San Diego Business Journal

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Sharp HealthCare Buys Miramar Building for $9.3M

San Diego-based Sharp HealthCare has purchased the medical office building that it had previously been leasing in Miramar for $9.3 million, according to CoStar Group and public data.

Chamber Supports Chargers’ Plan for Downtown Stadium

The San Diego Regional Chamber of Commerce’s board of directors has voted to support the San Diego Chargers’ November ballot initiative to build a multi-purpose stadium and convention facility in downtown’s East Village.

Businesses Prepare for New Lease Accounting Standards

FINANCE: Reporting to Be Centralized, Numbers Must Conform Companywide

Industry observers are not yet expecting a significant impact on the decisions that corporate executives make regarding the size of their leased business space, or the length of those leases. But compliance with new nationwide lease accounting standards could pose data-management challenges for many businesses.

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Hotel Boom Propels Variety of Projects

TRAVEL: Confidence High In Metrics, Tourism Economy

Developers of Pendry San Diego, a new $100 million luxury hotel set to open this November in the Gaslamp Quarter, say they’re not worried that other posh competitors have also set their sights on downtown San Diego.

‘Last Mile’ Is Tough for E-Commerce in S.D.

LOGISTICS: Lack of Centralized Sites Is Challenge

The continued rise of e-commerce is boosting nationwide demand for industrial space to house distribution and other fulfillment facilities, including the “last mile” operations increasingly needed to meet same-day delivery expectations in places such as San Diego County.

County Construction Starts Declined 8 Percent in First Half of 2016

San Diego County’s construction starts declined 8 percent from a year ago in the first six months of 2016, with permits pulled for approximately $1.68 billion worth of residential and non-residential projects, according to the latest monthly figures from Dodge Data & Analytics.

Local REITs Report Strong Second-Quarter Results

Three San Diego-based real estate investment trusts – Realty Income Corp., American Assets Trust Inc. and Retail Opportunity Investments Corp. -- recently reported generally strong revenue and other financial results for their second quarter ending June 30.

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University Heights Retail Center Sold for $5.29 Million

A San Diego buyer recorded as Hillside Shopping Center LLC has purchased the Hillside Village Plaza retail center in University Heights for $5.29 million, according to brokerage firm Colliers International Group Inc.

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Construction Starting on $127.8 Million Airport Parking Plaza

A portion of the parking lot a Terminal 2 will close Aug. 6, as construction begins on a new $127.8 million parking plaza at San Diego International Airport.

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Philz Coffee, Lazy Acres Market Coming to Encinitas

Encinitas will be home to the first San Diego County location of San Francisco-based Philz Coffee, along with the first local store of the expanding Lazy Acres Market grocery chain, according to brokerage firm Retail Insite.

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Instacart Extends Grocery Delivery Service to San Diego

San Francisco-headquartered Instacart has extended its retail grocery delivery service to the San Diego market, initially delivering to nine local zip codes across 11 neighborhoods.

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Grocer Lazy Acres to Open in Former Haggen Space in Mission Hills

Lazy Acres Market, a natural and organic food store operated by the parent of Bristol Farms, has leased an 18,700-square-foot Mission Hills space formerly occupied by grocer Haggen Inc., according to brokerage firm Retail Insite.

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Marriott Hotel at UTC Gets New Owner

New York-based Carey Watermark Investors 2 Inc. (CWI 2) has purchased the 372-room San Diego Marriott La Jolla hotel in University Towne Center for an undisclosed price, the company announced.

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Prominent San Diego Philanthropist Conrad Prebys Dies

Prominent San Diego philanthropist Conrad Prebys has died of cancer at age 82, his family announced Monday morning (July 25).

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Irvine Investment Firm Buys Sorrento Mesa Industrial Buildings for $49M

An affiliate of Irvine-based healthcare property investment company HCP Inc. has purchased a portfolio of two Sorrento Mesa industrial properties and an adjacent land parcel for $49 million, according to CoStar Group and public data.

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Crunch Fitness Opening Four New Gyms in San Diego Market

A local franchisee of New York-based Crunch Fitness, which operates gym facilities, has at least four new locations set to open in San Diego County, according to brokerage firm The Heritage Group, which handled recent local leasings.

