PROPERTY: Site- Specific Solutions Part Of a Market Still in Flux
Retail real estate has multiple scenarios playing out, industry observers say, as the state of shopping centers — locally and nationally — depends on factors such as geography, access to development financing and whether the tenants are national mega-retailers or mom-and-pop stores and restaurants.
TOURISM: Summer Season Was Strong For Local Operators
After posting what operators called strong summer seasons, San Diego County’s biggest theme park attractions plan to continue riding the economic recovery by adding even more attractions to what has already been a four-year run of multimillion-dollar investments.
PROPERTY: Kilroy Grows, 2nd Largest Office Landlord
Kilroy Realty Corp. recently raised more than $260 million in a secondary public stock offering, and San Diego County ranks high on the list of places where it is looking to bolster a West Coast commercial portfolio that tops $4.7 billion.
PROPERTY: Chula Vista Sees Big Development as Job Creator
By mid-2014, the first buildings should be sprouting in The Corky McMillin Cos.’ long discussed Millenia mixed-use development in eastern Chula Vista, expected to include up to 3,000 residential units as it’s built out over the next 20 years.
Real Estate Column
North County is about to see some additions to its already burgeoning craft beer industry, with two new brew-centric businesses on the way in Carlsbad and Vista.
TRANSPORT: Initial Phases To Focus on Aviation, Cargo
City planners and developers are looking to jump-start a previously proposed multimillion-dollar redevelopment — stalled by the recession — that would significantly boost aviation facilities and related commercial amenities at Brown Field Municipal Airport in Otay Mesa.
REAL ESTATE: Clients Seek Companies That Can Deliver Seamless Services
The merger of the former Cassidy Turley San Diego into the national commercial real estate brokerage with which it had been affiliated should yield no staff cuts or changes in services offered, the head of local operations said.
PLANNING: Forum Panelists Call for Focus On Underserved Areas
San Diego will be challenged in the coming decades, especially since the abolition of redevelopment agencies in California, to leverage the massive spending planned on transportation to spur significant commercial and residential development in the neighborhoods that need it most.
PROPERTY: Space Needs Of Tech Companies Create Demand in Key Clusters
Local high-tech companies — ranging from microchip and wireless providers to those involved with defense-related aerial drones — are creating steady, though less than hot, demand for commercial space. In the most vibrant clusters for such businesses, tenants are paying more for and expecting more of their space.
SPORT: Team’s Proposal Ties Convention Center to Stadium
With the California Coastal Commission set to review the proposed $520 million expansion of the city’s convention center, the San Diego Chargers want to change the playbook for boosting the region’s capability to host big events.
Real Estate Column
The new operators of La Casa del Zorro plan an Oct. 19 formal reopening for the vintage desert resort, which has recently undergone an extensive renovation.
DEVELOPMENT: Urban Setting First Attracted the Young
When Sempra Energy moves into its new East Village home around 2015, it will be greeted by several new corporate neighbors now in the process of moving downtown.
PROPERTY: Construction Waits For Green Flag From Market
Condos, courtyards, a museum and other amenities have transformed the downtown San Diego neighborhood surrounding the historic Santa Fe Depot over the past three decades. But observers say it could be at least four years before the final pieces of the redevelopment are in place.
TOURISM: Baja Sees Best Summer Tourism Numbers in Five Years
Baja California tourism leaders are touting an expected increase next year in cruise ship stops at Ensenada and recent tourism improvements in the Mexican state as having the potential to bring significant economic impacts north of the border.
PROPERTY: 21 Sales Reported; More Hotel Construction May Follow
Continued warming in San Diego County’s hospitality climate made it the hottest spot in California for hotel property sales in the first half of 2013, and other big transactions could be on the horizon.
THEATERS: Midsize Markets Targeted; Films To Be Part of Offerings
Vista-based UltraStar Cinemas Inc. is looking to make an overseas name for itself in the movie theater business, and the script calls for more than films to be shown at its digital theaters under construction in China.
PROPERTY: Oceanside Welcomes New Businesses as Tide Begins to Turn for Area
A Virginia-based maker of organic salami and prosciutto will start construction soon on an 80,000-square-foot production facility at Pacific Coast Business Park in Oceanside. It’s among the latest projects indicative of new business coming Oceanside’s way these days and of that community’s improving economic development outlook.
