U.S. Food Halls

San Diego’s Liberty Public Market in Point Loma placed at No. 13 in a recent national ranking of the top 20 food halls, as part of an urban retail report by brokerage firm Cushman & Wakefield.

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Crowne Plaza Hanalei Hotel in Mission Valley Gets New Owner

A private client of Irvine-based Brighton Management has purchased the 419-room Crowne Plaza Hanalei hotel in Mission Valley for an undisclosed price, according to brokerage firm CBRE Group Inc.

SeaWorld San Diego Cutting 60 Jobs Amid Nationwide Layoffs

SeaWorld San Diego is laying off 60 workers, as part of 320 nationwide job cuts announced Dec. 6 by its Florida-based parent firm, SeaWorld Entertainment Inc.

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CBRE to Relocate Main San Diego Office to Westfield UTC

Commercial real estate services firm CBRE Group Inc. plans to move its central San Diego office in University Towne Center to the Westfield UTC mall, which is currently undergoing a $585 million renovation and expansion by owner Westfield Corp.

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US Grant Hotel Nears Completion of $13 Million Revamp

Operators are nearing completion of a $13 million revamp of downtown San Diego’s The US Grant hotel, which included an update of its lobby, meeting and wedding venues, fitness center and all 270 guest rooms.

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Sorrento Mesa Industrial-Office Property Sells for $7 Million

A San Diego buyer recorded as Rodney R. Starkey A Trust has acquired a Sorrento Mesa industrial building for $7 million, according to brokerage firm Marcus & Millichap.

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County’s Construction Starts Rise 29% in First 10 Months of 2016

The value of San Diego County’s construction starts rose 29 percent from a year ago in the first 10 months of 2016, topping $3.61 billion, according to the latest monthly figures from Dodge Data & Analytics.

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Innovative Industrial Properties Begins Selling Stock Shares

San Diego-based Innovative Industrial Properties Inc., a new investment company focused on medical-use cannabis facilities, plans a Dec. 6 close on a $67 million initial public offering of common stock that began on Dec. 1.

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Croughan Named GM of Two Carmel Valley Hotels

RAR Hospitality has named David Croughan as general manager of two of its hotels in Carmel Valley – the 84-room Hilton Garden Inn San Diego-Del Mar and the 120-room Homewood Suites by Hilton San Diego-Del Mar.

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Bowens Retiring in March from Airport Authority CEO Post

Thella F. Bowens will retire on March 31, 2017, after 15 years as president and CEO of the San Diego County Regional Airport Authority, which operates San Diego International Airport.

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Second Office Building Planned After $31.3M Site Purchase in Scripps Ranch

Carlsbad-based developer Newport National Corp. has acquired a 20.9 acre site containing an office building, in San Diego’s Scripps Ranch submarket, for approximately $31.3 million, according to brokerage firm Colliers International.

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Carlsbad Mall Renovation Brings in Yard House and Cheesecake Factory

The Cheesecake Factory and Yard House restaurants, along with clothing retailer Zara, will join the tenant roster in 2017 as part of an extensive renovation currently underway at The Shoppes at Carlsbad, mall operator Rouse Properties announced.

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Carlsbad Mall Renovation Brings in Cheesecake Factory, Yard House

The Cheesecake Factory and Yard House restaurants, along with clothing retailer Zara, will join the tenant roster in 2017 as part of an extensive renovation currently underway at The Shoppes at Carlsbad, mall operator Rouse Properties announced.

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Thella Bowens to Retire in March From Airport Authority CEO Post

Thella F. Bowens will retire on March 31, 2017, after 15 years as president and CEO of the San Diego County Regional Airport Authority, which operates San Diego International Airport.

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Convention Center’s 2016 Economic Impact: $1.1B

The San Diego Convention Center generated $1.1 billion in regional economic impact during fiscal year 2016, including $658 million in direct attendee spending, center operators reported.

Dual Agency Brings Up Questions of Fiduciary Transparency

LAW: Real Estate Agents Face Conflict Of Interest Issues

California moved last year to require disclosures by commercial real estate brokers who represent both the buyer and seller in a deal, reflecting an internal policy that already existed at many brokerages and the legal standard for residential brokers.

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Rancho Bernardo Office Property Housing Bel Fuse Sold for $3.5 Million

San Diego-based Sabin Holdings LLC has purchased a Rancho Bernardo office property currently housing Bel Fuse Inc. for $3.5 million, according to brokerage firm Colliers International Group Inc.

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Vista Retail Center Owner Obtains $37 Million in Refinancing

Owner ValCenters of Newport Beach has obtained $37 million in refinancing for North County Square, a grocery-anchored retail center in Vista, according to Holliday Fenoglio Fowler LP (HFF), which arranged the financing.

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Old Town Office Property to Become Hotel After $2.2 Million Purchase

San Diego-headquartered Hotel Investment Group (HIG) has acquired an Old Town office complex for $2.2 million, with plans to convert it into an extended-stay boutique hotel.

San Diego Airport Passenger Traffic Up 3.2 Percent So Far in 2016

Passenger traffic at San Diego International Airport increased 3.2 percent from a year ago in the first 10 months of 2016, topping 17.3 million, according to the latest monthly data from airport operators.

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Foodies Joining Breakfast Club

DINING: Morning Diners Get Inventive Menu, Hip Settings, Hearty Servings

Restaurateur Johan Engman is doubling down on his bet that San Diego’s burgeoning foodie culture can translate to breakfast hours, especially on weekdays, when time-strapped commuters increasingly scarf down fast-food fare in their cars or at their work desks.

