San Diego Business Journal

Fourth-Quarter, Annual Revenue Rise at American Assets Trust

American Assets Trust Inc. saw total revenue rise 7 percent from a year ago for its fourth quarter ending Dec. 31, topping $76.5 million, the San Diego-headquartered company reported.

County Hotels Saw January Revenue Rise 4.8 Percent

Revenue at San Diego County hotels rose 4.8 percent from a year ago during the month of January, topping $180.5 million, according to the latest monthly data from research firm STR.

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Multifamily Tower Planned After $15.2M Property Buys in Little Italy

An affiliate of San Diego-based AAA Management LLC has acquired two land parcels in downtown’s Little Italy for a total of $15.2 million, according to CoStar Group and public data.

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Kearny Mesa Office Building Sold for $5.87 Million

San Diego-headquartered Castle Investment Co. Inc. has acquired a Kearny Mesa office building for $5.87 million, according to CoStar Group and public data.

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Kearny Mesa Office Building Sells for $5.87 Million

San Diego-headquartered Castle Investment Co. Inc. has acquired a Kearny Mesa office building for $5.87 million, according to CoStar Group and public data.

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Little Italy Multifamily Tower Planned After $15.2M Property Buys

An affiliate of San Diego-based AAA Management LLC has acquired two land parcels in downtown’s Little Italy for a total of $15.2 million, according to CoStar Group and public data.

Tourism Authority: Nearly 35 Million Visited San Diego in 2016

San Diego hosted a record 34.9 million visitors who spent $10.4 billion in the region during calendar year 2016, according to the latest annual data from the San Diego Tourism Authority.

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Port, Coastal Commission Clash Over Portside Pier Project

PROPERTY: Port Claims Development Is Non-Appealable

San Diego and California coastal officials are seeking to resolve a jurisdictional dispute that could delay the long-discussed redevelopment of the downtown waterfront site that was home to the recently closed Anthony’s Fish Grotto.

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Renovate America Relocating Rancho Bernardo Headquarters

San Diego-based Renovate America Inc. has leased 160,000 square feet at Rancho Vista Corporate Center in Rancho Bernardo, where it plans to relocate its headquarters in September of this year, according to brokerage firm CBRE Group Inc.

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Closings Show Whole Foods Not Immune to Competitive Realities

Shoppers in Encinitas are about to witness something that has rarely been seen during the past 36 years: the closing of a Whole Foods Market.

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Pop-Up Stores Bring Lively Vibe to Mall Mix

RETAIL: Active Atmosphere Boosts Traffic, Helps Tenants

Pop-up stores may be short-term players in the retail space but they are providing long-term opportunities for malls and shopping centers.

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Surf Air to Begin Service Between San Diego and Los Angeles

Santa Monica-headquartered Surf Air, which offers unlimited flights to commuters who pay a monthly membership fee, plans to start new service between San Diego and Los Angeles this spring.

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Accounting Firm LevitZacks Relocating Downtown Headquarters

Locally based accounting firm LevitZacks plans to relocate its downtown headquarters to new offices at 450 B St. in downtown San Diego,according to brokerage firm JLL.

Manchester Explores Privately Financed NFL Stadium in Mission Valley

Developer Douglas Manchester has written to the National Football League, expressing interest in developing a privately financed stadium on the current Mission Valley site of Qualcomm Stadium.

San Diego Among Top 20 U.S. Markets for Construction Starts

San Diego County ranks at No. 20 among the nation’s 20 largest markets for the value of commercial and multifamily construction starts during 2016, according to a new report by research firm Dodge Data & Analytics.

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Brokerage Firm NGKF Relocating to One La Jolla Center

Commercial brokerage firm Newmark Grubb Knight Frank (NGKF) is relocating its San Diego operations to Irvine Company’s One La Jolla Center office tower in University Towne Center.

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Santee Retail-Office Property Sells for $3 Million

Narwhal Holdings LLC of San Diego has acquired a Santee retail and office property for approximately $3 million, according to brokerage firm Retail Insite.