PROPERTY: Improvements To Help Region Compete
The long-slumbering industrial market in Otay Mesa has recently been waking up, with a series of big property buys and leasing deals highlighted by a site targeted for use by FedEx Corp. Brokerage experts attribute the trend to rising corporate demand for transportation-friendly sites near the border — among other factors — as large buildings and land parcels remain scarce elsewhere in San Diego County.
REAL ESTATE: Dawn Eisenberg Stresses Need for Students to Be Multitalented
As the new director of San Diego State University’s The Corky McMillin Center for Real Estate, Dawn Eisenberg’s top goals include bracing students for work in an industry where competition for jobs remains as tough as ever. And client expectations for those who do find work have been raised significantly.
TRAVEL: Application Must Be Re-Submitted To FAA By Sept. 13
Despite facing another in a series of delays in its bid to obtain federal certification, California Pacific Airlines is standing by plans to offer regional commercial flights out of Carlsbad, perhaps in early 2014, the airline’s CEO says.
PROPERTY: Coastal Commission Approves Plans
The California Coastal Commission has conditionally approved plans for a major renovation of the iconic Belmont Park in Mission Beach, whose history dates back to the 1920s.
Real Estate Column
The San Diego region ranks No. 17 on this year’s list of the nation’s best performing metro industrial markets, put out annually by Marcus & Millichap Real Estate Investment Services Inc.
PROPERTY: Inventory Tight, But Financing Favors Apartments
Developers such as Bosa Development Corp. are proceeding with plans to build new high-rise residential condominiums in downtown San Diego, while mindful that the market for them may not bounce back to its heights of the early 2000s.
PROPERTY: Locations Are Desirable; Some of The Areas Underserved
North County is leading a rebound in retail construction as that sector of the local market slowly awakens from a years-long slumber brought on by the Great Recession and its aftermath.
GOVERNMENT: Goal Is to Streamline, Guide Smart-Growth Projects
Former Ventura Mayor Bill Fulton was recently hired as the city of San Diego’s planning director, but the seeds of a career in urban planning were sown early in life.
PORT: Blueprint for Next 50 Years Would Begin to Take Shape
The San Diego Unified Port District’s board of commissioners is scheduled to vote Aug. 13 on hiring a consultant to begin crafting a 50-year master plan.
Real Estate Column
The general pull-back in San Diego County’s office market “flight to quality” that dominated the climate from 2010 through mid-2012 has not held true for life science real estate.
FILM: Local Industry Seeks to Reinvent Self; No Permit Process in Place
Film production experts say the demise of the San Diego Film Commission, amid budget cutting by the region’s tourism authority, marks an opportunity to remake the infrastructure of an industry that generates more than $15 million annually for the local economy.
PROPERTY: Tight Retail Market Drawing Investors
Commercial broker Danny Fitzgerald’s firm has fielded more than a dozen offers for the space being vacated by the popular Croce’s restaurant in the heart of the Gaslamp Quarter. A new tenant could be announced in mid-September by the property’s landlord, the Keating Hotel. Many of those queries are from major national and global restaurant industry players.
TOURISM: Despite Increased Airline Passenger Traffic, Hotel Stays Lag
Local tourism promotion leaders will be spending the rest of 2013 dealing with a downsized budget and staff, as the San Diego region seeks to answer rising competition from other destinations amid slowing growth in its own hotel performance metrics.
PROPERTY: 1ST Phase Calls for 634 Residences Along With Retail Space
Heightened demand for downtown apartments has revived plans for Ballpark Village, a mixed-use East Village development that was approved by city planners in 2005 but stalled by the recession.
BUILDERS: Number and Scope of Projects Can Increase
C.W. Driver, already among the local region’s largest general contractors, has acquired Vista-based construction firm Good & Roberts Inc., as it seeks to broaden its presence in the burgeoning technology and life-sciences markets.
PROPERTY: Mixed-Use Project Seen as Catalyst
Developers are in early planning stages for Park Station, a proposed $200 million mixed-use project that would bring more than 400 multifamily residential units, retail and related commercial elements to downtown La Mesa over the next five to 10 years.
