San Diego Business Journal

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San Diego Apartment Complex Sells for $7.45 Million

A San Diego buyer recorded as East Eight LLC has acquired a 36-unit apartment property in the city’s Grantville neighborhood for $7.45 million, according to brokerage firm CBRE Group Inc.

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Green Flash Brewing Plans November Opening for Virginia Facility

San Diego-headquartered Green Flash Brewing Co. has announced a Nov. 13 public opening for its new East Coast production facility and tasting room in Virginia Beach, Va. Fund-raising and related events are slated for the grand opening, and the company’s beers will officially start shipping from the new facility on Jan. 1, 2017.

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County’s Hotel Property Deal Volume Declined in First Half

San Diego County’s hotel property transaction volume declined 38 percent from a year ago in the first half of 2016, with the dollar volume down 65 percent, according to a recent mid-year report by brokerage and consulting firm Atlas Hospitality Group.

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Foley Named Executive Director of ULI’s San Diego-Tijuana District

Heather Foley has been named executive director of the Urban Land Institute’s San Diego-Tijuana District Council, the organization announced.

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Barracks to be Converted into $20M Hotel at Liberty Station

San Diego-based McMillin LLC and Untitled Hospitality plan to develop a new arts-themed, $20 million hotel called The Barracks Hotel, using historic buildings at Liberty Station in Point Loma.

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Owner Begins $6.6 Million Renovation of Aventine Office Building

Owner Rockpoint Group has begun a $6.6 million renovation of its Aventine office building at University Towne Center, following its 2015 purchase of the building at 8910 University Center Lane.

Developer Plans $13.5M Industrial Park in Escondido After Land Purchase

San Diego-based Badiee Development Inc. has purchased a 4.87-acre parcel in Escondido, with plans to build a new $13.5 million industrial park.

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Work begins on $100M Residential Community in San Marcos

The Southern California division of homebuilder Brookfield Residential has begun grading and land development work on Rancho Tesoro, a new $100 million master-planned community in San Marcos.

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Developer's Tustin Legacy Won't Include Baseball

San Diego developer OliverMcMillan and team officials have apparently struck out in efforts to bring the Los Angeles Angels to the developer’s proposed Tustin Legacy project in Orange County, according to published reports.

BNBuilders Gets $2.7M Contract for Hall of Justice Renovation

The San Diego office of general contractor BNBuilders has been awarded a $2.7 million contract for a renovation of San Diego County’s Hall of Justice, the downtown location of the state Superior Court.

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Angels Won’t Take Flight to OliverMcMillan Site in Tustin

San Diego developer OliverMcMillan and team officials have apparently struck out in efforts to bring the Los Angeles Angels to the developer’s proposed Tustin Legacy project in Orange County, according to published reports.

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Work begins on $100 Million Residential Community in San Marcos

The Southern California division of homebuilder Brookfield Residential has begun grading and land development work on Rancho Tesoro, a new $100 million master-planned community in San Marcos.

BNBuilders Gets $2.7 Million Contract for Hall of Justice Renovation

The San Diego office of general contractor BNBuilders has been awarded a $2.7 million contract for a renovation of San Diego County’s Hall of Justice, the downtown location of the state Superior Court.

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Punch Bowl Social Rolls Into East Village With Retro Concept

The northeastern quadrant of downtown San Diego’s East Village — a.k.a. the I.D.E.A. District — continues to attract new projects and tenants aiming to make people forget that neighborhood’s long history as a faded hub for under-used warehouses and auto repair lots.

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Seize The Momentum

Hot Spots Heat Up Commercial Markets, But Caution Is in the Air Despite Fairly Solid Forecast

In their recent twice-yearly survey gauging California commercial real estate sentiment, researchers at UCLA Anderson Forecast and the law firm Allen Matkins found investors and developers generally bullish on their prospects through 2019 — even if some expressed a twinge of caution about a coming “topping out” in optimism related to the office and retail markets.

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Local Investor Buys Arizona Medical Office Building for $2.35 Million

San Diego-based GLP Properties LP has purchased a medical office building in Mesa, Ariz., for $2.35 million, according to brokerage firm Lee & Associates.

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Stone Is Moving Ahead With a Planned Escondido Hotel

TOURISM: Property To Have 99 Rooms on 13 Acres Near Brewery

Stone Brewing Co. is moving forward with a $26 million hotel previously announced for land adjacent to its headquarters and flagship brewing facilities in Escondido.

