San Diego Business Journal

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Zephyr Is Well Positioned for a Condominium Comeback

PROPERTY: Its Projects Include The Block, With Multiple Price Points

Developer Zephyr Partners is counting on an ample supply of investment capital, along with emerging signs of life in the long-moribund for-sale condominium market, as it launches some big-ticket projects in the local market.

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Several Options Being Considered for Former Sempra Building

PROPERTY: Speculation Includes City Hall, Hotel, As Manchester Gets Stake

As Sempra Energy completed its move into a brand-new headquarters tower in East Village, the owners of its former downtown home were mulling the next life for the 46-year-old Ash Street building.

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Maritime Museum Launches Newly Built Replica of San Salvador

The Maritime Museum of San Diego recently launched a full-sized, functional replica of explorer Juan Rodriguez Cabrillo’s 16th-century Spanish sailing ship, known as the San Salvador.

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Historic Penn Building in Gaslamp Quarter Sells for $10.2 Million

An affiliate of Beverly Hills-based Maxxam Enterprises has purchased an historic Gaslamp Quarter mixed-use property known as the William Penn Building for $10.2 million, according to brokerage company CBRE Group Inc.

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STK Rebel Restaurant to Open at Andaz San Diego Hotel

New York-based The ONE Group Hospitality Inc. plans to open a new location of its upscale STK Rebel restaurant in 2016 at downtown’s Andaz San Diego hotel.

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Carlsbad Apartment Building Sold for $10 Million

Property West Residential of San Diego has purchased the 45-unit Laguna Palms apartment property in Carlsbad for $10 million, according to commercial brokerage company Marcus & Millichap Inc.

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Ocean Beach Apartments Sell for $7.5 Million

An entity recorded as VKS 4th Avenue LLC, with Bob Smith as managing member, recently acquired the 22-unit Playa Apartments in Ocean Beach for $7.5 million, according to brokerage company ACRE Investment Real Estate Services.

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Vista Office Property Sells for $2.8 Million

An affiliate of San Diego-based Banyan Road Capital has purchased a Vista office and industrial building for $2.8 million, according to brokerage company Lee & Associates.

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Manchester Buys 49 Percent Stake in Former Sempra Building

Manchester Financial Group, led by longtime local developer Douglas Manchester, has acquired a 49 percent stake in the downtown San Diego building that formerly housed Sempra Energy’s headquarters for $20 million, the company announced.

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Marketing Firm Buys Kearny Mesa Building to House New Headquarters

San Diego-based InnoVision Marketing Group recently purchased a Kearny Mesa building, which will serve as its new headquarters.

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Cohn Plans Mid-August Opening for New Harbor Island Restaurant

Cohn Restaurant Group of San Diego has a mid-August opening planned for Coasterra, its new waterfront restaurant at Harbor Island.

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Chula Vista Apartment Complex Purchased for $49 Million

An affiliate of Philadelphia-based Resource Real Estate has purchased the 295-unit Villages at Bonita Glen apartment complex in Chula Vista for approximately $49 million, according to CoStar Group and public data.

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Office Tower Owner Emmes Installs Charging Stations at Downtown Location

Downtown office property owner Emmes Realty Services has installed and opened 30 electric vehicle charging stations in its public parking garage at 707 Broadway, which the company says is the largest concentration of publicly available chargers in San Diego.

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Marriott Marquis Hotel Plans $7 Million Marina Renovation

Owner Host Hotels & Resorts Inc. has a $7 million renovation planned for the marina at its Marriott Marquis San Diego Marina hotel in downtown San Diego. Operators said the project is set to begin in the fourth quarter of 2015.

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Office Tower Owner Emmes Adds Charging Stations at Downtown Location

Downtown office property owner Emmes Realty Services has installed and opened 30 electric vehicle charging stations in its public parking garage at 707 Broadway, which the company says is the largest concentration of publicly available chargers in San Diego.

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Chula Vista Apartment Complex Sells for $49 Million

An affiliate of Philadelphia-based Resource Real Estate has purchased the 295-unit Villages at Bonita Glen apartment complex in Chula Vista for approximately $49 million, according to CoStar Group and public data.