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Three Tenants Pre-lease Space at Carlsbad Industrial Development

Developer RAF Pacifica Group has signed three tenants at a new speculative industrial project currently under construction in Carlsbad, including global hair products supplier Unite Eurotherapy.

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Developer Pinnacle International Buys Downtown Site for $14.5 Million

Vancouver, B.C.-based Pinnacle International has acquired a redevelopment site in downtown San Diego for $14.5 million, according to brokerage firm Marcus & Millichap.

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Convention Center Generated $1.1B in Economic Impact During Fiscal 2016

The San Diego Convention Center generated $1.1 billion in regional economic impact during fiscal year 2016, including $658 million in direct attendee spending, center operators reported.

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Los Angeles Firm Buys San Diego Apartments for $28 Million

James Investment Partners of Los Angeles has acquired an 85-unit apartment community near San Diego’s Mission Hills neighborhood for $28 million, according to brokerage firm Berkadia.

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North Golf Course at Torrey Pines Reopens After $12.6M Renovation

The North Course at Torrey Pines Golf Course was recently reopened following a comprehensive nine-month, $12.6 million renovation of the city-owned property.

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Santee Retail Center Sells for $27 Million

Union City Investments LLC of Santa Monica has purchased the Santee Town Center retail property for $27 million, according to the seller, Irvine-based Pacific Castle Management Inc.

Video Game Developer Psyonix Expands into Emmes’ Downtown Tower

San Diego-based video game developer Psyonix Inc. has signed a multiple-floor lease as it expands into downtown’s 1 Columbia Place, according to office tower owner Emmes Realty Services of California LLC.

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Andaz San Diego Opens New Meeting and Events Space After Renovation

Andaz San Diego has opened a new meeting and events space called The Gallery, following a $400,000 renovation at the Gaslamp Quarter hotel.

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Orchard Supply Hardware Opening First San Diego County Store

Home and garden retailer Orchard Supply Hardware plans a Nov. 29 opening for its first San Diego County store, at 8780 Navajo Road in San Diego. The location is near the city’s eastern border with La Mesa

Game Developer Psyonix Expands into Emmes’ Downtown Tower

San Diego-based video game developer Psyonix Inc. has signed a multiple-floor lease as it expands into downtown’s 1 Columbia Place, according to office tower owner Emmes Realty Services of California LLC.

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Andaz San Diego Opens New Meeting, Events Space After Renovation

Andaz San Diego has opened a new meeting and events space called The Gallery, following a $400,000 renovation at the Gaslamp Quarter hotel.

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Plenty of Projects Still in Downtown Residential Pipeline

At the mid-point of 2016, Civic San Diego reported that the red-hot downtown market had more than 11,000 apartment and condo units in the works. That included 4,401 units under construction, 4,868 approved and pending construction, and 1,776 with plans submitted and pending approval.

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Small Brewers Plan To Sell Abroad

BREWING: Pilot Program to Assist With Shipping Logistics

After several years spent burnishing San Diego County’s reputation as a major craft beer capital, local brewers and economic leaders now see international sales as key to maintaining the industry’s momentum — especially amid signs of slowing growth in the United States.

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HP Campus Buyer Obtains $90M for Purchase, Renovations

San Francisco-based Swift Real Estate Partners has obtained $90 million in financing for its recent acquisition and upcoming repositioning of the Rancho Bernardo office campus that it recently acquired from tech giant HP Inc.

San Diego Hotel Revenue Grows 4.1 Percent in First 10 Months

San Diego County hotels posted a 4.1 percent gain in revenue in the first 10 months of 2016, topping $2.29 billion, with year-over-year increases on most key metrics, according to the latest monthly data from research firm STR.

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Pacific Beach Retail Property Sold for $2.3 Million

SMP Realty LLC of San Marcos has purchased a Pacific Beach retail building for $2.3 million, according to brokerage firm Lee & Associates.

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Chula Vista Retail Property Sells for $5.1 Million

C3 Centers LLC of San Diego has acquired a retail showroom property in Chula Vista’s Eastlake neighborhood for $5.1 million, according to brokerage firm Pacific Coast Commercial.

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San Diego Apartment Property Sells for $156 Million

A Newport Beach buyer recorded as Trea Blvd63 LLC has acquired the 332-unit BLVD63 Apartments in San Diego’s Rolando neighborhood for $156 million, according to CoStar Group and public data.

Civic San Diego Awarded $50M from Community Development Fund

Civic San Diego, which oversees development projects in areas including the city’s low-income communities, announced that it has received a $50 million allocation from the Community Development Financial Institutions Fund.

Westcore Properties Garners $337.5M in New Acquisition Capital

San Diego’s Westcore Properties has obtained $337.5 million in financing from Almanac Realty Investors LLC, to fund future commercial property acquisitions.

Westcore Properties Garners $337.5 Million in New Acquisition Capital

San Diego’s Westcore Properties has obtained $337.5 million in financing from Almanac Realty Investors LLC, to fund future commercial property acquisitions.

Civic San Diego Awarded $50 Million from Community Development Fund

Civic San Diego, which oversees development projects in areas including the city’s low-income communities, announced that it has received a $50 million allocation from the Community Development Financial Institutions Fund.

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Miramar Retail, Office Properties Sold for $23.6 Million

Locally based 8990 Miramar Landing LP has acquired two retail and office properties in San Diego’s Miramar neighborhood for $23.6 million, according to Voit Real Estate Services.

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Retailers See Happy Holidays, But Politics Could Change That

RETAIL: Trump Factor is Unknown; Other Indicators Good

Retail industry leaders are generally upbeat on their local and national prospects for this year’s holiday season sales, starting with the traditional post-Thanksgiving “Black Friday” rush to shopping centers.

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