RETAIL: Westfield Continues Its Local and Global Upgrades
Westfield Group will soon embark on a renovation of its Carlsbad property that is expected to top $100 million, marking the mall operator’s fifth big local makeover in as many years.
TRAVEL: Planned Center Would Cut Emissions, Congestion
By early 2016, San Diego International Airport will join the growing throng of major U.S. airports turning their rental car operations into a centralized, one-stop hub for busy travelers.
LAW: Bigger Landlords Ready; Data Come Up in Sales, Leases
Ready or not, California owners of commercial buildings larger than 50,000 square feet will need to begin complying this year with a state law requiring the disclosure of properties’ historical energy usage data to prospective buyers, renters and lenders.
Real Estate Column
A couple of San Diego buildings with long historical ties to the downtown area were recently the target of some high-profile transactions. One of those was the property that currently houses the Courtyard by Marriott San Diego Downtown hotel at 530 Broadway, off Sixth Avenue.
PROPERTY: Report Expects Newly Insured to Drive Need for Facilities
Economic uncertainties and questions about the impact of upcoming federal health care reforms have prompted medical practices to delay real estate decisions during the past few years. But experts say the local climate could see some shifts as key elements of the Affordable Care Act take effect in 2014.
Real Estate Column
The Hilton San Diego Bayfront hotel recently completed extensive outdoor renovations, aimed at better capitalizing on the downtown property’s waterfront location.
PROPERTY: Commercial Comeback Is Uneven as Sector Charts New Course
The commercial real estate recovery is progressing steadily in San Diego County so far in 2013, but local experts are still curbing their expectations as to when things might switch into a higher gear.
RETAIL: Sony Deploys Variety of Store Formats As Retail World Changes
At places like Fashion Valley mall, locally based Sony Electronics has recently been busy adjusting to a world in which consumers not only are changing up the way they interact with their gadgets — increasingly outside the home, and in the palm of their hand — but also how they buy them.
BUILDING: Local Debut Of Homebuilder Conference Examines Industry Issues
“It’s sort of like Comic-Con for the home-building industry,” said Borre Winckel, president and CEO of the Building Industry Association of San Diego County.
DEVELOPMENT: Creative Mix of Residential, Offices, Retail, Restaurants, High-Tech
A development team that includes locally based Lankford & Associates Inc. has unveiled plans for an East Village mixed-use project that its proponents hope will become downtown San Diego’s next “urban quarter” over the next decade.
REAL ESTATE: Choices Abound for Class B and C, Class A Remains Scarce
San Diego County’s real estate recovery is being felt in different ways, depending on the neighborhood. Here’s how local commercial brokers view trends in some prominent local office submarkets.
TRAVEL: Good Signs Include Line’s Mexico Investment Plans
Local officials say potential future expansion in Mexico by Carnival Cruise Lines could prove crucial to reviving San Diego’s recently sagging cruise ship industry.
PROPERTY: East Village Transformation to Create Tech, Design Hub
Lowe Enterprises and locally based I.D.E.A. Partners recently moved forward with plans to develop a $90 million mixed-use development in East Village, considered the first element in a long discussed strategy to turn the downtown neighborhood into a job-creating hub for cutting-edge technology and design firms.
REAL ESTATE: New Agency Will Address Plans For Redevelopment Needs
San Diego officials in coming weeks will be strategizing on ways to maintain development momentum downtown and elsewhere in the city, without the help of the California redevelopment agency program abolished by the state last year.
BUILDING: A Process Called ‘Lean Construction’ Smooths Road to Renovation
Tenant improvements and site renovations have been crucial to the business enhancement efforts of local contracting companies over the past five years, as work assignments in new-construction projects remain tough to come by in San Diego County and elsewhere.
TOURISM: Plan Will Raise Area’s Profile as Tourist Draw
If it can clear some significant long-range hurdles, San Diego can turn its cross-border proximity to the growing city of Tijuana into a boon for the local hospitality industry, tourism and government leaders said at a recent forum in Mission Valley.
Real Estate Column
The latest figures from McGraw-Hill Construction show San Diego County 18 percent ahead of a year ago for construction projects in the pipeline.
