San Diego Business Journal

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Holding Pattern

TRAVEL: Six-Year-Old Airline Still Waiting to Be Cleared for Takeoff

At age 95, the founder of the fledgling — though yet to fly — California Pacific Airlines remains adamant that the region needs a North County alternative to the landlocked San Diego International Airport for commercial air service.

TMD Again Has Target On Its Back

TOURISM: Stadium, Lawsuit Could Affect Funding

Hoteliers and other advocates for the San Diego Tourism Marketing District were not happy in 2013 when Mayor Bob Filner began his brief and controversial tenure by choosing not to renew what was at that time a five-year-old program intended to support local visitor programs.

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Vista Apartments Sold for $5.5 Million

Newkirk Family Trust of San Diego has acquired a 20-unit apartment property in Vista for $5.5 million, according to brokerage firm Marcus & Millichap.

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Carlsbad Apartment Property Sells for $9.35 Million

A buyer listed as Bella La Costa LLC of San Diego has purchased a 24-unit apartment property in Carlsbad for $9.35 million, according to brokerage firm Marcus & Millichap.

Settlement Reported Pending in Suit over Tourism Marketing District

A settlement reportedly is in the works over the fate of San Diego’s Tourism Marketing District, which is the subject of a pending lawsuit and targeted for elimination in a citizens’ coalition’s proposal to raise the city’s hotel taxes by 5 percent. However, the city attorney said he had no knowledge of any settlement.

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Santee Retail Property Sells for $27.5 Million

Union City Investments LLC of Santa Monica has acquired the four-building Santee Town Center retail property for approximately $27.5 million, according to CoStar Group and public data.

USC Report: Apartment Rents to Keep Rising through 2018

Despite rising construction, increasing demand for apartments will keep vacancies low and drive significant rent increases in San Diego County and elsewhere in Southern California over the next two years, according to a University of Southern California forecast.

Grubhub Expands Restaurant-Focused Service to Local Market

Chicago-based Grubhub Inc. has expanded to the San Diego market with its delivery services geared to restaurants that do not currently have in-house delivery staff.

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Irvine Firm Buys Escondido Apartment Property for $7.7 Million

The Bascom Group LLC of Irvine has acquired a 43-unit apartment community in Escondido for $7.7 million, the buyer announced.

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El Cajon Apartments Sold for $3 Million

Chasin Coleman Family Trust of San Diego has purchased an 18-unit apartment property in El Cajon for $3 million, according to brokerage firm Apartment Consultants Inc. (ACI).

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Construction to Begin on Makers Quarter Apartment Project

Developers have scheduled an April 11 ground-breaking for the Broadstone Makers Quarter apartment complex, the first project to move forward in the mixed-use Makers Quarter in East Village.

Port District Is Reviewing 6 Proposals to Redevelop Harbor Island Property

San Diego port commissioners on April 14 are scheduled to review six proposals to redevelop 57 acres on Harbor Island, including several sites that formerly housed rental car lots.

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Kearny Mesa Office Building Sold for $7 Million

AAE Pacific Park Associates LLC of San Diego has purchased a Kearny Mesa office building for $7 million, according to brokerage firm Marcus & Millichap.

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Allegiant Begins Nonstop Flights between San Diego, Stockton

Las Vegas-based airline Allegiant recently began new non-stop service between Stockton and San Diego International Airport.

Port District Reviewing 6 Proposals to Redevelop Harbor Island Property

San Diego port commissioners on April 14 are scheduled to review six proposals to redevelop 57 acres on Harbor Island, including several sites that formerly housed rental car lots.

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Krikorian Entity Buys Solana Beach Buildings for $15.5 Million

A buying group that includes the founder and CEO of Torrance-based cinema chain Krikorian Premiere Theatres has acquired two medical office properties in Solana Beach for $15.5 million, according to CoStar Group and public data.

Three Local Apartment Properties Get New Owners

Three San Diego County apartment properties recently changed hands in separate transactions, including a 12-unit La Mesa complex that sold for approximately $2.6 million.

