San Diego Business Journal

Retail in Balancing Act With Malls and Mobile

RETAIL: Properties Use Fun, Budget Buys to Draw Crowd

Retailers and shopping center operators are making major changes to their business strategies as online and mobile commerce take an increasingly big bite out of traditional store sales.

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Harrah’s Resort Names Pilant to Succeed Beronio as GM

Harrah’s Resort Southern California in Valley Center has appointed Darrell Pilant to be its next general manager. Pilant will succeed Janet Beronio, who is retiring later this month after serving as senior vice president and general manager since 2003.

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San Diego Office Building Sold for $6.4 Million

Investor Charlie Jadallah of San Francisco has purchased an office property in San Diego’s Rose Canyon submarket for $6.4 million, according to brokerage firm Marcus & Millichap.

Workforce Partnership Gets $400,000 Grant for Retail Worker Training

The San Diego Workforce Partnership has been selected to receive a $400,000 grant from the Chicago Cook Workforce Partnership, as part of a nationwide effort to increase economic mobility for workers in retail and related sectors.

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Self-Storage Facility in Spring Valley Sold for $9 Million

San Diego investor Dan Floit has acquired a 500-unit self-storage property in Spring Valley for $9 million, according to brokerage firm Apartment Consultants Inc., also known as ACI.

Chula Vista Bank Building Sells for $2.4 Million

A Chinese buyer operating with a California limited liability company has acquired a Chula Vista building housing a California Bank & Trust branch for approximately $2.4 million, according to brokerage firm Pacific Coast Commercial.

San Diego Tourism Authority, Hotel-Motel Association Oppose Measures C, D

The San Diego Tourism Authority and the San Diego County Hotel-Motel Association have issued a joint statement opposing both November ballot measures that call for hikes in the city’s hotel taxes.

Port District Staff Selects OliverMcMillan Plan for Harbor Island Redevelopment

San Diego port district staff have recommended a proposal by locally based OliverMcMillan Inc. to develop hotels, recreational canals and other elements on 57 waterfront acres at Harbor Island. Port commissioners are scheduled to review the recommendation at their Sept. 8 meeting.

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Retail-Office Property in Hillcrest Sold for $10 Million

Locally based San Diego Income Properties has purchased a retail and office property in Hillcrest for $10 million, according to brokerage firm Marcus & Millichap.

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North Park Mixed-Use Buildings Sold for $2.1 Million

A San Diego buyer recorded as Gooville LLC has acquired a mixed-use office and residential property in North Park for $2.1 million, according to brokerage firm Colliers International Group Inc.

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Chula Vista Industrial Building Sells for $2.2M

AnaLou LLC of San Diego has acquired a Chula Vista industrial property for $2.2 million, according to brokerage firm Pacific Coast Commercial.

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Escondido Gas Station Property Sold for $2 Million

ASAP Investments of Escondido has purchased a retail gas station property formerly occupied by Valero for $2 million, according to brokerage firm Lee & Associates.

Tourism Authority, Hotel-Motel Association Oppose Measures C, D

The San Diego Tourism Authority and the San Diego County Hotel-Motel Association have issued a joint statement opposing both November ballot measures that call for hikes in the city’s hotel taxes.

Port Staff Selects OliverMcMillan Plan for Harbor Island Redevelopment

San Diego port district staff have recommended a proposal by locally based OliverMcMillan Inc. to develop hotels, recreational canals and other elements on 57 waterfront acres at Harbor Island. Port commissioners are scheduled to review the recommendation at their Sept. 8 meeting.

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Gas Station Property Sells for $2 Million

ASAP Investments of Escondido has purchased a retail gas station property formerly occupied by Valero for $2 million, according to brokerage firm Lee & Associates.

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North Park Residential, Office Buildings Sold for $2.1 Million

A San Diego buyer recorded as Gooville LLC has acquired a mixed-use office and residential property in North Park for $2.1 million, according to brokerage firm Colliers International Group Inc.

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Chula Vista Industrial Building Sells for $2.2 Million

AnaLou LLC of San Diego has acquired a Chula Vista industrial property for $2.2 million, according to brokerage firm Pacific Coast Commercial.

