San Diego Business Journal

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Relocations Add Layer of Complexity to Property Renovation

PROPERTY: Affordable Housing Project’s Costs Likely to Top $50M

Chelsea Investment Corp. has acquired and developed dozens of affordable housing projects since its 1992 founding, including several senior-focused apartment projects in San Diego County.

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Acquisition Strategy Delivers for Annex

RETAIL: Aim Is to Bolster Presence in Newer Markets

The name of Annex Brands Inc. also describes a key strategy that CEO Jack Lentz has deployed over the past decade — acquiring other franchised companies — to navigate the increasingly competitive packing and shipping services industry.

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Manufacturing Strength Lifts Industrial Rents

PROPERTY: Space Absorption Highest It’s Been Since 2006

When San Diego-based Westcore Properties recently paid $17 million for a large industrial building on the grounds of March Air Reserve Base near Riverside, it was betting on continued recovery in 2015 for Southern California’s overall manufacturing-and-distribution climate.

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Rudolph and Sletten Gets $78 Million Contract for Outpatient Pavilion

The San Diego office of general contractor Rudolph and Sletten Inc. has been awarded a $78 million preliminary contract to begin work on a new outpatient pavilion for UC San Diego Health Services in La Jolla.

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7 Kearny Mesa Properties Part of $4.28 Billion Auto Dealer Building Deal

Seven Kearny Mesa properties are among 324 auto dealership buildings nationwide recently acquired by New York-based Brookfield Property Partners LP in a $4.28 billion portfolio deal, according to CoStar Group and the buyer.

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San Diego County Hotels Get National Recognition

Several San Diego County hotels recently took national honors in annual rankings and designations by prominent hospitality and travel-related organizations.

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County’s Future Construction Dollar Value Rose 13 Percent in 2014

The value of San Diego County’s contracts for future construction rose 13 percent in 2014 from the prior year, topping $3.9 billion, according to the latest figures from Dodge Data & Analytics, formerly McGraw-Hill Construction.

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Carlsbad Industrial Property Sold for $5.72 Million

Heitman Holdings Inc. of Anaheim is the new owner of a Carlsbad industrial building housing Oceanside Glasstile. The property at 2293 Cosmos Ct. was purchased for approximately $5.72 million, according to CoStar Group.

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Vista Retail Center Sold for $7.5 Million

A buyer recorded as Los Altos XV LP of Anaheim has acquired Vista Retail Center in Vista for $7.5 million, according to CoStar Group and public data.

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San Marcos Apartment Property Sold for $27 Million

Alva Gardens LP of San Diego has purchased the 108-unit Alta San Marcos apartment property in San Marcos for $27 million, according to CoStar Group and public data.

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City Approves $91.3 Million Deal to Acquire Downtown Office Tower

San Diego City Council has approved a 20-year, $91.3 million lease-to-own deal, in which the city will eventually acquire the downtown San Diego office building known as Civic Center Plaza.

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San Diego International Airport Set Passenger Record in 2014

San Diego International Airport served a record 18.7 million passengers during 2014, the highest total seen since 2007, officials recently reported.

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Brand USA Tourism Agency Shoots Promo Spots in San Diego

San Diego County sites were on the itinerary for a recent series of video shoots by Brand USA, a nationwide public-private partnership that promotes global tourism in the United States.

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Bankers Hill Site of Planned Condos Sells for $12.15 Million

An affiliate of San Diego development firm Zephyr Partners has acquired a Bankers Hill land parcel for $12.15 million, with plans to develop an upscale high-rise condominium project, according to brokerage company Colliers International, which represented the seller.

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Rexford Buys Miramar Industrial Buildings for $18.4 Million

Los Angeles-based Rexford Industrial Realty Inc. has purchased a complex of five Miramar industrial buildings for $18.4 million, according to CoStar Group and public data.

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Wisconsin Terrace Apartments in El Cajon Sold for $3.9 Million

Wisconsin Apartments LLC of San Diego has purchased the 22-unit Wisconsin Terrace Apartments in El Cajon for $3.9 million, according to brokerage company Berkadia Real Estate Advisors LLC, which represented the buyer.

