San Diego Business Journal

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JLL Taps Bonebrake to Head U.S. Industrial Property Management

Commercial real estate services provider JLL has hired Debra Bonebrake as a managing director in San Diego, heading the company’s U.S. industrial property management division.

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Lilac Hills Development Project Qualifies for November Ballot

The San Diego County Registrar of Voters has certified that project supporters gathered sufficient signatures to place the controversial Lilac Hills Ranch development before county voters on the Nov. 8 ballot.

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Poway Industrial Building Sells for $10.5 Million

A local franchisee of California Closets has purchased a Poway industrial building for approximately $10.5 million, according to CoStar Group and public data.

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JLL Taps Debra Bonebrake to Head U.S. Industrial Property Management

Commercial real estate services provider JLL has hired Debra Bonebrake as a managing director in San Diego, heading the company’s U.S. industrial property management division.

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Escondido Contractor Awarded $26.4M CHP Project in Kearny Mesa

Escondido-based general contractor Erickson-Hall Construction Co. has been awarded a $26.4 million design-build contract to construct a San Diego replacement facility for the California Highway Patrol.

Port District Favors Protea Plan for Central Embarcadero

San Diego port district commissioners have voted 6-1 to hold exclusive talks with Protea Waterfront Development, one of six development teams that recently put forward multi-use proposals to redevelop the 70-acre Central Embarcadero waterfront site that currently includes Seaport Village.

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S.D’s Ship Is In With Comic-Con Enterprise

TRAVEL: ‘Star Trek’ Debut Is Part of 2016’s Big Draws

Hollywood may be experiencing a slump at the box office, but the major movie studios still know the value of the concentrated, avid and very large audience that flocks annually to Comic-Con International in San Diego.

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Finding a Game Plan for The Q After Football

LAND: Ideas Floated for Possible Public-Private Projects

With the San Diego Chargers focused on a proposed downtown stadium — or a potential exit to Inglewood if that doesn’t pan out — local developers and urban planners are quietly discussing post-NFL prospects for the big Mission Valley site now housing the aging Qualcomm Stadium.

Rouse Moving Forward with Carlsbad Mall Renovation

Rouse Properties Inc. will continue operating a portfolio of U.S. retail centers that officially changed ownership when Rouse was acquired by Brookfield Asset Management Inc. in a $2.8 billion deal. Rouse officials said a previously announced renovation of The Shoppes at Carlsbad mall remains on track.

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Rouse Sells Carlsbad Mall in $2.8 Billion Portfolio Deal

The Carlsbad shopping mall once known as Westfield Plaza Camino Real has changed owners for the second time in less than a year, after being acquired by Toronto-based Brookfield Asset Management Inc. as part of a nationwide portfolio deal valued at $2.8 billion.

Public Workshop on Central Embarcadero Plans Gets Earlier Start

San Diego port commissioners have moved a scheduled July 13 public workshop to review six Central Embarcadero development proposals to an earlier 9 a.m. start time, due to a planned San Diego visit by Vice President Joe Biden.

Two Local Omni Hotels Impacted by Data Breach

A spokeswoman for Dallas-based Omni Hotels & Resorts confirmed that the company’s properties in downtown San Diego and Carlsbad were among those impacted by a nationwide data breach of customer credit card information.

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North Park Retail Center Sold for $3.7 Million

A San Diego buyer recorded as 2800 El Cajon Blvd. has acquired a North Park retail center for $3.7 million, according to brokerage firm SVN Asset Advisory Group.

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Vista Retail Center Sells for $4.9 Million

Los Angeles-based Viktor Real Estate Investment LLC has acquired a Vista retail center for $4.9 million, according to The Mansour Group at brokerage firm Marcus & Millichap.

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Bosa Buys National City Office Building for $42.7 Million

Vancouver, B.C.-based Bosa Development, which has regional operations in San Diego, has acquired a National City office building for approximately $42.7 million, according to CoStar Group and public data.

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Local Firm Plans New Industrial Facility after $8.86M Carlsbad Land Buy

RAF Pacifica Group has acquired 13.2 acres of land in Carlsbad for $8.86 million, with plans to build a new 168,000-square-foot industrial facility, the Encinitas-based company announced.