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San Marcos Senior Housing Communities Sold for $44.25 Million

Charleston, S.C.-based Greystar has acquired two senior housing communities in San Marcos for a total of $44.25 million, according to brokerage firm Berkadia.

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Atlas Report: Local Hotel Property Deal Volume Down 67.8 Percent in 2016

San Diego County saw hotel property sales volume in 2016 decline 67.8 percent from the prior year, to $473.1 million, as the number of completed deals dropped from 30 to 21, according to the latest annual California data from Atlas Hospitality Group.

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The Pendry San Diego Hotel Opens Its Doors in Gaslamp Quarter

The upscale $120 million Pendry San Diego hotel has officially opened in downtown San Diego’s Gaslamp Quarter, after more than two years of construction at 550 J St.

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Westcore Properties Buys Salt Lake City Industrial Building for $7.15M

San Diego-headquartered Westcore Properties has acquired a Salt Lake City industrial property for approximately $7.15 million, marking the company’s entry into the Utah city’s marketplace.

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Westcore Buys a Salt Lake City Industrial Building for $7.15 Million

San Diego-headquartered Westcore Properties has acquired a Salt Lake City industrial property for approximately $7.15 million, marking the company’s entry into the Utah city’s marketplace.

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Pendry San Diego Hotel Opens Its Doors in Gaslamp Quarter

The upscale $120 million Pendry San Diego hotel has officially opened in downtown San Diego’s Gaslamp Quarter, after more than two years of construction at 550 J St.

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UC Regents Buy 4 San Diego Office Buildings for $83.5 Million

The Oakland-based Regents of the University of California have acquired a four-building office portfolio in San Diego’s Governor Park neighborhood for approximately $83.5 million, according to CoStar Group and public data.

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Hillcrest Apartment Complex Sells for $14.75 Million

San Diego-based Structure LP has acquired a 25-unit luxury apartment complex in the city’s Hillcrest neighborhood for $14.75 million, according to brokerage firm CBRE Group Inc.

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California Dreaming of Cheaper Waterfront Hotels

It’s always been an admirable goal in theory. But 2017 could be the year when California officials get specific when they call on developers and communities to put up more affordable hotel rooms in coastal-adjacent neighborhoods.

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Luxury Hotels Expect Good Nights Ahead

TOURISM: New Properties Cater to Selective Clientele

San Diego County’s hotel industry just completed six consecutive years of post-recession recovery. Operators of the newly opened Pendry San Diego — the first of at least three new high-end hotels set to arrive downtown — are betting their property has what it takes to keep that momentum going on the luxury side.

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Whole Foods Market Closing Store in Encinitas

Grocer Whole Foods Market Inc. announced that it is closing nine underperforming stores in seven states, including its store in Encinitas.

Officials Mark Completion of $3.9M Renovation of Lyceum Theatre

Operators of downtown San Diego’s Lyceum Theatre recently marked the completion of a $3.9 million renovation of the performing arts venue.

REI, Anthropologie Leave Chula Vista Mall

Mall owner General Growth Properties Inc. is in the process of refilling two slots recently vacated by retailers REI and Anthropologie at Chula Vista’s Otay Ranch Town Center.

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L’Auberge Del Mar Completes $4 Million Redesign

L’Auberge Del Mar recently completed a $4 million redesign of the luxury hotel’s guest rooms and meeting spaces.

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San Diego Firm Buys Oceanside Retail Center for $14.2 Million

San Diego-based Pacifica Cos. has acquired the Best Plaza retail center in Oceanside for $14.2 million, according to brokerage firm Cushman & Wakefield.

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Pathfinder Acquires Two Colorado Apartment Properties for $24M

Pathfinder Partners of San Diego has purchased two adjacent apartment communities in Boulder, Colo., for a total of $24 million.

Owners of San Marcos Retail Center Obtain $92M Refinancing

Owners of the Grand Plaza retail center in San Marcos have obtained $92 million in refinancing, according to Holliday Fenoglio Fowler LP (HFF), which arranged the financing.