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Marriott Marquis Hotel Plans $7M Marina Renovation

Owner Host Hotels & Resorts Inc. has a $7 million renovation planned for the marina at its Marriott Marquis San Diego Marina hotel in downtown San Diego. Operators said the project is set to begin in the fourth quarter of 2015.

National Investment Firms Buying into Carlsbad Office Market

The city of Carlsbad has emerged as San Diego County’s hot hub for big sales of existing office properties so far in 2015.

The Headquarters Getting Flour & Barley Restaurant

Operators of The Headquarters at Seaport commercial center in downtown San Diego recently signed a lease with Block 16 Hospitality to operate the region’s first Flour & Barley Brick Oven Pizza restaurant, set to open this fall.

Industry Leaders Forecast Higher Demand, Rents

The San Diego Business Journal recently spoke with top local regional executives of the larger commercial real estate brokerage companies. Here are some of their takes on what happened in the year’s first half and what’s likely ahead for the rest of 2015:

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Speculating On What’s Next

With Few Spec Projects Underway, Market Conditions Continue to Drive Up Tenant Costs

Halfway through 2015, San Diego County’s commercial real estate market is reaping the benefits of continued new-job creation and an unemployment rate that had dipped to 4.9 percent as of late spring, down from around 6 percent at the same point of 2014.

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The Aftermath

What Price Would S.D. Pay If the Chargers Leave Town?

San Diego native Rafael Alvarez remembers coming across a homeless person in Barrio Logan a few years back, and recalls that despite having a hard life, the man proudly sported a San Diego Chargers cap.

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Poway Industrial Property Purchased for $16.9 Million

Rexford Industrial Realty Inc. of Los Angeles has acquired a Poway industrial building for $16.9 million, the company announced.

Council Approves $2.1 Million for Stadium Environmental Impact Report

The San Diego City Council has approved spending $2.1 million to continue preparing an environmental impact report for a proposed Mission Valley stadium project aimed at keeping the San Diego Chargers in the city.

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Zephyr Plans Mixed-use Dana Point Project after $50 Million Land Buy

San Diego-based Zephyr Partners has acquired a nine-acre parcel in Dana Point for $50 million, with plans to develop a mixed-use community on the property.

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New Restaurant Joining Lineup at Downtown’s The Headquarters

Operators of The Headquarters at Seaport commercial center in downtown San Diego recently signed a lease with Block 16 Hospitality to operate the region’s first Flour & Barley Brick Oven Pizza restaurant, set to open this fall.

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Imperial Beach Apartment Property Sells for $8 Million

Investor Craig Knudson of San Diego has acquired the 36-unit Rancho Coronado apartment property in Imperial Beach for $8 million, according to brokerage company Marcus & Millichap Inc.

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Neustar Moving to New Irvine Company Tower at UTC

Information services technology provider Neustar Inc. has signed a lease to occupy approximately 23,000 square feet at One La Jolla Center, Irvine Company’s recently completed office tower at University Towne Center.

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New TargetExpress Shows Retail Changes Are Big and Small

RETAIL: Upcoming South Park Site to Fit In an Urban Market

Target Corp. is aiming to capitalize on two trends with its upcoming TargetExpress store, set to open Oct. 7 in San Diego’s South Park neighborhood

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Summer Visitors Are Helping Tourism to Top Levels of 2014

TRAVEL: Season’s Average Daily Visitor Count Is 114,000

With 2015 now half over, tourism officials and economists say San Diego County is trending ahead of its performance a year ago — and also against rival tourism destinations — based on metrics including visitor counts and overnight hotel stays.

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Local Firm Buys Carlsbad Industrial Building for $8.75 Million

Investment firm SR Commercial of Solana Beach has purchased a Carlsbad industrial building for $8.75 million, according to brokerage company DTZ.

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Airport Open House to Focus on Development Planning

San Diego International Airport operators have scheduled an open house for July 14, the latest in a series of public meetings to gather input on long-term development at the facility.

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Verizon Takes Large Space at Sorrento Mesa Office Campus

Telecommunications giant Verizon Communications Inc. has leased 110,000 square feet of space at the recently renovated Enclave Sorrento office campus in Sorrento Mesa, according to brokerage company JLL.