Entrances, Exits, and Expansions Keep Grocery Sector Active

San Diego County’s grocery venues continue to multiply at a dizzying pace. In some cases, it’s because companies fail and leave prime spaces ready for newcomers to swoop in and take their place; at other times, it’s the classic case of retailers simply chasing new residential rooftops.

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Work Starts on $20.4M Affordable Apartment Complex in Encanto

Construction recently got underway on Ouchi Courtyard, a $20.4 million affordable-housing community with ground-floor retail in San Diego’s Encanto neighborhood.

New Downtown Marriott Hotels Open at Former Lane Field Site

Developers planned an April 7 formal opening for the first dual-branded Marriott hotels on the former site of the Lane Field ballpark in downtown San Diego, part of a larger mixed-use project now known as BRIC.

Consulting Firm Relocation Strategies Opens Carlsbad Office

Cincinnati-based Relocation Strategies Inc., a franchise company that provides planning and consulting services related to corporate relocations, has opened its first San Diego County office, at 2945 Harding St., Suite 104, in Carlsbad.

Lyft Expanding Line-Based Matching Service to San Diego

Ride-hailing service and technology firm Lyft Inc. is expanding its Lyft Line offering to the San Diego market, matching passengers heading along similar routes into the same vehicle starting during the week of April 11.

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Local Firm Buys Portland Apartments for $57.85 Million

San Diego-based MG Properties Group has purchased a 283-unit apartment property in Portland, Ore., for $57.85 million, the company announced.

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East Village Apartment Building Sells for $52.6 Million

An affiliate of San Mateo-based Essex Property Trust Inc. has acquired a 241-unit apartment building in downtown San Diego’s East Village for approximately $52.6 million, according to CoStar Group and public data.

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BioMed Leases Full i3 Campus at UTC to Illumina

Property owner BioMed Realty announced that it has fully leased its 316,000-square-foot i3 campus, currently under construction at University Town Center, to biotech company Illumina Inc.

Report: Local Beer Makers Generated $851 Million in 2015 Sales

San Diego County’s craft beer makers generated $851 million in sales while employing more than 4,500 during 2015, according to the latest annual industry impact update by National University System Institute for Policy Research.

Tourism Authority Opposes Chargers’ Plan for Hybrid Facility

The San Diego Tourism Authority’s board chairman has issued a statement opposing the San Diego Chargers’ proposal for a combined downtown stadium and convention facility, citing clients’ preference for space contiguous to the existing convention center.

Former SeaWorld Show Producer Accused of Embezzling $750,000

A former SeaWorld San Diego manager has been arraigned on wire fraud charges, after allegedly embezzling more than $750,000 while working as a show producer at the marine park.

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BioMed Realty Buys UTC Buildings for $55 Million

BioMed Realty has purchased a two-building laboratory and office property in University Towne Center for $55 million, the San Diego-based company announced.

Local Construction Starts Down 26 Percent in Jan.-Feb. Period

San Diego County’s construction starts declined 26 percent from the same period a year ago in the first two months of 2016, to $432.1 million, according to the latest monthly figures from Dodge Data & Analytics.

February Passenger Traffic Up 6.8 Percent at San Diego International

Passenger traffic at San Diego International Airport was up 6.8 percent from a year ago in February, topping 1.43 million, according to the latest available data from the San Diego County Regional Airport Authority.

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Craft Glue

BREWING: In a Competitive, Growing Industry, Brewers Employ Stock, Cash, Culture and Other Methods to Retain Workers

The nation’s craft beer companies brewed 24.5 million barrels in 2015, according to figures recently reported by the Brewers Association trade group, besting the prior year’s production by 13 percent as retail sales grew by 16 percent, reaching $22.3 billion.

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Women Tackle Roles in Restaurant Ownership

DINING: Independence, Flexibility and Interaction Cited as Sector Pluses

Women-owned restaurant businesses in the U.S. grew at a far faster pace than that of the overall industry nationwide between 2007 and 2012, according to a recent report by the National Restaurant Association.