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San Diego Firm Acquires Del Mar Plaza Retail Center

San Diego’s Brixton Capital has acquired the Del Mar Plaza retail center in downtown Del Mar, though the price was not immediately disclosed. According to CoStar Group, the property at 1555 Camino Del Mar last sold for $41.6 million in 2010.

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San Diego Firm Buys Three Local Office Properties for $76.95 Million

The Casey Brown Co. of San Diego has acquired three local office properties for a total of $76.95 million, according to brokerage firm CBRE Group Inc.

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Zephyr Breaks Ground on $185M Condo Development in Dana Point

San Diego-based developer Zephyr recently broke ground on South Cove, the company’s $185 million luxury condominium community in Dana Point.

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Zephyr Breaks Ground on $185M Luxury Condo Project in Dana Point

San Diego-based developer Zephyr recently broke ground on South Cove, the company’s $185 million luxury condominium community in Dana Point.

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San Diego Firm Buys 3 Local Office Properties for $76.95 Million

The Casey Brown Co. of San Diego has acquired three local office properties for a total of $76.95 million, according to brokerage firm CBRE Group Inc.

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Two Apartment Properties Change Hands in San Diego

Two San Diego apartment properties recently got new owners in separate deals, including an 11-unit complex in the city’s Talmadge neighborhood that sold for approximately $2.93 million.

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Philadelphia Firm Buys Chula Vista Industrial Property for $16.9 Million

Philadelphia-based Exeter Property Group has acquired a two-building industrial property in Chula Vista for approximately $16.9 million, according to brokerage firm Colliers International Group Inc.

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Apartment Investment Market Still in Top 10

The San Diego region slipped a few notches from a year ago, but retains its status among the Top 10 most desirable U.S. apartment investment markets in 2017. That’s according to the latest annual Multifamily Investment Forecast by brokerage firm Marcus & Millichap, which places San Diego at No. 9 in this year’s ranking of 46 major metro regions.

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S.D. Is Already Game For Soccer in Town

SPORT: Leagues, Tournaments And Tourists Show Enthusiasm

Investors pushing to bring Major League Soccer to San Diego have not yet made the sale.

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Border Terminal Has a Good Problem: Crowds

TRAVEL: Xpress’ 1.3M Users Beat Expectations for Traffic

Operators say demand is running well ahead of expectations for the $120 million, privately funded Cross Border Xpress, which opened in December 2015 in Otay Mesa.

Work Starting on $16M Utilities Plant at Rancho Bernardo Campus

Owner Swift Real Estate Partners this month will begin construction on a new $16 million central utilities plant at its recently acquired office campus in Rancho Bernardo, according to Level 10 Construction, the project’s general contractor.

Chargers Pay City $12.5M to Officially Terminate Stadium Lease

The former San Diego Chargers have wired the city more than $12.5 million, to satisfy the early-termination clause of the team’s contract to use the city-owned Qualcomm Stadium in Mission Valley.

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Two North County Commercial Properties Acquired for $3.85 Million

Stos Partners of Encinitas has acquired two North County commercial properties for a total of $3.85 million, the company announced.

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Work Starts on $11M Restoration of Belmont Park’s Plunge Pool Facility

San Diego-based Pacifica Enterprises has broken ground on a long-anticipated, $11 million renovation and restoration of the historic Plunge swimming pool at Belmont Park in Mission Beach.

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Five Local Properties Make 2017 AAA Five Diamond List

Four San Diego County hotels are included in the annual AAA listing of the nation’s Five Diamond hospitality properties. The list also includes one local hotel restaurant.

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Murphy Development Reacquires Otay Mesa Campus for $28 Million

San Diego’s Murphy Development Co. announced that it has reacquired an Otay Mesa industrial campus that it originally developed in 1986 for electronics maker Sanyo Electric Co. Ltd., in a deal valued at $28 million.

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