San Diego Business Journal

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Italian Restaurant Chain Spoleto Plans Six Local Eateries

Brazil-based Spoleto, a fast-casual Italian restaurant chain that lets customers choose ingredients for their entrees, plans to open six of its first seven California locations in San Diego County.

Realty Income Begins $385.8 Million Stock Offering

Realty Income Corp. has commenced an offering of common stock expected to raise approximately $385.8 million in gross proceeds, the San Diego-based company announced.

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Bankers Hill Senior Apartments Reopen After Extensive Renovation

Developers have reopened the 150-unit Westminster Manor in Bankers Hill, following a $55.2 million acquisition and renovation of the senior affordable apartment property, according to the San Diego Housing Commission.

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Fireplace Manufacturer Buys Miramar Industrial Building for $2.17 Million

An affiliate of San Juan Capistrano-based Capo Fireside, a custom fireplace manufacturer, has purchased a Miramar industrial building for $2.17 million, according to brokerage firm Colliers International Group Inc.

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City Heights Apartment Property Sells for $3 Million

Xavier Family Trust of Del Mar has purchased a 24-unit apartment property in San Diego’s City Heights neighborhood for approximately $3 million, according to brokerage firm South Coast Commercial Inc.

Stadium Proponents Call For Boycott Against 3 Hotel Companies

An organization called San Diego Stadium Coalition has joined with Save Our Bolts and other civic and fan groups, calling for a boycott of three hotel companies they claim are collectively opposing development of a hybrid downtown stadium and convention facility favored by the San Diego Chargers.

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Sorrento Valley Office Park Sold for $26 Million

Newport Beach-based Webb Management & Investments has acquired a four-building office property in Sorrento Valley for approximately $26 million, according to CoStar Group and real estate services firm Holliday Fenoglio Fowler LP (HFF).

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Golden Hill Apartment Property Sells for $7.57 Million

An affiliate of Lake Forest-based Allen Properties has acquired an 18-unit apartment property in San Diego’s Golden Hill neighborhood for approximately $7.57 million, according to CoStar Group and public data.

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San Marcos Nursing Facility Sold for $8 Million

An affiliate of Los Angeles-based The ARBA Group has purchased Village Square Nursing Center in San Marcos for $8 million, according to CoStar Group and public data.

Uptick in Revenue for SeaWorld But Increase in Q1 Net Losses

TOURISM: Theme Park Continues Transition With Revised Expansion Plans

SeaWorld Entertainment Inc. posted total revenue of $220.2 million in its first quarter ending March 31, up slightly from $214.6 million in the year-ago period, the parent company of SeaWorld San Diego reported.

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Completion Nears on $59.6M Upgrade of Rancho Bernardo Office Campus

A June completion is expected for a multiphase, $59.6 million renovation of The Summit Rancho Bernardo office campus in San Diego, according to general contractor Level 10 Construction.

Partnership Buys Mission Valley Residential Land for $31M

A venture that includes affiliates of New York- based JEN Partners LLC and Costa Mesa’s Armada Real Estate Group LLC has acquired 8.78 acres of residential land in Mission Valley for $31 million, according to CoStar Group and public data.

Partnership Pays $31M for Mission Valley Residential Land

A venture that includes affiliates of New York- based JEN Partners LLC and Costa Mesa’s Armada Real Estate Group LLC has acquired 8.78 acres of residential land in Mission Valley for $31 million, according to CoStar Group and public data.

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Completion Nears on $59.6 Million Upgrade of Rancho Bernardo Office Campus

A June completion is expected for a multiphase, $59.6 million renovation of The Summit Rancho Bernardo office campus in San Diego, according to general contractor Level 10 Construction.

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Escondido Apartment Property Sells for $8 Million

San Francisco-based Vista International Inc. has acquired a 56-unit apartment property in Escondido for $8 million, according to brokerage firm Berkadia and CoStar Group.

Land Parcels Near Airport Sold for $2.5 Million

A Las Vegas buyer, listed as California & Bean LLC, has purchased three industrial land parcels near San Diego International Airport for $2.5 million, according to CoStar Group and brokerage firm CBRE Group Inc.

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Luna Grill Plans Two New Restaurant Openings

San Diego-headquartered Premier Food Concepts LLC, which operates the Luna Grill chain of fast-casual Mediterranean-style restaurants, plans to open new locations in Pacific Highlands Ranch and Mira Mesa, bringing its companywide total to 24.

