San Diego Business Journal

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Tourism Bases Are Loaded This July

ECONOMY: All-Star Game Expected to Bring In $80M

The month of July nearly always ranks among the strongest of the year for San Diego County’s tourism and convention economy, with big annual events including Comic-Con International and the start of prime horse-racing season at Del Mar Racetrack.

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DeMaio Pushes Plan for Privately Funded Stadium

A group that includes former San Diego City Councilman and mayoral candidate Carl DeMaio has put forward a proposal that it says could fund a new multi-use San Diego Chargers stadium with event facilities without tax increases or other public funding.

Nordstrom Closing Store at Downtown's Horton Plaza

Retailer Nordstrom Inc. plans to close its department store at downtown San Diego’s Westfield Horton Plaza mall on Aug. 26, the Seattle-based retailer announced.

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Expanding Law Firm Buys La Jolla Building for $4.75 Million

Locally headquartered law firm Tyson & Mendes LLP has purchased a La Jolla building for $4.75 million, as the multi-state firm expands its San Diego offices, the buyer announced.

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Point Loma Apartment Property Sells for $4.4 Million

Jay Crystall LLC of San Diego has acquired a 13-unit apartment complex in Point Loma for approximately $4.4 million, according to brokerage firm CBRE Group Inc.

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Carl DeMaio Pushes Plan for Privately Funded Stadium

A group that includes former San Diego City Councilman and mayoral candidate Carl DeMaio has put forward a proposal that it says could fund a new multi-use San Diego Chargers stadium with event facilities without tax increases or other public funding.

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Expanding Law Firm Buys La Jolla Building for $4.75M

Locally headquartered law firm Tyson & Mendes LLP has purchased a La Jolla building for $4.75 million, as the multi-state firm expands its San Diego offices, the buyer announced.

Nordstrom Closing Store at Horton Plaza

Retailer Nordstrom Inc. plans to close its department store at downtown San Diego’s Westfield Horton Plaza mall on Aug. 26, the Seattle-based retailer announced.

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New Carlsbad Industrial Buildings Planned After $15M Land Buy

San Diego-based developer RAF Pacifica Group has acquired 18.4 acres of industrial land in the Carlsbad Raceway Business Park for approximately $15 million, with plans to build two new distribution buildings totaling 272,430 square feet.

CBRE Forms New Practice in San Diego

CBRE Group Inc. has formed a new land, agribusiness and natural resources practice in its San Diego office, the Los Angeles-based commercial real estate services company announced.

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Cushman & Wakefield Names New Brokerage Director in San Diego

Commercial real estate services firm Cushman & Wakefield has named Nick Di Paolo as its director of brokerage in San Diego, overseeing all brokerage lines including five local offices and approximately 90 brokers.

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Guild Mortgage Signs $10M Lease for Local Headquarters Expansion

San Diego-based Guild Mortgage Co. has signed a 10-year lease for 40,000 square feet valued at approximately $10 million, as it expands its headquarters in Kearny Mesa, according to local commercial brokers.

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Illumina Honors Its CEO Flatley

Medtech giant Illumina Inc. dedicated a research and development building on its campus to its longtime CEO Jay Flatley.

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City Obtaining $25.5M State Loan for Convention Center Repairs

TOURISM: Plans Include $18M Upgrade To Sails Pavilion

The San Diego City Council has approved plans for the city to obtain a state loan of up to $25.5 million for repairs to the San Diego Convention Center, including replacement of the facility’s iconic but fraying Sails Pavilion roof structure.

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Resorts, Hotels Increasingly Must Provide Broader Experiences

TOURISM: Wide Range Of Guests Look to Delve Into Community, Culture

Hotel and resort developers must adjust to a world where there is no longer a “one site fits all” destination for family vacations and retirement living.

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Parks Keep Thinking About Tomorrow

TOURISM: Projects Aim to Draw New, Returning Visitors

A 2013 study by the National University System Institute for Policy Research estimated that San Diego County has an average of 114,000 visitors on a typical summer day — 45 percent higher than the number taking in theme parks, beaches and other attractions outside of that season.

