San Diego Business Journal

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Mayor Faulconer Proposes Hotel Tax Hike to Expand Convention Center

Mayor Kevin Faulconer has proposed increasing the city’s hotel room tax via a public ballot measure in 2018, to finance a long-sought expansion of the San Diego Convention Center.

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Ramona Apartment Complex Sells for $4 Million

Investor David Sterling of San Diego has acquired a 28-unit apartment property in Ramona for approximately $4 million, according to brokerage firm Apartment Consultants Inc. (ACI) The seller of Santa Maria Creek Apartments, at 1606 Montecito Road, was listed as CGI 1 LP of San Diego.

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RAF Pacifica Group Buys San Marcos Industrial Property for $3.75M

Encinitas-based RAF Pacifica Group has purchased a San Marcos industrial property for approximately $3.75 million, with plans to complete significant renovations, according to brokerage firm Lee & Associates.

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Faulconer Proposes Hotel Tax Hike to Expand Convention Center

Mayor Kevin Faulconer has proposed increasing the city’s hotel room tax via a public ballot measure in 2018, to finance a long-sought expansion of the San Diego Convention Center.

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Ramona Apartment Complex Sells for $4M

Investor David Sterling of San Diego has acquired a 28-unit apartment property in Ramona for approximately $4 million, according to brokerage firm Apartment Consultants Inc. (ACI)

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RAF Pacifica Group Buys a San Marcos Industrial Property for $3.75M

Encinitas-based RAF Pacifica Group has purchased a San Marcos industrial property for approximately $3.75 million, with plans to complete significant renovations, according to brokerage firm Lee & Associates.

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These Were the Biggest Industrial Deals of 2016

San Diego County’s industrial property market ended 2016 with a historically low 5.1 percent vacancy rate, according to the latest quarterly data from CoStar Group.

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Three’s Too Much Of a Crowd For Macy’s

It’s a testament to the retail drawing power of Mission Valley (try driving on Friars Road or its offshoots near Interstate 8, holiday season or not) that Macy’s Inc. essentially operated three large department stores in the same neighborhood for so many years.

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Exit Planning San Diego Can Update Economic Playbook

It could hardly be called surprising, but the San Diego Chargers have now made it official: the football team is leaving for Los Angeles after more than a half-century in San Diego.

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Palliative Care Comes In Life-Affirming Model

MEDICINE: Co. Guides Patient, Family Through Last Journey

Dr. Bob Uslander was meditating on a bluff in La Jolla in early 2013 when he was jolted by an epiphany that would transform his professional life.

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Convention Center’s Issues Expand

TOURISM: Lawsuit, Hotel Plans, Funding Are Concerns

Operators recently launched $25 million in renovations to the iconic Sails Pavilion and other components of the San Diego Convention Center, but there remains no clear path to a long-sought expansion of the downtown waterfront facility.

Mayor Faulconer: Chargers Will Regret Decision to Exit San Diego

Reacting to the San Diego Chargers’ announced move to Los Angeles, a frustrated Mayor Kevin Faulconer said team owner Dean Spanos “made a bad decision” that he will come to regret.

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Pinnacle Buys Three Downtown Properties for $8.5 Million

An affiliate of Vancouver, B.C.-based Pinnacle International has acquired three industrial and retail properties in downtown San Diego, currently housing a Bridgestone auto repair and retail facility, for $8.5 million, according to CoStar Group and public data.

NFL Gives Chargers Two More Days to Decide Location Plans

The National Football League has extended by two days the San Diego Chargers’ deadline to decide whether the team will relocate to the Los Angeles market, switching it to Jan. 17.

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Hillcrest Hotel Being Converted to Apartments

A Sommerset Suites Hotel in Hillcrest is slated to become a boutique apartment community after the property was recently purchased by San Diego-based SENTRE Partners.

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Here's San Diego County’s Top Office Deals of 2016

San Diego County ended 2016 with its office vacancy rate at 10 percent, according to the latest data from CoStar Group, as rents continued to rise amid limited construction and rising demand.