Tourism: Iconic Hotel Is Major Tourist Draw
The resident historian at Hotel del Coronado notes that the historic beachfront property — marking its 125th anniversary this year — not only put San Diego on the map as a national tourist destination, but also helped pave the way for the military presence that also drives the local economy.
PROPERTY: Tight Supply, Active Lenders, Hungry Investors Drive Sector
Lenders, investors and landlords continue to capitalize on San Diego County’s apartment fundamentals in the early months of 2013, with high demand and limited supply driving rents and property prices upward.
PROPERTY: Firm’s Focus Is on Renovation Of Existing Properties
When Pacifica Hotel Co. recently sold the 73-room Empress Hotel in La Jolla, company leaders said the sale would open up opportunities for the growth-focused firm to pursue new coastal hotel development deals.
BUILDING: Firm Adds Workers To Handle Pre-Construction Jobs
Much of the work of Cumming Corp. is finished long before most of its clients’ construction projects begin sprouting from the ground. But an improving economy is spurring the San Diego-based company to brace itself to serve rising demand for its pre-construction project and cost management services.
PROPERTY: Avison Young Brings Its Model to Local Market
Toronto-based commercial real estate services firm Avison Young is rapidly growing its own U.S. office footprint, most recently entering a competitive San Diego market already filled with several established regional and national brokerage players.
PROPERTY: Location Options Are Limited in Tight Market
Vacated San Diego County retail space often doesn’t stay empty for long, a continuing trend illustrated by cases like the recent closure of a Kmart store in Mission Valley.
RETAIL: Hispanic Buying Power to Reach $1.3 Trillion in 2015
Specialty grocers serving the Hispanic community — such as Northgate Gonzalez Markets, Vallarta Supermarkets Inc. and El Super — have played a big role in filling some empty and underutilized retail spaces in San Diego County.
Real Estate Column
A Denver-based investment firm has purchased a La Jolla apartment community located on a site with ties to San Diego’s history.
TRAVEL: California Pacific On ‘Fast-Track’ for FAA OK
California Pacific Airlines’ newly appointed president and CEO, industry veteran John Selvaggio, remains confident that the fledgling carrier can take to the skies by year’s end, despite a long and turbulent certification and startup process.
REAL ESTATE: Vacancy Rate for Sector Is at Lowest Level Since Mid-2011
Improving fundamentals in San Diego County’s industrial property market are piquing the interest of locally based investors like SR Commercial, as vacancy rates in that sector continue to head downward.
PROPERTY: Area’s Popularity Increasing With Various Firms
Mayor Bob Filner recently appointed Jason Hughes, who heads the local brokerage firm Hughes Marino Inc., to advise the City of San Diego on a volunteer basis as it decides what to do with a half-million square feet of downtown office leases set to expire in the next few months.
PROPERTY: Lower Rents, New Highway Are Area’s Pluses
Locally based Murphy Development Co., already the largest developer of industrial properties in Otay Mesa, is increasing its bet on that region’s long-term economic prospects by starting work on its fourth South County industrial project, a $300 million development known as Brown Field Technology Park.
PROPERTY: REIT Sets Goal of $200M In 2013Acquisitions
Excel Trust Inc.’s growth strategy for 2013 includes standing by the acquisition priorities that helped it significantly expand its business base since becoming a public company in April 2010.
REAL ESTATE: Company Boosts Portfolio With New $640M Acquisition
Leaders of BioMed Realty Trust Inc. note that the company’s recently announced $640 million acquisition of a life-sciences property portfolio, currently held by Wexford Science & Technology LLC of Baltimore, underscores two key aspects of a growth strategy that has actually been in place for some time.
TOURISM: Cohn Restaurant to Also Be Part of Emerging Scene
San Diego developer Pacifica Cos. is nearing completion on a $34 million boutique luxury hotel in Imperial Beach, called Pier South, that local planners are also hoping serves as a big economic catalyst for the city and South County.
Property: Limited Space Options Draw National, Local Investors
Continued recovery in San Diego County’s office market is catching the attention of local and national investors, with the first quarter of 2013 witnessing a string of high-profile property acquisitions and leasings.
TOURISM: Funds to Be Released; Filner Says Transparency Increased
San Diego City Council will soon clear the way for the first new funding to be disbursed for promotion of the region’s crucial tourism industry, after the mayor’s office and Tourism Marketing District officials apparently resolved a bitter dispute over the district’s renewal.
