San Diego Business Journal

New Think Tank Formed to Promote San Diego Craft Beer

A new nonprofit think tank, called the Craft Beer Association of San Diego, has been formed with the goal of raising the national and international profile of the local region’s burgeoning brewing industry.

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Dickey’s Opens Its First Local Barbecue Restaurant in San Marcos

Dickey’s Barbecue Pit has opened at 763 Center Drive in San Marcos. It is the first San Diego County location for Dallas-based Dickey’s Barbecue Restaurants Inc.

Mixed-Use Decisions Need to Consider Future Market Demand

Master planners of large, mixed-use communities face a challenge similar to assembling a jigsaw puzzle. They must not only make their projects pencil-out financially in today’s market, but also gauge whether the urban-style elements that consumers want now will still play with prospective homebuyers 10 or 20 years later.

Subsidiary of BioMed to Issue $400M in Notes

BioMed Realty LP, an operating partnership subsidiary of San Diego-based BioMed Realty Trust Inc., plans to do a $400 million offering of senior unsecured notes.

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Petco’s New HQs’ Best Feature: It’s in the County

RETAIL: Newly Acquired Building to Consolidate Co.’s Local Operations

Petco Animal Supplies Inc. plans to establish a new San Diego headquarters and support center after buying a Rancho Bernardo industrial building for about $33 million.

Retail Opportunities, Local and Abroad, Spur Revenue Growth

Real Estate/retail: REITs Move Up List of Largest Local Public Cos.

San Diego’s PriceSmart Inc. is among several of the region’s large public companies paying close attention to the performance of consumer retail markets.

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Nordstrom Relocating Its Store Within Westfield UTC

Nordstrom Inc. plans to relocate its full-line department store in University Towne Center to a new space within the Westfield UTC mall, with a new two-level store expected to open in 2017.

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La Jolla Retail Condos Sold for $2.5 Million

Hanks Group Inc. of Alhambra has purchased four retail condo units in La Jolla for $2.5 million, according to CoStar Group and public data.

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BioMed Subsidiary to Issue $400M in Notes

BioMed Realty LP, an operating partnership subsidiary of San Diego-based BioMed Realty Trust Inc., plans to do a $400 million offering of senior unsecured notes.

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Nursing Care Facility in El Cajon Sold for $7.5 Million

Rocklin-based Auburn Manor Holding Corp. has purchased Chase Care Center, a skilled-nursing healthcare facility in El Cajon, for $7.5 million, according to CoStar Group and public data.

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Data Services Company Buys Kearny Mesa Office Building for $3.84 Million

Central Data Services Inc. of San Diego has purchased a Kearny Mesa office building, known as Convoy Business Center, for $3.84 million, according to CoStar Group and public data.

Genstar Affiliate Buys Chula Vista Residential Land for $37.1 Million

An affiliate of San Diego-based Genstar Development Co., recorded as GDCI Proctor Valley LP, has purchased 1,140 acres of residential land in Chula Vista for approximately $37.1 million, according to CoStar Group and public data.

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San Diego Firm Buys Miramar Retail Center for $12.5 Million

HP Investors LLC of San Diego has purchased Miramar Square Shopping Center, in the city’s Miramar neighborhood, for approximately $12.5 million.

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Drywall Construction Stopped on Downtown Apartment Project

Work on the drywall portion of the $150 million, 45-story Pinnacle Towers apartment project in downtown San Diego has been stopped, after the California Contractors State License Board determined that a subcontractor was not properly licensed in the state.

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Santee Contractor Completes $12 Million Armory at Camp Pendleton

A & D General Contracting Inc. of Santee recently completed a new $12 million armory building at Marine Corps Base Camp Pendleton near Oceanside.

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U.S. Court of Appeals Rules Against SeaWorld Parent Company

A U.S. appeals court has ruled against the parent company of SeaWorld San Diego, affirming a federal labor agency finding following the 2010 death of a whale trainer at the Florida park operated by SeaWorld Entertainment Inc.

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Apartment Complex in Oceanside Sells for $14.2 Million

An investment entity recorded as 42nd Street Apartments LLC has purchased the 88-unit Forest Glen Condominiums in Oceanside for $14.2 million, according to brokerage company Marcus & Millichap Inc., which represented the buyer and seller.