App-Enabled Jet Booking Service Expands to San Diego

Florida-based JetSmarter recently announced an expansion into the San Diego market for its app-enabled service that lets travelers book single seats on private jets.

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Alaska Airlines Offering New Direct Local Flights to Newark

Alaska Airlines will offer new daily nonstop service between San Diego and Newark, New Jersey, beginning Nov. 21, the carrier and San Diego International Airport officials announced.

Survey: Development Sentiment Strong Despite Growth Concerns

California commercial developers generally remain optimistic about prospects for new projects through 2019, though there are concerns about a potential slowdown in economic growth, according to the latest statewide survey from UCLA Anderson Forecast and the law firm Allen Matkins.

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Kensington Apartments Sold for $2.77 Million

A La Jolla buyer recorded as Beachfront I LP has acquired a 12-unit apartment property in San Diego’s Kensington neighborhood for approximately $2.77 million, according to brokerage firm Apartment Realty Group Inc. (ARG)

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El Cajon Retail Buildings Sell for $4.55 million

A Lemon Grove buyer recorded as El Cajon Investments Group LLC has acquired a two-building retail property in El Cajon for $4.55 million, according to CoStar Group and public data.

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Market Keeps Eyes on Economics, Not Politics

GOP presidential nominee Donald Trump might score some points in commercial real estate circles for his track record as an office and condo developer, symbolized by Trump Tower and other prominent projects bearing his name, especially in his home hub of New York City.

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Developers Feel Pressure to Deliver at Seaport Village Site

PORT: Many Stakeholders To Weigh In On $1.2B Plan

Even after more than three decades spent managing and developing major projects in San Diego and elsewhere, Yehudi Gaffen says he’s rarely taken on something with the size and multi-component scope of what his development team is now proposing for the downtown waterfront.

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Despite Frothy Competition, Brewer Stays Its Course

HOSPITALITY: Karl Strauss To Open Brew Pubs in OC, LA

“Karlifornia” has lately been appearing with increasing frequency on the caps, T-shirts and other paraphernalia sold at the craft beer brewery restaurants operated by San Diego’s Karl Strauss Brewing Co.

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Bay Club Buys Fairbanks Ranch Country Club

The Bay Club Company of San Francisco has acquired Fairbanks Ranch Country Club in Rancho Santa Fe, but the parties were not immediately disclosing the purchase price.

County Supervisors Vote for Study on Lilac Hills Ballot Measure

The San Diego County Board of Supervisors has voted to have staff study a proposed November ballot measure on the controversial Lilac Hills Ranch development, which recently qualified for the ballot following an initiative petition drive by supporters.

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Coronado Retail Properties Sell for $5.2 Million

A local buyer recorded as 820 Orange Av LLC has acquired a two-building retail property portfolio in Coronado for $5.2 million, according to CoStar Group and public data.

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Bank Building in Carlsbad Sold for $8.82 Million

An affiliate of Irvine-based Sperry Commercial has acquired a Carlsbad office building housing Bank of America for approximately $8.82 million, according to CoStar Group and public data.

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Developer Secures Financing for North Park Apartment Project

San Diego-based Wright Real Estate Management and Development has secured financing for a planned $11 million apartment project in North Park.

Ramona-Based Spirits Importer Reacquires Family Name

Ramona-based HPS Epicurean, a third-generation company that imports and markets internationally made spirits, wines and culinary niche brands, recently reacquired rights to the original family name of Preiss Imports.

South County EDC Launches Tourism Website

The South County Economic Development Council recently launched a new tourism website, touting South Bay events and recreational attractions.

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Lilac Hills Development Project Qualifies for the November Ballot

The San Diego County Registrar of Voters has certified that project supporters gathered sufficient signatures to place the controversial Lilac Hills Ranch development before county voters on the Nov. 8 ballot.

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Poway Industrial Building Sold for $10.5 Million

A local franchisee of California Closets has purchased a Poway industrial building for approximately $10.5 million, according to CoStar Group and public data.

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JLL Taps Bonebrake to Head U.S. Industrial Property Management

Commercial real estate services provider JLL has hired Debra Bonebrake as a managing director in San Diego, heading the company’s U.S. industrial property management division.