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Carlsbad Industrial Building Sold for $7.55 Million

Los Angeles-based Alvarez & Marshal Capital Real Estate LLC has purchased a Carlsbad industrial building for $7.55 million, according to brokerage firm Lee & Associates.

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Sorrento Mesa Office Campus Sells for $12.6 Million

BLT Enterprises of Santa Monica has acquired a two-building office campus in Sorrento Mesa for $12.6 million, the buyer announced.

Cox Offering Free WiFi Downtown During July Events

The local regional office of Cox Communications announced that it is partnering with the City of San Diego to open Cox WiFi hotspots free to the public from July 8 to 24 in downtown San Diego.

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Swiss Carrier Edelweiss Starts Direct Flights to San Diego in 2017

Switzerland-based commercial airline Edelweiss will begin offering direct seasonal service between Zurich and San Diego in June 2017, the carrier and San Diego airport officials announced.

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San Francisco Firm Buys Mira Mesa Retail Center for $229 Million

San Francisco-based Stockbridge Capital Group LLC has purchased the Mira Mesa Marketplace retail center in Mira Mesa for $229 million, according to CoStar Group and public data.

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Developer Plans $44M Mixed-Use Project in Encanto

A committee of Civic San Diego, the city’s project oversight agency for downtown and southeastern neighborhoods, recently recommended plans for a $44 million mixed-use community in Encanto.

Pacific Highlands Ranch Residential Land Sold for $61.6 Million

The San Diego division of Pardee Homes recently sold off 9.38 acres of residential land in the city’s Pacific Highlands Ranch community to two other homebuilders, for a total of approximately $61.6 million, according to CoStar Group and public data.

Region’s Live-Work Dynamic Not in Alignment

Besides the usual suspects — development fees, high land costs and cumbersome approval processes — San Diego County has big problems with mismatches when it comes to battling its housing affordability problems.

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San Diego Office Tower Sold for $54.4 Million

Hammer Ventures of San Diego has purchased the downtown office tower known as The Executive Complex for $54.4 million, according to CoStar Group and public data.

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CBRE Forms Agribusiness, Natural Resources Practice in San Diego

CBRE Group Inc. has formed a new land, agribusiness and natural resources practice in its San Diego office, the Los Angeles-based commercial real estate services company announced.

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San Diego Apartment Portfolio Sells for $8.66 Million

Locally based NP Ventures LLC and Sucato Family Trust have purchased a portfolio of four San Diego apartment properties for a total of approximately $8.66 million, according to brokerage firm Colliers International Group Inc.

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S.D. Office Tower Sold for $54.4 Million

Hammer Ventures of San Diego has purchased the downtown office tower known as The Executive Complex for $54.4 million, according to CoStar Group and public data.

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S.D. Apartment Portfolio Sells for $8.66 Million

Locally based NP Ventures LLC and Sucato Family Trust have purchased a portfolio of four San Diego apartment properties for a total of approximately $8.66 million, according to brokerage firm Colliers International Group Inc.

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CBRE Forms Agribusiness and Natural Resources Practice in San Diego

CBRE Group Inc. has formed a new land, agribusiness and natural resources practice in its San Diego office, the Los Angeles-based commercial real estate services company announced.

More Pizzazz Part of Seaport Village Plans

PROPERTY: Port District Releases 6 Proposals

Since 1980, visitors have gone for simple pleasures like the child-friendly carousel at Seaport Village.

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Revitalization Comes In Bottle, Growler

ECONOMY: Oceanside Taps Craft Beer for City’s Benefit

It’s relatively belated compared with its neighbors, but Oceanside is now surfing what has long been a steady wave of economic benefits generated by North County’s burgeoning craft beer industry.

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Taking The Global Initiative

TOURISM: Officials Pursue More International Air Routes to San Diego

San Diego recently landed what is just its third major international commercial air service route of the past five years, when German-based carrier Condor Airlines announced new direct seasonal flights to Frankfurt, set to begin in May 2017.

