San Diego Business Journal

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Los Angeles Firm Buys Spring Valley Apartments for $14 Million

New Standard Equities (NSE) of Los Angeles has purchased a 74-unit apartment property in Spring Valley for $14 million, the company announced.

Grocer Haggen Closing Six Stores in the County as Part of 27 Closures

Northwest grocery chain Haggen Food & Pharmacy plans to close 27 stores that it recently opened in four states, including six in San Diego County, over the next 60 days.

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Carlsbad Firm Buys San Diego Retail Center for $12.7 Million

Carlsbad-based investment firm Capstone Advisors has purchased a three-building retail center in San Diego’s Carmel Mountain Ranch neighborhood for $12.7 million, the company announced.

CORRECTION: Downtown Courtyard Hotel Not Being Sold

Contrary to a prior report, the 245-room Courtyard San Diego Downtown hotel is not for sale and is not under contract to be acquired by Richmond, Va.-based Apple Hospitality REIT.

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Historic East Village Property Sells for $4.35 Million

PREF, an affiliate of San Diego-based investment firm Paragon, has acquired an historic East Village retail property known as the Unicorn Building for $4.35 million, according to brokerage firm Colliers International.

Grocer Haggen Closing Six Stores in San Diego County

Northwest grocery chain Haggen Food & Pharmacy plans to close 27 stores that it recently opened in four states, including six in San Diego County, over the next 60 days.

Correction: Downtown Courtyard Hotel Not Being Sold

Contrary to a prior report, the 245-room Courtyard San Diego Downtown hotel is not for sale and is not under contract to be acquired by Richmond, Va.-based Apple Hospitality REIT.

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Historic East Village Commercial Property Sells for $4.35 Million

PREF, an affiliate of San Diego-based investment firm Paragon, has acquired an historic East Village retail property known as the Unicorn Building for $4.35 million, according to brokerage firm Colliers International.

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Carlsbad Firm Buys Retail Center for $12.7 Million

Carlsbad-based investment firm Capstone Advisors has purchased a three-building retail center in San Diego’s Carmel Mountain Ranch neighborhood for $12.7 million, the company announced.

City Pushes New Stadium Finance Plan

City and county leaders have put forward a revised financing plan, renderings and draft environmental impact report for a proposed Mission Valley stadium, aiming for a January public vote contingent on the San Diego Chargers returning to negotiations.

In This Tight Market, a Retail Property Rarity Draws Buyers

Prime retail properties rarely hit the market in San Diego, and when they do, the price tags are rarely discounted. The latest example is the recent $107 million sale of the Walmart-anchored McGrath Center on Clairemont Mesa Boulevard in Kearny Mesa.

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Eateries Hungrily Eye Anthony’s Location

DINING: Old Favorite Among 3 Plans Vying for Prime Spot

For now at least, intense community loyalty has saved Anthony’s Fish Grotto, a family-run downtown San Diego mainstay since 1946, from what appeared to be its pending ouster from the North Harbor Drive site that it’s occupied for 50 years.

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Add Leadership Moves To Petco IPO Rumors

RETAIL: Co. Isn’t Talking as It Moves Into New Headquarters

Petco Animal Supplies Inc. recently announced changes to its leadership, including the addition of chairman duties to the job of CEO Jim Myers.

Survey Finds Commercial Development Optimism Remains Strong

Statewide demand from industries including technology, advertising, media and information services is generating continued optimism among commercial real estate professionals, according to the latest twice-yearly survey by the law firm Allen Matkins and UCLA Anderson Forecast.

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Target Plans Job Fairs to Fill 340 Local Positions

Target Corp. has scheduled two local job fairs for Aug. 13, where the company will interview candidates for 340 positions at upcoming new San Diego stores.

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Four-Campus San Diego Office Portfolio Sold for $258 Million

John Hancock Life Insurance Cos. has acquired a portfolio of four San Diego office campuses for $258 million, according to public data and real estate services provider HFF Inc.

Port Commissioners Keep Anthony’s In Running for Longtime Waterfront Site

San Diego port commissioners have decided to keep the iconic Anthony’s Fish Grotto in the mix of finalists vying to set up shop on the North Harbor Drive site occupied by Anthony’s for the past five decades.

Event Tech Firm Ranks San Diego 4th Among U.S. Meetings Destinations

San Diego placed fourth among U.S. cities in the latest annual ranking of the nation’s top 50 meetings destinations, compiled by event management technology provider Cvent Inc.

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Chula Vista Medical Office Buildings Sold for $15 Million

Orlando, Fla.-based CNL Healthcare Properties Inc. has purchased two medical office buildings in the Eastlake village of Chula Vista for $15 million, according to brokerage company JLL.

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Westfield Group Plans 10-Screen Movie Theater at Escondido Mall

Mall operator Westfield Group plans to add a 10-screen movie theater and adjacent pedestrian plaza at its Westfield North County property in Escondido, according to the city manager’s office.

