San Diego Business Journal

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Local Developer Plans $30M Carlsbad Industrial Project After Land Buy

RAF Pacifica Group has announced plans for a new $30 million speculative industrial building in Carlsbad, the latest of several North County projects planned by the Encinitas-based company.

San Diego Hotels Posting 2016 Gains in Key Metrics

San Diego County hotels saw total revenue rise 4.6 percent from a year ago in 2016’s January-to-September period, topping $2.08 billion, according to the latest monthly data from industry research firm STR.

S.D. Airport Passenger Traffic Up 3.4 Percent So Far in 2016

Passenger traffic at San Diego International Airport rose 3.4 percent from a year ago in the first nine months of 2016, topping 15.5 million, according to the latest monthly data from the San Diego County Regional Airport Authority.

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Developer Plans $16 Million Industrial Campus in Escondido

Badiee Development Inc. plans to build a new $16 million industrial campus in Escondido, the second industrial project in that city to be announced recently by the San Diego-based developer.

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Golden Hill Apartment Property Sells for $2.8M

Investor Alex Mincks of San Diego’s Mincks Family Trust has acquired an 11-unit apartment property in the city’s Golden Hill neighborhood for $2.8 million, according to brokerage firms Apartment Consultants Inc. (ACI) and Apartment Realty Group.

San Diego Hotels Posting 2016 Gains in Revenue, Other Key Metrics

San Diego County hotels saw total revenue rise 4.6 percent from a year ago in 2016’s January-to-September period, topping $2.08 billion, according to the latest monthly data from industry research firm STR.

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San Diego Airport Passenger Traffic Up 3.4 Percent So Far in 2016

Passenger traffic at San Diego International Airport rose 3.4 percent from a year ago in the first nine months of 2016, topping 15.5 million, according to the latest monthly data from the San Diego County Regional Airport Authority.

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Golden Hill Apartment Property Sells for $2.8 Million

Investor Alex Mincks of San Diego’s Mincks Family Trust has acquired an 11-unit apartment property in the city’s Golden Hill neighborhood for $2.8 million, according to brokerage firms Apartment Consultants Inc. (ACI) and Apartment Realty Group.

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Developer Plans a $16 Million Industrial Campus in Escondido

Badiee Development Inc. plans to build a new $16 million industrial campus in Escondido, the second industrial project in that city to be announced recently by the San Diego-based developer.

County’s Construction Starts Rose 31 Percent in First Nine Months of 2016

San Diego County’s construction starts rose 31 percent from a year ago in the first nine months of 2016, topping $3.18 billion in value, according to the latest monthly figures from Dodge Data & Analytics.

Third Quarter Revenue Rises 7.1 Percent at Realty Income Corp.

Total third-quarter revenue at Realty Income Corp. rose 7.1 percent from a year ago, reaching $277.2 million for the period ending Sept. 30, the San Diego-headquartered company reported.

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Carlsbad Office Buildings Sold for $5.8 Million

El Segundo-based Alvarez & Marsal Capital Real Estate LLC has acquired two Carlsbad office buildings for a total of $5.8 million, according to brokerage firm Cushman & Wakefield.

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Beer Week Pairs Well With Time and Place

TOURISM: November Dates Fill Void, Attract Good Mix

Hotel operator Elvin Lai knows first-hand that the annual San Diego Beer Week delivers a potent business kick to what is otherwise a so-so period for the local hospitality industry.

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Fowlers’ Name to Adorn SDSU Business School After $25M Gift

Local philanthropist and San Diego Padres Executive Chairman Ron Fowler, with his wife Alexis, have pledged a $25 million endowment gift to San Diego State University’s College of Business Administration. University officials said the gift is the largest in SDSU’s 119-year history.

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City Heights Apartments Sell for $2.09 Million

Xavier Family Trust of Del Mar has purchased a 14-unit apartment building in San Diego’s City Heights neighborhood for $2.09 million, according to brokerage firm South Coast Commercial Inc.

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San Diego Retail Center Sells for $8.1 Million

Diversified Properties of Solana Beach has acquired the Bay City Plaza retail center in southern San Diego for $8.1 million, according to brokerage firms Voit Real Estate Services and Cushman & Wakefield.