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Two Rancho Bernardo Retail Buildings Sell for $4.6M

Fairbanks Trail LLC of San Diego has purchased two Rancho Bernardo retail buildings for a total of approximately $4.6 million, according to CoStar Group and public data.

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New Bike Trail Segment Connects With Oceanside Transit Center

Regional officials have completed a new 2,000-foot Oceanside segment of the Coastal Rail Trail, a bikeway that will eventually span 44 miles from Oceanside to San Diego.

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Appeals Court Rules Against SeaWorld Parent Company

A U.S. appeals court has ruled against the parent company of SeaWorld San Diego, affirming a federal labor agency finding following the 2010 death of a whale trainer at the Florida park operated by SeaWorld Entertainment Inc.

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Rancho Bernardo Retail Buildings Sold for $4.6 Million

Fairbanks Trail LLC of San Diego has purchased two Rancho Bernardo retail buildings for a total of approximately $4.6 million, according to CoStar Group and public data.

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Newly Completed Bike Trail Segment Links to Oceanside Transit Center

Regional officials have completed a new 2,000-foot Oceanside segment of the Coastal Rail Trail, a bikeway that will eventually span 44 miles from Oceanside to San Diego.

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Oceanside Apartment Complex Sells for $14.2 Million

An investment entity recorded as 42nd Street Apartments LLC has purchased the 88-unit Forest Glen Condominiums in Oceanside for $14.2 million, according to brokerage company Marcus & Millichap Inc., which represented the buyer and seller.

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Hotel Makes Improvements to Cater to Tech Toting Visitors

TRAVEL: Manchester Grand Provides Secure Charging, Faster Data

Visitors to the Manchester Grand Hyatt San Diego who rely on mobile devices to make life and work easier and more efficient will find the hotel more oriented toward them following the latest phase of the hotel’s multimillion-dollar upgrade.

Parallel Is Pursuing Office Property Bargains in Secondary Markets

Real Estate: Big-Ticket Sales Show Improving Climate

San Diego’s Parallel Capital Partners Inc. has recently picked up some trophy office properties at what it considers bargain prices by historical standards. And it’s had plenty of company in the local market so far in 2014.

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E-Cigarettes Are Not Really a Burning Issue

LAW: Cities Move on Bans; Businesses’ Policies Vary

San Diego County and several cities in the region have moved to add electronic cigarettes to policies banning smoking in public places. But the business impact — if any — has yet to materialize.

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Petco Plans New Headquarters Site in Rancho Bernardo

Petco Animal Supplies Inc. plans to establish a new headquarters and support center in Rancho Bernardo, as the San Diego-based retailer consolidates operations currently located at sites in Miramar and Scripps Ranch.

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El Cajon Store Will be Ninth Locally for Grocery Outlet

Discount retailer Grocery Outlet plans an April 17 opening for its new store at 350 N. 2nd Street in El Cajon. It will be the ninth San Diego County location for the Berkeley-based company.

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California Legislative Panel Tables Bill Banning Orca Shows

A state legislative committee has tabled a bill that would have banned the use of performing orcas at SeaWorld San Diego.

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Airport Green Build Project Earns LEED Platinum Status

The newly expanded terminal and related upgrades at San Diego International Airport, completed last year in the $907 million Green Build project, have received Platinum certification in the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) program.

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La Jolla Retail Building Housing CVS Sells for $8 Million

Investor QWN Ltd. of Hong Kong has purchased the leasehold on a La Jolla retail building housing CVS Pharmacy for approximately $8 million, according to brokerage company Lee & Associates, which represented the seller.

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Sorrento Mesa Office Complex Sold for $9.4 Million

A Boston company has bought an office complex in Sorrento Mesa.

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San Diego Apartment Complexes Included in $2.6 Billion, National Portfolio Sale

Two San Diego County properties are part of a $2.6 billion, 51-property sale of apartment and industrial buildings.