DINING: Tom Ham’s to Make Better Use of Scenic Location
Locally based restaurant operator Shelter Island Inc. is in the midst of a $3.5 million makeover of its landmark Tom Ham’s Lighthouse at Harbor Island, aiming to pay homage to its history while better capitalizing on its waterfront location.
PROPERTY: Class A Space Fills Up, Heating Up Interest in Class B
What a difference an economic recovery makes, when it comes to the balance of power between office tenants and landlords in San Diego County.
REAL ESTATE: Investors Meeting Demand With Redevelopment, Renovation
Sorrento Valley and Sorrento Mesa have some of the region’s oldest commercial properties, with inventory dating back to the 1970s and earlier, but those submarkets have recently seen a rise in redevelopment, renovation and leasing activity.
TOURISM: $50M Renovation Planned For Historic Property
Pacific Hospitality Group Inc.’s next fixer-upper project is a planned $50 million renovation of the historic Warner Springs Ranch resort, which the San Diego company recently purchased in a bankruptcy auction.
PROPERTY: Terramar Sees Drawing Power of Good Food
Carlsbad-based Terramar Retail Centers has at least two notable restaurant tenants lined up for its $40 million project in downtown San Diego, known as “The Headquarters,” and is targeting an October opening at the renovated former police headquarters building.
TRAVEL: Legoland’s New Hotel Puts Park On the Overnight Map
The Carlsbad theme park was already called Legoland California Resort well before construction began on the colorful three-story, 250-room hotel set to officially open its doors April 5.
TOURISM: New Site Hopes to Draw International Visitors
Construction workers are busily transforming a portion of Chula Vista into something resembling an island beach resort, as the parent of SeaWorld San Diego aims for a June 1 opening of its Aquatica San Diego waterpark.
PROPERTY: Apartment Project Is User-Friendly for Technology
Residents of an apartment community soon to open in the Scripps Ranch neighborhood, developed by H.G. Fenton Co., will be the first in the region able to get all of their power from the sun, and track their usage on their smartphones.
Real Estate Column
Another downtown San Diego hotel in the hip, upscale “boutique” category has changed hands, with Illinois-based Inland Real Estate Group’s recent $53 million purchase of Andaz San Diego in the Gaslamp Quarter.
PROPERTY: Firm’s Portfolio Can Weather Economic Storms
CEO Tom A. Lewis says there’s likely more robust activity ahead this year for Realty Income Corp., even after a first quarter that has already seen the company close on a $3.1 billion corporate acquisition and complete a $756 million stock offering.
PROPERTY: Unknowns Could Make or Break the Momentum
The past year saw downtown San Diego’s largest office high-rises reverse six years of flat or negative occupancy trends, as renewed investor activity and an influx of new tenants signaled noticeable recovery in the city’s central business district, according to a report by the brokerage firm Jones Lang LaSalle.
GREEN: Its LEED Ranking Is Seen as a First for Such a Center
The local region continues to boost its profile as a hub for energy-efficient buildings, with San Diego International Airport registering what officials say is a global first for an airport: LEED Gold certification for its recently completed receiving and distribution center.
TRAVEL: Layoff Notices Sent as Dispute With Mayor Continues
The San Diego Tourism Authority has fended off a bid by the mayor’s office to rescind convention center marketing duties now performed by the region’s largest tourism promotion agency.
PROPERTY: Effect on Smaller Defense Contractors Is Wildcard
Experts say the local commercial office market should be spared from major pain caused by forced federal budget cuts, at least in the short run, thanks largely to a diverse economy, limited new construction, and healthy office tenant demand across several sectors.
San Diego’s life sciences real estate market experienced a busy 2012, with a flurry of renovations, big-ticket property purchases and announcements of upcoming construction. According to a recent report by the brokerage firm Cassidy Turley San Diego, the region’s biotech and pharmaceutical hubs are likely to remain beehives of activity in 2013.
PROPERTY: Plans Are In Works for New Outlet Center This Year
Developers, lenders and retailers have recently been following those crowds of shoppers seeking out bargains at stores along the U.S-Mexico border in the San Diego region.