San Diego Business Journal

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Carlsbad Office Property Sold for $23.9 Million

Brookwood Financial Partners of Beverly, Mass., has purchased the Carlsbad Executive Plaza office property for $23.9 million, according to brokerage company DTZ.

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BioMed Developing New UK Facilities for Illumina

San Diego-based BioMed Realty Trust Inc. plans to develop a 155,000-square-foot building in Cambridge, England, that will eventually house the European headquarters of genomic research and development firm Illumina Inc.

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Nine Local Retail Properties Are Sold for $183.25 Million

New York-based Angelo Gordon Real Estate Co. and Citivest Commercial Investments LLC of Newport Beach have purchased a portfolio of nine San Diego County retail properties for $183.25 million, according to Flocke & Avoyer Commercial Real Estate.

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Mira Mesa Property Portfolio Sells for $23.5 Million

An affiliate of Cypress Office Properties of San Diego has purchased a four-building office and industrial portfolio in Mira Mesa for $23.5 million, according to CoStar Group and public data.

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Nine Local Retail Properties Sold for $183.25 Million

New York-based Angelo Gordon Real Estate Co. and Citivest Commercial Investments LLC of Newport Beach have purchased a portfolio of nine San Diego County retail properties for $183.25 million, according to Flocke & Avoyer Commercial Real Estate.

Planned Escondido Project Could Boost Employment Opportunity

PROPERTY: Hotels, Assisted Living Facility Still Need Approval

A Hacienda Heights developer has submitted plans for a project off Interstate 15 in Escondido, which officials say could help boost the city’s stock of hotel rooms while setting the stage for more job-creating businesses in the southern area of the city.

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Neighborhood Watch Shows Hillcrest Is Hot

PROPERTY: Pernicano’s Site, Other Spots Draw Bidders

Plans could be progressing next year on a mixed-use development that replaces the long-shuttered Pernicano’s restaurant building in Hillcrest — one indicator among several, observers said, of rising demand for commercial property in the popular San Diego neighborhood.

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Mira Mesa Office, Industrial Buildings Sell for $23.5M

An affiliate of Cypress Office Properties of San Diego has purchased a four-building office and industrial portfolio in Mira Mesa for $23.5 million, according to CoStar Group and public data.

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Sunroad Begins Fourth Phase of Kearny Mesa Luxury Apartments

San Diego developer Sunroad Enterprises has begun construction on the fourth phase of Ariva, with 302 new apartments planned at its luxury development in Kearny Mesa.

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Land Housing Auto Dealership Sold for $3 Million

An affiliate of San Diego developer H.G. Fenton Co. has purchased a commercial land parcel currently housing a used-car dealership in the city’s College Area for $3 million, according to CoStar Group and public data.

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South San Diego Apartments Sell for $7.45 Million

A buyer recorded as Wildwood Apartments LLC has acquired the 44-unit Playa Blanca Apartments in southern San Diego for $7.45 million, according to commercial brokerage company JLL.

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Mixed-Use Project with Ritz Carlton Proposed for East Village

Cisterra Development of San Diego has proposed an East Village mixed-use project that would include 205 residential units and a 160-room, five-star Ritz Carlton hotel, according to Civic San Diego.

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Developers Start Work on $21 Million Oceanside Mixed-Use Project

Developers Ryan Companies US Inc. and GF Properties Group LLC planned a June 23 groundbreaking for Block 18, a $21 million mixed-use development in downtown Oceanside.

New Commercial Center Planned in Santee

The Santee City Council recently approved plans for Santee Station, a 16,942-square-foot, four-building commercial center planned for a 2.65-acre site at 8866 N. Magnolia Ave. Completion is expected in early 2016.

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Del Mar Heights Office Property Sold for $29.4 Million

San Diego-based Cruzan has acquired the Del Mar Corporate Plaza office property in Del Mar Heights for $29.4 million, according to brokerage company DTZ.

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Local Hospitality Developer Opens New Hotel in Atascadero

San Diego-based investment and development firm J Street Hospitality Inc. recently opened a new 130-suite SpringHill Suites by Marriott hotel in Atascadero, near Paso Robles, the company announced. The development cost was not disclosed.