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Scripps Ranch Industrial Building Sold for $9.8 Million

A buyer listed as Evergreen & Prop Mgmt LLC has purchased an industrial property in San Diego’s Scripps Ranch submarket for approximately $9.8 million, according to CoStar Group and public data.

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San Diego Apartment Property Sells for $20 Million

A San Diego buyer recorded as Mission Gorge Road LP has purchased a 90-unit apartment property in the city’s San Carlos neighborhood for approximately $20 million, according to brokerage firm CBRE Group Inc.

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Knight Time: Legoland Begins Construction on Castle-Themed Hotel

Legoland California Resort has scheduled a Jan. 18 groundbreaking for its planned new castle-themed hotel, which will be the second on-site hotel at the Carlsbad park.

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P.B. Apartment Property Sells for $6.5M

George W. and Carol A. Lattimer of San Diego have acquired an 18-unit apartment building in Pacific Beach for $6.5 million, according to brokerage firm Apartment Realty Group (ARG).

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Pacific Beach Apartment Property Sells for $6.5 Million

George W. and Carol A. Lattimer of San Diego have acquired an 18-unit apartment building in Pacific Beach for $6.5 million, according to brokerage firm Apartment Realty Group (ARG).

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Legoland Starting Construction on New Castle-Themed Hotel in Carlsbad

Legoland California Resort has scheduled a Jan. 18 groundbreaking for its planned new castle-themed hotel, which will be the second on-site hotel at the Carlsbad park.

Charter School Plans New El Cajon Campus After $4.85M Land Purchase

Locally based Literacy First Charter Schools has acquired a 7.15-acre land parcel in El Cajon for $4.85 million, with plans to develop a new campus, according to CoStar Group and public data.

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Trolley Plan Helps Get UCSD Downtown

The $2.1 billion Mid-Coast Trolley project has apparently seen its first solid example of economic generation for the region.

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SeaWorld Still Looks to Make a Splash Without Orca Shows

PARKS: New Attractions Aimed at Teens, Competition

With its iconic performing whale shows now history, the parent of SeaWorld San Diego is investing heavily in new attractions to widen the theme park’s appeal and reverse setbacks in attendance and public relations.

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Electrical Contractor Buys Poway Campus for $6.4 Million

Construction services provider Ickler Electric Corp. has purchased a Poway office and warehouse campus for approximately $6.4 million, with plans to relocate its headquarters to the two-building property.

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Hillcrest Blueprint for Affordability Coming

PROPERTY: Development To Be Part of Climate Goals

The San Diego City Council recently removed a barrier to potential high-rise development in the core of the popular Hillcrest neighborhood, though it could be a year or more before a development blueprint for the neighborhood is in place.

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Macy’s Closing Apparel Store in Mission Valley

A Macy’s apparel store at Westfield Mission Valley is among 65 stores nationwide slated to be closed during 2017 by the retailer.

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Retail Property in Scripps Ranch Sold for $11 Million

Shah Family Trust of San Diego has acquired a Scripps Ranch retail property for $11 million, according to brokerage firm CBRE Group Inc.

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Escondido Retail Center Sells for $40.1 Million

An affiliate of New York-based Brixmor Property Group has acquired the Felicita Town Center retail property in Escondido for $40.1 million, according to CoStar Group and public data.

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Barons Market Opens Latest Store in North Park

Barons Market recently opened a new store in North Park, the seventh location for the San Diego-headquartered specialty grocer.

Local Construction Starts Rose 44 Percent in 2016’s First 11 Months

San Diego County’s construction starts rose 44 percent from a year ago, topping $4.52 billion in value in the first 11 months of 2016, according to research firm Dodge Data & Analytics.

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New SeaWorld San Diego Coaster Set to Open in 2018

SeaWorld San Diego has announced plans for Electric Eel, a new looping roller coaster with multiple launch elements, slated for a summer 2018 opening.

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Industrial Space Is Hot Commodity as E-Commerce Heats Up

Economic Trends: Real Estate

After five years of sleepy post-recession performance, the industrial segment of San Diego County’s commercial real estate market sprang to life in a big way in 2016.