Marketing District Consultants Cite Problems with Stadium Proposal

The San Diego Chargers’ proposed $1.8 billion downtown stadium-convention facility does not address event planners’ needs, and its funding mechanism puts local tourism promotion at risk, according to findings in a consultants’ report commissioned by the San Diego Tourism Marketing District.

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Point Loma Apartments Acquired for $90 Million

Chicago-based JLL Income Property Trust, an institutionally managed real estate investment trust, announced that it has purchased a new 180-unit San Diego apartment community for approximately $90 million.

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Stone Brewing Moving Ahead with Planned Escondido Hotel

Stone Brewing Co. is moving forward with a $26 million hotel previously announced for land adjacent to its headquarters and flagship brewing facilities in Escondido.

City Launches Free Downtown Circulator Shuttle Service

San Diego city and business development leaders have officially launched a previously announced free downtown circulator shuttle service, now called FRED. The acronym for the service, which uses all-electric vehicles, stands for Free Ride Everywhere Downtown.

AleSmith Brewing Extends Distribution to Australia via New Partnership

San Diego-headquartered AleSmith Brewing Co. has expanded its distribution into Australia through a new partnership with that country’s Experienceit Beverages.

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Karina’s Closes Downtown Restaurant After Plumbing Mishap

Chula Vista-based Karina’s Mexican Seafood has permanently closed its downtown San Diego restaurant due to plumbing issues, just short of the eatery’s second anniversary at 925 B St.

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Chargers’ Advisor: Tourism Funds Can Be Maintained in Stadium Plans

A joint-powers board proposed in the San Diego Chargers’ November stadium ballot measure should be able to maintain current funding for San Diego’s tourism marketing efforts, an advisor to the team said at a downtown forum on Aug. 9.

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San Diego Apartments Sold for $2.09 Million

Investor Eileen Wang of San Diego, recorded as Prism Real Estate Investments LLC, has purchased an eight-unit apartment property in San Diego’s Talmadge neighborhood for approximately $2.09 million, according to brokerage firms Apartment Consultants Inc. (ACI) and ACRE Investment Real Estate Services.

Dry Cleaning Chain Expanding into San Diego

Maryland-based Zips Dry Cleaners has signed a development deal with a Los Angeles area franchisee to build 110 locations in Southern California, including 15 in the San Diego market.

Point Loma Apartment Property Sells for $12 Million

Local buyers recorded as Crest Partners-Poway One Danielson LLC and Point Loma Equity Fund LLC have acquired a 34-unit apartment property in San Diego’s Point Loma Heights neighborhood for $12 million, according to brokerage firm South Coast Commercial Inc. and CoStar Group.

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San Diego Apartment Property Sells for $3.3 Million

Mar LLC of Del Mar has acquired an 18-unit apartment property in San Diego’s City Heights neighborhood for $3.3 million, according to brokerage firm Marcus & Millichap.

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Point Loma Apartment Property Sold for $12 Million

Local buyers recorded as Crest Partners-Poway One Danielson LLC and Point Loma Equity Fund LLC have acquired a 34-unit apartment property in San Diego’s Point Loma Heights neighborhood for $12 million, according to brokerage firm South Coast Commercial Inc. and CoStar Group.

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S.D. Apartment Property Sells for $3.3 Million

Mar LLC of Del Mar has acquired an 18-unit apartment property in San Diego’s City Heights neighborhood for $3.3 million, according to brokerage firm Marcus & Millichap.

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Entertainment Center Planned at Former Boxing Club Site in East Village

Denver-based hospitality group Punch Bowl Social, which operates restaurant-entertainment centers, plans to open a new location at downtown San Diego’s Makers Quarter mixed-used development. It is planned for the building that once housed the historic Coliseum Federal Athletic Club, at 1485 E St. in East Village.

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San Diego International Passenger Traffic Rose 3.3 Percent in First Half

Passenger traffic at San Diego International Airport increased 3.3 percent from a year ago in the first half of 2016, topping 9.93 million, according to data from the San Diego County Regional Airport Authority.

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Kearny Mesa Retail Property Sells for $2.2 Million

A San Diego buyer recorded as 7959 Balboa LLC has acquired a former retail vehicle dealership property in Kearny Mesa for approximately $2.2 million, according to brokerage firm Duhs Commercial. The buyer plans to demolish buildings on the site to build an express car wash.

