San Diego Business Journal

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Imperial Beach Apartment Property Sells for $8 Million

Investor Craig Knudson of San Diego has acquired the 36-unit Rancho Coronado apartment property in Imperial Beach for $8 million, according to brokerage company Marcus & Millichap Inc.

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Neustar Moving to New Irvine Company Tower at UTC

Information services technology provider Neustar Inc. has signed a lease to occupy approximately 23,000 square feet at One La Jolla Center, Irvine Company’s recently completed office tower at University Towne Center.

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New TargetExpress Shows Retail Changes Are Big and Small

RETAIL: Upcoming South Park Site to Fit In an Urban Market

Target Corp. is aiming to capitalize on two trends with its upcoming TargetExpress store, set to open Oct. 7 in San Diego’s South Park neighborhood

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Summer Visitors Are Helping Tourism to Top Levels of 2014

TRAVEL: Season’s Average Daily Visitor Count Is 114,000

With 2015 now half over, tourism officials and economists say San Diego County is trending ahead of its performance a year ago — and also against rival tourism destinations — based on metrics including visitor counts and overnight hotel stays.

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Local Firm Buys Carlsbad Industrial Building for $8.75 Million

Investment firm SR Commercial of Solana Beach has purchased a Carlsbad industrial building for $8.75 million, according to brokerage company DTZ.

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Airport Open House to Focus on Development Planning

San Diego International Airport operators have scheduled an open house for July 14, the latest in a series of public meetings to gather input on long-term development at the facility.

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Verizon Takes Large Space at Sorrento Mesa Office Campus

Telecommunications giant Verizon Communications Inc. has leased 110,000 square feet of space at the recently renovated Enclave Sorrento office campus in Sorrento Mesa, according to brokerage company JLL.

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Carlsbad Supporters Deliver 20,000 Signatures for Agua Hedionda Development

Proponents of a planned open-space preserve and commercial development near Agua Hedionda Lagoon in Carlsbad have delivered more than 20,000 signatures to the city clerk, in an effort to place a development-related ballot measure before voters in an upcoming election.

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Hughes Marino Joins New Global Tenant-Focused Real Estate Group

Commercial real estate services provider Hughes Marino Inc. of San Diego has joined Exis, a global business organization focused exclusively on tenant representation.

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Newly Opened Gaslamp Quarter Hotel Gets New Owner

Columbia Properties Inc. of Seattle has acquired the recently completed and opened Hotel Z, a new 96-room boutique hotel in downtown San Diego’s Gaslamp Quarter.

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Five-Building Carlsbad Office Portfolio Sells for $48.85 Million

An affiliate of Beverly, Mass.-based Brookwood Financial Partners LLC has purchased a five-building Carlsbad office portfolio for $48.85 million, according to CoStar Group and public data.

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Airbnb Sees Tripling in Pre-Comic-Con Rental Bookings

Property rental website Airbnb has seen a near tripling over last year for local reservations booked ahead of this year’s Comic-Con International, set for July 9-12 at San Diego Convention Center.

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Ground Lease on Vista Restaurant Property Sold for $4.65 Million

A San Diego buyer recorded as Byron F. White 2001 Revocable Trust has acquired the ground lease on a Vista property housing a Jack in the Box and a Taco Bell restaurant for $4.65 million, according to brokerage company Marcus & Millichap Inc.

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Carlsbad Office Portfolio Sold for $13.5 Million

An affiliate of San Francisco-based Graymark Capital has acquired a five-building office portfolio in Carlsbad for approximately $13.5 million, according to CoStar Group and public data.

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Airport Approves Pilot Program for Rideshare Providers Lyft, Uber

San Diego International Airport operators have given the go-ahead for ridesharing companies Lyft and Uber to begin operations at the airport, as part of a pilot program.

Realty Income Closes on $2.25 Billion Credit Facility

San Diego-based Realty Income Corp. has closed on a new $2.25 billion unsecured credit facility, to replace a previous $1.5 billion unsecured credit facility.

Comic-Con Opts to Remain in San Diego through 2018

Comic-Con International, the pop-culture mega-event that annually brings 130,000 people to the San Diego Convention Center, will be staying in San Diego through 2018, organizers and city officials announced.

