San Diego Business Journal

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Jerome’s Sets Own Pace For Expansion, Change

RETAIL: Progress Driven By Steady Deliberate Decisions

As it continues to expand — recently opening its 12th Southern California store in Orange County — the family-run, San Diego-based Jerome’s Furniture is now also handling a significant transition in leadership.

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Property Owner Alexandria Completing $353M in Building Projects at UTC

Life science property owner Alexandria Real Estate Equities Inc. is nearing completion on more than $353 million in acquisition and development projects for tenants at University Towne Center.

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Tipping The Pay Scale

VOTE: Poll Results Change Playing Field for Businesses; Attention Turns to November

San Diego city voters on June 7 clearly favored a minimum wage increase that was vehemently opposed by much of the local business community.

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Germany’s Condor Airlines to Offer Local Flights to Frankfurt in 2017

Germany-based Condor Airlines will begin new seasonal non-stop service between San Diego and Frankfurt on May 1, 2017, according to a statement from San Diego International Airport.

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Meal Delivery Firm Munchery Launches Service in San Diego

San Francisco-based Munchery recently began same-day meal preparation and delivery services in the San Diego market, the company announced.

Talks Underway on Possible Comic-Con Museum at Hall of Champions

Officials of the San Diego Hall of Champions and Comic-Con International announced June 8 that they are in talks on the possible leasing of space at the Balboa Park venue for a Comic-Con museum.

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Vista Retail Building Sold for $3.75 Million

A San Diego buyer listed as Life-Safer Inc. has acquired a Vista retail building for $3.75 million, according to CoStar Group and public data.

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San Diego Apartment Property Sold for $4.9 Million

A National City entity recorded as 2525 Highland Avenue has acquired a 37-unit apartment property in San Diego’s Rolando neighborhood for $4.9 million, according to CoStar Group and public data.

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Lemon Grove Properties Sell for $9 Million

Greg Miller Family Holdings LP of Sandy, Utah, has purchased a Lemon Grove office building and nearby land parcel for $9 million, according to CoStar Group and public data.

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Sorrento Mesa Industrial Buildings Sold for $12 Million

Berdan Holdings LLC of Santa Monica has acquired a two-building industrial portfolio in Sorrento Mesa for $12 million, according to CoStar Group and public data.

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Encinitas Office Property Sells for $2.25 Million

Kopion Inc. of Encinitas has purchased an office property in that city for $2.25 million, according to CoStar Group and public data.

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Lilac Hills Supporters Submit Signatures for November Ballot Bid

Supporters of the 1,700-home Lilac Hills Ranch development have submitted approximately 110,000 signatures in a bid to have the North County project placed on the November ballot.

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Apartments Underway at Rancho Santa Fe Mixed-Use Project

Del Mar-based Davidson Builders was recently selected as the general contractor to build 54 luxury apartments at Palma de la Reina, a $40 million mixed-use complex being developed in Rancho Santa Fe by Newport Pacific Inc.

Local Hotel Revenue Rose 3 Percent in First Four Months of 2016

San Diego County hotels saw total revenue rise 3 percent from the year-ago period for the first four months of 2016, topping $812.3 million, according to the latest monthly data from research firm STR.

Local Hotel Revenue Rose 3% in First Four Months of 2016

San Diego County hotels saw total revenue rise 3 percent from the year-ago period for the first four months of 2016, topping $812.3 million, according to the latest monthly data from research firm STR.

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Apartments Are Underway at Rancho Santa Fe Mixed-use Project

Del Mar-based Davidson Builders was recently selected as the general contractor to build 54 luxury apartments at Palma de la Reina, a $40 million mixed-use complex being developed in Rancho Santa Fe by Newport Pacific Inc.

Construction Industry Groups Differ on Chargers’ Stadium Proposal

Two local construction industry organizations have announced conflicting stands on a proposal by the San Diego Chargers to build a $1.8 billion downtown stadium with convention facilities.

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Developers Plan 282-Unit Tower on California Theatre’s Space

The San Diego City Council this summer is expected to review plans for a $125 million downtown project that would replace the decrepit former home of the California Theatre with a 282-unit residential tower called Overture.