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Hillcrest Retail-Office Property Sold for $10 Million

Locally based San Diego Income Properties has purchased a retail and office property in Hillcrest for $10 million, according to brokerage firm Marcus & Millichap.

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Stone Brewing Taps Engels as New CEO

Escondido’s Stone Brewing Co. has named Dominic Engels as its new chief executive officer, effective Sept. 6, as current CEO and co-founder Greg Koch is promoted to a previously announced role as executive chairman.

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Jerome’s Furniture Names Woods as New CEO

San Diego-headquartered retailer Jerome’s Furniture has hired Brian Woods as its new chief executive officer, effective Sept. 7. Woods succeeds Lee Goodman, who recently announced plans to step down after more than a decade with the company.

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Carlsbad Building Housing ViaSat Sells for $13 Million

Investor Testa Family LP II, based in Huntington Beach, has acquired a Carlsbad office building fully occupied by ViaSat Inc. for $13 million, according to brokerage firm Marcus & Millichap.

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Rental Condo Property in National City Sold for $15.8 Million

An Irvine buyer recorded as 12th Street Apartments LLC has purchased the 61-unit Centro Condominiums rental property in National City for $15.8 million, according to brokerage firm Berkadia.

Court Dismisses Lawsuit over Tourism Marketing District Fee

The Superior Court of California has issued a tentative ruling dismissing a lawsuit filed over a hotelier-approved assessment on hotel room bills, which funds operations of the San Diego Tourism Marketing District.

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Professor Sees Big Role of Real Estate in Most Business Sectors

EDUCATION: New SDSU McMillin Center Director to Expand Interest, Diversity

After nearly three decades involved with the subject as an educator and researcher, Elaine Worzala finds it hard to fathom why many business career tracks don’t require at least some training in the realm of real estate.

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Driverless Cars’ Off-Road Impact Will Be Big

Major business players in the automotive sector are now placing multimillion-dollar bets on a future where self-driving cars take people wherever they want to go.

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Developer Begins Work on $25M Chula Vista Apartment Project

Los Angeles-based LaTerra Development LLC has started construction on Stone Creek Casitas, a $25 million project in Chula Vista that will have 97 garden-style apartments.

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Maritime Museum Debuting Tours of San Salvador Replica

A $6.2 million replica of the ship that first brought explorer Juan Rodriguez Cabrillo to local shores in 1542 is scheduled to make its public debut for tours Sept. 3-5 at the Maritime Museum of San Diego.

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Miramar Industrial Building Sells for $3.94 Million

A San Diego buyer recorded as RM-Use LLC has acquired a Miramar industrial building for approximately $3.94 million, according to CoStar Group and public data.

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Oceanside Retail Center Sold for $23.2 Million

Illinois-based InvenTrust Properties Corp. has acquired the Old Grove Marketplace retail center in Oceanside for approximately $23.2 million, the company announced.

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San Diego Firm Buys Santa Rosa Apartments for $43 Million

San Diego-based Davlyn Investments Inc. has purchased a 138-unit apartment community in Santa Rosa for $43 million, the company announced.

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Escondido Office Building Sells for $6.9 Million

Torrance-based Showprop Pico Rivera LLC has acquired a 25,380-square-foot office building in Escondido for $6.9 million, according to the seller, San Diego-based SENTRE Inc.

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Grocer Smart & Final Opening Third Chula Vista Store

Commerce-based discount grocer Smart & Final plans an Aug. 31 opening for a new Chula Vista store at 40 N. Fourth Ave, Unit D. It will be the company’s third store in Chula Vista and its 27th in San Diego County.

Report Calls for Enhanced ‘Placemaking’ in San Diego

The city of San Diego can do more to meet community and business goals by creating a sense of place in its individual neighborhoods, according to a new report by the regional nonprofit Circulate San Diego.

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Lakeside Apartment Property Sold for $3.3 Million

San Diego investor Roger Carr has acquired a 20-unit apartment complex in Lakeside for $3.3 million, according to brokerage firm Apartment Consultants Inc., also known as ACI.

