San Diego Business Journal

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Hines Buys Carlsbad Building Housing Acushnet for $23.3 Million

An affiliate of Houston-based Hines has purchased the Carlsbad industrial building housing golf products maker Acushnet Co. for approximately $23.3 million, according to brokerage company Cassidy Turley, which represented the seller.

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Imperial Beach Site of Planned Hotel Acquired for $5.5 Million

Imperial Beach Resort LLC has purchased an Imperial Beach parcel for $5.5 million, with plans to develop a 79-room boutique hotel, according to brokerage company Lee & Associates, which handled the transaction.

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San Diego Apartment Property Sells for $2.74 Million

A 24-unit apartment property in San Diego’s Lincoln Park subdivision has been sold for approximately $2.74 million, according to brokerage company Marcus & Millichap Inc., which represented the buyer and seller.

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Red O Restaurant to Replace Donovan’s at UTC Office Campus

Red O, an upscale restaurant with Mexican-style cuisine led by celebrity chef Rick Bayless, plans a 2016 opening at Irvine Co.’s The Plaza office campus in University Towne Center.

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Four City Heights Apartment Buildings Sold for $4.23 Million

Four apartment buildings totaling 30 units in San Diego’s City Heights neighborhood have been sold for $4.23 million, according to brokerage company ACRE Investment Real Estate Services, which represented the seller.

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Oceanside Residence Inn Hotel Getting $2 Million Renovation

Operators of Residence Inn San Diego Oceanside have begun a $2 million renovation of the 125-room property at 3603 Ocean Ranch Blvd. in Oceanside.

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Downtown San Diego Office Building Sells for $18.5 Million

Bosa Development of Vancouver, B.C., has acquired the downtown San Diego office building at 1620 Fifth Ave. for $18.5 million, according to the seller, locally based Douglas Wilson Cos.

CEO of SeaWorld to Step Down, Layoffs Planned

The CEO of SeaWorld Entertainment Inc. is stepping down from the post, as the parent company of SeaWorld San Diego embarks on plans to cut $50 million in costs amid dropping attendance at its 11 U.S. theme parks.

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SeaWorld CEO Stepping Down as Company Restructures

The CEO of SeaWorld Entertainment Inc. is stepping down from the post, as the parent company of SeaWorld San Diego embarks on plans to cut $50 million in costs amid dropping attendance at its 11 U.S. theme parks.

Cloud-Based Platforms Will Speed Project Management

Companies such as San Diego-based NoteVault Inc. have developed mobile-enabled technology that lets construction superintendents quickly and easily report commercial project activity from work sites, allowing for real-time updates or corrections to projects.

Key Economic Drivers to Keep Fueling Real Estate Demand

property: Defense, Biotech, Tourism and Tech Are Region's Engines

Technology, biotech, defense and tourism – and various combinations of all four – are expected to have a continued strong impact on local real estate demand in 2015 and beyond, said experts at a recent symposium on the subject.

Karras to Lead USD’s Burnham-Moores Center

REAL ESTATE: New Executive Director Replaces Retiring Mark Riedy

University of San Diego’s School of Business Administration has named Stath Karras as the new executive director of the school’s Burnham-Moores Center for Real Estate, effective Jan. 19.

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Developers Cashing In On UTC’s Popularity

PROPERTY: Projects Include Mix of Industries and Services

San Diego’s University Towne Center will see a slew of new commercial projects completed over the next three years — with office, retail and hotel elements on the way — as the neighborhood moves well beyond its longtime role as a “second downtown” for financial services providers.

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Theater Is ‘Scene 1’ of Mall’s Makeover

RETAIL: Carlsbad Site to Be Open-Air ‘Lifestyle Center’

The 12-screen luxury movie theater that recently opened at Westfield Group’s mall in Carlsbad marked the first completed feature of a $300 million overhaul being undertaken by the global shopping center operator.

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Vista Apartments Sold for $4.5 Million

Trustees of two local Glorioso family trusts have purchased the 34-unit Sunglen Apartments in Vista for $4.5 million, according to brokerage firm ACRE Investment Real Estate Services, which represented the buyer and seller.

