San Diego Business Journal

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Conservancy Buys Rancho Santa Fe Residential Land for $13 Million

Escondido Creek Conservancy has purchased 242 acres of land in Rancho Santa Fe for $13 million, with plans to turn the property into an open-space preserve, according to brokerage company Colliers International.

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Apartments in Chula Vista Sell for $5.2 Million

A limited partnership recorded as Mark I has purchased the 28-unit Villa Hermosa apartment property in Chula Vista for $5.2 million, according to brokerage company Marcus & Millichap Inc.

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BizAir Shuttle to Offer Service From Carlsbad to L.A.

Chicago-based BizAir Shuttle plans a June 18 start for its new charter flights with service between Carlsbad’s McClellan-Palomar Airport and Los Angeles International Airport.

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La Mesa Apartments Purchased for $3.58 Million

San Diego-based Olasitas LLC has acquired the 21-unit Casa Verde Apartments in La Mesa for $3.58 million, according to brokerage company Colliers International.

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Midcity Mixed-Use Development Seen as a ‘Pioneering’ Project

PROPERTY: Plans for Block-Long Site Include Retail and Dining

Locally based H.G. Fenton Co. recently began work on The Boulevard, a 165-unit, mixed-use apartment community nearly a decade in the making in what has long been considered a blighted portion of central San Diego.

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Anthony’s Teams Up With Partner to Pursue a New Lease

DINING: It Offers $9.5M Renovation Plan For Bay-Front Location

Port of San Diego officials say a revised $9.5 million renovation plan for the iconic Anthony’s Fish Grotto makes it a strong contender to remain in the downtown San Diego waterfront spot it’s called home for the past 50 years.

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Carlsbad Restricts Short-Term Rentals

TOURISM: Cities Are Dealing With Airbnb Trend

As San Diego and other U.S. cities debate how to address neighborhood complaints related to short-term vacation rentals, operators of the most-used online booking site are supportive of a new Carlsbad law that limits those rentals to the city’s coastal zone.

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BizAir Shuttle Starting Service from Carlsbad Airport

Chicago-based BizAir Shuttle plans a June 18 start for its new charter flights with service between Carlsbad’s McClellan-Palomar Airport and Los Angeles International Airport.

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Developer Completes $14 Million La Mesa Apartment Complex

Developer Silvergate Development LLC recently completed The Quarry, a $14 million, 60-unit apartment community in La Mesa.

Firms Buy Residential Land for $128 Million Chula Vista Project

Investment firm Presidio Residential Capital and developer Cornerstone Communities, both based in San Diego, have purchased 44 acres within Otay Ranch Village 2 in Chula Vista, for a planned $128 million single-family housing community.

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Former Elementary School Site Sells for $5.81 Million

A buyer recorded as Preface JCR Lake Atlin LLC has acquired a San Diego land parcel that formerly housed an elementary school for $5.81 million, according to brokerage company Colliers International.

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Sorrento Mesa Office Property Owners Complete $38 Million Renovation

Owners McCarthy Cook and AllianceBernstein have completed a $38 million renovation of the Enclave Sorrento office property in Sorrento Mesa, according to commercial real estate services company JLL.

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Nordstrom to Anchor Proposed Carlsbad Retail Center

Fashion retailer Nordstrom Inc. has signed an agreement to anchor a proposed Carlsbad retail center being developed near Interstate 5 by Caruso Affiliated of Los Angeles.

City Officials: Public Vote on Chargers Stadium Possible This Year

A San Diego citywide election related to a new Chargers stadium could occur this year, possibly by Dec. 15, city and county officials said in joint statement. The comments followed a second negotiating session involving government and team officials, with a third slated to take place within the next few days.

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In-N-Out Buys Former Carrows in Oceanside for $2.49 Million

In-N-Out Burgers of Baldwin Park has acquired an Oceanside property that most recently housed a Carrows restaurant for approximately $2.49 million, according to CoStar Group and public data.

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UTC Retirement Condo Tower Part of $640 Million Sale

Pacific Regent La Jolla, a condominium tower in University Towne Center, is part of a 15-property, 11-state portfolio of retirement communities recently sold in a deal valued at approximately $640 million.