Study: Downtown Aerial Tram Would Cost Up to $75 Million

A proposed aerial tram linking downtown San Diego with Balboa Park would cost between $65 million and $75 million to construct, according to a consultants’ report issued by San Diego Association of Governments (SANDAG).

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San Diego Firm Buys Phoenix Office Tower for $93.75 Million

Parallel Capital Partners Inc. of San Diego has acquired the 20-story One North Central office tower in downtown Phoenix for $93.75 million, the company announced.

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San Diego Apartment Property Sold for $9.65 Million

A buyer recorded as 3635 College Ave LLC recently acquired the 98-unit Park Grove Apartments in San Diego’s College Area for $9.65 million, according to brokerage company Colliers International.

Remodeling Firm Buys Kearny Mesa Building for $2.62 Million

Buyer Todd Jackson, who operates a local home remodeling company, plans to expand into a Kearny Mesa industrial building that he recently acquired for $2.62 million.

One Guess as to Where This Big Mixed-Use Project Is Planned for?

New development projects just keep on coming in downtown San Diego, especially in the red-hot East Village neighborhood. Among the latest being considered is a proposal by Lennar Multifamily Communities LLC for a two-building, mixed-use development with 368 residential units planned for a site at 460 16th St.

City Funds Effort to Attract More TV and Film Production

MARKETING: Some Say More Money Is a Must To Be Competitive

San Diego will spend at least $266,000 in the coming fiscal year to get the region back into the film and TV production game, following the 2013 demise of the city’s Film Commission, though some officials have called for much more to be invested.

BizAir Brings Service to Carlsbad

Chicago-based BizAir Shuttle started its new charter flights with service between Carlsbad’s McClellan-Palomar Airport and Los Angeles International Airport.

Remodeling Firm Purchases Kearny Mesa Building for $2.62 Million

Buyer Todd Jackson, who operates a local home remodeling company, plans to expand into a Kearny Mesa industrial building that he recently acquired for $2.62 million.

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San Diego Apartment Property Sold for $9.65M

A buyer recorded as 3635 College Ave LLC recently acquired the 98-unit Park Grove Apartments in San Diego’s College Area for $9.65 million, according to brokerage company Colliers International.

Mission Valley Looks To Plan for Its Future

PROPERTY: Big Projects Coming to Booming Area

The city of San Diego has scheduled a June 30 public meeting that will formally kick off the long-delayed process of updating the Mission Valley community plan, which hasn’t been significantly revised in 30 years.

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San Francisco Firm Buys Escondido Apartments for $2.06 Million

Vista International Inc. of San Francisco has purchased the 18-unit Southwinds Apartments in Escondido for approximately $2.06 million, according to CoStar Group and brokerage companies that handled the transaction.

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Eyeglass World Opens First of Eight Planned Local Stores

Georgia-based prescription eyewear retailer Eyeglass World has opened a new store at the North County Square commercial center in Vista, the first of eight planned for San Diego County by June 2016.

Chula Vista Apartment Property Acquired for $2.1 Million

Locally based Muraoka Enterprises LLC recently purchased the 12-unit Oxford Villas apartment property in Chula Vista for $2.1 million, according to brokerage company ACI Apartments Inc.

City, Chargers at Impasse Over Stadium Environmental Reviews

City and county leaders are calling on the San Diego Chargers to return to negotiations on a potential new Mission Valley stadium, after team officials decided that a December 2015 election on the matter was not feasible due to environmental review requirements.

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Stunt Plane Adventure Attraction to Debut at Gillespie Field

Nevada-based Sky Combat Ace plans a July 1 opening for the second location of its adventure attraction that lets customers ride high-performance stunt planes, set to debut at Gillespie Field in El Cajon.

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Company Buys Downtown Retail Property for $4.5 Million

PREF Atria LLC, an affiliate of San Diego-based Paragon Real Estate Fund, has purchased the retail portion of downtown’s Atria Building for $4.5 million, the company announced.

Local REIT Buys Parking Facilities for $36 Million

San Diego-based MVP REIT Inc. has purchased five parking facilities in four states for a total of $36 million, the real estate investment trust announced.

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Escondido Apartment Property Sells for $2.04 Million

A buyer recorded as 3rd & Maple LLC of San Diego has acquired a 16-unit apartment property in Escondido for $2.04 million, according to CoStar Group and public data.