Sorrento Office Owner Completes $2.5M in Upgrades, Adds 3 Tenants

San Diego-based property owner Parallel Capital Partners Inc. has completed $2.5 million in improvements at The Elements at Wateridge, the company’s three-building office complex in Sorrento Mesa.

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SDSU Names New Director of Corky McMillin Center for Real Estate

San Diego State University’s College of Business Administration has named Elaine Worzala as the new director of the Corky McMillin Center for Real Estate.

SANDAG Puts Half-Cent Sales Tax Increase on November Ballot

The board of directors of the San Diego Association of Governments (SANDAG) has voted to place a countywide measure on the November ballot, proposing a half-cent increase in the current sales tax to finance $18 billion in transportation-related projects.

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Pension Fund Acquiring Stakes in UTC Buildings for $256M

New York-based pension fund operator TIAA Global Asset Management has agreed to acquire a 45 percent stake in two University Towne Center office properties for a total of approximately $256 million, according to CoStar Group and property owner Alexandria Real Estate Equities Inc.

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Santee Apartment Property Sold for $28.9 Million

A joint venture that includes LLJ Ventures of San Diego and Stratford Partners Real Estate LLC of Del Mar has acquired a 160-unit Santee apartment property for $28.9 million, according to CoStar Group and public data.

Local Firms Partner on Carlsbad Residential Development

San Diego-based Presidio Residential Capital and general contractor Pebble Creek Cos. of National City have partnered to build Afton Way, a five-acre Carlsbad residential development with eight homes and an expected retail value of more than $9.5 million.

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San Diego Industrial Building Sells for $16.3 Million

Maryland-based Realterm Logistics has purchased an industrial property in San Diego’s Midway district for $16.3 million, according to brokerage firm CBRE Group Inc.

SANDAG Puts Sales Tax Increase on November Ballot

The board of directors of the San Diego Association of Governments (SANDAG) has voted to place a countywide measure on the November ballot, proposing a half-cent increase in the current sales tax to finance $18 billion in transportation-related projects.

Firms Partner on Carlsbad Residential Development

San Diego-based Presidio Residential Capital and general contractor Pebble Creek Cos. of National City have partnered to build Afton Way, a five-acre Carlsbad residential development with eight homes and an expected retail value of more than $9.5 million.

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S.D. Industrial Building Sells for $16.3 Million

Maryland-based Realterm Logistics has purchased an industrial property in San Diego’s Midway district for $16.3 million, according to brokerage firm CBRE Group Inc.

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Apartment Property Sold for $28.9 Million

A joint venture that includes LLJ Ventures of San Diego and Stratford Partners Real Estate LLC of Del Mar has acquired a 160-unit Santee apartment property for $28.9 million, according to CoStar Group and public data.

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Pension Fund Is Acquiring Stakes in UTC Buildings for $256M

New York-based pension fund operator TIAA Global Asset Management has agreed to acquire a 45 percent stake in two University Towne Center office properties for a total of approximately $256 million, according to CoStar Group and property owner Alexandria Real Estate Equities Inc.

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ROIC Announces $115.8 Million Stock Offering

San Diego-based Retail Opportunity Investments Corp. (ROIC) on July 6 announced the start of a public offering of common stock shares, expected to generate net proceeds of approximately $115.8 million after underwriting and related expenses.

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Oceanside Warehouse Building Sold for $7 Million

San Diego-based RFT Management Development co. has acquired an Oceanside industrial warehouse building for approximately $7 million, according to brokerage firm Lee & Associates.

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‘Shark Tank’ Survivors

FINANCE: Local Businesses Tested the Waters Of TV Show Financing With Mixed Results

When producers of the popular ABC TV show “Shark Tank” last came through San Diego County to audition potential entrepreneurs in 2014 — at Southwestern College in National City — more than 150 locals showed up to make their pitch.

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San Diego’s ‘Skyline’ Market Is Drawing Investor Interest

Now that four big downtown office towers have been sold in 2016, San Diego’s “Skyline” market is poised for its biggest year in a decade for deal volume, according to a recent report by the brokerage firm JLL.

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Kearny Mesa Office Park Owner Obtains $18.3 Million in Refinancing

Property owner Brookwood Financial Partners LLC has obtained $18.3 million in refinancing for its Four Points Business Park in Kearny Mesa, according to Mesa West Capital LLC, which provided the financing.