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Developer Gets $145M in Refinancing for UTC Apartments

San Diego-based developer The Premiere Residential has obtained $145 million in refinancing for two apartment communities in University Towne Center, according to CBRE Group Inc., which arranged the financing.

ROIC Posts Revenue Increase in Third Quarter

San Diego-based Retail Opportunity Investments Corp. posted an 18.5 percent increase in total third-quarter revenue from a year ago, reaching $59.4 million for the period ending Sept. 30.

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BNBuilders Gets $23.8 Million Contract For UCLA’s Geffen Academy

The San Diego office of general contractor BNBuilders was recently awarded a $23.8 million contract to build Geffen Academy, a new college preparatory school on the campus of University of California Los Angeles.

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El Cajon Medical Office Property Sold for $3.27 Million

Thu Tran and Lisa Tran Trust of La Jolla has acquired an El Cajon medical office complex for $3.27 million, according to brokerage firm The Heritage Group.

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Oceanside Industrial Properties Sold for $16.2 Million

An affiliate of Denver-based Industrial Property Trust Inc. has acquired a 13-property portfolio in Oceanside for $16.2 million, according to CoStar Group and public data.

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Mitek Relocates Headquarters to Downtown San Diego

Locally based Mitek Systems Inc., which makes software geared to mobile image capture and identity verification, is relocating its headquarters to 600 B St. in downtown San Diego, according to brokerage firm Colliers International Group Inc.

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Karl Strauss Brewing Slates Opening for New L.A. Location

San Diego’s Karl Strauss Brewing Co. plans a Nov. 14 opening for its satellite brewery and brewpub in downtown Los Angeles, which will be the company’s 11th Southern California location.

Trolley’s UTC Extension Could Deliver for Malls and Shoppers

Heavy-duty shoppers (of which I am not one) could see at least one big new benefit when San Diego’s trolley system makes its way to the University Towne Center area around 2021. It’s the chance to visit two of the area’s major malls via one trip on mass transit — or three malls with a transfer.

Stone Brewing Laying Off 5% of Workforce

Stone Brewing Co. announced Oct. 13 that it is cutting approximately 5 percent of its workforce — laying off about 60 of its 1,200 employees — as it adjusts to rising competitive pressures in the beer industry.

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New Digital Advertising System Installed at Convention Center

San Diego Convention Center operators recently installed a new digital advertising system at the downtown waterfront facility, using high-resolution video projection technologies.

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Coffee Shop, Deli to Open at Lane Field Mixed-Use Development

Developers have announced the first retail tenants at the mixed-use hotel development on the former site of Lane Field in downtown San Diego, as construction progresses on the second phase of the project now known as BRIC, to include an InterContinental Hotel.

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Carlsbad Industrial-Office Building Sells for $3.5M

A local buyer recorded as Carlsbad CRE LLC has purchase a Carlsbad industrial “flex” building with office space for $3.5 million, according to brokerage firm Lee & Associates.

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San Diego Buyer Acquires Calexico Self-Storage Facility for $4.1 Million

StaxUp Storage-Portico LP of San Diego has purchased a self-storage facility in Calexico for $4.1 million, according to brokerage firm Lee & Associates.

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Carlsbad Industrial-Office Building Sells for $3.5 Million

A local buyer recorded as Carlsbad CRE LLC has purchase a Carlsbad industrial “flex” building with office space for $3.

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Convention Center Installs New Digital Advertising System

San Diego Convention Center operators recently installed a new digital advertising system at the downtown waterfront facility, using high-resolution video projection technologies.

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Deli, Coffee Shop to Open at Lane Field Mixed-Use Development

Developers have announced the first retail tenants at the mixed-use hotel development on the former site of Lane Field in downtown San Diego, as construction progresses on the second phase of the project now known as BRIC, to include an InterContinental Hotel.

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S.D. Buyer Acquires Calexico Self-storage Facility for $4.1 Million

StaxUp Storage-Portico LP of San Diego has purchased a self-storage facility in Calexico for $4.1 million, according to brokerage firm Lee & Associates.

