San Diego Business Journal

Developer Buys San Marcos Land for $17 Million

Seattle-based developer Intracorp Cos. has purchased two land parcels in San Marcos for $17 million, with plans to build an apartment community, according to brokerage firm Land Advisors Organization.

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Lemon Grove Retail Property Sold for $9.6 Million

A San Diego entity recorded as Taco Aide LLC has purchased a two-building Lemon Grove retail property housing Rite Aid and Taco Bell for $9.6 million, according to commercial brokerage firm CDC Commercial Inc.

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Richman Group Plans $100 Million Mixed-Use Project in East Village

San Diego’s downtown project oversight agency has approved plans by Richman Group of California Development Co. for a $100 million mixed-use, high-rise residential project in East Village.

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BioMed Realty Trust Reports Strong Leasing in Q2

San Diego-based BioMed Realty Trust Inc. posted total revenue of approximately $158 million for its second quarter ending June 30, down from $171.2 million for the same period of 2014.

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Vista Industrial Building Sold for $3.15 Million

Investor Paul Wagner of Carlsbad has acquired a Vista industrial building for $3.15 million, according to brokerage company Lee & Associates and public data.

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BioMed Realty Trust Reports Strong Leasing in Second Quarter

San Diego-based BioMed Realty Trust Inc. posted total revenue of approximately $158 million for its second quarter ending June 30, down from $171.2 million for the same period of 2014.

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Vista Industrial Building Sold for $3.15M

Investor Paul Wagner of Carlsbad has acquired a Vista industrial building for $3.15 million, according to brokerage company Lee & Associates and public data.

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Richman Group Plans $100M Mixed-Use Project in East Village

San Diego’s downtown project oversight agency has approved plans by Richman Group of California Development Co. for a $100 million mixed-use, high-rise residential project in East Village.

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Market Does Some Local Sourcing for Lineup

Most of the food purveyors announced so far for the upcoming new Liberty Public Market in Point Loma are unknown to many people in San Diego County and elsewhere, and the project’s chief developer says that’s by design.

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Excel Shareholders Approve $2 Billion Acquisition By Blackstone

Shareholders of San Diego-based Excel Trust Inc. have formally approved the previously announced acquisition of the company by Blackstone Group, in a deal valued at approximately $2 billion.

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Second-Quarter Revenue, Income Rise at Realty Income

San Diego-based Realty Income Corp. saw revenue rise 11.1 percent from a year ago in its second quarter ending June 30, reaching $253.9 million.

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Irvine Co. Completes $150 Million Renovation of Mission Valley Apartments

Commercial property owner and developer The Irvine Co. has completed a $150 million renovation of its 1,410-unit apartment community in Mission Valley, now known as The Village Mission Valley.

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American Assets Trust Posts Increase in Revenue, Income

American Assets Trust Inc. reported revenue up 7.3 percent from a year ago for its second quarter ending June 30, reaching $66.7 million.

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Qualcomm to Let Some Leases Go

PROPERTY: Downsizing Hits Office Market

Local commercial office brokers are anticipating a significant supply-and-demand impact — likely in favor of technology companies and other tenants — from Qualcomm Inc.’s recently announced corporate downsizing.

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The Other Downtown

PROPERTY: UTC Area Sees Construction Boom As It Fulfills Its Big Plans

If there’s any place giving downtown San Diego a run for its money when it comes to significant investment in new construction projects, it’s most likely the city’s “second downtown” — better known as University Towne Center, or UTC.

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Watkins Landmark Tapped to Build Hotel at El Paseo

Carlsbad-based Watkins Landmark Construction has been awarded the contract to build a new Marriott Autograph Collection luxury hotel in Palm Desert’s upscale El Paseo shopping district.

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Lemonade Restaurant Plans Two San Diego Openings

Los Angeles-based restaurant operator Lemonade, which serves seasonal California comfort food in a colorful cafeteria setting, plans two August openings in San Diego.

San Diego Officials Update NFL on Stadium Planning

San Diego officials entered what they called “the fourth quarter” in the city’s bid to retain the San Diego Chargers, briefing NFL officials on Tuesday on local work being done on a proposed Mission Valley stadium.