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San Diego Apartments Sold in Deals Totaling $4.3 Million

Two San Diego apartment properties recently changed hands in separate deals totaling more than $4.3 million, according to brokerage firm South Coast Commercial Inc.

CBRE Ranks San Diego 16th Among Tech Talent Markets

San Diego ranks 16th among 50 U.S. and Canadian cities for its ability to attract and grow technology industry talent, according to the latest annual report by the commercial brokerage firm CBRE Group Inc.

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Apartments at Chula Vista’s Millenia Sold for $93.8 Million

An affiliate of Milwaukee-based Northwestern Mutual Life Insurance Co. has purchased the 273-unit Pulse Millenia apartment property in Chula Vista for $93.8 million, according to CoStar Group and public data.

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Local Construction Starts Decline 9 Percent in First Five Months

The total value of San Diego’s construction starts was down nine percent from a year ago, at just over $1.25 billion, for the first five months of 2016, according to the latest monthly figures from Dodge Data & Analytics.

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Solana Beach School Property Sells for $6.25 Million

An intermediary for Builders Trust of Los Angeles has acquired a three-building private school campus in Solana Beach for $6.25 million and is leasing back the property to its seller, an affiliate of Irvine-based LePort Educational Institute Inc.

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Orange County Buyer Acquires Chula Vista Apartments for $8.39 Million

A Tustin-based investment group recorded as River Oaks Apartments LLC has acquired Pharus Plaza, a 30-unit apartment property in Chula Vista, for approximately $8.39 million, according to CoStar Group and brokerage firm Marcus & Millichap.

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Chula Vista Apartment Property Sells for $13.2 Million

A California limited partnership affiliated with La Mesa-based Hanken Cono Assad & Co. Inc. has acquired a 70-unit apartment property in Chula Vista for approximately $13.2 million, according to CoStar Group and public data.

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Tourism Bases Are Loaded This July

ECONOMY: All-Star Game Expected to Bring In $80M

The month of July nearly always ranks among the strongest of the year for San Diego County’s tourism and convention economy, with big annual events including Comic-Con International and the start of prime horse-racing season at Del Mar Racetrack.

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DeMaio Pushes Plan for Privately Funded Stadium

A group that includes former San Diego City Councilman and mayoral candidate Carl DeMaio has put forward a proposal that it says could fund a new multi-use San Diego Chargers stadium with event facilities without tax increases or other public funding.

Nordstrom Closing Store at Downtown's Horton Plaza

Retailer Nordstrom Inc. plans to close its department store at downtown San Diego’s Westfield Horton Plaza mall on Aug. 26, the Seattle-based retailer announced.

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Expanding Law Firm Buys La Jolla Building for $4.75 Million

Locally headquartered law firm Tyson & Mendes LLP has purchased a La Jolla building for $4.75 million, as the multi-state firm expands its San Diego offices, the buyer announced.

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Point Loma Apartment Property Sells for $4.4 Million

Jay Crystall LLC of San Diego has acquired a 13-unit apartment complex in Point Loma for approximately $4.4 million, according to brokerage firm CBRE Group Inc.

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Carl DeMaio Pushes Plan for Privately Funded Stadium

A group that includes former San Diego City Councilman and mayoral candidate Carl DeMaio has put forward a proposal that it says could fund a new multi-use San Diego Chargers stadium with event facilities without tax increases or other public funding.

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Expanding Law Firm Buys La Jolla Building for $4.75M

Locally headquartered law firm Tyson & Mendes LLP has purchased a La Jolla building for $4.75 million, as the multi-state firm expands its San Diego offices, the buyer announced.

Nordstrom Closing Store at Horton Plaza

Retailer Nordstrom Inc. plans to close its department store at downtown San Diego’s Westfield Horton Plaza mall on Aug. 26, the Seattle-based retailer announced.

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New Carlsbad Industrial Buildings Planned After $15M Land Buy

San Diego-based developer RAF Pacifica Group has acquired 18.4 acres of industrial land in the Carlsbad Raceway Business Park for approximately $15 million, with plans to build two new distribution buildings totaling 272,430 square feet.

CBRE Forms New Practice in San Diego

CBRE Group Inc. has formed a new land, agribusiness and natural resources practice in its San Diego office, the Los Angeles-based commercial real estate services company announced.

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