San Diego Business Journal

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Local Firms Get Dibs at Car Rental Center

SMALL BIZ: New Site Is Looking to Fill Various Service Roles

As construction on a $316 million rental car center reaches the midpoint at San Diego International Airport, officials are giving local and small businesses the chance to provide vital operating services once the facility is up and running in 2016.

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Charter School Operator Buys Poway Property for $2.35 Million

Charter school operator Element Education Inc. of Escondido has purchased a commercial daycare center building in Poway for $2.35 million, according to brokerage company Pacific Coast Commercial, which represented the buyer.

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A Shot In the Arm

TOURISM: Doctor Groups Driving Convention Business

San Diego Convention Center officials say the facility should continue to benefit from a post-recession uptick in corporate meetings during 2015, particularly from medical groups, even as questions linger regarding how to expand the center to meet expected long-term growth in demand for space.

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San Diego Retail Building Acquired for $2.46 Million

Andrew Gray Trust of San Diego has purchased a multi-tenant retail building in the city’s Morena neighborhood for $2.46 million, according to brokerage company Lee & Associates, which represented the seller.

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Office Building Near Mission Bay Sold for $3 Million

JWJ Properties One LLC of San Diego has purchased an office building near Mission Bay for $3 million, according to brokerage company Colliers International, which represented the seller.

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Joint Venture Buys Vista Apartment Property for $86.2 Million

Los Angeles-based TruAmerica Multifamily and joint venture partner Investcorp of New York announced their purchase of the 456-unit Waterleaf Apartments in Vista for $86.2 million, in an off-market transaction.

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Vista Retail Center Sells for $10.2 Million

Gershman Properties of Los Angeles has acquired the Breeze Hill Plaza retail center in Vista for approximately $10.2 million, according to retail property advisory firm Faris Lee Investments, which represented the seller.

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Two Sorrento Valley Properties Sold for $23.1 Million

Buchanan Street Partners of Newport Beach has purchased two neighboring office and industrial buildings in Sorrento Valley for approximately $23.1 million, according to CoStar Group and public data.

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Port District to Discuss Proposals for Downtown Ferris Wheel

The Port of San Diego’s Board of Port Commissioners is expected on Feb. 10 to discuss developer proposals to build a Ferris wheel near the USS Midway Museum in downtown San Diego, according to a port spokeswoman.

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Protests Greet First Presentation of SeaWorld Orca Expansion

Sign-carrying advocates, including representatives of People for the Ethical Treatment of Animals, staged protests as local officials began their first reviews of a planned $100 million expansion of the killer whale habitat at SeaWorld San Diego.

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Poway Industrial Building Sold for $3.35 Million

Local investors Robert and Elizabeth Burke have purchased a Poway industrial building for $3.35 million, according to brokerage firm Pacific Coast Commercial, which represented the sellers.

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Rexford Buys Kearny Mesa Industrial Complex for $32.3 Million

Los Angeles-based Rexford Industrial Realty Inc. announced that it has purchased a 13-building industrial complex in Kearny Mesa for $32.3 million.

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Hines-Oaktree Venture Acquires Carlsbad Property for $20.7 Million

Houston-based Hines and a fund managed by Oaktree Capital Management LP of Los Angeles have partnered to acquire a Carlsbad office and industrial building known as Palomar Center for $20.7 million, according to CoStar Group and public data.

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Coffee Bean & Tea Leaf Opens Store in San Ysidro

The Coffee Bean & Tea Leaf recently opened a new location in the Outlets at the Border mall, in San Diego’s San Ysidro neighborhood near the Mexican border.

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Clothing Retailer Bonobos Plans Store Opening at Westfield UTC

Internet-based men’s clothing retailer Bonobos plans a Jan. 14 opening for a new Bonobos Guideshop location at Westfield UTC mall, in San Diego’s University Towne Center neighborhood.

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Patio Village Apartments in Serra Mesa Sold for $8.4 Million

Patio Village Apartments LLC and SNM Realty Partners have acquired the 54-unit Patio Village Apartments, in San Diego’s Serra Mesa neighborhood, for $8.4 million.

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Point Loma Mixed-Use Property Purchased for $2.5 Million

Investor Anna Kioutas has purchased a mixed-use retail property in Point Loma, known as the Loma Building, for $2.5 million, according to brokerage company Marcus & Millichap Inc., which represented the seller.