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City Approves Lease for Expansion of Sheraton Carlsbad Resort

The Carlsbad City Council has approved a ground lease agreement clearing the way for a 150-room expansion of the 250-room Sheraton Carlsbad Resort & Spa on city-owned property adjacent to the municipal golf course.

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Jack in the Box Opening at San Diego International Airport

San Diego-based Jack in the Box and Pacifica Breeze Café of Del Mar have Dec. 17 openings slated at San Diego International Airport.

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Target Planning Store in San Diego’s Del Sur Neighborhood

Minneapolis-based Target Corp. recently made a $10 million purchase of land in San Diego’s Del Sur neighborhood for a proposed new retail store, according to CoStar Group and public data.

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Oceanside Jiffy Lube Sold for $2.95 Million

Cali Oceanside LLC has purchased an Oceanside property housing a Jiffy Lube Plus auto care facility for approximately $2.95 million, according to brokerage company CBRE Group Inc., which represented the seller.

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Kearny Mesa Office Building Sells for $3 Million

The operator of locally based Lars Remodeling & Design has purchased a Kearny Mesa office building for approximately $3 million, with plans to occupy the first floor as its new headquarters, according to Colliers International, which represented the seller.

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US Airways Relocating at San Diego International Airport

US Airways is moving its local operations from Terminal 2 West to Terminal 2 East at San Diego International Airport, effective Dec. 11.

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Stath Karras Tapped to Lead USD’s Burnham-Moores Center

University of San Diego’s School of Business Administration has named Stath Karras as the new executive director of the school’s Burnham-Moores Center for Real Estate, effective Jan. 19.

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Rancho Bernardo Office Complex Sells for $22 Million

Menlo Equities Associates LLC of Palo Alto has purchased the 10-building One Technology Place office complex in Rancho Bernardo for $22 million, according to the seller, Parallel Capital Partners of San Diego.

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Stephen Cushman Elected Chairman of Convention Center Board

Longtime local businessman and civic leader Stephen P. Cushman has been elected to chair the executive board of San Diego Convention Center Corp., beginning in January.

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Craft Beer-Focused Eatery Opens in University Towne Center

San Diego-based Cohn Restaurant Group has opened Draft Republic, a new beer-focused restaurant concept in the University Towne Center neighborhood.

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Cushman Elected Chair of Convention Center Board of Directors

Longtime local businessman and civic leader Stephen P. Cushman has been elected to chair the executive board of San Diego Convention Center Corp., beginning in January.

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Cohn Restaurant Group Opens Craft Beer-Focused Eatery at UTC

San Diego-based Cohn Restaurant Group has opened Draft Republic, a new beer-focused restaurant concept in the University Towne Center neighborhood.

Apartment Buildings Fetching Notable Deals

Downtown San Diego has recently seen its share of apartment property deals and new projects with dollar values in the tens and hundreds of millions.

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Shelter Island Gets its First Full-Service Luxury Spa at Kona Kai

TOURISM: Renovation Seeks to Attract Share Of Overnight Visitors

Capping a $22 million acquisition and renovation of Kona Kai Resort & Marina, owner Noble House Hotels & Resorts Ltd. recently opened what it says is a first for Shelter Island – a full-service luxury spa.

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Carlsbad Office Building Sells for $13 Million

Peregrine Realty Partners Inc. of Newport Beach has purchased the Pacific View Plaza office building in Carlsbad for $13 million, according to brokerage company CBRE Group Inc., which represented the seller.

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Balboa’s Birthday Bash Taking Shape

TOURISM: 100th Anniversary Expected to Boost Attendance

As events marking Balboa Park’s centennial get underway, San Diego business and tourism leaders are anticipating a significant boost in 2015 to the 10 million people who normally visit the park in a given year.

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Lowe’s Opening New Store in Poway

Home improvement retailer Lowe’s has scheduled a Dec. 5 opening for its new store at 13750 Poway Road in Poway.

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Vista Industrial Building Sold for $7.45 Million

PacVentures Inc. of San Diego has purchased a multi-tenant industrial building in Vista for $7.45 million, according to brokerage company Colliers International, which represented the buyer and seller.

