San Diego Business Journal

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$60M Apartment Project Slated for Vacated Downtown Retail Site

Developer Legacy Partners plans a $60 million apartment project in downtown San Diego’s Marina District, after reaching undisclosed terms on a ground lease for a retail site that formerly housed Cost Plus World Market at 372 Fourth Ave.

By Lou Hirsh July 13, 2017 2:16 p.m. share »
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Tired Superheroes, Hungry Zombies Are Economic Assets for S.D.

These days, the ripple benefits of Comic-Con International, the largest convention held annually in San Diego, extend well beyond the exhibitors seeking to impress the 130,000 attendees, or the hoteliers selling thousands of rooms to those pop culture devotees every July.

By Lou Hirsh July 13, 2017 1:31 p.m. share »
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Brewer Puts ESOP to Work for Co., Culture

It’s been used sporadically in the U.S. beer industry to keep craft brewers independent: grant ownership shares to workers via an employee stock ownership plan (ESOP).

By Lou Hirsh July 13, 2017 1:23 p.m. share »
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New Home Co. Plans $100M Development at Civita

Homebuilder The New Home Co. of Aliso Viejo has announced its first San Diego County project, a 133-unit development at the Civita mixed-use community in Mission Valley.

By Lou Hirsh July 12, 2017 4:07 p.m. share »
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Oceanside Industrial Property Sells for $3.75 Million

IP Investments LLC of Pasadena, Texas, has acquired an Oceanside industrial property for $3.75 million, according to brokerage firm Horizon Resources Inc.

By Lou Hirsh July 12, 2017 11:16 a.m. share »
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South County Tuna Purveyor Takes New Space in Chula Vista

Is San Diego County in the midst of a tuna industry resurgence?

By Lou Hirsh July 11, 2017 12:54 p.m. share »
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HP Investors Buys East Village Retail-Office Property for $11.4 Million

San Diego-based HP Investors LLC has acquired a retail and office condominium complex in East Village, originally built as part of the mixed-use condo tower development known as The Legend, for $11.4 million.

By Lou Hirsh July 11, 2017 11:51 a.m. share »
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Mission Valley Office Property Sold for $10.3 Million

San Francisco investor Charlie Jadallah has acquired a Mission Valley office property for $10.3 million, according to brokerage firm Marcus & Millichap.

By Lou Hirsh July 10, 2017 2:39 p.m. share »
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RAF Pacifica Group Begins Work on 3 North County Industrial Projects

Encinitas-headquartered RAF Pacifica Group recently began construction on three previously announced industrial developments in North County totaling $110 million in value.

By Lou Hirsh July 10, 2017 2:08 p.m. share »
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Vista Apartment Property Sells for $3.57 Million

An Encinitas buyer recorded as SWEP VV LLC has acquired a 21-unit apartment community in Vista for approximately $3.57 million, according to brokerage firm Cushman & Wakefield.

By Lou Hirsh July 10, 2017 12:06 p.m. share »

Modern Times Beer Says It Is First Craft Brewer in State to Offer ESOP

San Diego-based Modern Times Beer has created what it touts as California’s first employee stock ownership plan (ESOP) to be established by a craft brewer.

By Lou Hirsh July 9, 2017 1:05 p.m. share »
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American Assets Trust Buys Retail Center for $42M

San Diego-based American Assets Trust Inc. has purchased the Gateway Marketplace retail center in Chula Vista for approximately $42 million, the company announced.

By Lou Hirsh July 9, 2017 1:02 p.m. share »
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Oceanside Mobile Home Park Sells for $2.5 Million

A San Diego buyer recorded as GMC Ocean LLC has acquired the Sandy Shores RV Park in Oceanside for $2.5 million, according to brokerage firm Colliers International Group Inc.

By Lou Hirsh July 9, 2017 1 p.m. share »
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Bankers Hill Apartments Sold for $2.49 Million

A Solana Beach buyer recorded as J&A 1 LLC has purchased a nine-unit apartment property in San Diego’s Bankers Hill neighborhood for $2.49 million, according to brokerage firm ACRE Investment Real Estate Services.