Report Calls for Enhanced ‘Placemaking’ in S.D.

The city of San Diego can do more to meet community and business goals by creating a sense of place in its individual neighborhoods, according to a new report by the regional nonprofit Circulate San Diego.

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Grocer Smart & Final Is Opening Third Chula Vista Store

Commerce-based discount grocer Smart & Final plans an Aug. 31 opening for a new Chula Vista store at 40 N. Fourth Ave, Unit D. It will be the company’s third store in Chula Vista and its 27th in San Diego County.

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Lakeside Apartment Property Sold for $3.3M

San Diego investor Roger Carr has acquired a 20-unit apartment complex in Lakeside for $3.3 million, according to brokerage firm Apartment Consultants Inc., also known as ACI.

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Wave of Renovations and Redevelopments Hits the Village

Whatever you call it, the Village of La Jolla — aka Downtown La Jolla, aka La Jolla Cove — has been on a tear for the past two years when it comes to commercial real estate.

JLL Report: San Diego Life Science Leasing Remains Strong

Tenant demand for life science real estate in San Diego remains robust so far in 2016, even as leasing activity has declined from levels seen in the first half of 2015, according to a new report from brokerage firm JLL.

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County Construction Starts Rose 5% in in First 7 Months of 2016

San Diego County’s construction starts increased five percent from a year ago in the first seven months of 2016, with projects totaling more than $2.17 billion in value, according to the latest monthly figures from research firm Dodge Data & Analytics.

Carlsbad Hilton Garden Inn Gets New Management

Atlanta-based Davidson Hotels & Resorts was recently named manager of the 161-room Hilton Garden Inn Carlsbad Beach, at 6450 Carlsbad Blvd.

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Local Retail Market Stays Safely Insulated

PROPERTY: Online Buying, Closures Don’t Dent Market

Just two years after Brixton Capital acquired a vacated former Target store site in Chula Vista, four major retailers will soon be sprouting up to take its place.

Chargers’ Consultants Tout Benefits of Downtown ‘Convadium’

Consultants for the San Diego Chargers touted “significant positive impact” from a proposed $1.8 downtown stadium and convention facility, as the team unveiled final results of a 90-page consulting study that it commissioned.

Local Hotel Revenue Up 3.5 Percent in First Seven Months of 2016

San Diego County hotel revenue rose 3.5 percent from a year ago, topping $1.6 billion for the first seven months of 2016, even as occupancy dipped 0.4 percent to 78.4 percent, according to the latest monthly data from research firm STR.

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Land Brokerage Company Opens Office in San Diego

Irvine-based land brokerage firm Province West has established an office in San Diego, managed by Vice President Eric Weitz. The expansion follows a recently announced strategic alliance between Province West and Scottsdale, Ariz.-based Nathan & Associates Inc.

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New San Diego Retirement Community Planned after $18.5M Land Purchase

Carlsbad-based Continuing Life Communities has acquired a 53-acre land parcel in San Diego’s Scripps Ranch neighborhood for $18.5 million, with plans to develop a new continuing care retirement community.

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New Restaurants Joining Roster at Del Sur Retail Property

Locally based Waypoint Public, Board & Brew, and Piacere Mio are among four new restaurants joining the tenant lineup at Del Sur Town Center, a new retail property in northeastern San Diego’s Del Sur neighborhood.

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Sorrento Mesa Office Buildings Sold for $28 Million

New York-based Angelo, Gordon & Co. has acquired a two-building Sorrento Mesa office property for $28 million, according to brokerage firm JLL.

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Construction Begins on $57M Oceanside Townhome Development

San Diego-based Cornerstone Communities and Presidio Residential Capital recently began construction on Brisas at Pacific Ridge, consisting of 117 two-story triplex townhomes in Oceanside. A statement from developers said the for-sale project will have a retail value of more than $57 million at completion.

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Developers Find Opportunities in Golf Course Properties

PROPERTY: Prime Land Draws Interest; Sport Facing Challenges

Ever-changing business realities for the nation’s 14,000 golf course properties continue to be reflected in San Diego County, in the form of several recent sales, near-sales, closings and pending redevelopments.

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