REITs in Good Position To Gain in Tight Market

PROPERTY: Property Values, Rents Increase on West Coast

So far in 2016, San Diego-headquartered real estate investment trusts are continuing to benefit from a West Coast climate of limited new retail center development in locations where major store operators are still looking to set up shop.

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Local Players Choose Sides in Stadium Issue

SPORT: Chamber Backs Team; Others Call for Job-Hub

The San Diego Chargers recently obtained a key ally in its efforts to build a $1.8 billion downtown stadium and convention facility, when leaders of the San Diego Regional Chamber of Commerce voted to support the team’s November ballot measure.

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SeaWorld Entertainment Sees First-half Declines in Revenue, Attendance

The parent company of SeaWorld San Diego posted nationwide declines in revenue and attendance for the first half of 2016, despite reporting year-over-improvements for its parks in San Diego and Texas.

Carlsbad Industrial Campus Planned After $6 Million Parcel Purchase

San Diego-based Badiee Development plans to develop a new two-building industrial campus in Carlsbad, following its $6 million purchase of two land parcels totaling 8.4 acres.

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North Park Apartment Property Sells for $2.29 Million

San Diego-based Vaerus Boundary LLC has purchased a 12-unit apartment property in North Park for approximately $2.29 million, according to brokerage firm Marcus & Millichap.

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RAR Hospitality Announces Executive Promotions

San Diego-based hotel consulting and management firm RAR Hospitality recently named Marc Potash and Robert Moore to key executive leadership positions.

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Carlsbad Office and Retail Property Sells for $6 Million

San Diego-based Stos Partners has acquired a Carlsbad Village office and retail property for $6 million, according to the buyer and CoStar Group data.

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San Diego Apartment Property Sells for $2.18 Million

O’LIDO LLC of La Mesa has acquired an eight-unit apartment property in San Diego’s Golden Hill neighborhood for approximately $2.18 million, according to brokerage firm Marcus & Millichap.

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Founder White, 3 Other Leaders Leave Ballast Point Brewing & Spirits

Four leaders of San Diego’s Ballast Point Brewing & Spirits – including founder Jack White, chief operating officer Yuseff Cherney and CEO Jim Buechler – have left the company to pursue other interests, the Miramar-based brewer confirmed.

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Oceanside Office Building Sold for $2.85 Million

A San Diego-based limited partnership known as PWI Copperwood has purchased an Oceanside office building for $2.85 million, according to brokerage firm ECP Commercial.

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Kilroy Realty Breaking Ground on One Paseo in Fourth Quarter

Developer Kilroy Realty Corp. plans to break ground in the fourth quarter of this year on its One Paseo mixed-use development, after recently receiving San Diego city approvals on a downsized version of the controversial project, according to its CEO.

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New Homes Planned after $14.5M Purchase of Former Golf Course

An affiliate of Manhattan Beach-based 33North Development Group has acquired a 114-acre former golf course site in San Diego’s Rancho Penasquitos neighborhood for $14.5 million, with plans to develop a new residential community.

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Sharp HealthCare Buys Miramar Building for $9.3 Million

San Diego-based Sharp HealthCare has purchased the medical office building that it had previously been leasing in Miramar for $9.3 million, according to CoStar Group and public data.

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Coronado Brewing Names Two Chief Operating Officers

Coronado Brewing Co. has appointed longtime employees Brandon Richards and Kasey Chapman to the shared role of chief operating officer.

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Coronado Brewing Co. Names Two Chief Operating Officers

Coronado Brewing Co. has appointed longtime employees Brandon Richards and Kasey Chapman to the shared role of chief operating officer.

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Kilroy Breaking Ground on One Paseo in Fourth Quarter

Developer Kilroy Realty Corp. plans to break ground in the fourth quarter of this year on its One Paseo mixed-use development, after recently receiving San Diego city approvals on a downsized version of the controversial project, according to its CEO.

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New Homes Are Planned After $14.5M Purchase of Former Golf Course

An affiliate of Manhattan Beach-based 33North Development Group has acquired a 114-acre former golf course site in San Diego’s Rancho Penasquitos neighborhood for $14.5 million, with plans to develop a new residential community.

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