San Diego Business Journal

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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SeaWorld Entertainment Names Manby as its New President, CEO

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 $12.7M

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.

County Employees Retirement Association CEO Resigns

Brian White has tendered his resignation as CEO of the Board of Retirement of the San Diego County Employees Retirement Association, effective March 30, the organization announced. White has served as the association’s CEO for 18 years.

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Mission Beach’s Cannonball Restaurant Reopening After $3.5 Million Overhaul

San Diego-based hospitality management company Eat.Drink.Sleep plans an April 1 reopening of its Cannonball restaurant, following a $3.5 million renovation of the building at 3105 Ocean Front Walk in Mission Beach.

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San Diego Business Park Sells for $4 Million

Rio San Diego LLC has purchased the Mission Gorge Business Park industrial and office property in San Diego for approximately $4 million, according to brokerage firm ECP Commercial.

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Solana Beach Firm Buys 2 Nevada Hotels for $20 Million

Solstar Investments LLC of Solana Beach has acquired the 120-room Marriott SpringHill Suites and 108-room Marriott TownePlace Suites hotels in Henderson, Nev., for a total of $20 million, according to Nevada public records.

San Diego Firms Buy Arizona Hotels for $8.65 Million

Hospitality management and consulting firm R.A. Rauch & Associates Inc. and investment firm PacVentures Inc., both of San Diego, recently acquired two Arizona hotel properties for a total of $8.65 million, the companies announced.

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Carlsbad Firm Buys Two Local Retail Centers for $10.8 Million

Investment firm Capstone Advisors has purchased retail centers in San Diego and Poway in separate transactions for a total of $10.8 million, the Carlsbad-based company announced.

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Mission Valley Hilton Completes $12 Million Renovation

Operators recently completed a $12 million renovation of the Hilton San Diego Mission Valley hotel, with a new outdoor event deck and pool area expected to open this spring.

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Coco’s, Carrows Restaurant Operator Getting New Owner

Carlsbad-based Catalina Restaurant Group Inc., which operates 149 Coco’s Bakery and Carrows restaurants in three states, has been sold to an affiliate of Texas-headquartered Food Management Partners (FMP) for an undisclosed price.

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Grocer Haggen Opens First Local Store in Carlsbad

Washington-based grocer Haggen Inc. recently opened its first San Diego County store in Carlsbad’s La Costa neighborhood, the first of 25 local debuts planned through May at former Vons and Albertsons locations.

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La Mesa Townhomes Sold for $2.88 Million

Munther and Jawan Jarjes Gorial of San Diego recently acquired Helix Manor Townhomes, a 16-unit multifamily property in La Mesa, for approximately $2.88 million, according to brokerage company Colliers International.

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El Cajon Apartment Property Purchased for $4.96 Million

Vincent and Donna Ivicevic of San Diego recently acquired a 38-unit apartment property in El Cajon for $4.96 million, according to brokerage company Marcus & Millichap Inc., which represented the seller.

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.

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Poway Industrial Building Sells for $4.5 Million

An entity recorded as Kirkham Pacific LLC of San Diego has purchased a Poway industrial building for $4.5 million, according to CoStar Group and public data.

Ruling on SANDAG Transportation Plan to Get State Supreme Court Review

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.

Excel Trust Sells Arizona Office Property for $65 Million

San Diego-based Excel Trust Inc. has sold the two-building Promenade Corporate Center office property in Scottsdale, Ariz., for $65 million, according to Arizona public data.

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Apartments in Imperial Beach Purchased for $4.5 Million

IB Villas LLC of Del Mar has purchased the 33-unit Stuart Manor apartment property in Imperial Beach for $4.5 million, according to brokerage company Berkadia.

Kidder Mathews Acquires StepStone Real Estate

PROPERTY: Firm Expanding After Recent Entrance to S.D. Market

Commercial real estate services provider Kidder Mathews has acquired StepStone Real Estate Services, a San Diego-based asset and property management firm, for an undisclosed price.

North County Clusters Spur Property Demand

REAL ESTATE: Health Care, Other Sectors Seek Out Space

Growth in North County’s key “cluster” industries — including health care, biotech, clean-tech and sports-related lifestyle companies — is creating jobs, and also raising demand for commercial real estate space.

Crowdfunding Moves Into Real Estate

FINANCE: Commercial Sector Opens Up to Small Investments

Online crowdfunding has already made its mark in the financing of technology startups, movies and philanthropic giving, and early indications are that it could make its next big splash in the world of commercial real estate investment — led by sites such as Realty Mogul, CrowdStreet and Fundrise.

State Supreme Court to Review Ruling on SANDAG Transportation Plan

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.

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Imperial Beach Apartments Sold for $4.5 Million

IB Villas LLC of Del Mar has purchased the 33-unit Stuart Manor apartment property in Imperial Beach for $4.5 million, according to brokerage company Berkadia.

Excel Trust Sells Arizona Office Property for $65 Million

San Diego-based Excel Trust Inc. has sold the two-building Promenade Corporate Center office property in Scottsdale, Ariz., for $65 million, according to Arizona public data.

Task Force: Mission Valley Stadium Site Would Save $250 Million

Building a new San Diego Chargers stadium in Mission Valley rather than downtown will save roughly $250 million in project costs, leaders of a mayoral-appointed task force said at a March 12 news conference outside of Qualcomm Stadium.