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Escondido Apartments Sold for $2.17 Million

Vista International Inc. has purchased a 15-unit apartment complex in Escondido for approximately $2.17 million, according to brokerage company ACRE Investment Real Estate.

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Golden Hill Apartment Property Sells for $2 Million

Barthell Family Trust has acquired a 10-unit apartment property in San Diego’s Golden Hill neighborhood for $2 million in an all-cash deal, according to brokerage company Marcus & Millichap Inc.

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Townhomes Slated at Chula Vista Site Acquired for $2.4 Million

Muraoka Enterprises LLC has purchased a 1.8-acre land parcel in Chula Vista for $2.4 million, with plans to build a 39-unit townhome development, according to brokerage firm Apartment Consultants Inc., also known as ACI.

Newly Acquired $2.5M Oceanside Property Considered for Rental Car Lot

A locally based entity recorded as The Song Ramboldt Living Trust has purchased a 2.54-acre commercial lot in Oceanside for $2.5 million, with the site being eyed for use by a rental car company, according to real estate services provider Land Advisors Organization.

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National City, Alpine Get New Dining Options

The East County community of Alpine has the region’s newest location of Dallas-based Dickey’s Barbecue Pit, which recently opened at 2165 Arnold Way.

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Hillcrest Retail Property Sold for $3.83 Million

A buyer recorded as Citywest LLC has acquired a multitenant retail property in Hillcrest for approximately $3.83 million, according to brokerage company Colliers International.

Newly Acquired Oceanside Property Considered for Rental Car Lot

A locally based entity recorded as The Song Ramboldt Living Trust has purchased a 2.54-acre commercial lot in Oceanside for $2.5 million, with the site being eyed for use by a rental car company, according to real estate services provider Land Advisors Organization.

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Hillcrest Retail Property Sells for $3.83M

A buyer recorded as Citywest LLC has acquired a multitenant retail property in Hillcrest for approximately $3.83 million, according to brokerage company Colliers International.

Moviegoers to Get Boot and Perhaps a Designer Dress or Blouse

Bargain-hunting fashion shoppers will be among the winners when a popular La Jolla retail center does some tenant shuffling amid renovations set to take place over the next 18 months, with Nordstrom Rack recently announced as the star coming attraction.

Survey: Apartment Vacancy Rate Up from 2014

ECONOMY: More Units, Deployments Influence Availability of Rentals

The region’s apartment vacancy rate now stands at 4.1 percent, up slightly from the spring and fall of 2014, according to newly issued results of a spring survey by the San Diego County Apartment Association.

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Join the Clubs: Hotels Moving Into Gaslamp

TRAVEL: Millennials Draw Designer, High-Tech Properties

Downtown San Diego’s historic Gaslamp Quarter has long been a magnet for tourists and locals drawn to its lively bar and restaurant scene.

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Alpine, National City Get New Dining Options

The East County community of Alpine has the region’s newest location of Dallas-based Dickey’s Barbecue Pit, which recently opened at 2165 Arnold Way.

Local Investment Company Buys Portland Property for $12.9 Million

HP Investors LLC of San Diego has acquired a mixed-use commercial property in downtown Portland, Ore., for $12.9 million, the company announced.

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Local Firm Buys Apartments Near Seattle for $13.6 Million

San Diego-based Pathfinder Partners LLC has acquired a 126-unit apartment community near Seattle for $13.6 million, the company announced.

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High-End Condo Project Underway in Bankers Hill

Developer Zephyr Partners of San Diego plans a June 6 opening for the sales office at The Park, its $100 million, high-end condominium and townhome project now under development in Bankers Hill.

Survey: County’s Apartment Vacancy Rate Up from 2014

The local region’s apartment vacancy rate now stands at 4.1 percent, up slightly from spring and fall of 2014, according to newly issued results of a spring survey by the San Diego County Apartment Association.

Local Chargers Stadium Negotiations Underway

San Diego city and county government leaders have begun negotiations with San Diego Chargers officials related to building a new local stadium, but participants are so far not divulging details of talks.

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Hillcrest Properties Sold for $18.5 Million

An affiliate of San Diego-based Danube Properties Inc. has acquired three Hillcrest commercial properties for a total of $18.5 million, according to CoStar Group and public data.