Developer Proposes Large Mixed-Use Project in Mira Mesa

San Diego’s Mira Mesa community planning group is reviewing revised plans submitted by developers for Stone Creek, a proposed 293-acre mixed-use project that includes approximately 4,500 apartments and condos.

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Downtown Office Properties Sold for $44 Million

An affiliate of San Diego-based Cisterra Partners LLC has purchased two downtown office buildings for a total of $44 million, according to CoStar Group and public data.

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Conservancy Buys Rancho Santa Fe Residential Land for $13 Million

Escondido Creek Conservancy has purchased 242 acres of land in Rancho Santa Fe for $13 million, with plans to turn the property into an open-space preserve, according to brokerage company Colliers International.

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Apartments in Chula Vista Sell for $5.2 Million

A limited partnership recorded as Mark I has purchased the 28-unit Villa Hermosa apartment property in Chula Vista for $5.2 million, according to brokerage company Marcus & Millichap Inc.

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BizAir Shuttle to Offer Service From Carlsbad to L.A.

Chicago-based BizAir Shuttle plans a June 18 start for its new charter flights with service between Carlsbad’s McClellan-Palomar Airport and Los Angeles International Airport.

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La Mesa Apartments Purchased for $3.58 Million

San Diego-based Olasitas LLC has acquired the 21-unit Casa Verde Apartments in La Mesa for $3.58 million, according to brokerage company Colliers International.

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Midcity Mixed-Use Development Seen as a ‘Pioneering’ Project

PROPERTY: Plans for Block-Long Site Include Retail and Dining

Locally based H.G. Fenton Co. recently began work on The Boulevard, a 165-unit, mixed-use apartment community nearly a decade in the making in what has long been considered a blighted portion of central San Diego.

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Anthony’s Teams Up With Partner to Pursue a New Lease

DINING: It Offers $9.5M Renovation Plan For Bay-Front Location

Port of San Diego officials say a revised $9.5 million renovation plan for the iconic Anthony’s Fish Grotto makes it a strong contender to remain in the downtown San Diego waterfront spot it’s called home for the past 50 years.

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Carlsbad Restricts Short-Term Rentals

TOURISM: Cities Are Dealing With Airbnb Trend

As San Diego and other U.S. cities debate how to address neighborhood complaints related to short-term vacation rentals, operators of the most-used online booking site are supportive of a new Carlsbad law that limits those rentals to the city’s coastal zone.

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BizAir Shuttle Starting Service from Carlsbad Airport

Chicago-based BizAir Shuttle plans a June 18 start for its new charter flights with service between Carlsbad’s McClellan-Palomar Airport and Los Angeles International Airport.

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Developer Completes $14 Million La Mesa Apartment Complex

Developer Silvergate Development LLC recently completed The Quarry, a $14 million, 60-unit apartment community in La Mesa.

Firms Buy Residential Land for $128 Million Chula Vista Project

Investment firm Presidio Residential Capital and developer Cornerstone Communities, both based in San Diego, have purchased 44 acres within Otay Ranch Village 2 in Chula Vista, for a planned $128 million single-family housing community.

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Former Elementary School Site Sells for $5.81 Million

A buyer recorded as Preface JCR Lake Atlin LLC has acquired a San Diego land parcel that formerly housed an elementary school for $5.81 million, according to brokerage company Colliers International.

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Sorrento Mesa Office Property Owners Complete $38 Million Renovation

Owners McCarthy Cook and AllianceBernstein have completed a $38 million renovation of the Enclave Sorrento office property in Sorrento Mesa, according to commercial real estate services company JLL.

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Nordstrom to Anchor Proposed Carlsbad Retail Center

Fashion retailer Nordstrom Inc. has signed an agreement to anchor a proposed Carlsbad retail center being developed near Interstate 5 by Caruso Affiliated of Los Angeles.

City Officials: Public Vote on Chargers Stadium Possible This Year

A San Diego citywide election related to a new Chargers stadium could occur this year, possibly by Dec. 15, city and county officials said in joint statement. The comments followed a second negotiating session involving government and team officials, with a third slated to take place within the next few days.

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