San Diego Business Journal

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La Casa del Zorro Getting $3 Million in Solar Upgrades

La Casa del Zorro in Borrego Springs has completed a $150,000 “solar farm,” the first of two projects totaling more than $3 million aimed at making the resort more energy-independent and eco-friendly.

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Retail-Office Building at Liberty Station Sells for $5.2 Million

Tower Investments LLC has purchased a multi-tenant retail and office building at Liberty Station in Point Loma for $5.2 million, according to Voit Real Estate Services, which represented the seller.

Three Local Firms Make Top 50 in Apartment Industry Rankings

Three San Diego-headquartered firms ranked among the top 50 U.S. companies in three industry categories tracked in a recent annual report by the National Multifamily Housing Council, an apartment industry trade group based in Washington, D.C.

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Blackstone to Acquire San Diego's Excel Trust in $2 Billion Deal

Excel Trust Inc., a San Diego-based real estate investment company, has entered into an agreement to be acquired by Blackstone Property Partners LP in an all-cash transaction valued at approximately $2 billion, the companies announced.

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Three Local Nursing Facilities Are Part of $80 Million Portfolio Deal

MedEquities Realty Trust Inc. of Nashville, Tenn., has purchased a portfolio of buildings housing four skilled-nursing facilities, including three in San Diego County, for $80 million, according to CoStar Group and public data.

Distilled Spirits Could Follow in Footsteps of Craft Beer Cluster

BEVERAGES: Changing Distribution Law Would Help Open the Path

A very small batch of San Diego’s craft beer brewers are making early headway in the ultra-competitive market for distilled spirits, which last year racked up $23.1 billion in U.S. sales, according to industry reports.

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Case for Cans

CRAFT BREWERIES: Some Craft Brewers Are Open to Change as New Techniques Help Cans Hold Their Own Versus Bottles

The hum of canning lines at Mike Hess Brewing Co. in North Park is a sound that remains relatively rare in the world of San Diego County’s 100-plus craft beer makers.

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Glass-Walled Ballrooms Highlight Marriott’s $206 Million Makeover

HOSPITALITY: Hotel Will Offer Most Event Space on West Coast

Owner Host Hotels & Resorts Inc. recently began work on the second phase of a $206 million makeover of its Marriott Marquis San Diego Marina, an 80,000-square-foot events facility that also includes an adjacent Marina Walk, the latest in a series of new public elements transforming the face of the downtown waterfront.

Green Flash Debuting New Tasting Room

San Diego-based Green Flash Brewing Co. plans a May 16 opening for Cellar 3, a new tasting room and specialty brewing facility that it will operate in Poway.

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Rady $100M Gift For Best, Brightest

EDUCATION: UCSD School To Pursue Top Faculty, Students

Local philanthropists Ernest and Evelyn Rady have committed $100 million to the Rady School of Management at the University of California, San Diego, a long-term gift deemed crucial for competing with older and well-established business schools for top students and faculty.

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Three Local Nursing Facilities Part of $80 Million Portfolio Deal

MedEquities Realty Trust Inc. of Nashville, Tenn., has purchased a portfolio of buildings housing four skilled-nursing facilities, including three in San Diego County, for $80 million, according to CoStar Group and public data.

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Blackstone Acquiring Excel Trust for $2 Billion

Excel Trust Inc., a San Diego-based real estate investment company, has entered into an agreement to be acquired by Blackstone Property Partners LP in an all-cash transaction valued at approximately $2 billion, the companies announced.

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$3.7 Million Land Lease Clears Way for Car Wash, 7-Eleven

Car-wash operator Washman LLC and property owner Sunshine Finance Corp. have completed a $3.7 million land lease agreement for a San Diego property where convenience retailer 7-Eleven also plans to open a new store, according to Voit Real Estate Services.

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Green Flash Debuting New Tasting Room at Poway Facility

San Diego-based Green Flash Brewing Co. plans a May 16 opening for Cellar 3, a new tasting room and specialty brewing facility that it will operate in Poway.

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Scripps Ranch Office Building Sells for $2.45 Million

BKC Commercial Properties LLC has purchased a Scripps Ranch office and retail building for $2.45 million, according to CoStar Group and public data.

Two Lawsuits Filed Over One Paseo Project

Three community groups and a competing shopping center owner have filed separate lawsuits aimed at blocking the controversial One Paseo mixed-use development in Carmel Valley, proposed by Kilroy Realty Corp. and recently approved by San Diego City Council.

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Doubletree Hotel in Mission Valley Sells for $49.2 Million

An affiliate of Los Angeles-based Oak Coast Properties LLC has acquired the 219-room Doubletree San Diego-Hotel Circle in Mission Valley for approximately $49.2 million, according to CoStar Group and public data.

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Poway Industrial Building Sold for $7.75 Million

A buyer recorded as 12460 Kirkham LLC has acquired a Poway industrial building for $7.75 million, according to brokerage company Pacific Coast Commercial, which represented the buyer.