Hotel Forecast Calls For Continued Room Demand Growth in 2016

San Diego County’s lodging industry should see continued growth in 2016, with a “soft landing” expected for the local and U.S. markets in 2017 as hotel room demand slows, according to a newly issued forecast by San Diego-based consulting firm RAR Hospitality.

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Construction Begins on $6.7M Memory Care Development in Spring Valley

Developers have begun construction on Noah Homes, a new $6.7 million project in Spring Valley that will include memory care homes for adults with developmental disabilities.

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Carlsbad Medical Office Building Sells for $4.4 Million

Pacific Property Group of San Diego has acquired a Carlsbad medical office building for $4.4 million, according to brokerage firm JLL.

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Scripps Ranch Office Owner Secures $31.5M in Refinancing

An affiliate of San Diego-based Davlyn Investments has obtained $31.5 million in acquisition refinancing for the Northridge Summit office building in Scripps Ranch, according to NorthMarq Capital, which arranged the financing.

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Office Owner Secures $31.5M in Refinancing

An affiliate of San Diego-based Davlyn Investments has obtained $31.5 million in acquisition refinancing for the Northridge Summit office building in Scripps Ranch, according to NorthMarq Capital, which arranged the financing.

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Work Begins on $6.7M Memory Care Development in Spring Valley

Developers have begun construction on Noah Homes, a new $6.7 million project in Spring Valley that will include memory care homes for adults with developmental disabilities.

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Carlsbad Medical Office Building Sells for $4.4M

Pacific Property Group of San Diego has acquired a Carlsbad medical office building for $4.4 million, according to brokerage firm JLL.

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Ramona Apartment Complex Sold for $2.64 Million

Shadow Glen Annex LP of La Jolla has acquired a 20-unit apartment complex in Ramona for $2.64 million, according to brokerage firm ACI Apartments Inc.

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Escondido Apartment Property Sells for $6.96 Million

Vista International of Monterey has purchased the 41-unit Grand Villa Apartments in Escondido for $6.96 million, according to brokerage company CBRE Group Inc.

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Carlsbad Industrial Building Sold for $13.65 Million

A fund managed by Los Angeles-based Colony Capital has acquired a multi-tenant industrial building in Carlsbad for $13.65 million, according to the seller, Lincoln Property Co. of Dallas.

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Signs of Progress For Streamlining Business at Border

TRANSPORTATION: Road, Ridesharing Initiative Should Boost Economic Ties

It may take some time to deliver a payoff, but some see Uber’s newly launched cross-border ride service as one in a series of recent new offerings that should help streamline transportation and bolster economic ties in the San Diego-Tijuana border region.

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Bosa’s Buys Put It in Position Downtown

PROPERTY: Acquisitions Likely for Residential Plans

Downtown San Diego’s residential condominium boom of the early 2000s is not expected to make a comeback anytime soon. But Bosa Development, a prolific producer during that period, appears to be gearing up for the next wave.

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Westfield Buys Mission Valley Retail Buildings from Macy’s for $16.5M

Mall owner Westfield Corp. has acquired two buildings at its Westfield Mission Valley mall from retailer Macy’s Inc., for approximately $16.5 million, according to CoStar Group.

Chargers Reportedly to Seek Hotel Tax Hike for Hybrid Stadium-Convention Center Project

The San Diego Chargers will seek voter approval in November to raise city hotel taxes from 12.5 percent to 16.5 percent, to finance a $1.8 billion downtown facility that combines a stadium with convention center space, according to published reports.

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H.G. Fenton Buys Bankers Hill Office Property for $2.96 Million

San Diego-headquartered H.G. Fenton Co. has acquired an office property in Bankers Hill for approximately $2.96 million, according to brokerage firm Voit Real Estate Services.

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Ride Service Provider Wingz Begins Operations at San Diego Airport

San Francisco-based Wingz, a provider of personalized and scheduled airport ride services, has begun operations at San Diego International Airport.

T S Restaurants Promotes Reed to CEO Post

Jackie Reed has been promoted to the post of chief executive officer at locally based T S Restaurants, which operates 14 venues including Duke’s La Jolla and Jake’s in Del Mar.

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