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As Competition Brews, Brewers Must Raise Their Game

Economic Trends: Craft Beer

San Diego County’s craft beer brewers continued to grow their local and global footprints in 2016, even as the U.S. industry overall began to show signs of slowing growth after several years of rapid acceleration in consumer demand.

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As Visitors Flock In, Focus Shifts to Convention Center

Economic Trends: Conventions & Tourism

For the San Diego region, 2016 marked a continuation of a general post-recession trend of rising hotel revenue, airport traffic, convention business and visits to local attractions. San Diego was still benefiting from a strong nationwide tourism economy, aided by low fuel prices and steady levels of confidence among traveling consumers and business meeting planners.

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Local Hotel Revenue Rose 4.4 Percent in First 11 Months

Total revenue at San Diego County hotels rose 4.4 percent from a year ago in the first 11 months of 2016, topping $2.48 billion, according to the latest monthly data from research firm STR.

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Kearny Mesa Office Campus Sold for $37.9 Million

Klein Investments Family LP of Newport Beach has acquired a four-building office and industrial campus in Kearny Mesa for approximately $37.9 million, according to CoStar Group and public data.

Airport Passenger Traffic Up 3.3 Percent Through November

San Diego International Airport saw total passenger traffic rise 3.3 percent from a year ago in the first 11 months of 2016, topping 19 million, according to the San Diego County Regional Airport Authority.

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Westgate Hotel Opening New Fitness and Spa Facility

Operators of downtown San Diego’s upscale Westgate Hotel plan a Jan. 2 opening for AquaVie, a new $14 million fitness and spa facility adjacent to the property at 234 Broadway.

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San Diego Apartment Properties Get New Owners

Two San Diego apartment properties recently changed hands, including a 58-unit complex in the city’s Lincoln Park neighborhood that sold for approximately $8.97 million.

Jan. 30 Debut Scheduled for Dave & Buster’s in Carlsbad

Dallas-headquartered Dave & Buster’s Inc. plans a Jan. 30 opening for its new restaurant and entertainment center at the Shoppes at Carlsbad mall. It will be the second San Diego County location for the company, which currently operates a venue in Mission Valley.

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Carlsbad Research Campus Sells for $15.3 Million

El Segundo-based Alvarez & Marsal Capital Real Estate has purchased the three-building Research Center Plaza property in Carlsbad for $15.3 million, according to the seller, Lincoln Property Co. of Dallas.

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Rally’s Opening New Restaurant in Logan Heights

Checkers Drive-in Restaurants Inc., which operates hamburger eateries under the Checkers and Rally’s brands, plans to open a new Rally’s at 931 S. 30th St., in Logan Heights near downtown San Diego.

Spanos Meets with City, County to Discuss Chargers’ Location Issues

Mulling the team’s location options after the 2016 season, San Diego Chargers Chairman Dean Spanos recently met with Mayor Kevin Faulconer, county Supervisor Ron Roberts and San Diego State University President Elliot Hirschman.

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Santee Apartment Community Sells for $56.6 Million

San Diego-based R&V Management Corp. has purchased a 172-unit apartment community in Santee for $56.6 million, according to brokerage firm CBRE Group Inc.

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Chula Vista Apartment Property Sold for $45.5 Million

MG Properties of San Diego has acquired a 183-unit apartment property in Chula Vista for $45.5 million, according to brokerage firm Berkadia.

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Gourmet Sandwich Chain Mendocino Farms Opens First Local Eatery

Los Angeles-headquartered Mendocino Farms Sandwich Market recently opened its first San Diego County location in La Jolla, with another slated to open in spring 2017 in Carmel Valley.

Spanos Meets with County, City to Discuss Chargers’ Location Issues

Mulling the team’s location options after the 2016 season, San Diego Chargers Chairman Dean Spanos recently met with Mayor Kevin Faulconer, county Supervisor Ron Roberts and San Diego State University President Elliot Hirschman.

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Hyatt Regency La Jolla at Aventine Names New General Manager

Operators of Hyatt Regency La Jolla have appointed Allan Farwell as general manager, leading all operations of the 417-room hotel.

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