Best Western Plus Blue Sea Lodge in Pacific Beach has been reflagged as Blue Sea Beach Hotel, an independently branded and operated property, as it undergoes an extensive $5 million renovation.
Woodrose LP has purchased a 34-unit apartment complex in Pacific Beach for $6.8 million, according to brokerage services provider Sperry Van Ness, which represented the buyer and seller.
PROPERTY: Hotel Complex, Eatery May Be Finishing Touches
Corky McMillin Cos. has plans for a $100 million, three-hotel project at the mixed-use Liberty Station in Point Loma, which represents the final phase of a decade-long transformation of the former naval training center site.
PROPERTY: Developers See Housing, Retail and Sporting Opportunities
If one had to declare a single neighborhood as the current development capital of San Diego County, the clear front-runner would be East Village.
TRAVEL: Tourism Authority to Restart Some Marketing Efforts
2014 will be a time of recuperation for local tourism promotion programs, which saw funding lopped off by more than 60 percent in 2013 as a result of political and legal disputes over the San Diego Tourism Marketing District.
PROPERTY: Lawsuit Challenges the Coastal Commission’s Approval
The long journey toward an expansion of San Diego Convention Center reached an important milestone this year, when the $520 million project received the blessings of the California Coastal Commission.
Peregrine Realty Partners of Newport Beach has purchased La Terraza Corporate Plaza, an office building in Escondido, for $22.3 million, according to brokerage services company CBRE, which represented the buyer and seller.
Developer Lowe Enterprises has completed the third phase of the $500 million County Operations Center in Kearny Mesa, among the largest ongoing construction projects in San Diego County.
Development firm The Shamrock Group LLC, based in Solana Beach, has obtained a $40 million construction loan for a new outlet shopping center it is building in San Ysidro.
San Diego County Regional Airport Authority, which operates San Diego International Airport, will hold a gathering aimed at helping small businesses win contract work on current airport construction projects.
Alliance Residential Co. of Phoenix has purchased the 549-unit Coronado Bay Club apartment community in Coronado for approximately $161.5 million, according to brokerage services provider Jones Lang LaSalle Inc., which represented the seller.
Viewpoint Equities of San Diego has purchased two Mission Valley office buildings for a total of $9.9 million, according to Colliers International, which brokered the transaction.
The downtown San Diego office tower at 450 B. St., known locally as the Bank of America Tower, has been sold for $73 million, according to CoStar Group and public data.
A unit of San Diego-based Pacifica Cos. has purchased Emeritus at Escondido, an assisted-living health-care facility, for approximately $3 million, according to CoStar Group and public data.
The California Coastal Commission will review plans for a new 650-room hotel complex at Liberty Station in Point Loma, proposed by a unit of San Diego-based The Corky McMillin Cos.
The city of San Diego is seeking California Coastal Commission authority to allow restaurants and tasting rooms at microbreweries located in industrial areas adjacent to coastal zones.
The California Coastal Commission is reviewing plans by University of California, San Diego for a new scenic walkway and vista point on the Scripps Institution of Oceanography campus in La Jolla.
TOURISM: Tourism Authority Plans to Resume More Marketing Efforts
The planned $520 million expansion of the San Diego Convention Center faces yet another legal hurdle after a local environmental group filed a lawsuit challenging the California Coastal Commission’s approval of the project.
TOURISM: Hotel Proposal Seeks 175 Rooms; Cohn Plans Eatery
Port of San Diego officials in coming months will discuss long-term development prospects for waterfront areas like Harbor Island, where locally based Sunroad Enterprises plans to build a new 175-room hotel.
Real Estate Column
San Diego County and the nation are in the midst of steady post-recession recovery when it comes to new construction projects, by most indicators; however, many contractors are not yet in a mood to celebrate.
A local environmental group has filed a lawsuit challenging the California Coastal Commission’s October approval of plans for a $520 million expansion of San Diego Convention Center.
PROPERTY: Active Industry Builds Momentum for Project
BioMed Realty Trust Inc. is betting that rising financial interest in the life-sciences sector — in the form of increased venture funding, public stock offerings and high-profile acquisitions — will translate into tenants seeking to occupy its new campus planned for University Towne Center.
TOURISM: Plan Calls for Establishing $30M Reserve To Deal With Litigation
The city of San Diego and the Tourism Marketing District leaders have agreed on a plan to free up at least $6 million and jump-start regional visitor-promotion efforts that have been stalled by political and legal disputes over funding.
Property: Long-Range Plan to Add 2,850 Hotel Rooms
Work has begun on a Chula Vista street extension deemed a key first step toward long-envisioned commercial development of the city’s waterfront, where up to $2 billion in new residential and commercial projects are anticipated over the next 20 years.
Locally based craft beer brewer Ballast Point has signed a 15-year, $16 million lease deal to occupy a 106,584-square-foot industrial facility in San Diego’s Miramar submarket.
PROPERTY: Irvine Co. Is Self-Financing $100M Project
Irvine Co., San Diego County’s largest office landlord, recently began work on La Jolla Centre III, a 15-story office tower at University Towne Center. The tower, being built largely on spec, will be Irvine Co.’s first new-construction high-rise project since it entered the local market 30 years ago.
PROPERTY: Science, Military Realignment Part of Region’s Pluses
Fueled by continued technology-oriented job growth, San Diego retains its place as the nation’s 15th-best metro market for commercial real estate investment, according to the latest annual trends report by consulting firm PwC and the Urban Land Institute.
RETAIL: Upgrades, Openings and Even Free Charging Offered
San Diego-area mall operators are looking to tear shoppers away from their computers and mobile devices as much as possible this holiday season — or give them a reason to bring those devices with them.
Real Estate Column
It’s a great time to be an apartment complex owner in San Diego County, judging by the late-year numbers.
