San Diego Business Journal

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Pacific Beach Mixed-Use Property Sold for $2.57 Million

Abeles Family Trust has acquired a mixed-use retail and office property in Pacific Beach for approximately $2.57 million, according to brokerage company The Franco Realty Group, which represented the seller.

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Realty Income Initiates $276.7 Million Stock Offering

Realty Income Corp. has initiated a public offering of common stock, with expected net proceeds of approximately $276.7 million.

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Trigild Adds 3 SoCal properties to Management Portfolio

San Diego-based real estate services provider Trigild has taken over management of three Southern California commercial properties valued at over $130 million and totaling nearly 700,000 square feet, including two in San Diego.

Newland Partners to Acquire Housing Projects in Colorado, Texas

San Diego-based housing developer Newland Communities and North America Sekisui House LLC have acquired land assets in four master-planned communities in Denver, Dallas and Austin, Texas, for an undisclosed price.

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Sorrento Mesa Office Campus Sells for $85.5 Million

A real estate affiliate of Dallas-based Invesco Advisors Inc. and San Diego-based developer Cruzan have acquired a two-building office campus in Sorrento Mesa for $85.5 million, according to CoStar Group and public data.

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Grocer Fresh & Easy Closing Four Local Stores

Four San Diego County stores are among 50 in three states being closed soon by Fresh & Easy Neighborhood Market, as the struggling small-format grocery chain continues to make changes to its business model.

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Investment Firm Westcore Properties Names Bateman Its COO

San Diego-based commercial real estate investment firm Westcore Properties has named Matthew Bateman as its new chief operating officer.

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Sorrento Mesa Campus Sells for $85.5 Million

A real estate affiliate of Dallas-based Invesco Advisors Inc. and San Diego-based developer Cruzan have acquired a two-building office campus in Sorrento Mesa for $85.5 million, according to CoStar Group and public data.

Construction Set for This Month on 37-Story Ballpark Village

Another East Village apartment project will soon join the hubbub of earth-movers and cranes now reshaping the downtown San Diego landscape.

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Investment Firm Westcore Properties Names New COO

San Diego-based commercial real estate investment firm Westcore Properties has named Matthew Bateman as its new chief operating officer.

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Manchester Sells Majority Stake in Grand Del Mar

TOURISM: The 88% Share Being Bought Is Valued at $230 Million

Private equity firm Blum Capital and the parent of Fairmont Hotels & Resorts are acquiring a majority stake in Carmel Valley’s Grand Del Mar resort for a reported $230 million.

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Liberty Station Keeps Recruiting

PROPERTY: Synergy Seen In Growing Tenant Ranks

Nearly 20 years after it was shuttered by the military, the conversion of the former Naval Training Center in Point Loma into a vibrant commercial and cultural attraction appears to be shifting into high gear.

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Fresh & Easy Closing Four Local Stores

Four San Diego County stores are among 50 in three states being closed soon by Fresh & Easy Neighborhood Market, as the struggling small-format grocery chain continues to make changes to its business model.

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Miramar Industrial Building Sold for $4.3 Million

Kenamar Group LLC has purchased a Miramar industrial building for approximately $4.3 million, according to Colliers International, which represented the seller.

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Four Local Craft Brewers Among Nation’s 50 Largest

Four San Diego County-based companies, led by Escondido’s Stone Brewing Co., made this year’s annual ranking of the top 50 U.S. craft beer makers based on 2014 sales volume, published by the Colorado-based Brewers Association.

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Councilman Proposes Mixed-Use Project For New Stadium

San Diego City Councilman Scott Sherman has proposed a mixed-use redevelopment of the current Qualcomm Stadium site in Mission Valley that would include a new stadium for the San Diego Chargers, using various potential combinations of mostly private dollars to finance the $1.2 billion project.

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Colliers International Hires La Dow to Head San Diego Operations

Commercial real estate services company Colliers International has named Andy La Dow as its new regional managing director for San Diego County operations, overseeing 100 real estate professionals at offices in San Diego and Carlsbad.