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New Homes Planned After $9.55M Land Deal in Santee

An affiliate of Santa Monica-based Watt Communities Inc. has purchased an 18-acre Santee land parcel for $9.55 million, with plans to build new single-family homes, according to CoStar Group and public data.

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Carlsbad Apartment Property Sells for $4.1 Million

Kuhio Partnership of Temecula has purchased a 17-unit apartment property in Carlsbad for $4.1 million, according to brokerage firm Marcus & Millichap.

City Obtaining $25.5 Million State Loan for Convention Center Repairs

The San Diego City Council has approved plans for the city to obtain a state loan of up to $25.5 million for repairs to the San Diego Convention Center, including replacement of the facility’s iconic but fraying Sails Pavilion roof structure.

Parking-Focused REITs Hire Investment Banking Firm

MVP REIT Inc. and MVP REIT II Inc., San Diego-headquartered investment firms focused on parking structures and facilities, have engaged an investment banking firm to advise them on potential future actions including stock offerings and capital raises.

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Brewmaster Steele Leaving Stone Brewing Co.

Stone Brewing Co. announced that Brewmaster Mitch Steele will be leaving the company at the end of June, after 10 years with the Escondido-based craft beer maker.

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RAR Hospitality Adds Three Hotels to Portfolio

San Diego-based hotel management and consulting firm RAR Hospitality, led by CEO Robert Rauch, was recently tapped to manage three more hotels owned by Carlsbad developer Alps Group of Hotels.

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Wing and Rib Eatery to Join Lineup at Barrio Logan Center

Aliso Viejo-based owner Shea Properties recently announced New York Buffalo Wings & Ribs as the newest tenant at Mercado del Barrio, its mixed-use center in San Diego’s Barrio Logan neighborhood.

Uber Launches Restaurant Food Delivery Service in San Diego

San Francisco-based Uber Technologies Inc. has expanded its app-enabled UberEats restaurant food delivery service to San Diego, the company announced.

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San Diego Apartments Sold for $9.3 Million

A Chula Vista buyer recorded as MAAC President John Adams Manor LLC has acquired a 300-unit apartment property in San Diego’s Oak Park neighborhood for approximately $9.3 million, according to CoStar Group and public data.

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Port District Releases 6 Proposals for Seaport Village Site

The Unified Port of San Diego has released six proposals for developments targeting 70 acres of prime downtown San Diego waterfront property, including the current site of the iconic Seaport Village.

USD Conference Tackles Region’s Housing Affordability Problems

Experts at a University of San Diego conference said the local region’s housing affordability problem is worsening, sparked in part by chronic mismatches – between the number and types of homes being built and what’s in demand, and between where people live and where the jobs are, among other imbalances.

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Solana Beach Office Property Sells for $10.6 Million

Andesite Capital Management of San Diego has acquired a Solana Beach office property for approximately $10.6 million, according to CoStar Group and public data.

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San Diego Apartment Properties Have Change of Ownership

Two San Diego apartment properties recently got new owners, including a 13-unit Bankers Hill property that sold for approximately $3.89 million, according to brokerage firm Marcus & Millichap.

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Operators Complete $2 Million Renovation of South Park Apartments

Operators have completed a $2 million renovation of The Stanley, a 26-unit apartment property in San Diego’s South Park neighborhood.

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Office Property Sells for $10.6 Million

Andesite Capital Management of San Diego has acquired a Solana Beach office property for approximately $10.6 million, according to CoStar Group and public data.

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Operators Finish $2 Million Renovation of South Park Apartments

Operators have completed a $2 million renovation of The Stanley, a 26-unit apartment property in San Diego’s South Park neighborhood.

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Pirch Finds Prime Luxury Position in New SoHo Location

RETAIL: Furnishings Store Sets Sights on Miami, Boston and D.C.

After less than seven years in business, San Diego-based home furnishings retailer Pirch recently landed its first location in New York City, in lower Manhattan’s trendy and upscale SoHo neighborhood.

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