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Alexandria Buys Sorrento Valley Industrial Building Portfolio for $12.3 Million

Alexandria Real Estate Equities Inc. of Pasadena has purchased a three-building industrial portfolio in Sorrento Valley for approximately $12.3 million, according to CoStar Group and public data.

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Lincoln Property Buys a Carlsbad Industrial Building for $9.5 Million

Dallas-based Lincoln Property Co. has purchased a multitenant industrial building in Carlsbad for $9.5 million.

TAPPING THE TALENT

ECONOMY: Programs Aim to Staff Region’s Craft Brewing

Craft beer is brewing up significant economic benefits for San Diego County, not to mention national buzz created by a growing array of local brands now being sold at stores, bars and restaurants across the country.

Craft Beer Wave Is Headed for New Eatery at Belmont Park

These days a San Diego restaurant opening or menu update is hardly complete without craft beer somewhere in the mix, and local brews will soon play a big role in the ongoing renovation of the iconic Belmont Park in Mission Beach.

High-Rises Dominate Downtown Office Space Leasing for 2013

Real Estate: Vacancy Rate of ‘Skyline 20’ Up, But Below Downtown Overall

Downtown San Diego’s 20 largest high-rises accounted for 70 percent of all signed office lease deals in that neighborhood during the past year, according to brokerage services company JLL.

Cell Towers Are Technological ‘Tenants’ With Deep Pockets

PROPERTY: Experts Can Help in Negotiating Equitable Placement Deals

The continuing push among major wireless carriers to boost local infrastructure is bringing opportunities and challenges for commercial property owners who lease space — or may be considering leasing space — to the carriers for their towers.

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Cohn’s Main Course Seems to Be Expansion

DINING: Group Hits the Spot With Multiple Locations, Menus

San Diego’s growing reputation as a foodie paradise is also helping to feed the expansion appetites of locally based Cohn Restaurant Group.

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OKAY IN OTAY

PROPERTY: Updated Blueprint for Otay Mesa Gives Developers Direction

Businesses like locally based developer Murphy Development Co. are lauding a recent move by the city of San Diego to clarify the future of what gets built in Otay Mesa after nearly 13 years of debate over the neighborhood’s future.

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Lincoln Property Co. Buys Carlsbad Industrial Building for $9.5 Million

Dallas-based Lincoln Property Co. has purchased a multi-tenant industrial building in Carlsbad for $9.5 million.

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Alexandria Buys Sorrento Valley Industrial Buildings for $12.3 Million

Alexandria Real Estate Equities Inc. of Pasadena has purchased a three-building industrial portfolio in SorrentoValley for approximately $12.3 million, according to CoStar Group and public data.

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Nine Local Apartment Properties Part of $4.1 Billion Multistate Acquisition

Essex Property Trust Inc. of Palo Alto has acquired 73 apartment properties in three states, including nine in San Diego and Chula Vista, for approximately $4.1 billion, according to CoStar Group and public data.

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Parallel Capital Buys Long Beach Office Tower for $101.7 Million

San Diego-based Parallel Capital Partners Inc. has purchased Shoreline Square, a 20-story office tower in Long Beach, for $101.7 million.

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Emmes Buys Two Downtown Office Towers for $154.9 Million

New York-based Emmes Asset Management Co. LLC has purchased two downtown San Diego office towers for a total of $154.9 million, according to brokerage company JLL, which represented the seller.

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Carlsbad Firm Buys Office, Retail Properties for $16.4 Million

Investment firm Capstone Advisors of Carlsbad has purchased a La Jolla office building and a retail center in San Diego’s Morena neighborhood, for a total of $16.4 million.

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Realty Income Stock Offering Raises $528.5 Million

Realty Income Corp. (NYSE: O) has closed on a public stock offering that raised approximately $528.5 million in net proceeds, after underwriters exercised options to purchase an additional 1.8 million shares, company officials said.

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Miramar Industrial Buildings Sold for $6.5 Million

PB Miramar Distributions LLC of Commerce has purchased a three-building industrial property in Miramar for $6.5 million, according to CoStar Group and public data.

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Downtown Office Building Sells for $5.3 million

Rossi-Kettner LLC of Long Beach has purchased a downtown office building for $5.3 million, according to CoStar Group and public data.

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