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Lodge at Torrey Pines Named Top Local Business Hotel in Magazine Survey

The Lodge at Torrey Pines in La Jolla was recently ranked as the top business hotel in the San Diego market, in an annual reader survey conducted by the magazine Travel + Leisure.

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County Construction Contracts Up 20 Percent Through October

The value of San Diego County’s contracts for future construction rose 20 percent from a year ago in the first 10 months of 2014, topping $3.4 billion, according to the latest data from McGraw Hill Construction.

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Web Security Firm Buys UTC Office Building for $8.15 million

Web security solutions provider iboss Inc. has acquired a University Towne Center office building for approximately $8.15 million, according to CoStar Group and public data.

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Mission Valley Office Building Sells for $11.1 Million

Shopoff Realty Investments LP of Irvine has purchased a Mission Valley office building for approximately $11.1 million, according to CoStar Group and public data.

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Miramar Industrial Building Sells for $5.6 Million

Torrey Hills LLC of San Diego has purchased a Miramar industrial building for approximately $5.6 million, according to CoStar Group and public data.

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Quidel Corp. Relocates Headquarters to Del Mar Heights

San Diego-based Quidel Corp., a provider of diagnostic healthcare technologies, has relocated to newly completed corporate headquarters at One Del Mar, in the city’s Del Mar Heights neighborhood.

McCarthy Building Companies Relocates San Diego Operations to Larger Facilities

General contractor McCarthy Building Companies Inc. has relocated its San Diego operations to larger facilities in the Kearny Mesa neighborhood.

Multifamily Is Still Sitting Pretty as Vacancy Rate Hits 3.59%

As the brokerage company Cassidy Turley noted in a newly issued report, an apartment vacancy rate below 5 percent is considered a landlord’s market.

Changes Should Boost Chinese Tourism

TOURISM: Visa Extension, Marketing Efforts Aim for Gains

Local officials are looking to snag a larger share of the fast-growing contingent of Chinese travelers visiting California following a reciprocal agreement reached between the United States and China to significantly extend the duration of tourist visas — making them valid for 10 years instead of one year.

Downtown Shuttle Is Missing Link for Many

TRANSPORT: Civic Seeks Submittals for New Service

San Diego officials are aiming to create a public transit version of mobile-app-enabled car services like Lyft and Uber, with plans in the works for a downtown shuttle system that could help with nagging issues related to parking availability and pricing.

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McCarthy Moves San Diego Office to Kearny Mesa

General contractor McCarthy Building Companies Inc. has relocated its San Diego operations to larger facilities in the Kearny Mesa neighborhood.

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Construction Company Buys El Cajon Industrial Buildings for $5 Million

Cameron Brothers Construction Co. LP has purchased four adjacent industrial buildings in El Cajon for $5 million, according to brokerage company Pacific Coast Commercial, which represented the seller.

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Airport Green Build Named Best Project by Engineering News-Record

The $907 million Green Build Terminal 2 expansion at San Diego International Airport was recently named Best Project, in annual awards bestowed by the industry news publication Engineering News-Record, published by McGraw-Hill Construction.

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Partnership Plans $12.5 Million Renovation of Westminster Manor

Chelsea Investment Corp. has entered into a $28.6 million joint venture with the current property owner to acquire and renovate the 152-unit Westminster Manor senior housing building in downtown San Diego, according to brokerage company Colliers International.

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Civic San Diego Seeking Advisor for Housing Development Fund

Civic San Diego, the city’s downtown project oversight agency, has issued a request for proposals for professional advisory services, related to plans by the organization to form a transit-oriented development investment fund.

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Carlsbad Office Building Sells for $4.85 Million

An affiliate of Hyspan Precision Products Inc. of Chula Vista has purchased a Carlsbad office building for $4.85 million, according to CoStar Group and public data.

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MG Properties Buys 2 Apartment Properties for $50 Million

San Diego-based MG Properties Group has acquired two apartment properties in Napa and Tempe, Ariz., for a total of approximately $50 million, the private investment firm announced.

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