By Lou Hirsh July 9, 2017 12:58 p.m. share »
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Bankers Hill Apartments Sold for $2.49M

A Solana Beach buyer recorded as J&A 1 LLC has purchased a nine-unit apartment property in San Diego’s Bankers Hill neighborhood for $2.49 million, according to brokerage firm ACRE Investment Real Estate Services.

By Lou Hirsh July 7, 2017 11:49 a.m. share »
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Oceanside Mobile Home Park Sells for $2.5M

A San Diego buyer recorded as GMC Ocean LLC has acquired the Sandy Shores RV Park in Oceanside for $2.5 million, according to brokerage firm Colliers International Group Inc.

By Lou Hirsh July 7, 2017 11:15 a.m. share »
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American Assets Trust Buys Chula Vista Retail Center for $42M

San Diego-based American Assets Trust Inc. has purchased the Gateway Marketplace retail center in Chula Vista for approximately $42 million, the company announced.

By Lou Hirsh July 7, 2017 11 a.m. share »
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Modern Times Beer Puts 30% of Stock in Employee Plan

San Diego-based Modern Times Beer has created what it touts as California’s first employee stock ownership plan (ESOP) to be established by a craft brewer.

By Lou Hirsh July 7, 2017 10:32 a.m. share »
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Escondido Apartment Property Sells for $15 Million

San Diego-based Carv Properties LLC has purchased a 62-unit apartment property in Escondido for $15 million, according to brokerage firm ACRE Investment Real Estate.

By Lou Hirsh July 6, 2017 2:49 p.m. share »
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Lemon Named General Manager at Rancho Bernardo Inn

Jamie Lemon has been named general manager of Rancho Bernardo Inn, overseeing all operations of the luxury golf resort and spa at 17550 Bernardo Oaks Drive.

By Lou Hirsh July 6, 2017 1:49 p.m. share »
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Hotel Del Coronado Joins Hilton’s Curio Collection After Management Change

Its name will not be changing, but the iconic Hotel del Coronado by month’s end will be operating as a Curio Collection by Hilton property, following a management switch to Hilton Hotels & Resorts.

By Lou Hirsh July 6, 2017 11:32 a.m. share »

County Construction Starts Down 3 Percent in 2017 After Steep May Decline

The value of San Diego County’s construction starts declined 3 percent in the first five months of 2017, to just over $1.51 billion, as both the residential and non-residential categories experienced much steeper declines from a year ago during the month of May.

By Lou Hirsh July 5, 2017 2:36 p.m. share »
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Cohn Affiliate Buys Coaster Saloon Property in Mission Beach for $2.1 Million

An affiliate of San Diego’s Cohn Restaurant Group Inc., led by co-founder and President David Cohn, has acquired the mixed-use Mission Beach building currently housing The Coaster Saloon for $2.1 million, according to The Franco Realty Group.

By Lou Hirsh July 5, 2017 12:42 p.m. share »
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Encinitas Office Building Sold for $10.4 Million

San Diego-based Commercial Equity Partners has acquired an Encinitas office property in a $10.4 million acquisition and private placement offering, according to brokerage firm Cushman & Wakefield.

By Lou Hirsh July 5, 2017 12:33 p.m. share »

Little Relief For Renters In Tight Market

Even as development ramps up, San Diego County’s apartment market remains extremely tight at the halfway point of 2016, and the vacancy climate is expected to remain especially tight outside the city of San Diego, where most of the new local units are being built and delivered lately.

By Lou Hirsh June 29, 2017 3:08 p.m. share »
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Will Sustainability Help Make the ‘Sale’?

San Diego-based Newland Communities has reworked its plans for the proposed Newland Sierra residential development near Escondido, with features that the developer says will make it the county’s first carbon-neutral community.