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City Heights Apartment Property Sold for $2.44 Million

SRM Investments LLC of San Diego has purchased a 14-unit apartment property in City Heights for $2.44 million, according to brokerage company ACRE Investment Real Estate Services.

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Developer Sunroad Names Dow as President of Multifamily Division

San Diego-based developer Sunroad Enterprises has named Michael Dow as president of its multifamily division, as the company looks to expand its portfolio in that category.

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Legoland California Resort Adding Ninja-Themed Attraction

Legoland California Resort plans to add new theme area and ride based on the popular Lego Ninjago toys and cartoon series, with an expected debut in spring 2016.

Lemon Grove Townhome Property Sells for $4 Million

San Diego-based A&S Group, led by managing members Brandon Blum and Daniel Shkolnik of Inflexus Management, recently acquired the 24-unit Hilltop Townhomes apartment property in Lemon Grove for approximately $4 million, according to brokerage firm South Coast Commercial Inc.

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San Diego Retail Property Sells for $2.8 Million

Lai Family LP has purchased a three-building retail property in San Diego’s Grantville neighborhood for $2.8 million, according to commercial brokerage company Pacific Coast Commercial.

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Point Loma Apartments Acquired for $3 Million

Mills Family Trust of Los Angeles has purchased an 11-unit apartment property in Point Loma for $3 million, in an all-cash deal, according to brokerage company Marcus & Millichap Inc.

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Haggen Supermarket Chain Announces Workforce Cuts in SoCal

Supermarket operator Haggen Food & Pharmacy, which recently entered the San Diego County region with 25 locations, has announced an unspecified number of layoffs underway at its Southern California stores.

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Industrial Park Sells for $6.75 Million

Castlerock Investments LLC has purchased a multitenant industrial park in Chula Vista for $6.75 million, according to brokerage company Voit Real Estate Services.

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Chula Vista Industrial Park Sells for $6.75 Million

Castlerock Investments LLC has purchased a multi-tenant industrial park in Chula Vista for $6.75 million, according to brokerage company Voit Real Estate Services.

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Haggen Supermarket Chain Cuts Workforce

Supermarket operator Haggen Food & Pharmacy, which recently entered the San Diego County region with 25 locations, has announced an unspecified number of layoffs underway at its Southern California stores.

Golf Course Land Could Be Valuable Resource for Change

PROPERTY: New Purposes Proposed for Unviable Courses

Water shortages, steady drops in playing time and rising demand for housing are forcing a rethinking of how to use hundreds of acres of land now devoted to golf courses in San Diego County.

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Zephyr Is Well Positioned for a Condominium Comeback

PROPERTY: Its Projects Include The Block, With Multiple Price Points

Developer Zephyr Partners is counting on an ample supply of investment capital, along with emerging signs of life in the long-moribund for-sale condominium market, as it launches some big-ticket projects in the local market.

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Several Options Being Considered for Former Sempra Building

PROPERTY: Speculation Includes City Hall, Hotel, As Manchester Gets Stake

As Sempra Energy completed its move into a brand-new headquarters tower in East Village, the owners of its former downtown home were mulling the next life for the 46-year-old Ash Street building.

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Maritime Museum Launches Newly Built Replica of San Salvador

The Maritime Museum of San Diego recently launched a full-sized, functional replica of explorer Juan Rodriguez Cabrillo’s 16th-century Spanish sailing ship, known as the San Salvador.

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Historic Penn Building in Gaslamp Quarter Sells for $10.2 Million

An affiliate of Beverly Hills-based Maxxam Enterprises has purchased an historic Gaslamp Quarter mixed-use property known as the William Penn Building for $10.2 million, according to brokerage company CBRE Group Inc.

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STK Rebel Restaurant to Open at Andaz San Diego Hotel

New York-based The ONE Group Hospitality Inc. plans to open a new location of its upscale STK Rebel restaurant in 2016 at downtown’s Andaz San Diego hotel.