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Local Firm Acquires 768-unit Anaheim Apartment Property

A partnership that includes Boston-based Intercontinental Real Estate Corp. and San Diego-headquartered MG Properties Group has acquired the 768-unit Madison Park Apartments in Anaheim for an undisclosed price.

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Little Italy Parcel Sells for $2 Million

San Diego-based developer H.G. Fenton Co. has purchased a 10,000-square-foot lot in downtown’s Little Italy for $2 million, according to real estate services firm ACI Commercial, which represented the sellers.

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Pacific Beach Retail Properties Sold for $4.6 Million

Dayani Partners has purchased a portfolio of Pacific Beach retail buildings for $4.6 million, according to Voit Real Estate Services, which handled the transaction.

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Developer Completes $13 Million Renovation of Escondido Apartments

Affirmed Housing Group of San Diego has completed a $13 million renovation of Sonoma Court Apartments, a 61-unit affordable housing community in Escondido.

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Carlsbad Office Park Acquired for $16.4 Million

Davlyn Investments Inc. of San Diego has purchased the two-building Paseo Summit office property in Carlsbad for approximately $16.4 million, the company announced.

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Coronado Office Property Sold for $19.7 Million

Island Terraces LP of Los Angeles has purchased Island Terraces, an office property in Coronado, for approximately $19.7 million, according to CoStar Group and public data.

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Realty Income Joining S&P 500 Index

Realty Income Corp. will be added to the S&P 500 index after the close of trading on April 6, the Escondido-based company announced.

Opponents of One Paseo Project Submit Signatures for Possible Referendum

The San Diego County Registrar of Voters is reviewing more than 60,000 signatures submitted by opponents of the mixed-used One Paseo project in Carmel Valley, aimed at rescinding San Diego City Council’s recent approval or placing the measure on a future election ballot.

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Manchester Sells Majority Stake in Grand Del Mar Resort

Private equity firm Blum Capital and the parent of Fairmont Hotels & Resorts are acquiring a majority stake in Carmel Valley’s Grand Del Mar resort for a reported $230 million.

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La Mesa Apartment Property Sells for $2.8 Million

Joehnk LLC of La Jolla has purchased the 14-unit Chateau Shasta apartment building in La Mesa for $2.8 million, according to ACRE Investment Real Estate Services, which represented the seller.

The Good News Keeps Arriving for the Local Hotel Industry

TRAVEL: Millennials’ Tastes, ‘Airbnb’ Options Are Sector’s Challenges

San Diego County’s hotel industry is on track to see another stellar year in 2015, and likely into 2016, said experts at a recent Lodging Industry Forecast forum in Carmel Valley.

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Texas Company Taking the Reins at Catalina Restaurant Group

DINING: Carrows, Coco’s Face Challenge From the Limited-Service Eateries

Catalina Restaurant Group Inc. is about to undergo the latest in what has become a series of corporate turnovers for the Carlsbad company’s flagship brands over the past two decades.

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Betting on Blue

RESOURCES: Leaders Push Blue-Tech Plans as Region’s Next Cluster

A proposal to create a regional “blue-tech” incubator with a related “center of excellence” that would support early-stage companies, cutting-edge research and development of water-oriented technologies has won the backing of city and council officials.

One Paseo Project Opponents Submit Signatures for Possible Referendum

The San Diego County Registrar of Voters is reviewing more than 60,000 signatures submitted by opponents of the mixed-used One Paseo project in Carmel Valley, aimed at rescinding San Diego City Council’s recent approval or placing the measure on a future election ballot.

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La Mesa Apartment Property Sells for $2.8M

Joehnk LLC of La Jolla has purchased the 14-unit Chateau Shasta apartment building in La Mesa for $2.8 million, according to ACRE Investment Real Estate Services, which represented the seller.

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Manchester Selling Majority Stake in Grand Del Mar Resort

Private equity firm Blum Capital and the parent of Fairmont Hotels & Resorts are acquiring a majority stake in Carmel Valley’s Grand Del Mar resort for a reported $230 million.

City, County Teaming to Explore Regional Stadium Options

San Diego city and county government leaders have announced plans to work collaboratively, including sharing consultant costs, in order to devise a new regional stadium plan to retain the San Diego Chargers.

