San Diego Business Journal

SeaWorld 2013 Attendance Off 3% From 2012

TOURISM: Controversy Over Orcas Not Behind Drop, Co. Says

SeaWorld San Diego and its Florida-based parent company both saw visitor declines in 2013, even as revenue improved, going against a continued global trend of rising theme park attendance in an improving economy, according to the latest annual report by the Themed Entertainment Association and consulting firm AECOM.

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School District Buys Mission Valley Office Plaza for $5.6 Million

The San Diego Unified School District plans to lease property to charter school.

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Oceanside Building Housing Surgery Center Sells for $4.8 Million

The property was fully leased.

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Kelly Investment Buys Operator of 16 Restaurants in Kansas and Oklahoma

San Diego-based Kelly Investment Group acquires 16 restaurants in Kansas and Oklahoma.

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Site of Now-Closed Burns Drugs Bought for $5.3 Million

Former home of La Jolla drug store was bought.

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Chula Vista Retail Property Bought for $5.3 Million

Two-building property totals nearly 20,000 square feet.

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Music Society Buys La Jolla Retail Property for $9.8 Million

Music society plans to build a performing arts center.

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Three-Building Industrial Park in Vista Sells for $5.1M

Catesgarb Holdings of City of Industry has bought a three-building industrial park in Vista for about $5.1 million.

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Coco’s Restaurant Building in Kearny Mesa Sells for $2.7 Million

Longtime restaurant location changes landlord.

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12-Unit Apartment Complex in Encinitas Sold for $4.8M

An Encinitas apartment complex attracts an Irvine-based buyer.

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Structures

Nationwide investment in construction projects is picking up as the general economy recovers, and San Diego County is reflecting that trend.

Joint Venture to Tackle Major Renovation of Town and Country

Lowe Enterprises is well known for big development projects in San Diego County, and its latest announced local venture is also high in profile. The Los Angeles-based developer is a part of a newly formed joint venture that will acquire and undertake a major renovation of the 60-year-old Town and Country Resort & Convention Center in Mission Valley. Dollar figures have not been divulged.

Search Underway for Chula Vista Waterfront Hotel Developer

REAL ESTATE: Bay Front Site Will Be Centerpiece Of Planned $2B Project

Port and city planners are embarking on the next step toward long-discussed development of Chula Vista’s waterfront — entailing up to $2 billion in projects over the next 20 years — as officials formally seek developers for a convention-oriented resort hotel to anchor the 535-acre site.

Pacific Gateway Gets A Major Win in Court

PROPERTY: Navy’s Developer Sees Project Gaining Momentum

The long-stalled, $1.2 billion redevelopment of the Navy Broadway Complex in downtown San Diego could be moving forward in early 2016, provided the U.S. Navy and its developer can surmount one more legal challenge still pending.

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Historic Downtown Office Building Sells for $52.5 Million

Hammer Ventures of San Diego has purchased a downtown office building at 625 Broadway, known locally as the Torbati Building, for $52.5 million, according to CoStar Group and public data.

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Five San Diego County Contractors Make Magazine’s Top 400

Five construction companies with San Diego County headquarters made the latest annual ranking of the nation’s 400 largest general contractors, published by Engineering News-Record magazine.

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Floral Trade Center Opens in New Carlsbad Venue

The Floral Trade Center, housing businesses involved in the flower industry, has opened in a new venue in Carlsbad.

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Trader Joe’s Plans 2015 Opening in Pacific Highlands Ranch

Specialty grocer Trader Joe’s plans a 2015 opening for a new store in San Diego’s Pacific Highlands Ranch neighborhood.

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Joint Venture Formed to Acquire, Renovate Town and Country Resort

Developer Lowe Enterprises has formed a joint venture with AECOM Capital of New York to acquire Town and Country Resort & Convention Center, as part of previously disclosed plans to reposition the 60-year-old Mission Valley property.

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Poway Industrial Building Sells for $12.7 Million

Peckham Properties Inc. of San Diego and Dan McKinney Co. of Montclair have purchased a Poway industrial warehouse building for $12.7 million, according to CoStar Group and public data.

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ROIC Buying Los Angeles Retail Center for $210 Million

San Diego-based Retail Opportunity Investments Corp. has entered into an agreement to purchase Fallbrook Shopping Center in West Hills for $210 million in cash.

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Escondido Apartment Property Sells for $25.6 Million

Conrad Prebys Trust of San Diego has purchased the 190-unit Palmilla Apartment Homes in Escondido for approximately $25.6 million, according to brokerage companies that handled the transaction.

S.D. Airport Lets Anti-SeaWorld Ad Be Displayed

People for the Ethical Treatment of Animals has prevailed in its legal battle to post a controversial advertisement referencing SeaWorld at San Diego International Airport, representatives of the animal rights organization said.

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Wildfire Footage Doesn’t Seem to Deter Visitors

TOURISM: Hotel Bookings Up, While Zoo Attractions Set to Debut at Balboa Park

With the peak summer travel season getting underway over Memorial Day weekend, tourism leaders were confident that global news coverage of recent wildfires would not keep visitors away from San Diego County’s hotels and top attractions.

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Wermers Expands Its Multifamily Mission

PROPERTY: Experience in Building Leads to Development

After building multifamily projects for other developers for much of its 57-year history, San Diego-based Wermers Cos. is placing significant bets of its own on continued high demand for apartments in Southern California.

Commercial Realtors Watching Waterfront

Property: Citywide Vote on Barrio Logan Plan Update Looms

San Diego’s Barrio Logan remains a tight fit for the residents and businesses that have co-existed there for the past several decades, and a pair of measures on the June 3 city ballot will determine how tightly they continue to fit.

