San Diego Business Journal

AleSmith Brewing Extends Distribution to Australia via New Partnership

San Diego-headquartered AleSmith Brewing Co. has expanded its distribution into Australia through a new partnership with that country’s Experienceit Beverages.

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Karina’s Closes Downtown Restaurant After Plumbing Mishap

Chula Vista-based Karina’s Mexican Seafood has permanently closed its downtown San Diego restaurant due to plumbing issues, just short of the eatery’s second anniversary at 925 B St.

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Chargers’ Advisor: Tourism Funds Can Be Maintained in Stadium Plans

A joint-powers board proposed in the San Diego Chargers’ November stadium ballot measure should be able to maintain current funding for San Diego’s tourism marketing efforts, an advisor to the team said at a downtown forum on Aug. 9.

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San Diego Apartments Sold for $2.09 Million

Investor Eileen Wang of San Diego, recorded as Prism Real Estate Investments LLC, has purchased an eight-unit apartment property in San Diego’s Talmadge neighborhood for approximately $2.09 million, according to brokerage firms Apartment Consultants Inc. (ACI) and ACRE Investment Real Estate Services.

Dry Cleaning Chain Expanding into San Diego

Maryland-based Zips Dry Cleaners has signed a development deal with a Los Angeles area franchisee to build 110 locations in Southern California, including 15 in the San Diego market.

Point Loma Apartment Property Sells for $12 Million

Local buyers recorded as Crest Partners-Poway One Danielson LLC and Point Loma Equity Fund LLC have acquired a 34-unit apartment property in San Diego’s Point Loma Heights neighborhood for $12 million, according to brokerage firm South Coast Commercial Inc. and CoStar Group.

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San Diego Apartment Property Sells for $3.3 Million

Mar LLC of Del Mar has acquired an 18-unit apartment property in San Diego’s City Heights neighborhood for $3.3 million, according to brokerage firm Marcus & Millichap.

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Point Loma Apartment Property Sold for $12 Million

Local buyers recorded as Crest Partners-Poway One Danielson LLC and Point Loma Equity Fund LLC have acquired a 34-unit apartment property in San Diego’s Point Loma Heights neighborhood for $12 million, according to brokerage firm South Coast Commercial Inc. and CoStar Group.

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S.D. Apartment Property Sells for $3.3 Million

Mar LLC of Del Mar has acquired an 18-unit apartment property in San Diego’s City Heights neighborhood for $3.3 million, according to brokerage firm Marcus & Millichap.

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Entertainment Center Planned at Former Boxing Club Site in East Village

Denver-based hospitality group Punch Bowl Social, which operates restaurant-entertainment centers, plans to open a new location at downtown San Diego’s Makers Quarter mixed-used development. It is planned for the building that once housed the historic Coliseum Federal Athletic Club, at 1485 E St. in East Village.

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San Diego International Passenger Traffic Rose 3.3 Percent in First Half

Passenger traffic at San Diego International Airport increased 3.3 percent from a year ago in the first half of 2016, topping 9.93 million, according to data from the San Diego County Regional Airport Authority.

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Kearny Mesa Retail Property Sells for $2.2 Million

A San Diego buyer recorded as 7959 Balboa LLC has acquired a former retail vehicle dealership property in Kearny Mesa for approximately $2.2 million, according to brokerage firm Duhs Commercial. The buyer plans to demolish buildings on the site to build an express car wash.

REITs in Good Position To Gain in Tight Market

PROPERTY: Property Values, Rents Increase on West Coast

So far in 2016, San Diego-headquartered real estate investment trusts are continuing to benefit from a West Coast climate of limited new retail center development in locations where major store operators are still looking to set up shop.

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Local Players Choose Sides in Stadium Issue

SPORT: Chamber Backs Team; Others Call for Job-Hub

The San Diego Chargers recently obtained a key ally in its efforts to build a $1.8 billion downtown stadium and convention facility, when leaders of the San Diego Regional Chamber of Commerce voted to support the team’s November ballot measure.

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SeaWorld Entertainment Sees First-half Declines in Revenue, Attendance

The parent company of SeaWorld San Diego posted nationwide declines in revenue and attendance for the first half of 2016, despite reporting year-over-improvements for its parks in San Diego and Texas.

Carlsbad Industrial Campus Planned After $6 Million Parcel Purchase

San Diego-based Badiee Development plans to develop a new two-building industrial campus in Carlsbad, following its $6 million purchase of two land parcels totaling 8.4 acres.

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North Park Apartment Property Sells for $2.29 Million

San Diego-based Vaerus Boundary LLC has purchased a 12-unit apartment property in North Park for approximately $2.29 million, according to brokerage firm Marcus & Millichap.

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RAR Hospitality Announces Executive Promotions

San Diego-based hotel consulting and management firm RAR Hospitality recently named Marc Potash and Robert Moore to key executive leadership positions.

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Carlsbad Office and Retail Property Sells for $6 Million

San Diego-based Stos Partners has acquired a Carlsbad Village office and retail property for $6 million, according to the buyer and CoStar Group data.

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San Diego Apartment Property Sells for $2.18 Million

O’LIDO LLC of La Mesa has acquired an eight-unit apartment property in San Diego’s Golden Hill neighborhood for approximately $2.18 million, according to brokerage firm Marcus & Millichap.

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Founder White, 3 Other Leaders Leave Ballast Point Brewing & Spirits

Four leaders of San Diego’s Ballast Point Brewing & Spirits – including founder Jack White, chief operating officer Yuseff Cherney and CEO Jim Buechler – have left the company to pursue other interests, the Miramar-based brewer confirmed.

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Oceanside Office Building Sold for $2.85 Million

A San Diego-based limited partnership known as PWI Copperwood has purchased an Oceanside office building for $2.85 million, according to brokerage firm ECP Commercial.

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Kilroy Realty Breaking Ground on One Paseo in Fourth Quarter

Developer Kilroy Realty Corp. plans to break ground in the fourth quarter of this year on its One Paseo mixed-use development, after recently receiving San Diego city approvals on a downsized version of the controversial project, according to its CEO.

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New Homes Planned after $14.5M Purchase of Former Golf Course

An affiliate of Manhattan Beach-based 33North Development Group has acquired a 114-acre former golf course site in San Diego’s Rancho Penasquitos neighborhood for $14.5 million, with plans to develop a new residential community.

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Sharp HealthCare Buys Miramar Building for $9.3 Million

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.

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Coronado Brewing Names Two Chief Operating Officers

Coronado Brewing Co. has appointed longtime employees Brandon Richards and Kasey Chapman to the shared role of chief operating officer.

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Coronado Brewing Co. Names Two Chief Operating Officers

Coronado Brewing Co. has appointed longtime employees Brandon Richards and Kasey Chapman to the shared role of chief operating officer.

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Kilroy Breaking Ground on One Paseo in Fourth Quarter

Developer Kilroy Realty Corp. plans to break ground in the fourth quarter of this year on its One Paseo mixed-use development, after recently receiving San Diego city approvals on a downsized version of the controversial project, according to its CEO.

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New Homes Are Planned After $14.5M Purchase of Former Golf Course

An affiliate of Manhattan Beach-based 33North Development Group has acquired a 114-acre former golf course site in San Diego’s Rancho Penasquitos neighborhood for $14.5 million, with plans to develop a new residential community.

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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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