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Stone to Be the Rock For Small Brewers

BREWING: True Craft Aims to Fund Independence

rgest craft brewer — and with new production ramping up this summer in Richmond, Va., and Berlin, Germany — Stone Brewing Co. CEO Greg Koch appears to be doubling down on his role as outspoken defender of smaller beer makers.

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Former Daily Transcript Building Sold for $5.3 Million

San Diego-based SDPB Holdings LLC, with Michael Donovan as its manager, has purchased the Bankers Hill property that formerly housed the San Diego Daily Transcript newspaper for $5.3 million, according to brokerage firm Colliers International Group Inc.

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Pacific Beach Apartments Sold for $2.5 Million

San Diego-based Haines Properties LLC has acquired an eight-unit apartment building in Pacific Beach for $2.5 million, according to brokerage firm Apartment Realty Group (ARG).

New Condos Planned after $2.8 Million Land Buy in Hillcrest

Alliance Development Services of Poway has purchased two land parcels in San Diego’s Hillcrest neighborhood for $2.8 million, with plans to build 18 residential condominium units, according to brokerage firm Land Advisors Organization.

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Affiliate of Insurer Zurich Buys Eastlake Retail Center for $51 Million

New York City-based Zurich Alternative Asset Management LLC has acquired The Marketplace at Windingpark retail center in Chula Vista’s Eastlake neighborhood for $51 million, according to real estate services firm Newmark Grubb Knight Frank (NGKF).

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Developers Get Financing, Start Construction on InterContinental Hotel

Developers of a new 400-room InterContinental Hotel, planned for the $217 million second phase of development at the former Lane Field in downtown San Diego, have obtained construction financing for the project. Construction was scheduled to begin May 10, with completion slated for September 2018.

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Office Building Housing Charter School Sells for $4.8 Million

Brea-based Yongzhi (USA) Asset Management Co. has acquired a Kearny Mesa office building, housing Coleman Tech Charter High School, for $4.8 million, according to Voit Real Estate Services.

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Electrical Supplies Distributor Leases Full Building in Miramar

Electrical supply and equipment provider Consolidated Electrical Distributors Inc., known locally as CED Greentech, has fully leased a Miramar industrial building in a five-year deal valued at approximately $5.7 million, according to brokerage firm Lee & Associates.

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SeaWorld Entertainment Posts Revenue Increase, Net Loss in First Quarter

SeaWorld Entertainment Inc. posted total revenue of $220.2 million in its first quarter ending March 31, up slightly from $214.6 million in the year-ago period, the parent company of SeaWorld San Diego reported.

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Movie and Restaurant Complex Opens at Liberty Station

San Diego-based Boffo Cinemas LLC has opened The Lot Liberty Station, which includes a restaurant and six-screen movie theater, at the mixed-use Liberty Station in Point Loma.

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Allegiant Begins Its Flights Between San Diego and El Paso

Las Vegas-based discount airline Allegiant has launched its previously announced new nonstop service between San Diego International and El Paso, Texas.

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SeaWorld Entertainment Inc. Posts Revenue Increase, Net Loss in First Quarter

SeaWorld Entertainment Inc. posted total revenue of $220.2 million in its first quarter ending March 31, up slightly from $214.6 million in the year-ago period, the parent company of SeaWorld San Diego reported.

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Restaurant and Movie Complex Opens at Liberty Station

San Diego-based Boffo Cinemas LLC has opened The Lot Liberty Station, which includes a restaurant and six-screen movie theater, at the mixed-use Liberty Station in Point Loma.

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Allegiant Begins Flights Between San Diego and El Paso

Las Vegas-based discount airline Allegiant has launched its previously announced new non-stop service between San Diego International and El Paso, Texas.

Tourism Authority Cites Competition, Urges Continued TMD Funding

Tourism leaders continued to warn against proposed ballot measures aimed at redirecting tourism marketing funds toward a potential downtown hybrid stadium with convention space, at the annual meeting of the San Diego Tourism Authority.

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Westcore Acquires Commercial Buildings in U.K., Seattle

Westcore Europe, an affiliate of San Diego-based Westcore Properties, has acquired an office building in the United Kingdom for approximately $19.6 million in U.S. dollars.