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Wilsonian Hotel Apartments Bought for $2.07 Million

A Carlsbad entity recorded as 1545 Second Avenue LLC has purchased the century-old Wilsonian Hotel, a 36-unit apartment property in downtown San Diego’s Cortez Hill neighborhood, for approximately $2.07 million, according to brokerage company Marcus & Millichap Inc.

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Historic San Diego Apartment Building Sold for $2 Million

A Carlsbad entity recorded as 1545 Second Avenue LLC has purchased the century-old Wilsonian Hotel, a 36-unit apartment property in downtown San Diego’s Cortez Hill neighborhood, for approximately $2.07 million, according to brokerage company Marcus & Millichap Inc.

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Mixed-Use Property in Point Loma Sells for $2.5 Million

Investor Anna Kioutas has purchased a mixed-use retail property in Point Loma, known as the Loma Building, for $2.5 million, according to brokerage company Marcus & Millichap Inc., which represented the seller.

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Serra Mesa Apartments Sold for $8.4 Million

Patio Village Apartments LLC and SNM Realty Partners have acquired the 54-unit Patio Village Apartments, in San Diego’s Serra Mesa neighborhood, for $8.4 million.

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Area’s Tourism Success Creates Room for More Luxury Hotels

hotels: Dual Brand Development Is Also Gaining Popularity

The San Diego region continues to get its share of large new luxury hotels whose developers intend to make a big splash in the market.

Commercial Real Estate Sticks to Renovations and Repurposing

PROPERTY: New Sites Remain the Exceptions as Caution Is Still the Rule

While brand-new apartment buildings continued to sprout in places like downtown San Diego during 2014, the region’s office market was mostly a fixer-upper affair, with acquisitions and renovations of older buildings far outpacing new construction.

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Historic Highs Put Tourism on Track

Tourism: Convention Center Still a Concern in Otherwise Bright Picture

San Diego’s tourism industry finished 2014 on historic high notes in the areas of local visitor counts, hotel stays and passengers making use of San Diego International Airport.

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Kearny Mesa Industrial Property Sells for $3.8 Million

Charter Industrial Supply Inc. of San Diego has purchased a Kearny Mesa industrial building for $3.8 million, according to CoStar Group and public data.

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Broken Yolk Café to Open 10th Local Restaurant in Del Mar

San Diego-based Broken Yolk Café has been signed as the newest tenant at the Beachside Del Mar retail center in Del Mar, according to the property’s owner, Donahue Schriber of Costa Mesa.

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Convention Center Forecasts $1 Billion Impact from 2015 Events

San Diego Convention Center operators are projecting $1 billion in regional economic impact from 107 events scheduled to take place at the center during 2015.

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Local Firm Acquires Colorado, Oregon Retail Centers for $17 Million

A private equity fund led by an affiliate of San Diego-based Christopher Weil & Co. Inc. has purchased four retail strip centers and a land parcel in Colorado and Oregon, for a total of $17 million.

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County Contracts for Future Construction Up 16 Percent

San Diego County’s contracts for future construction rose 16 percent from the year-earlier period in the first 11 months of 2014, topping $3.48 billion, according to the latest figures from Dodge Data & Analytics, formerly known as McGraw-Hill Construction.

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Frito-Lay Distribution Building Sold for $22.2 Million

BLT Kearny Mesa LLC of Oxnard has purchased a San Diego distribution building housing snack-food maker Frito-Lay North America Inc. for approximately $22.2 million, according to CoStar Group and public data.

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Encinitas Motel Property Sold for $5.1 Million

Locally based Encinitas Hospitality LLC has purchased The Ocean Inn, a 52-room motel in Encinitas, for $5.1 million, according to CoStar Group and public data.

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Target Promises No Starbucks at Upcoming South Park Store

Responding to concerns among residents about aesthetics and potential harm to local businesses, Target Corp. officials said the retailer’s upcoming TargetExpress store in San Diego’s South Park neighborhood will not have a Starbucks Coffee café or kiosk.

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Terramar Buys Safeway Retail Center Assets for $830 Million

Carlsbad-headquartered Terramar Retail Centers LLC has purchased the shopping center assets of Property Development Centers LLC, a division of Safeway Inc., for approximately $830 million.

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Bay Park Apartment Property Sold for $2.36 Million

Petropoulos Living Trust of Danville, Calif., has acquired the 11-unit Bay View Apartments, in San Diego’s Bay Park neighborhood, for $2.36 million, according to brokerage company Marcus & Millichap Inc., which represented the buyer and seller.