By Lou Hirsh June 29, 2017 3:07 p.m. share »
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Retail Sites Easily Make Substitutions for Sporting Goods Losses

It didn’t take long for three North County retail centers to fill holes left by last year’s extinction of two long-struggling U.S. sporting goods chains, Sports Authority and Sport Chalet.

By Lou Hirsh June 29, 2017 3:05 p.m. share »
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NYC’s Past Will Have Presence in Gaslamp

The eating and drinking lineup in downtown’s always-evolving Gaslamp Quarter is about to get a splashy new arrival, helmed by six veterans of San Diego’s hospitality scene.

By Lou Hirsh June 26, 2017 3:23 p.m. share »

Local Hotels Post 6.4% Revenue Gain in First 5 Months of 2017

San Diego County hotels saw total revenue rise 6.4 percent from a year ago in the first five months of 2017, topping $1.08 billion, according to the latest monthly data from research firm STR.

By Lou Hirsh June 25, 2017 1:06 p.m. share »

Southwest to Start Direct Local Flights to Tampa in 2018

Southwest Airlines Co. plans to begin nonstop service between San Diego and Tampa, Fla., starting on Jan. 8, 2018, the Dallas-based carrier announced.

By Lou Hirsh June 25, 2017 1:05 p.m. share »
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S.D. Apartment Property Sells for $73 Million

Affiliates of Palo Alto-based Pacific Urban Residential have acquired a 169-unit Mira Mesa apartment property for approximately $73 million, according to CoStar Group and public data.

By Lou Hirsh June 25, 2017 1:02 p.m. share »

Local Hotels Post 6.4 Percent Revenue Gain in First 5 Months of 2017

San Diego County hotels saw total revenue rise 6.4 percent from a year ago in the first five months of 2017, topping $1.08 billion, according to the latest monthly data from research firm STR.

By Lou Hirsh June 23, 2017 11:53 a.m. share »

Southwest Starting Direct Local Flights to Tampa in 2018

Southwest Airlines Co. plans to begin nonstop service between San Diego and Tampa, Fla., starting on Jan. 8, 2018, the Dallas-based carrier announced.

By Lou Hirsh June 23, 2017 11:29 a.m. share »
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San Diego Apartment Property Sells for $73 Million

Affiliates of Palo Alto-based Pacific Urban Residential have acquired a 169-unit Mira Mesa apartment property for approximately $73 million, according to CoStar Group and public data.

By Lou Hirsh June 23, 2017 11:20 a.m. share »
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San Diego Medical Office Building Sells for $28.5 Million

A joint-venture affiliate of San Diego-based Coast Income Properties Inc. has acquired a medical office building in Carmel Valley for $28.5 million, according to CoStar Group and public data.

By Lou Hirsh June 22, 2017 1:41 p.m. share »
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Garden Shop Relocates; Bikes, Ballet And Cookies Make Their Move

Glendora-based Armstrong Garden Centers recently opened its relocated store in San Diego’s Morena neighborhood, now at 1364 Morena Blvd. after moving from 1350 W. Morena Blvd. Operators said the move was necessitated by changes in the neighborhood brought about by development of a new station as part of the Mid-Coast Trolley extension project. The garden supplies retailer operates 32 California stores, including seven in San Diego County.

By Lou Hirsh June 22, 2017 1:23 p.m. share »
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Major Reconfiguration in the Works for UCSD Main Campus

Within the next six years, University of California, San Diego as it’s now known to visitors could be looking very different. Construction should be getting in gear starting next summer for what’s expected to be a major, long-range reconfiguration of the main campus in La Jolla.

By Lou Hirsh June 22, 2017 1:19 p.m. share »
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Flights to Bring Key Connection to Continental Europe

Airport and tourism officials say German carrier Lufthansa’s direct local flights to Frankfurt, set to begin next summer, will give the San Diego region its first major, full-year air connections with continental Europe.

By Lou Hirsh June 22, 2017 1:17 p.m. share »
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City Council Rejects Special Election for SoccerCity Project

The San Diego City Council has voted 5-4 to defer the proposed SoccerCity mixed-use development to the November 2018 general election, despite pleadings from project supporters that a vote was needed this year in order to meet timelines for delivering a pro soccer franchise to the city.