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Zephyr Names Architects for $250 Million Downtown Project

Zephyr Partners recently named the lead building design and landscape architects for The Block, a $250 million downtown mixed-use project announced last year by the San Diego-based developer.

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Realty Income Closes on New $2.25 Billion Credit Facility

San Diego-based Realty Income Corp. has closed on a new $2.25 billion unsecured credit facility, to replace a previous $1.5 billion unsecured credit facility.

Hotel Deals Are Going Strong as Sector Continues to Prosper

A strong hospitality climate is keeping hotel properties high on the list of big San Diego County deals so far in 2015.

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Quarry Sites Eyed By Developers for Mixed-Use Projects

PROPERTY: Proposal In Mira Mesa Is for a 293-Acre Development

The process is relatively slow due to necessary environmental reviews, but former quarry properties — used for decades to mine materials for the region’s past construction projects — are gradually shaping up as potential sites for future new neighborhoods and mixed-use developments.

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Comic-Con Staying in San Diego Through 2018

Comic-Con International, the pop-culture mega-event that annually brings 130,000 people to the San Diego Convention Center, will be staying in San Diego through 2018, organizers and city officials announced.

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Architects Named for $250 Million Downtown Project

Zephyr Partners recently named the lead building design and landscape architects for The Block, a $250 million downtown mixed-use project announced last year by the San Diego-based developer.

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Office Tower at Aventine Sells for $150 Million

An affiliate of Boston-based Rockpoint Group LLC has purchased the Aventine office building in La Jolla for approximately $150 million, according to CoStar Group and public data.

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Vintage Sign Removed for Renovation of Hotel Churchill

Workers recently removed a 1940s-era neon sign from atop the historic Hotel Churchill in downtown San Diego, which is being converted into affordable apartments in a $20.5 million renovation by the San Diego Housing Commission.

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KB Home Buys El Cajon Land for $6.43 Million

Housing developer KB Home of Los Angeles has acquired a 5.47-acre land parcel in El Cajon for $6.43 million, according to commercial brokerage company Colliers International.

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Three Local Construction Management Firms Make ENR’s Top 100

Three San Diego-based companies made the latest annual list of the nation’s 100 largest construction management firms based on 2014 revenue, published recently by the industry magazine Engineering News-Record (ENR).

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Carlsbad Office Property Sold for $23.9 Million

Brookwood Financial Partners of Beverly, Mass., has purchased the Carlsbad Executive Plaza office property for $23.9 million, according to brokerage company DTZ.

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BioMed Developing New UK Facilities for Illumina

San Diego-based BioMed Realty Trust Inc. plans to develop a 155,000-square-foot building in Cambridge, England, that will eventually house the European headquarters of genomic research and development firm Illumina Inc.

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Nine Local Retail Properties Are Sold for $183.25 Million

New York-based Angelo Gordon Real Estate Co. and Citivest Commercial Investments LLC of Newport Beach have purchased a portfolio of nine San Diego County retail properties for $183.25 million, according to Flocke & Avoyer Commercial Real Estate.

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Mira Mesa Property Portfolio Sells for $23.5 Million

An affiliate of Cypress Office Properties of San Diego has purchased a four-building office and industrial portfolio in Mira Mesa for $23.5 million, according to CoStar Group and public data.

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Nine Local Retail Properties Sold for $183.25 Million

New York-based Angelo Gordon Real Estate Co. and Citivest Commercial Investments LLC of Newport Beach have purchased a portfolio of nine San Diego County retail properties for $183.25 million, according to Flocke & Avoyer Commercial Real Estate.

Planned Escondido Project Could Boost Employment Opportunity

PROPERTY: Hotels, Assisted Living Facility Still Need Approval

A Hacienda Heights developer has submitted plans for a project off Interstate 15 in Escondido, which officials say could help boost the city’s stock of hotel rooms while setting the stage for more job-creating businesses in the southern area of the city.