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Expansion Plans Run Into Space Limitations

PROPERTY: Retail Gathering Highlights Diverse Interests in Region

When it comes to U.S. retail expansion, discounts and caffeine rule. And there’s no longer a one-size-fits-all “box” — big or small, online or offline — when it comes to retailers and restaurant chains looking to expand at a time when good locations are tough to find, especially in places such as San Diego County.

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Pro-Growth Plans

PROPERTY: Discount Retailers and Eateries Look to Add Locations

Seven years after the official end of the Great Recession, there’s still a distinct discount-minded focus among nationwide retail and restaurant chains looking to expand their footprint in the coming year.

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Vista Industrial Park Sold for $7.5 Million

A Santa Barbara private investor recorded as La Mirada Drive LLC has acquired a three-building industrial business park in Vista for $7.5 million, according to brokerage firm Lee & Associates.

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Industrial Property in Oceanside Sells for $3.5 Million

Coastal Investment 2 LLC of Santa Barbara has purchased an Oceanside industrial building for $3.5 million, according to brokerage firm Lee & Associates.

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Home2 Suites Hotel Planned for Site Near Carlsbad Airport

Carlsbad city planners are recommending approval of a new 142-room Home2 Suites by Hilton hotel, proposed for a site near McClellan-Palomar Airport.

Local Construction Starts Down 23 Percent in First 4 Months of 2016

The value of San Diego County’s construction starts declined 23 percent from the year-ago period in the first four months of 2016, totaling just over $831.8 million, according to the latest monthly figures from Dodge Data & Analytics.

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San Marcos Industrial Building Sold for $3.5 Million

Cross Development of Carrollton, Texas, has acquired a San Marcos industrial building for approximately $3.5 million, according to brokerage firm Lee & Associates. The property will be occupied by Caliber Collision, a nationwide provider of collision repair services.

San Diego International Airport Traffic Rose 1.8 Percent in April

San Diego International Airport saw total passenger traffic rise 1.8 percent in April from the same month a year ago, to nearly 1.7 million, according to the latest monthly numbers from the San Diego County Regional Airport Authority.

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Ballast Point Brewing & Spirits Investing $47.8 Million in Virginia Brewing Operations

San Diego’s Ballast Point Brewing & Spirits will invest $47.8 million to establish East Coast brewing operations in suburban Roanoke, Va., the Virginia governor’s office announced.

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UC Regents Buy Torrey Pines Office Campus for $134.1 Million

The Oakland-based Regents of the University of California, which oversees the statewide public university system that includes UC San Diego, has acquired a five-building office campus at Torrey Pines for approximately $134.1 million, according to CoStar Group and public data.

SeaWorld San Diego Is Only Major Park to See Attendance Decline

SeaWorld San Diego placed 14th among North American theme parks in 2015, but was the only venue among the top 20 to see attendance drop in 2015, according to the latest annual visitor report from the Themed Entertainment Association and consulting firm AECOM.

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Office Project Planned After $2.9 Million Land Buy in Carlsbad

Burke Real Estate Group of Costa Mesa has purchased a 3.1-acre land parcel in Carlsbad for $2.9 million, with plans to develop a two-story creative office building, according to brokerage firm CBRE Group Inc.

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Ballast Point Brewing Investing $47.8M in Virginia Brewing Operations

San Diego’s Ballast Point Brewing & Spirits will invest $47.8 million to establish East Coast brewing operations in suburban Roanoke, Va., the Virginia governor’s office announced.

SeaWorld San Diego Only Major Park to See Attendance Decline

SeaWorld San Diego placed 14th among North American theme parks in 2015, but was the only venue among the top 20 to see attendance drop in 2015, according to the latest annual visitor report from the Themed Entertainment Association and consulting firm AECOM.

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University of California Regents Buy Torrey Pines Office Campus for $134.1 Million

The Oakland-based Regents of the University of California, which oversees the statewide public university system that includes UC San Diego, has acquired a five-building office campus at Torrey Pines for approximately $134.1 million, according to CoStar Group and public data.

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Office Project Planned After $2.9M Land Buy in Carlsbad

Burke Real Estate Group of Costa Mesa has purchased a 3.1-acre land parcel in Carlsbad for $2.9 million, with plans to develop a two-story creative office building, according to brokerage firm CBRE Group Inc.