By Lou Hirsh June 22, 2017 1:04 p.m. share »
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Bayfront Hotel Gets Official Approvals

After two decades of talk about developing Chula Vista’s waterfront, officials have set the stage for a $969.3 million hotel project that could give San Diego County’s second-largest city its first significant share of the region’s tourism and convention dollars.

By Lou Hirsh June 22, 2017 12:55 p.m. share »

New Grocery Outlet in Fallbrook Is 14th Store in Local Market

Emeryville-based discount retailer Grocery Outlet Bargain Market has opened a new store in Fallbrook, its 14th location in San Diego County.

By Lou Hirsh June 22, 2017 11:48 a.m. share »
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Rosetta Joins Kilroy Realty as Chief Investment Officer

Steve Rosetta, who most recently served as a San Diego-based vice chairman and Global Advisory Board member at brokerage firm Cushman & Wakefield, has joined Kilroy Realty Corp. as executive vice president and chief investment officer.

By Lou Hirsh June 21, 2017 4:24 p.m. share »
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San Diego Firm Buys Vista Apartment Property for $134 Million

An affiliate of San Diego-based MG Properties Group has acquired the 410-unit Alexan Melrose apartment community in Vista for $134 million, according to CoStar Group and brokerage firm Holliday Fenoglio Fowler LP (HFF).

By Lou Hirsh June 21, 2017 11:44 a.m. share »

Port, Chula Vista Officials Approve Development of Convention Hotel

Port district and Chula Vista city leaders have approved a resolution calling for the development of a $969.3 million, 1,450-room convention hotel project, deemed the lynchpin for long-sought commercial development of the Chula Vista bayfront.

By Lou Hirsh June 20, 2017 4:56 p.m. share »
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Oceanside Apartments Sold for $3.7 Million

Encinitas-based SJR Real Estate Holdings LLC has acquired a two-building Oceanside apartment property totaling 11 units for $3.7 million, according to brokerage firm Palma Commercial.

By Lou Hirsh June 20, 2017 2:56 p.m. share »
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City Council Rejects Special Election for SoccerCity Project

San Diego City Council has voted 5-4 to defer the proposed SoccerCity mixed-use development to the November 2018 general election, despite pleadings from project supporters that a vote was needed this year in order to meet timelines for delivering a pro soccer franchise to the city.

By Lou Hirsh June 20, 2017 10:37 a.m. share »
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We’re No. 9…We’re No. 9

When it comes to industry clout, San Diego ranks No. 9 among the top 25 U.S. “Tech Cities.” Brokerage firm Cushman & Wakefield’s inaugural tracking report on the sector is based on factors such as real estate and housing costs, educated workforce, capital availability and job growth prospects.

By Lou Hirsh June 19, 2017 3:35 p.m. share »
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L.A. Investor Buys Center; The Food Just Keeps Coming

Investor Brittanya McCall Razavi of Los Angeles is the new owner of the historic Heritage Square retail center in downtown Fallbrook, after acquiring the property at 507 S. Main Ave. and 110-122 W. Beech St. for approximately $1.37 million. According to Lee & Associates, whose brokers Al Apuzzo, Patrick Miller and Matt Weaver represented seller Heritage Square Investments, the buyer plans to hold the 7,884-square-foot property for future development.

By Lou Hirsh June 19, 2017 3:34 p.m. share »
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Upscale Retail Will Be at Home In UTC’s $600M Expansion

As other local observers have pointed out, the oft-repeated mantra about U.S. retail — “the mall is dead” — has never really applied to the San Diego market.

By Lou Hirsh June 19, 2017 3:33 p.m. share »
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Major Reconfiguration in the Works for UCSD Main Campus

Six years from now, the main La Jolla campus of University of California, San Diego could be looking very different from what currently greets its students, staff and visitors.

By Lou Hirsh June 19, 2017 3:20 p.m. share »

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