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Neighborhood Watch Shows Hillcrest Is Hot

PROPERTY: Pernicano’s Site, Other Spots Draw Bidders

Plans could be progressing next year on a mixed-use development that replaces the long-shuttered Pernicano’s restaurant building in Hillcrest — one indicator among several, observers said, of rising demand for commercial property in the popular San Diego neighborhood.

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Mira Mesa Office, Industrial Buildings Sell for $23.5M

An affiliate of Cypress Office Properties of San Diego has purchased a four-building office and industrial portfolio in Mira Mesa for $23.5 million, according to CoStar Group and public data.

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Sunroad Begins Fourth Phase of Kearny Mesa Luxury Apartments

San Diego developer Sunroad Enterprises has begun construction on the fourth phase of Ariva, with 302 new apartments planned at its luxury development in Kearny Mesa.

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Land Housing Auto Dealership Sold for $3 Million

An affiliate of San Diego developer H.G. Fenton Co. has purchased a commercial land parcel currently housing a used-car dealership in the city’s College Area for $3 million, according to CoStar Group and public data.

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South San Diego Apartments Sell for $7.45 Million

A buyer recorded as Wildwood Apartments LLC has acquired the 44-unit Playa Blanca Apartments in southern San Diego for $7.45 million, according to commercial brokerage company JLL.

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Mixed-Use Project with Ritz Carlton Proposed for East Village

Cisterra Development of San Diego has proposed an East Village mixed-use project that would include 205 residential units and a 160-room, five-star Ritz Carlton hotel, according to Civic San Diego.

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Developers Start Work on $21 Million Oceanside Mixed-Use Project

Developers Ryan Companies US Inc. and GF Properties Group LLC planned a June 23 groundbreaking for Block 18, a $21 million mixed-use development in downtown Oceanside.

New Commercial Center Planned in Santee

The Santee City Council recently approved plans for Santee Station, a 16,942-square-foot, four-building commercial center planned for a 2.65-acre site at 8866 N. Magnolia Ave. Completion is expected in early 2016.

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Del Mar Heights Office Property Sold for $29.4 Million

San Diego-based Cruzan has acquired the Del Mar Corporate Plaza office property in Del Mar Heights for $29.4 million, according to brokerage company DTZ.

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Local Hospitality Developer Opens New Hotel in Atascadero

San Diego-based investment and development firm J Street Hospitality Inc. recently opened a new 130-suite SpringHill Suites by Marriott hotel in Atascadero, near Paso Robles, the company announced. The development cost was not disclosed.

Study: Downtown Aerial Tram Would Cost Up to $75 Million

A proposed aerial tram linking downtown San Diego with Balboa Park would cost between $65 million and $75 million to construct, according to a consultants’ report issued by San Diego Association of Governments (SANDAG).

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San Diego Firm Buys Phoenix Office Tower for $93.75 Million

Parallel Capital Partners Inc. of San Diego has acquired the 20-story One North Central office tower in downtown Phoenix for $93.75 million, the company announced.

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San Diego Apartment Property Sold for $9.65 Million

A buyer recorded as 3635 College Ave LLC recently acquired the 98-unit Park Grove Apartments in San Diego’s College Area for $9.65 million, according to brokerage company Colliers International.

Remodeling Firm Buys Kearny Mesa Building for $2.62 Million

Buyer Todd Jackson, who operates a local home remodeling company, plans to expand into a Kearny Mesa industrial building that he recently acquired for $2.62 million.

One Guess as to Where This Big Mixed-Use Project Is Planned for?

New development projects just keep on coming in downtown San Diego, especially in the red-hot East Village neighborhood. Among the latest being considered is a proposal by Lennar Multifamily Communities LLC for a two-building, mixed-use development with 368 residential units planned for a site at 460 16th St.

City Funds Effort to Attract More TV and Film Production

MARKETING: Some Say More Money Is a Must To Be Competitive

San Diego will spend at least $266,000 in the coming fiscal year to get the region back into the film and TV production game, following the 2013 demise of the city’s Film Commission, though some officials have called for much more to be invested.

BizAir Brings Service to Carlsbad

Chicago-based BizAir Shuttle started its new charter flights with service between Carlsbad’s McClellan-Palomar Airport and Los Angeles International Airport.

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