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Escondido Multifamily Property Sells for $11 Million

A buyer recorded as HCP CIP II LLC of Irvine has purchased the 60-unit Heritage at Canyon Pointe Apartments in Escondido for $11 million, according to CoStar Group and public data.

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Little Italy Apartment Building Sells for $6.2 Million

Allen Properties Group 43 of Newport Beach has acquired a newly built, 18-unit apartment property in San Diego’s Little Italy neighborhood for $6.2 million, according to brokerage company Colliers International.

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Investment Firm ConAm Group Announces Executive Changes

Rob Singh has returned to The ConAm Group of Cos. to serve as president and chief investment officer, the San Diego-based real estate investment and development services company announced.

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Xpera Tapped to Manage Construction of Viejas Hotel Project

San Diego-based construction management consulting firm Xpera CM has been retained by the Viejas Band of Kumeyaay Indians to manage work on a second hotel tower currently underway at Viejas Casino in Alpine.

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La Jolla Medical Office Building Sold for $7 Million

Monarch La Jolla LLC has purchased a La Jolla medical office building for approximately $7 million, with plans to convert the property into an upscale assisted living facility, according to Voit Real Estate Services.

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El Cajon Apartments Sold for $5 Million

An entity recorded as Finest City Oil Corp. of La Mesa with trustee Najiba Kassab has acquired the 38-unit Marquis Apartments in El Cajon for approximately $5 million, according to CoStar Group and public data.

North County Economic Clusters Creating Jobs and Challenges

The North County region outpaced the rest of San Diego County and the nation when it came to the growth rate for high-paying, higher-skill jobs during the past five years.

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Phil’s BBQ Expanding to Rancho Bernardo By Year’s End

Phil’s BBQ plans to open its fourth free-standing restaurant by year’s end in Rancho Bernardo, occupying a building that previously housed Elephant Bar.

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Kidder Mathews Acquires StepStone Real Estate Services

Commercial real estate services provider Kidder Mathews has acquired StepStone Real Estate Services, a San Diego-based asset and property management firm, for an undisclosed price.

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Chula Vista Property Sells For $9.17 Million

Cova Management Inc. has purchased the 71-unit Burkhart Apartments in Chula Vista for approximately $9.17 million, according to brokerage company Marcus & Millichap Inc., which represented the buyer and seller.

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Barrio Logan Industrial Property Sells for $3.66 Million

A joint venture of Irvine-based Pelican Realty Group LLC and Los Angeles-based PI Properties has acquired the two-building Harbor Center industrial property in San Diego’s Barrio Logan neighborhood for $3.66 million, the buyers announced.

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Downtown Draw

PROPERTY: Millennials Keep Coming; Hope Is for More Businesses to Follow

The post-recession recovery will be palpable in downtown San Diego starting later this year, as hundreds of new apartments hit the market with the completion of several big projects.

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Barrio Logan Property Sells for $3.66 Million

A joint venture of Irvine-based Pelican Realty Group LLC and Los Angeles-based PI Properties has acquired the two-building Harbor Center industrial property in San Diego’s Barrio Logan neighborhood for $3.66 million, the buyers announced.

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Funding Stadium With TOT May Not Be Hot Idea With Hoteliers

TOURISM: Convention Center Expansion Still Their No. 1 Priority

The hospitality business community will be among the groups a mayor’s stadium task force will meet with in coming weeks to talk about ways to keep the San Diego Chargers in town.

One Paseo Opponents Start a Referendum Drive

To the surprise of few people, the controversial One Paseo mixed-use development in Carmel Valley could now be heading toward the city ballot box in San Diego.

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Kidder Mathews Acquires StepStone

Commercial real estate services provider Kidder Mathews has acquired StepStone Real Estate Services, a San Diego-based asset and property management firm, for an undisclosed price.

BioMed Realty Trust Realigns Its Executive Team

REAL ESTATE: Firm Makes Changes After Departure of President

San Diego-based BioMed Realty Trust Inc. has announced a realignment of its executive team following the departure of company President and Chief Operating Officer Kent Griffin.

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Chula Vista Apartments Sell For $9.17 Million

Cova Management Inc. has purchased the 71-unit Burkhart Apartments in Chula Vista for approximately $9.17 million, according to brokerage company Marcus & Millichap Inc., which represented the buyer and seller.

Cushman & Wakefield Is Exploring Sale

REAL ESTATE: Exit Rate High at San Diego Office

The majority owner of commercial real estate services provider Cushman & Wakefield Inc. is reportedly exploring a sale of the New York-based company, but it’s not clear whether that is connected to the recent departure of at least 13 brokers from the firm’s San Diego operations.

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San Diego Tourism Authority Aims to Grow International Visitors

Snagging a bigger share of Asian visitors now visiting California, particularly the fast-growing segment of travelers from China, will be among top 2015 priorities for San Diego Tourism Authority, officials said at the organization’s annual report and outlook gathering.

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San Diego Firm Buys Phoenix Apartments for $36.2 Million

San Diego-based MG Properties Group has acquired the 270-unit Trillium Papago Apartments in Phoenix for approximately $36.2 million, the private investment company announced.

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Poway Industrial Building Sold for $14.4 Million

An affiliate of CT Realty has purchased a Poway industrial building housing General Atomics Aeronautical Systems Inc. for $14.4 million, the Aliso Viejo-based property investment company announced.

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