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Lilac Hills Development Project Qualifies for November Ballot

The San Diego County Registrar of Voters has certified that project supporters gathered sufficient signatures to place the controversial Lilac Hills Ranch development before county voters on the Nov. 8 ballot.

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Poway Industrial Building Sells for $10.5 Million

A local franchisee of California Closets has purchased a Poway industrial building for approximately $10.5 million, according to CoStar Group and public data.

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JLL Taps Debra Bonebrake to Head U.S. Industrial Property Management

Commercial real estate services provider JLL has hired Debra Bonebrake as a managing director in San Diego, heading the company’s U.S. industrial property management division.

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Escondido Contractor Awarded $26.4M CHP Project in Kearny Mesa

Escondido-based general contractor Erickson-Hall Construction Co. has been awarded a $26.4 million design-build contract to construct a San Diego replacement facility for the California Highway Patrol.

Port District Favors Protea Plan for Central Embarcadero

San Diego port district commissioners have voted 6-1 to hold exclusive talks with Protea Waterfront Development, one of six development teams that recently put forward multi-use proposals to redevelop the 70-acre Central Embarcadero waterfront site that currently includes Seaport Village.

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S.D’s Ship Is In With Comic-Con Enterprise

TRAVEL: ‘Star Trek’ Debut Is Part of 2016’s Big Draws

Hollywood may be experiencing a slump at the box office, but the major movie studios still know the value of the concentrated, avid and very large audience that flocks annually to Comic-Con International in San Diego.

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Finding a Game Plan for The Q After Football

LAND: Ideas Floated for Possible Public-Private Projects

With the San Diego Chargers focused on a proposed downtown stadium — or a potential exit to Inglewood if that doesn’t pan out — local developers and urban planners are quietly discussing post-NFL prospects for the big Mission Valley site now housing the aging Qualcomm Stadium.

Rouse Moving Forward with Carlsbad Mall Renovation

Rouse Properties Inc. will continue operating a portfolio of U.S. retail centers that officially changed ownership when Rouse was acquired by Brookfield Asset Management Inc. in a $2.8 billion deal. Rouse officials said a previously announced renovation of The Shoppes at Carlsbad mall remains on track.

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Rouse Sells Carlsbad Mall in $2.8 Billion Portfolio Deal

The Carlsbad shopping mall once known as Westfield Plaza Camino Real has changed owners for the second time in less than a year, after being acquired by Toronto-based Brookfield Asset Management Inc. as part of a nationwide portfolio deal valued at $2.8 billion.

Public Workshop on Central Embarcadero Plans Gets Earlier Start

San Diego port commissioners have moved a scheduled July 13 public workshop to review six Central Embarcadero development proposals to an earlier 9 a.m. start time, due to a planned San Diego visit by Vice President Joe Biden.

Two Local Omni Hotels Impacted by Data Breach

A spokeswoman for Dallas-based Omni Hotels & Resorts confirmed that the company’s properties in downtown San Diego and Carlsbad were among those impacted by a nationwide data breach of customer credit card information.

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North Park Retail Center Sold for $3.7 Million

A San Diego buyer recorded as 2800 El Cajon Blvd. has acquired a North Park retail center for $3.7 million, according to brokerage firm SVN Asset Advisory Group.

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Vista Retail Center Sells for $4.9 Million

Los Angeles-based Viktor Real Estate Investment LLC has acquired a Vista retail center for $4.9 million, according to The Mansour Group at brokerage firm Marcus & Millichap.

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Bosa Buys National City Office Building for $42.7 Million

Vancouver, B.C.-based Bosa Development, which has regional operations in San Diego, has acquired a National City office building for approximately $42.7 million, according to CoStar Group and public data.

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Local Firm Plans New Industrial Facility after $8.86M Carlsbad Land Buy

RAF Pacifica Group has acquired 13.2 acres of land in Carlsbad for $8.86 million, with plans to build a new 168,000-square-foot industrial facility, the Encinitas-based company announced.

Sorrento Office Owner Completes $2.5M in Upgrades, Adds 3 Tenants

San Diego-based property owner Parallel Capital Partners Inc. has completed $2.5 million in improvements at The Elements at Wateridge, the company’s three-building office complex in Sorrento Mesa.

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