PROPERTY: More Than $1B May Go Into Huge Development
It’s been in the works for the past 10 years. But local development firm Urban Villages San Marcos now aims to capitalize on a recovering real estate market as it moves forward with North City, a 200-acre mixed-use project expected to entail more than $1 billion in development over the next decade.
GOVERNMENT: New Efforts Will Address State’s Competition for Business
Local commercial brokers anticipate a rise in leasing and related activity in coming months, as companies currently making use of job-creation tax credits in the California Enterprise Zone program aim to earn their last benefits before the program is officially terminated on Jan. 1, 2014.
PROPERTY: Submarket Successes Help Boost Other Areas of the County
Steady job growth and rising demand for industrial and office space — amid sparse new construction — continued to fill San Diego County’s existing commercial buildings as the market reached the halfway point of 2013.
Real Estate Column
Carlsbad is about to see more growth in its hotel count. The city’s Planning Commission has cleared the way for two new hotels proposed near McClellan-Palomar Airport, with a total of 239 rooms.
PROPERTY: Altana Project Will Offer 45 Detached Homes
Cautiously optimistic about an improving housing climate, San Diego-based developer Sudberry Properties recently broke ground on West Park, a 612-unit luxury apartment complex in its growing Civita mixed-use development in Mission Valley.
PROPERTY: ROIC Pursues West Coast, Grocery-Anchored Sites
San Diego-based Retail Opportunity Investments Corp., also known as ROIC, is continuing a shopping spree that began last year, when it shifted its focus entirely to the West Coast in search of retail center acquisitions.
TRAVEL: Some San Diego Favorites Land in Airport’s New Concession Lineup
The prospect of holiday traffic is now a much bigger deal for people like gourmet chocolate seller Jerry Swain. “In retail, chocolate sales tend to be very seasonal,” said Swain, founder and CEO of Jer’s Chocolates in Solana Beach. “But with a location like the San Diego airport, we should be getting a good stream of foot traffic throughout this summer and most of the year.”
PROPERTY: Industry Growth Expected to Continue for Years
Work space is filling up quickly at Port Brewing Co. and sister craft-brewer The Lost Abbey in San Marcos, which since 2006 have seen their physical operations grow from 7,500 to 40,000 square feet.
Retail Opportunity Investments Corp., also known as ROIC, has recently maintained a steady stream of shopping center acquisitions since officially moving its corporate headquarters to San Diego last year. The REAL ESTATE Column by Lou Hirsh
TOURISM: Event Brings Wealth of Opportunities
San Diego Convention Center officials estimate that Comic-Con International, the venue’s biggest single event of the year, generates $175.4 million for the local region’s economy.
PROPERTY: Designs Are Being Finalized For Coastal Property
Developers and Imperial Beach planners are looking to turn two underutilized warehouse properties into a buzzing commercial hub catering to South County outdoor enthusiasts already making use of the 24-mile Bayshore Bikeway.
HOSPITALITY: Planned Downtown Site Is 22-Stories
JR Legacy Holdings LLC has plans for a $65 million, 410-room hotel in downtown San Diego’s Columbia neighborhood, which some observers see as a sign of a continued thawing in financing prospects for large new hospitality projects.
ENERGY: Green Box’s Software Brings Reports, Sustainability Into Focus
A San Diego company is looking to do for building-related energy data processing what Intuit Inc.’s TurboTax did for those who hate slogging through complicated paperwork to file their tax returns.
RETAIL: Store Arrives With an Entourage Of Other Businesses
Like the local population it aims to serve, specialty grocer Zion Market was growing at a fast pace and needed a bigger space to operate.
GOVERNMENT: City Looks to Ease Some Rules and Requirements
The City of Carlsbad is in the midst of overhauling its planning and zoning rules, in a bid to make its central downtown Village district more welcoming to new businesses like microbreweries, wineries and high-end restaurants.
Real Estate Column
Investors nationwide view San Diego County’s commercial real estate market as a mixed bag of long-term prospects, according to results of the latest quarterly survey by the consulting firm Pricewaterhouse Coopers, also known as PwC.
TOURISM: Officials Will Distribute Small Portion Of Collections in August
Local officials are optimistic about getting past the latest in a series of funding and other obstacles recently facing the San Diego Tourism Marketing District, the primary support mechanism for the city’s tourism promotion efforts.