Ramona Getting State’s First Drive-through Dunkin’-Baskin Eatery

Massachusetts-based Dunkin’ Brands Group Inc. has an April 7 opening planned for its new restaurant in Ramona, which officials said will be California’s first drive-through location selling Dunkin’ Donuts and Baskin-Robbins ice cream.

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San Diego Apartments Get $22.8 Million Renovation

National affordable housing developer Vitus Group Inc. has completed a $22.8 million renovation of the 448-unit Meadowbrook Apartments, in San Diego’s Skyline neighborhood.

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Poway Industrial Building Sold for $3.15 Million

Lloyd H. Wells Gift Trust of Poway has acquired a Poway industrial building for approximately $3.15 million, according to CoStar Group and public data.

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Movie Theaters, Events Space Planned at Liberty Station

La Jolla-based Backlot Hospitality plans to open a new events space with six movie theaters at the former Luce Auditorium, at Liberty Station in Point Loma.

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San Marcos Resort Gets New Eatery, Revamped Golf Course

Locally based hospitality property operator Eat.Drink.Sleep plans a March 26 opening for its new restaurant and renovated golf course at Lakehouse Hotel & Resort in San Marcos.

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Chula Vista Shopping Center Sells for $18.5 Million

Affiliates of Anaheim-based Milan Capital Management have purchased a five-building retail center in Chula Vista for $18.5 million, according to CoStar Group and public data.

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Johnny Rockets Restaurant Coming to Boomers in Vista

A new location of the Johnny Rockets hamburger restaurant is set to open this spring at the Vista location of Boomers family entertainment center, according to center operator Palace Entertainment.

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Carlsbad Firm Opens New Senior Apartments in Mission Valley

Chelsea Investment Corp. of Carlsbad has completed and opened Versa at Civita, a $27.7 million, 150-unit apartment complex featuring affordable apartments for seniors 55 and older in Mission Valley.

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Carlsbad Office Building Sold for $4.26 Million

Investor Andrew Lisowski has acquired the Carlsbad Corporate Center office property in Carlsbad for approximately $4.26 million, according to brokerage company Marcus & Millichap Inc., which represented the seller.

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Financing Completed for $79.3 Million Downtown Apartment Project

Wakeland Housing and Development Corp of San Diego has closed on financing for its planned $79.3 million Atmosphere affordable housing project in downtown San Diego, according to U.S. Bank.

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SeaWorld Entertainment Names Manby as its New CEO, President

SeaWorld Entertainment Inc., parent company of SeaWorld San Diego and the Aquatica water park in Chula Vista, has named Joel Manby as its new president and CEO, effective April 7.

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San Diego Apartment Properties Sold for $12.7 Million

An affiliate of Newport Beach-based WLA Investments Inc. has purchased a three-property portfolio of San Diego apartment properties for approximately $12.7 million, according to CoStar Group and public data.

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Report: Apartment Industry Has $11.9 Billion Local Impact

The San Diego metro area’s apartment industry had an $11.9 billion economic impact in 2013, including supporting more than 111,000 jobs, according to a recent report by two industry advocacy groups.

Why Mission Valley Stadium Site Looks Better 12 Years Later

DEVELOPMENT: Politics Might Align With Nearby Projects

Two members of the Citizens’ Stadium Advisory Group, each of whom is an expert on land-use or construction matters, say they’re confident that Mission Valley will be the place that ultimately keeps the San Diego Chargers in town if the financing is right.

State Supreme Court to Review SANDAG Case

LAW: Appellate Ruling Said to Have Left Some Unresolved Questions

The California Supreme Court has agreed to review an appellate court’s decision calling on the San Diego Association of Governments (SANDAG) to make long-term transportation plans better comply with revised state pollution-reduction goals.

Legislation Would Cut Civic S.D. Power

LAW: Some Call for More Localized Input on Projects

Legislation proposed by California Assemblywoman Lorena Gonzalez (D-San Diego) would effectively strip the nonprofit Civic San Diego of its current role as final arbiter on downtown development projects.

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