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Irvine Co. Opens New UTC Office Building, with Another Underway

Irvine Company’s office property division has opened its new three-story Eastgate Summit at University Towne Center, and has construction underway on a nearby building called Eastgate Terrace. The projects represent a total investment of more than $50 million by the Newport Beach-based company.

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Apartments Planned Following $6.1M Purchase of San Diego Hotel

Fowler Property Acquisitions LLC of Newport Beach has acquired Hotel Metro, in downtown San Diego’s East Village, for $6.1 million. Plans call for redeveloping the property into market-rate studio apartments, according to brokerage firm CBRE Group Inc.

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Meeting the Demand Keeps Rents High at Medical Offices

PROPERTY: Offices Under Construction Are Already Leased

Rising demand for care services, along with limited new construction in high-demand submarkets, continue to make San Diego County a friendly place for owners of medical office buildings.

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Team Effort May Not Materialize for Boycott

SPORT: Convadium Backers’ Game Plan Is to Rally Fans

Organizers of a boycott targeting three San Diego hotel companies acknowledge they face an uphill task turning football fan sentiment into tangible business and political clout in upcoming ballot campaigns focused on the potential development of a hybrid $1.8 billion stadium and convention facility that would be financed largely through hotel tax increases.

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Retail Projects Follow New Residential Sites

PROPERTY: Retail Rents Are High as Vacancies Are Low

A continued influx of tourists and new residents is expected to keep San Diego County retail space in tight supply as rents continue to rise this year at the most coveted locations, according to a newly released report by the brokerage firm Marcus & Millichap.

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Pacific Beach Apartment Property Sells for $2.39 Million

Santa Margarita Properties I LLC, operating in San Diego and Laguna Hills, has purchased a six-unit apartment complex in Pacific Beach for approximately $2.39 million, according to brokerage firm Apartment Consultants Inc. (ACI).

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Miramar Office Buildings Sold for $6.63 Million

A La Jolla buyer recorded as Tierra Grande 3B LLC has purchased three Miramar office buildings for a total of approximately $6.63 million, according to CoStar Group and public data.

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Construction Starts on $45M Mixed-use Project in East Village

The Richman Group of California Development Co. has started construction on F11, a $45 million mixed-use apartment project in downtown San Diego’s East Village.

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Third Local Gelson’s Store Debuting in Pacific Beach

Gelson’s Markets plans a May 26 opening for its store in northern Pacific Beach, which will be the third San Diego County location for the Encino-based specialty grocer.

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Smart & Final Fills Its Share Of Former Haggen Locations

Less than five months into 2016, the competitive slate of grocery stores now operating in San Diego County looks very different than it did at the end of 2015 — due largely to the quick departure of the Northwest supermarket chain Haggen Inc.

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Kearny Mesa Medical Office Building Sold for $4 Million

A buyer recorded as 2100 Fifth Avenue LLC of San Diego has acquired a Kearny Mesa medical office building for $4 million, according to brokerage firm JLL.

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Bankers Hill’s Status Is Being Elevated

PROPERTY: Projects, Plans And Demand Reshaping Area

In the Bankers Hill building where printing presses once churned out copies of the San Diego Daily Transcript, the property’s new owner, Michael Donovan, envisions a space where restaurant patrons will one day enjoy freshly brewed craft beer.

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La Mesa Office Building Sells for $3.5 Million

La Mesa Business Associates Real Estate General Partnership has acquired a multi-tenant office building in La Mesa for $3.5 million, according to brokerage firm SVN Asset Advisory Group.

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Convention Center’s New CEO Ready to Talk

TOURISM: Town-Hall Meetings to Address Expansion

Prospects for an expansion of the San Diego Convention Center — contiguous, noncontiguous or none of the above — are likely to remain among much-debated city priorities in an election year filled with heated talk over possible hotel tax hikes and a proposed downtown football stadium.

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Carlsbad Firm Buys Flagstaff Apartments for $58.7 Million

Carlsbad-based Red Rock Investment Management has acquired a two-building apartment portfolio in Flagstaff, Ariz., with a total of 419 units, for approximately $58.7 million, the company announced.

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Stone Brewing Expanding to Wine Country with Napa Tap Room, Brewery

Stone Brewing Co. plans to open a new beer tap room and pilot brewery in downtown Napa, marking the latest expansion beyond San Diego County for the Escondido-based company.

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