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Scripps Ranch Office Building Sells for $17.8 Million

An affiliate of San Francisco-based Graymark Capital has purchased a Scripps Ranch office property for approximately $17.8 million, according to CoStar Group and public data.

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Will Wonder Bread Building Be Sandwiched Into Convadium?

The historic Wonder Bread building has now survived for nearly a century in East Village, but the proposed “convadium” project put forward by the San Diego Chargers could put its future in doubt.

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Good Views

Local Real Estate Experts See Strong Demand and Low Vacancy Rates Pushing Up Commercial Rents

As nearly 40,000 new positions were created regionwide during the past year, job growth continued to fill San Diego County’s office, industrial and retail buildings during the first quarter of 2016.

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Paying The Price

Low Vacancy Rates and High Demand Are Pushing Apartment Rents Higher, And the Trend May Continue

Arecent report on rising rents, by the Lusk Center for Real Estate at the University of Southern California, painted a clear good news/bad news picture of San Diego County’s apartment property market so far in 2016.

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Tourism Sector Sees Cons in Convadium

TOURISM: Leaders See Plans Ignoring Impact on Visitors

In a sign that battle lines are hardening, tourism and hospitality leaders are warning that plans to hike the city’s hotel taxes, potentially to build a $1.8 billion hybrid downtown San Diego Chargers stadium and convention center, could jeopardize the region’s competitive standing and ability to attract large conventions, costing millions of dollars in economic impact.

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New ‘Downtown’ Takes Shape in San Marcos

DEVELOPMENT: It Aims for Mixed-Use Community Hub

Pieces are gradually falling into place for a mixed-use, 200-acre “University District” long envisioned by the city of San Marcos, which in coming years could also become what developers have billed as “North County’s Downtown.”

Restored Park Opens at Downtown’s Horton Plaza

Officials of the city and Westfield Corp. officially opened the new Horton Plaza Park in downtown San Diego, debuting with a public ceremony following a $17 million redevelopment of the 1.4-acre property next-door to the Westfield Horton Plaza mall.

Stone Brewing Initiates $100 Million Craft Beer Investment Company

Stone Brewing Co. CEO Greg Koch has announced the formation of True Craft, a $100 million company geared toward investing in smaller craft breweries to help them remain independent.

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Ballast Point Takes Overseas Delivery of Large New Storage Tanks

The Port of San Diego recently received a shipment of four 24-ton fermentation and storage tanks bound for Ballast Point Brewing & Spirits, as the brewer expands production at its main facility in Miramar.

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Sudberry Properties Breaking Ground on Imperial Beach Retail Center

Developer Sudberry Properties plans a May 5 ground-breaking for Breakwater Town Center, a new shopping center and community hub in Imperial Beach.

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Eureka! Restaurant Joins Lineup at SDSU Mixed-Use Plaza

San Diego State University has signed the restaurant chain Eureka! as the latest new tenant at its mixed-use South Campus Plaza, currently under construction.

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Petherbridge Named President and CEO of Excel Trust

San Diego-headquartered Excel Trust has appointed Luke J. Petherbridge as chief executive officer and president.

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Charter School Buys La Mesa Retail Property for $2.1 Million

Student Success Programs, a local charter school, has acquired a La Mesa retail property for approximately $2.1 million, with plans to set up school operations, according to brokerage firm Lee & Associates.

Otay Mesa Industrial Property Sells for $3.5 Million

A buyer recorded as TP Otay Mesa LLC has acquired a two-parcel industrial site in Otay Mesa for $3.5 million, according to brokerage firm Lee & Associates.

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San Diego Apartment Property Sells for $3.6 Million

Fenway Properties I LLC of San Diego has purchased a 20-unit apartment property in the city’s Normal Heights neighborhood for $3.6 million, according to brokerage firm Marcus & Millichap.

Gas Station with Retail Planned after $3M Land Buy in Vista

J&T Business Management of Corona has purchased a 4.6-acre land parcel in Vista for approximately $3 million, with plans to build and operate a nationally branded gas station with additional retail, according to brokerage firm Lee & Associates.

Gas Station with Retail Planned after $3 Million Land Buy in Vista

J&T Business Management of Corona has purchased a 4.6-acre land parcel in Vista for approximately $3 million, with plans to build and operate a nationally branded gas station with additional retail, according to brokerage firm Lee & Associates.

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