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City Pushes New Stadium Finance Plan, Aims for January Vote

City and county leaders have put forward a revised financing plan, renderings and draft environmental impact report for a proposed Mission Valley stadium, aiming for a January public vote contingent on the San Diego Chargers returning to negotiations.

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San Diego Apartments Acquired for $3 Million

HS Partners LLC recently acquired a 20-unit apartment complex in eastern San Diego for $3 million, according to brokerage company Apartment Consultants Inc. (ACI).

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Carlsbad Office Building Sells for $28.1 Million

Denver-based Miller Global Properties LLC recently purchased the Ocean Ridge office building in Carlsbad for $28.1 million, according to CoStar Group and brokerage company CBRE Group Inc.

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Anthony's Fish Grotto Not Among Port's Finalists to Develop Restaurant

Unified Port of San Diego staff have recommended that the port district enter into negotiations with two locally based finalists – Brigantine Inc. and Sunroad Enterprises -- to potentially replace Anthony’s Fish Grotto when its downtown restaurant lease expires.

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Revenues, Attendance Continue Decline at SeaWorld Entertainment

The Florida-based parent company of SeaWorld San Diego saw continued declines in revenue and attendance in its second quarter ending June 30, as adjusted net income from its U.S. theme parks dropped 50 percent from the year-ago quarter.

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Sean Clancy Named Managing Director of Loews Coronado Bay Resort

New York-based Loews Hotels & Resorts has appointed Sean Clancy as managing director of Loews Coronado Bay Resort, heading all operations at the 439-room property.

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Encinitas Office Property Sells for $4.75 Million

Investor Paul Meardon of San Diego has acquired an Encinitas office property for $4.75 million, according to brokerage company Marcus & Millichap Inc.

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Loews Names Clancy as Managing Director of Coronado Resort

New York-based Loews Hotels & Resorts has appointed Sean Clancy as managing director of Loews Coronado Bay Resort, heading all operations at the 439-room property.

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SeaWorld Entertainment Reports Declines in Revenue, Attendance

The Florida-based parent company of SeaWorld San Diego saw continued declines in revenue and attendance in its second quarter ending June 30, as adjusted net income from its U.S. theme parks dropped 50 percent from the year-ago quarter.

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Port Staff Recommends 2 Finalists for Anthony’s Fish Grotto Site

Unified Port of San Diego staff have recommended that the port district enter into negotiations with two locally based finalists – Brigantine Inc. and Sunroad Enterprises -- to potentially replace Anthony’s Fish Grotto when its downtown restaurant lease expires.

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Bringing Out Their Best

PROPERTY: Walls Are No Longer the Limit as Developers Add Outdoor Workspaces and Amenities to the Office Mix

In the past two decades, San Diego County shoppers have been visiting malls converted into open-air “lifestyle centers” designed to take advantage of the region’s year-round friendly climate. Lately they’ve also been furnishing their homes’ patios and backyard decks with a growing array of furniture and appliances designed to bring their indoor living rooms to the outdoors.

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High-End Hotel Properties Up Ante on Luxury

TRAVEL: Downtown Arrivals May Pressure Others Into Renovations

Luxury hoteliers appear to be reaping the biggest returns in a healthy local and national tourism economy, and observers say the roster of new hotels on tap for downtown San Diego could significantly raise the posh quotient in places including East Village and the Gaslamp Quarter.

Retailers and Others Finding the Right Space in Midway District

PROPERTY: New Tenants, Gulls’ Games Add to Area’s Standing

With pro hockey’s San Diego Gulls set to make their latest return flight to the Midway district this fall, the aging neighborhood that grew up around the city-owned sports arena has other new commercial elements in the works.

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Scripps Ranch Office Building Sold for $5.1 Million

Hill Properties, doing business as 9715 Businesspark Ave. LLC of La Jolla, has purchased a Scripps ranch office building for approximately $5.1 million, according to Voit Real Estate Services.

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North Park Apartments Planned Following $7.1 Million Land Buy

Phoenix-based Alliance Residential Co. has purchased a North Park land parcel for approximately $7.1 million, with plans to develop a new 118-unit apartment community, according to brokerage company CBRE Group Inc.

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AleSmith Beers Now Being Distributed in Minnesota, Virginia

San Diego’s AleSmith Brewing Co. has signed agreements to distribute its craft beers in Minnesota and Virginia.

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McGrath Retail Portfolio in Kearny Mesa Sold for $107 Million

San Diego- based HP Investors LLC has teamed with Clarion Partners of New York to purchase the McGrath family retail portfolio in Kearny Mesa for approximately $107 million, according to the buyers and local brokers.

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First Building Completed at Shelter Island Commercial Development

Developers Driscoll Inc. and United Development Group Inc. planned an Aug. 5 public ceremony to mark completion of the first of three new commercial buildings planned at Intrepid Landing, near America’s Cup Harbor at Shelter Island.

Construction Starts on Sharp Rees-Stealy Facility in Rancho Bernardo

Construction has begun on a new 100,000-square-foot building off Interstate 15, where healthcare services provider Sharp Rees-Stealy will be relocating its Rancho Bernardo branch operations.

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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