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Carlsbad Supporters Deliver 20,000 Signatures for Agua Hedionda Development

Proponents of a planned open-space preserve and commercial development near Agua Hedionda Lagoon in Carlsbad have delivered more than 20,000 signatures to the city clerk, in an effort to place a development-related ballot measure before voters in an upcoming election.

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Hughes Marino Joins New Global Tenant-Focused Real Estate Group

Commercial real estate services provider Hughes Marino Inc. of San Diego has joined Exis, a global business organization focused exclusively on tenant representation.

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Newly Opened Gaslamp Quarter Hotel Gets New Owner

Columbia Properties Inc. of Seattle has acquired the recently completed and opened Hotel Z, a new 96-room boutique hotel in downtown San Diego’s Gaslamp Quarter.

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Five-Building Carlsbad Office Portfolio Sells for $48.85 Million

An affiliate of Beverly, Mass.-based Brookwood Financial Partners LLC has purchased a five-building Carlsbad office portfolio for $48.85 million, according to CoStar Group and public data.

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Airbnb Sees Tripling in Pre-Comic-Con Rental Bookings

Property rental website Airbnb has seen a near tripling over last year for local reservations booked ahead of this year’s Comic-Con International, set for July 9-12 at San Diego Convention Center.

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Ground Lease on Vista Restaurant Property Sold for $4.65 Million

A San Diego buyer recorded as Byron F. White 2001 Revocable Trust has acquired the ground lease on a Vista property housing a Jack in the Box and a Taco Bell restaurant for $4.65 million, according to brokerage company Marcus & Millichap Inc.

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Carlsbad Office Portfolio Sold for $13.5 Million

An affiliate of San Francisco-based Graymark Capital has acquired a five-building office portfolio in Carlsbad for approximately $13.5 million, according to CoStar Group and public data.

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Airport Approves Pilot Program for Rideshare Providers Lyft, Uber

San Diego International Airport operators have given the go-ahead for ridesharing companies Lyft and Uber to begin operations at the airport, as part of a pilot program.

Realty Income Closes on $2.25 Billion Credit Facility

San Diego-based Realty Income Corp. has closed on a new $2.25 billion unsecured credit facility, to replace a previous $1.5 billion unsecured credit facility.

Comic-Con Opts to Remain in San Diego through 2018

Comic-Con International, the pop-culture mega-event that annually brings 130,000 people to the San Diego Convention Center, will be staying in San Diego through 2018, organizers and city officials announced.

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Zephyr Names Architects for $250 Million Downtown Project

Zephyr Partners recently named the lead building design and landscape architects for The Block, a $250 million downtown mixed-use project announced last year by the San Diego-based developer.

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Realty Income Closes on New $2.25 Billion Credit Facility

San Diego-based Realty Income Corp. has closed on a new $2.25 billion unsecured credit facility, to replace a previous $1.5 billion unsecured credit facility.

Hotel Deals Are Going Strong as Sector Continues to Prosper

A strong hospitality climate is keeping hotel properties high on the list of big San Diego County deals so far in 2015.

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Quarry Sites Eyed By Developers for Mixed-Use Projects

PROPERTY: Proposal In Mira Mesa Is for a 293-Acre Development

The process is relatively slow due to necessary environmental reviews, but former quarry properties — used for decades to mine materials for the region’s past construction projects — are gradually shaping up as potential sites for future new neighborhoods and mixed-use developments.

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Comic-Con Staying in San Diego Through 2018

Comic-Con International, the pop-culture mega-event that annually brings 130,000 people to the San Diego Convention Center, will be staying in San Diego through 2018, organizers and city officials announced.

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Architects Named for $250 Million Downtown Project

Zephyr Partners recently named the lead building design and landscape architects for The Block, a $250 million downtown mixed-use project announced last year by the San Diego-based developer.

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Office Tower at Aventine Sells for $150 Million

An affiliate of Boston-based Rockpoint Group LLC has purchased the Aventine office building in La Jolla for approximately $150 million, according to CoStar Group and public data.

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