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Xpera Group Launches Division Focused on Multi-Unit Properties

San Diego-based construction consulting firm Xpera Group has launched a new service division called Xpera RE, focused on the repositioning and renovation of income-generating properties.

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Sorrento Mesa Office Building Sold for $10.7 Million

Locale Advisors of San Diego has purchased a Sorrento Mesa office building for $10.7 million, according to brokerage company DTZ.

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Bankers Hill Apartments Sell for $6 Million

A buyer recorded as F&F Hill 4th Avenue LP has acquired a 37-unit apartment property in Bankers Hill for $6 million, according to brokerage company ACRE Investment Real Estate Services.

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Escondido Building Housing Auto Parts Store Sold for $3.87 Million

A buyer recorded as 6021 Business Center Court LLC has acquired an Escondido retail building housing O’Reilly Auto Parts for approximately $3.87 million, according to brokerage firm CDC Commercial Inc.

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Construction Projects’ Value Down 48 Percent in First Four Months

The value of San Diego County’s contracts awarded for future construction dropped 48 percent in the first four months of 2015 compared with the same year-ago period, reaching $808.8 million, according to the latest figures from research firm Dodge Data & Analytics.

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San Diego Firm Buys San Francisco Property for $24.1 Million

PREF 580 Market LLC, an affiliate of San Diego-based Paragon Real Estate Fund, has acquired a San Francisco office and retail building for approximately $24.1 million, the company announced.

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Ready to Take Flight

$1 Billion Master Plan for Brown Field Seen as Catalyst for Border Region

A local development group plans to break ground this December on Metropolitan Airpark at Brown Field Municipal Airport in Otay Mesa, a long-discussed project expected to bring more than $1 billion in aviation and other commercial improvements to the border region over the next 20 years.

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Poway Hotel Property Sells for $4.5 Million

MNC Hospitality Inc. of Los Angeles has purchased the 43-room Best Western Country Inn hotel in Poway for $4.5 million, according to CoStar Group and public data.

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Hillcrest Retail Building Brings $2.38 Million

Ohio Street Villas Group LLC has purchased a Hillcrest retail building for approximately $2.38 million, with plans to renovate it for retail, restaurant and office uses, according to brokerage company Colliers International.

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Bankers Hill Office Building Sells for $2.97 Million

Penhun Limited Partnership and the Cohen Family Trust recently purchased the Park West Square office property in Bankers Hill for approximately $2.97 million, according to brokerage company Marcus & Millichap Inc.

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Commercial Real Estate Makes Some Gains in the County

PROPERTY: South And North Counties See Industrial Demand

Conditions vary by neighborhood, but rising tenant and investor demand in an improving economy continues to move fundamentals generally in favor of commercial real estate landlords in San Diego County.

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Finding a Better Way

PROPERTY: The I-15 Corridor Gives Businesses Access to Favorable and Employee Friendly Locations

San Diego’s Interstate 15 corridor has quietly emerged as a major center of office leasing, office purchase and office development for numerous industries, due in part to the area’s relatively lower housing prices and easier commutes.

Council Repeals Approval of One Paseo Project

PROPERTY: Lightner Calls for Compromise On Less-Dense Version

San Diego City Council has voted unanimously to repeal its February approval of the controversial One Paseo mixed-use project in Carmel Valley, as developer Kilroy Realty Corp. and community opponents work out details on a scaled-down version that officials can review at a later date.

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Think Tank: Task Force Makes Strong Case

SPORTS: Chargers to Review the Options For $1.1B Stadium

A mayoral task force’s recently announced plan to finance a new $1.1 billion San Diego Chargers stadium makes a compelling case for the Mission Valley site, but raises questions regarding long-term maintenance costs, according to an analysis by National University System Institute for Policy Research.

Luxury Cinemas Try to Make You an Offer You Can’t Refuse

THEATER: Local Opening Part of Trend Of High-End Amenities

San Diego County movie theaters are increasingly going upscale, with operator Reading International Inc. joining the fray by converting its Carmel Mountain Ranch location to an affiliated luxury brand known as Angelika Film Center & Café.

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Project Blueprint Is Predominantly Green

PROPERTY: Development, Preservation Included in Plan

Carlsbad voters could eventually be deciding the fate of plans to turn 203 acres near Interstate 5 of former strawberry fields into an open-space preserve with retail elements.

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