PROPERTY: Council Goes Against Committee Pick for Development
Carlsbad officials will soon begin talks with operators on a planned expansion and re-branding of the Sheraton Carlsbad Resort & Spa, after rejecting a new Legoland California Resort hotel proposed for the same city-owned property.
RESTAURANTS: Plan Includes New Capital From Existing Equity Partners
Faced with rising competition on its soup-and-salad turf, San Diego-based Garden Fresh Restaurant Corp. has taken financial steps to grow its Souplantation and Sweet Tomatoes brands.
TRAVEL: Marriott Makeover Part of Trend Of Property Upgrades
Downtown’s San Diego Marriott Marquis & Marina is in the midst of a long-term $200 million makeover that, by the time it’s done in mid-2016, will leave it practically unrecognizable from the property that first opened in 1984.
PROPERTY: Projects to Craft Pedestrian-Friendly Destination
San Marcos next year could see pieces start falling into place for something the city has long been awaiting: a central, pedestrian-friendly downtown to call its own.
RETAIL: Co. to Keep It Casual With an Inviting Retail and Drinking Site
The fast-growing Stone Brewing Co. is looking to become even more ubiquitous in craft beer circles. By mid-November, the Escondido-based brewer will debut the latest location of its neighborhood-focused retail concept, Stone Company Store, in downtown San Diego.
ARCHITECTURE: Aim Is To Cultivate New Markets, Expanding in Pacific Rim
As the new chief operating officer of San Diego’s Carrier Johnson + Culture, Vincent Mudd plans to apply the same big-picture approach deployed in his past civic leadership work — with the San Diego Regional Chamber of Commerce and Economic Development Corp., among other entities — to the highly competitive architectural industry.
Real Estate Column
Carlsbad-based developer Terramar Retail Centers has unveiled a full roster of dining and retail tenants set to open in November at The Headquarters at Seaport District on the downtown waterfront next door to Seaport Village.
PROPERTY: Market Improves, But Recovery Is Not a ‘Done Deal’
The U.S. commercial lending climate has improved markedly since the dark days of the Great Recession, when billions of dollars in properties held by over-leveraged owners ended up on the books of banks and other lenders, said experts at the recent 13th annual Trigild Lender Conference in San Diego.
TRAVEL: Membership Service Looks to Land Corporate Travelers
Operators of Set Jet believe they’ve created a model for corporate air travel that will appeal to San Diegans who are put off by crowded and time-consuming commercial flights and the prohibitive costs — for many — of private aviation, such as chartered flights or aircraft ownership.
SPORTS: Chargers Look at Options, Hold Discussions
The San Diego Chargers are mulling their next options for developing a new football stadium, including variations on prior ideas for projects in Mission Valley and East Village, after the California Coastal Commission’s approval of a convention center expansion that doesn’t incorporate a stadium and that the team opposed.
TOURISM: Region’s Craft Beers Can Be Even Bigger Tourism Draw
Former brewer Jon McDermott is in a position to tell — as well or better than anyone — how important craft brewing is becoming to tourism in the San Diego area. McDermott, a former brewer, now shares his love for craft beer with the thousands of people annually who take his company’s bus tours of San Diego County breweries and tasting rooms
PROPERTY: San Diego Ranks 9th in Nation In Investor Friendliness
San Diego County ranks ninth in the nation for the investor friendliness of its apartment development climate, according to a new report by Meyers Research. Its ranking reflects rents that continue to rise and supply that lags far behind demand, even amid a sharp increase in new construction permits.
RETAIL: Jerome’s Is Opening 10th Store, Plans More Local Outlets
San Diego-based Jerome’s Furniture, a stalwart of the local retail scene for nearly 60 years, is set to open its 10th store next month in Torrance, its first in the Los Angeles region.
REAL ESTATE: Providers Wait to See Demand; Some Preparation Done Earlier
The implementation of the national Affordable Care Act, with the first enrollments in state- and federal-run health insurance exchanges, is so far not creating a run on San Diego County medical office space to serve new patients.
POLICY: Bigger Levies Sought To Support Affordable Housing
The San Diego City Council in early November is expected to consider a proposed hike in so-called “linkage” fees assessed on commercial construction projects — raising them by 500 percent or more — to fund affordable housing development in the city.
TRAVEL: Runway Extension Likely to Bring New Businesses
San Diego County officials are considering a $95 million runway extension at McClellan-Palomar Airport in Carlsbad, which consultants project could inject more than $163 million yearly into the North County economy by allowing larger aircraft to use the facility.
REAL ESTATE: System Makes Key Information Accessible In Real Time
A Rancho Santa Fe-based company that provides tools for real estate and financial professionals recently rolled out a proprietary Web-based platform designed to boost their efficiency in making deals.
Commercial Real Estate Column
Port of San Diego officials and other backers of the proposed $520 million convention center expansion are likely to stage a miniconvention of their own on Oct. 10, when the California Coastal Commission discusses the latest version of the project.
FINANCE: Rule Change Requires Investors Meet Financial Qualifications
CEO Dan Gibbs is wasting no time capitalizing on recently enacted federal rule changes that now allow small companies like his to publicly solicit and advertise for investors via the Web, newspapers and other traditional and social media.
PROPERTY: Kilroy Grows, 2nd Largest Office Landlord
Kilroy Realty Corp. recently raised more than $260 million in a secondary public stock offering, and San Diego County ranks high on the list of places where it is looking to bolster a West Coast commercial portfolio that tops $4.7 billion.
TOURISM: Summer Season Was Strong For Local Operators
After posting what operators called strong summer seasons, San Diego County’s biggest theme park attractions plan to continue riding the economic recovery by adding even more attractions to what has already been a four-year run of multimillion-dollar investments.