Stone Brewing Co. Laying Off 5% of Workforce

Stone Brewing Co. announced Oct. 13 that it is cutting approximately 5 percent of its workforce – laying off about 60 of its 1,200 employees – as it adjusts to rising competitive pressures in the beer industry.

Measure M Offered as Part of Solution to City’s Housing Problem

ECONOMY: Lack Of Affordable Housing Brings Host of Problems

Homelessness often tracks with housing affordability in major U.S. metro markets, and experts at a recent commercial real estate forum said San Diego has a growing problem on both fronts.

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Port Development Faces Sea of Variablets

Port district officials are still far from cementing the development vision for what the larger San Diego Bay area will look like 50 years from now despite a recent string of projects nearing approval at high-profile sites along downtown San Diego’s waterfront.

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Affirmed Housing Opens $47M Apartment Complex in Carmel Valley

Affordable-housing developer Affirmed Housing has completed and opened Cielo Carmel, a $47 million apartment community in San Diego’s Carmel Valley neighborhood.

Tourism Marketing District Accepting Program Funding Applications

The San Diego Tourism Marketing District (TMD) has begun accepting applications from organizations for the potential funding of sales and marketing programs within the city of San Diego.

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Escondido Building Housing Caliber Collision Center Sells for $2.95 Million

Mission Viejo-based RSS Associates Inc. has purchased an Escondido industrial service building housing Caliber Collision Center for $2.95 million, according to brokerage firm Lee & Associates and CoStar Group.

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Alexandria Buys Torrey Pines Life Science Campus for $182.5 Million

An affiliate of Pasadena-headquartered Alexandria Real Estate Equities Inc. has purchased the three-building Torrey Ridge Science Center office and lab campus in San Diego for $182.5 million, according to brokerage firm CBRE Group Inc.

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Lakeside Apartment Property Sells for $2.05 Million

San Diego-based KA Real Estate LLC has purchased an 11-unit apartment complex in Lakeside for $2.05 million, according to brokerage firm Apartment Consultants Inc. (ACI)

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San Diego Padres Announce Exit of CEO Mike Dee

The San Diego Padres have fired team President and CEO Mike Dee, announcing the departure in a one-sentence statement on Oct. 12 that gave no further details. Dee’s replacement was not immediately announced.

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Point Loma Mixed-Use Property Sells for $2.19 Million

San Diego-based Fig Tree LLC has acquired a mixed-use retail and office property in Point Loma for approximately $2.19 million, according to brokerage firm The Franco Realty Group.

Grocer Lazy Acres Opening First Local Store in Encinitas

Natural and organic foods grocer Lazy Acres Natural Market plans an Oct. 15 public opening for its new store in Encinitas, which will be its first in San Diego County.

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Buchholz Named New GM at L’Auberge Del Mar Resort

Terry Buchholz has been appointed general manager of the 121-room L’Auberge Del Mar resort in Del Mar, operator Destination Hotels announced.

Apartment Investment Brokerage Firm Entering San Diego County Market

Phoenix-based brokerage and advisory firm ABI Multifamily plans to open a new San Diego regional office in Encinitas, with a debut tentatively set for Oct. 20.

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Spring Valley Apartment Property Sold for $26 Million

A San Diego-based joint venture, which includes Stratford Partners and LLJ Ventures, has purchased a 128-unit apartment community in Spring Valley for $26 million, according to brokerage firm Marcus & Millichap.

Parking-Focused Investment Trusts Obtain $30M Credit Facility

San Diego-headquartered MVP REIT Inc. and MVP REIT II Inc. have entered into a credit agreement with KeyBank National Association for a $30 million revolving credit facility, with expansion options to increase the amount up to $100 million.

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San Ysidro Apartment Property Sells for $4.6 Million

Waltz Family Trust of San Diego has purchased a 31-unit apartment property in San Ysidro for $4.6 million, according to brokerage firm Marcus & Millichap.

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San Diego Chargers Minority Owner George Pernicano Dies at 98

George Pernicano, a longtime local restaurateur and minority owner of the San Diego Chargers, has died at age 98, the team announced Oct. 6.

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