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University City to be Home of Newest Coffee Bean

Los Angeles-based The Coffee Bean & Tea Leaf plans a Jan. 27 opening at 3939 Governor Drive, in San Diego’s University City neighborhood, which will be the company’s 17th location in San Diego County.

Federal Agencies Are Leaving Downtown Office Building

The upcoming exit by the U.S. General Services Administration from a downtown San Diego office tower could be cause for at least some temporary nervousness for the building’s owners and investors.

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Building Pressure

With New Construction Sluggish, Improving Economy Leads to Absorption, Higher Rents

Health care and education not only continued to fuel much of the San Diego region’s innovation economy in 2014, but they also were the primary drivers of big new construction projects.

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Westcore Buys Industrial Facility at March Air Base for $17 Million

Westcore Properties of San Diego has purchased a ground and air industrial building on property of March Air Reserve Base near Riverside for $17 million.

Demand, Demographics Slowly Driving Up Apartment Supply

HOUSING: Developers Creatively Repurpose Sites, Pursue Mixed-Use

When it comes to building apartments in a high-demand, tight-supply market, there are few infill properties in older neighborhoods that go unused in the San Diego region.

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Fresh Face

RETAIL: Haggen Is Making Big Entrance To Local Grocery Scene

Starting in early March, shoppers will have yet one more player vying for their dollars and loyalty in the already crowded San Diego County grocery game.

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San Diego Medical Office Building Sells for $3.45 Million

Activity MOB LLC, an affiliate of Oasis Medical Center of San Diego, has acquired a Miramar office property for $3.45 million, according to Voit Real Estate Services, which represented the seller.

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El Cajon Apartment Property Sells for $3.9 Million

Wisconsin Apartments LLC of San Diego has purchased the 22-unit Wisconsin Terrace Apartments in El Cajon for $3.9 million, according to brokerage company Berkadia Real Estate Advisors LLC, which represented the buyer.

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Coffee Bean Opening New Café in University City

Los Angeles-based The Coffee Bean & Tea Leaf plans a Jan. 27 opening at 3939 Governor Drive, in San Diego’s University City neighborhood, which will be the company’s 17th location in San Diego County.

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Three Local Properties Part of $482 Million Apartment Portfolio Deal

Three San Diego County properties are part of a 14-property apartment portfolio acquired by Los Angeles-based TruAmerica Multifamily for approximately $482 million.

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Oceanside Industrial Park Acquired for $7.5 Million

Investment firm SR Commercial of Solana Beach has purchased the five-building Oceanside Commerce Center industrial park in Oceanside for $7.5 million.

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Hilton San Diego Bayfront Ranks Among Top U.S. Meeting Hotels

Downtown’s Hilton San Diego Bayfront hotel placed sixth in a recent national ranking of the nation’s top 100 group-meeting hotels by event management technology provider Cvent Inc.

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Hillcrest Apartment Property Sells for $10.6 Million

A buyer recorded as 25316 Malibu Road LLC has purchased the 54-unit Georgia Regency Apartments in San Diego’s Hillcrest neighborhood for approximately $10.6 million, according to ACRE Investment Real Estate Services, which represented the buyer.

San Diego Firm Buys Retail Property Near Atlanta for $6.4 Million

PREF Glenridge LLC, an affiliate of San Diego-based Paragon Real Estate Fund, has purchased the retail portion of the mixed-use Glenridge Springs residential development near Atlanta for $6.4 million.

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Kearny Mesa Office Property Sells for $43.5 Million

T-C Copley LLC, an affiliate of New York-based pension fund TIAA-CREF, has purchased the Copley Corporate Center office property in Kearny Mesa for $43.5 million, according to CoStar Group and public data.

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RCB Ranch Acquires La Jolla Retail Properties for $26.5M

RCB Ranch Inc. has acquired the Girard Plaza and adjacent Ralph Lauren retail buildings in La Jolla for $26.5 million, according to Flocke & Avoyer Commercial Real Estate, which represented the seller.

Self-Serve Passport Kiosks Introduced at San Diego Airport

San Diego International Airport has introduced new automated passport control kiosks, which officials said will expedite the re-entry process for U.S., Canadian and other international travelers eligible under the visa waiver program.