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Carlsbad Apartment Building Sold for $10 Million

Property West Residential of San Diego has purchased the 45-unit Laguna Palms apartment property in Carlsbad for $10 million, according to commercial brokerage company Marcus & Millichap Inc.

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Ocean Beach Apartments Sell for $7.5 Million

An entity recorded as VKS 4th Avenue LLC, with Bob Smith as managing member, recently acquired the 22-unit Playa Apartments in Ocean Beach for $7.5 million, according to brokerage company ACRE Investment Real Estate Services.

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Vista Office Property Sells for $2.8 Million

An affiliate of San Diego-based Banyan Road Capital has purchased a Vista office and industrial building for $2.8 million, according to brokerage company Lee & Associates.

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Manchester Buys 49 Percent Stake in Former Sempra Building

Manchester Financial Group, led by longtime local developer Douglas Manchester, has acquired a 49 percent stake in the downtown San Diego building that formerly housed Sempra Energy’s headquarters for $20 million, the company announced.

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Marketing Firm Buys Kearny Mesa Building to House New Headquarters

San Diego-based InnoVision Marketing Group recently purchased a Kearny Mesa building, which will serve as its new headquarters.

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Cohn Plans Mid-August Opening for New Harbor Island Restaurant

Cohn Restaurant Group of San Diego has a mid-August opening planned for Coasterra, its new waterfront restaurant at Harbor Island.

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Chula Vista Apartment Complex Purchased for $49 Million

An affiliate of Philadelphia-based Resource Real Estate has purchased the 295-unit Villages at Bonita Glen apartment complex in Chula Vista for approximately $49 million, according to CoStar Group and public data.

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Office Tower Owner Emmes Installs Charging Stations at Downtown Location

Downtown office property owner Emmes Realty Services has installed and opened 30 electric vehicle charging stations in its public parking garage at 707 Broadway, which the company says is the largest concentration of publicly available chargers in San Diego.

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Marriott Marquis Hotel Plans $7 Million Marina Renovation

Owner Host Hotels & Resorts Inc. has a $7 million renovation planned for the marina at its Marriott Marquis San Diego Marina hotel in downtown San Diego. Operators said the project is set to begin in the fourth quarter of 2015.

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Office Tower Owner Emmes Adds Charging Stations at Downtown Location

Downtown office property owner Emmes Realty Services has installed and opened 30 electric vehicle charging stations in its public parking garage at 707 Broadway, which the company says is the largest concentration of publicly available chargers in San Diego.

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Chula Vista Apartment Complex Sells for $49 Million

An affiliate of Philadelphia-based Resource Real Estate has purchased the 295-unit Villages at Bonita Glen apartment complex in Chula Vista for approximately $49 million, according to CoStar Group and public data.

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Marriott Marquis Hotel Plans $7M Marina Renovation

Owner Host Hotels & Resorts Inc. has a $7 million renovation planned for the marina at its Marriott Marquis San Diego Marina hotel in downtown San Diego. Operators said the project is set to begin in the fourth quarter of 2015.

National Investment Firms Buying into Carlsbad Office Market

The city of Carlsbad has emerged as San Diego County’s hot hub for big sales of existing office properties so far in 2015.

The Headquarters Getting Flour & Barley Restaurant

Operators of The Headquarters at Seaport commercial center in downtown San Diego recently signed a lease with Block 16 Hospitality to operate the region’s first Flour & Barley Brick Oven Pizza restaurant, set to open this fall.

Industry Leaders Forecast Higher Demand, Rents

The San Diego Business Journal recently spoke with top local regional executives of the larger commercial real estate brokerage companies. Here are some of their takes on what happened in the year’s first half and what’s likely ahead for the rest of 2015:

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Speculating On What’s Next

With Few Spec Projects Underway, Market Conditions Continue to Drive Up Tenant Costs

Halfway through 2015, San Diego County’s commercial real estate market is reaping the benefits of continued new-job creation and an unemployment rate that had dipped to 4.9 percent as of late spring, down from around 6 percent at the same point of 2014.

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