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Six Luxury Home Buys Part of Pathfinder’s $50 Million Platform

Pathfinder Partners LLC, a San Diego-based private equity firm focused on real estate, recently acquired six upscale homes in the Los Angeles area as part of a newly established platform aimed at funding more than $50 million in luxury residential real estate acquisitions.

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Manchester Subsidiary Moving Ahead with $370 Million Austin Hotel

A Texas subsidiary of San Diego-headquartered Manchester Financial Group, led by developer Douglas Manchester, plans to begin work in September on a new $370 million hotel planned in Austin.

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Regency Centers Begins $3 Million Renovation of Hillcrest Retail Property

Florida-based Regency Centers Corp. has begun a $3 million renovation of the Uptown District Shopping Center in Hillcrest, which it purchased in late 2012.

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Controversial SeaWorld Ad Being Posted at San Diego Airport

Representatives of People for the Ethical Treatment of Animals (PETA) said the animal rights organization has prevailed in its plans to post a controversial advertisement referencing SeaWorld at San Diego International Airport.

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Two New Eateries Planned at Downtown’s Symphony Towers

Noted local chef and restaurateur Giuseppe Ciuffa plans a June 9 opening for two new venues at the Symphony Towers office building in downtown San Diego.

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Disney Cruise Line Plans New Local Offerings in 2015

Disney Cruise Line plans to offer six new cruises from San Diego aboard the 2,700-passenger Disney Wonder, starting in fall 2015, as the company returns for regular service on the West Coast.

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Saks Opening New Off 5th Store in Carmel Mountain Ranch

Retailer Saks Fifth Avenue Off 5th plans a May 23 opening for its newest local store, in San Diego’s Carmel Mountain Ranch neighborhood.

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Corky McMillin Cos. Selling Millenia Development

San Diego-based Corky McMillin Cos. is in the process of selling Millenia, the $4 billion mixed-use development underway in Chula Vista, company Chairman Scott McMillin said.

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Legoland Plans May 24 Opening for New Water Park Feature

Legoland California Resort in Carlsbad plans a May 24 opening for its new attraction, Lego Legends of Chima Water Park.

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5-Building Industrial Campus Sells for $57.6 Million in Vista

Connecticut-based Cornerstone Real Estate Advisers LLC bought North County Corporate Center, a five-building industrial and warehouse campus in Vista, for about $57.6 million.

2 Local Firms Form a New Commercial Lending Company

Leaders of two locally based financial services firms recently joined to form Trillium Capital Partners Inc., a commercial real estate lending company with headquarters in Encinitas.

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Music, Clothing Sellers Joining Flower Hill Promenade Roster

Two new merchants plan openings at the Flower Hill Promenade shopping center in Del Mar.

S.D. Market for Retail Space One of Tightest Among U.S. Metros

When it comes to space vacancy, San Diego has the fifth-tightest retail market among major U.S. metro regions, according to a newly released national report by brokerage company Cassidy Turley.

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‘Model Home’: CBRE Offices Show Tech Advances in Action

PROPERTY: Brokerage Sees Savings in Paper, Storage and Space Needs

CBRE Group Inc., among the world’s largest commercial real estate brokerages, recently overhauled two of its San Diego County offices in ways that reflect the tech-inspired workspace mantra of many of its corporate clients: Do more with less.

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Clothing, Music Sellers Joining Flower Hill Promenade Roster

Two new merchants plan openings at the Flower Hill Promenade shopping center in Del Mar.

Local Firms Form New Commercial Lending Company

Leaders of two locally based financial services firms recently joined to form Trillium Capital Partners Inc., a commercial real estate lending company with headquarters in Encinitas.

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‘Crowd Control’ Part Of Mission Valley Plan

PROPERTY: Area Must Find Fit for Traffic, Residents, Retail

The city of San Diego this year is embarking on a comprehensive update of the community plan for Mission Valley. The San Diego River runs through the neighborhood, but the city has been unable over the decades to convert that feature into a draw for sustainable, walkable development in Mission Valley.

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Vista Industrial Campus Sells for $57.6 Million

A Connecticut-based firm pays about $57.6 million for an industrial and warehouse campus in Vista.

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Downtown Hotel Building Sells for $10 Million

Oram Properties One LLC of San Diego has purchased a downtown San Diego building housing 500 West Hotel and a YMCA branch, for $10 million.

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Seven-Property Apartment Portfolio Sells for $7.4 Million

seven-property San Diego apartment portfolio, totaling 45 units, has been sold for approximately $7.4 million, according to brokerage company Marcus & Millichap Inc.

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Sorrento Mesa Industrial Building Sells for $18.3 Million

Alliance Commercial Partners LLC of Lakewood, Colo., recorded as GFP Alliance San Diego LLC, has purchased a Sorrento Mesa industrial building for approximately $18.3 million, according to CoStar Group and public data.

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El Cajon Apartments Sold for $4.2 Million

Willowcreek Apartments, a 33-unit multi-family complex in El Cajon, has been sold for $4.2 million, according to CoStar Group and public data.

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Reopenings Follow Renovations at Local Denny’s Restaurants

Denny’s restaurants in Oceanside and National City are among locations recently being remodeled and reopened as part of a companywide renovation program.

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National City Looks to Boost Tourism Marketing Efforts

The National City Tourism Marketing District has tapped two public relations and marketing companies, with the goal of attracting more visitors to the South Bay city.