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UTC Medical Office Complex Sells for $72 Million

Polidev Investments Inc. of San Francisco has purchased Genesee Plaza, a two-building medical office complex in San Diego’s University Towne Center neighborhood, for approximately $72 million, according to CoStar Group and public data.

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25 Local Supermarkets Among 146 Being Acquired by Haggen

Pacific Northwest grocery chain Haggen Inc. is acquiring 146 stores in five states, including 25 in San Diego County, as part of a government-required divestment brought about by the pending merger of Safeway and Albertsons, announced earlier this year.

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Travelodge Hotel in Mission Valley Sells for $9 Million

An 83-room Travelodge hotel in Mission Valley has been sold for approximately $9 million, according to brokerage company Marcus & Millichap Inc., which represented the buyer.

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Goodwill Industries Buys Chula Vista Retail Buildings for $3.1 Million

Goodwill Industries of San Diego has purchased three Chula Vista retail buildings for approximately $3.1 million, according to CoStar Group and public data.

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San Ysidro Retail Center Sold for $2.85 Million

Southbay Investment Co. LLC of San Diego has purchased a San Ysidro retail center for approximately $2.85 million, according to brokerage company Duhs Commercial Inc., which handled the transaction.

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25 Local Supermarkets Are Among 146 Being Acquired by Haggen

Pacific Northwest grocery chain Haggen Inc. is acquiring 146 stores in five states, including 25 in San Diego County, as part of a government-required divestment brought about by the pending merger of Safeway and Albertsons, announced earlier this year.

Carlsbad Approves Lease for Grand Pacific’s Expansion Plans

After more than a year of discussion and debate, the city of Carlsbad has a plan in place to convert a small piece of city-owned land into an expansion site for a hotel owned and operated by locally based Grand Pacific Resorts.

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Travelodge in Mission Valley Sells for $9 Million

An 83-room Travelodge hotel in Mission Valley has been sold for approximately $9 million, according to brokerage company Marcus & Millichap Inc., which represented the buyer.

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Goodwill Industries Purchases Chula Vista Retail Buildings for $3.1 Million

Goodwill Industries of San Diego has purchased three Chula Vista retail buildings for approximately $3.1 million, according to CoStar Group and public data.

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San Ysidro Retail Center Is Sold for $2.85M

Southbay Investment Co. LLC of San Diego has purchased a San Ysidro retail center for approximately $2.85 million, according to brokerage company Duhs Commercial Inc., which handled the transaction.

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SeaWorld Says Cost-Cutting Won’t Affect Plans for Orca Facility

TOURISM: Local Park To Nearly Double the Size Of Killer Whale Attraction

Plans to significantly expand the killer whale attractions at SeaWorld San Diego apparently remain on track, despite a $50-million cost-reduction plan recently announced by its parent company that already has resulted in the pending layoffs of 108 employees of the Mission Bay marine park.

Real Estate Center Changes With Industry

people: New Leader Sees Real-World Experience as Key

The incoming executive director of the Burnham-Moores Center for Real Estate, at the University of San Diego, is aiming to prepare students for the cross-training now required to represent increasingly sophisticated clients, especially in the competitive realm of commercial real estate.

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Hines Buys Carlsbad Building Housing Acushnet for $23.3 Million

An affiliate of Houston-based Hines has purchased the Carlsbad industrial building housing golf products maker Acushnet Co. for approximately $23.3 million, according to brokerage company Cassidy Turley, which represented the seller.

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Imperial Beach Site of Planned Hotel Acquired for $5.5 Million

Imperial Beach Resort LLC has purchased an Imperial Beach parcel for $5.5 million, with plans to develop a 79-room boutique hotel, according to brokerage company Lee & Associates, which handled the transaction.

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San Diego Apartment Property Sells for $2.74 Million

A 24-unit apartment property in San Diego’s Lincoln Park subdivision has been sold for approximately $2.74 million, according to brokerage company Marcus & Millichap Inc., which represented the buyer and seller.

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Red O Restaurant to Replace Donovan’s at UTC Office Campus

Red O, an upscale restaurant with Mexican-style cuisine led by celebrity chef Rick Bayless, plans a 2016 opening at Irvine Co.’s The Plaza office campus in University Towne Center.