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Tuscany Ridge Apartments Sold to MG Properties Group

MG Properties Group of San Diego has acquired the 220-unit Tuscany Ridge Apartments in Temecula for approximately $38.8 million from an institutional investor.

Supreme Court Declines Convention Center Case

LEGAL: Lawsuit By Company Claimed Antitrust Violations

The U.S. Supreme Court has declined to review an August lower-court ruling favoring the San Diego Convention Center in an antitrust lawsuit brought against center operators.

New Players Shaping Commercial Real Estate

PROPERTY: DTZ, Cassidy Turley Merge Complementary Skill Sets

Pushed by national and global forces, San Diego’s maturing commercial real estate brokerage industry continues to evolve, with the DTZ brand making its first appearance in the local market following that company’s recent merger with Cassidy Turley.

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High Hopes

TOURISM: Ferris Wheel Proposals May Face an Uphill Battle

Three development groups each want to put a towering Ferris wheel on downtown San Diego’s waterfront, but the contentious history of projects in that neighborhood suggests the odds are stacked against any of the proposals coming to fruition anytime soon.

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La Jolla Retail Buildings Sold for $26.5 Million

RCB Ranch Inc. has acquired the Girard Plaza and adjacent Ralph Lauren retail buildings in La Jolla for $26.5 million, according to Flocke & Avoyer Commercial Real Estate, which represented the seller.

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MG Properties Buys Temecula Apartments for $38.8 Million

MG Properties Group of San Diego has acquired the 220-unit Tuscany Ridge Apartments in Temecula for approximately $38.8 million from an institutional investor.

San Diego Airport Gets Automated Passport Control Kiosks

San Diego International Airport has introduced new automated passport control kiosks, which officials said will expedite the re-entry process for U.S., Canadian and other international travelers eligible under the visa waiver program.

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Old Town Building Housing Charter School Sells for $4.85 Million

CRI Old Town LP has purchased a San Diego office building occupied by Old Town Academy Charter School for $4.85 million, according to brokerage company Colliers International, which represented the seller.

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LaSalle Joins IDEA1 Development Venture in East Village

Chicago-based LaSalle Investment Management has joined the development venture working on the previously announced, $90 million IDEA1 mixed-use development in downtown San Diego’s East Village.

Supreme Court Declines to Hear Convention Center Antitrust Case

The U.S. Supreme Court has declined to review an August lower-court ruling favoring the San Diego Convention Center in an antitrust lawsuit brought against center operators.

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Renovation to Follow $6.5 Million Purchase of Carmel Mountain Ranch Property

Chicago-based investment firm Singerman Real Estate LLC has teamed with Hill Properties of La Jolla to acquire a Carmel Mountain Ranch office and industrial property for $6.5 million.

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Capstone Advisors Acquires Costa Rica Land for Luxury Development

Capstone Advisors, a Carlsbad-based real estate investment and development firm, has purchased a 479-acre land parcel in Costa Rica, with plans for a $40 million first-phase hotel and luxury residential project.

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Downtown’s First Allied Plaza Tower Sold for $156.8 Million

The San Francisco office of MetLife Inc. has purchased the First Allied Plaza office tower in downtown San Diego for approximately $156.8 million, according to CoStar Group and public data.

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W Hotel Owners Obtain $31.2 Million in Refinancing

Owners of the W Hotel in downtown San Diego have obtained $31.2 million in senior loan refinancing, according to Los Angeles-based real estate investment services firm PCCP LLC, which provided the financing.

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Point Loma Retail Center Sells for $7.4 Million

San Diego-based Investcal Realty Corp. has purchased the Shelter Island Village retail center in Point Loma for $7.4 million, according to Flocke & Avoyer Commercial Real Estate, which represented the seller.

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Brokerage Firm Kidder Mathews Opens San Diego Office

Commercial real estate brokerage company Kidder Mathews has opened a new office in San Diego, the first in Southern California for the Seattle-based company.

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Initial Concrete Pours Completed on Central Courthouse Project

Initial concrete pours were recently completed for the new $555 million downtown San Diego Central Courthouse, according to the local office of general contractor Rudolph and Sletten.

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