New Owner Closes Several Coco’s, Carrows Restaurants, Lays Off 100 Workers

The new owner of Carlsbad-headquartered Catalina Restaurant Group has closed an undisclosed number of Coco’s Bakery and Carrows restaurants, citing lagging sales performance.

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Rady Foundation Commits $100 Million to UC San Diego Management School

Local philanthropists Ernest and Evelyn Rady have committed $100 million to Rady School of Management at University of California San Diego, to help the school recruit and retain faculty and support other strategic priorities.

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Pacific Beach Mixed-Use Property Sold for $2.57 Million

Abeles Family Trust has acquired a mixed-use retail and office property in Pacific Beach for approximately $2.57 million, according to brokerage company The Franco Realty Group, which represented the seller.

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Realty Income Initiates $276.7 Million Stock Offering

Realty Income Corp. has initiated a public offering of common stock, with expected net proceeds of approximately $276.7 million.

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Trigild Adds 3 SoCal properties to Management Portfolio

San Diego-based real estate services provider Trigild has taken over management of three Southern California commercial properties valued at over $130 million and totaling nearly 700,000 square feet, including two in San Diego.

Newland Partners to Acquire Housing Projects in Colorado, Texas

San Diego-based housing developer Newland Communities and North America Sekisui House LLC have acquired land assets in four master-planned communities in Denver, Dallas and Austin, Texas, for an undisclosed price.

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Sorrento Mesa Office Campus Sells for $85.5 Million

A real estate affiliate of Dallas-based Invesco Advisors Inc. and San Diego-based developer Cruzan have acquired a two-building office campus in Sorrento Mesa for $85.5 million, according to CoStar Group and public data.

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Grocer Fresh & Easy Closing Four Local Stores

Four San Diego County stores are among 50 in three states being closed soon by Fresh & Easy Neighborhood Market, as the struggling small-format grocery chain continues to make changes to its business model.

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Investment Firm Westcore Properties Names Bateman Its COO

San Diego-based commercial real estate investment firm Westcore Properties has named Matthew Bateman as its new chief operating officer.

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Sorrento Mesa Campus Sells for $85.5 Million

A real estate affiliate of Dallas-based Invesco Advisors Inc. and San Diego-based developer Cruzan have acquired a two-building office campus in Sorrento Mesa for $85.5 million, according to CoStar Group and public data.

Construction Set for This Month on 37-Story Ballpark Village

Another East Village apartment project will soon join the hubbub of earth-movers and cranes now reshaping the downtown San Diego landscape.

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Investment Firm Westcore Properties Names New COO

San Diego-based commercial real estate investment firm Westcore Properties has named Matthew Bateman as its new chief operating officer.

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Manchester Sells Majority Stake in Grand Del Mar

TOURISM: The 88% Share Being Bought Is Valued at $230 Million

Private equity firm Blum Capital and the parent of Fairmont Hotels & Resorts are acquiring a majority stake in Carmel Valley’s Grand Del Mar resort for a reported $230 million.

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Liberty Station Keeps Recruiting

PROPERTY: Synergy Seen In Growing Tenant Ranks

Nearly 20 years after it was shuttered by the military, the conversion of the former Naval Training Center in Point Loma into a vibrant commercial and cultural attraction appears to be shifting into high gear.

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Fresh & Easy Closing Four Local Stores

Four San Diego County stores are among 50 in three states being closed soon by Fresh & Easy Neighborhood Market, as the struggling small-format grocery chain continues to make changes to its business model.

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Miramar Industrial Building Sold for $4.3 Million

Kenamar Group LLC has purchased a Miramar industrial building for approximately $4.3 million, according to Colliers International, which represented the seller.

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Four Local Craft Brewers Among Nation’s 50 Largest

Four San Diego County-based companies, led by Escondido’s Stone Brewing Co., made this year’s annual ranking of the top 50 U.S. craft beer makers based on 2014 sales volume, published by the Colorado-based Brewers Association.

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Councilman Proposes Mixed-Use Project For New Stadium

San Diego City Councilman Scott Sherman has proposed a mixed-use redevelopment of the current Qualcomm Stadium site in Mission Valley that would include a new stadium for the San Diego Chargers, using various potential combinations of mostly private dollars to finance the $1.2 billion project.

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Colliers International Hires La Dow to Head San Diego Operations

Commercial real estate services company Colliers International has named Andy La Dow as its new regional managing director for San Diego County operations, overseeing 100 real estate professionals at offices in San Diego and Carlsbad.

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Local Firm Acquires 768-unit Anaheim Apartment Property

A partnership that includes Boston-based Intercontinental Real Estate Corp. and San Diego-headquartered MG Properties Group has acquired the 768-unit Madison Park Apartments in Anaheim for an undisclosed price.

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Little Italy Parcel Sells for $2 Million

San Diego-based developer H.G. Fenton Co. has purchased a 10,000-square-foot lot in downtown’s Little Italy for $2 million, according to real estate services firm ACI Commercial, which represented the sellers.

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Pacific Beach Retail Properties Sold for $4.6 Million

Dayani Partners has purchased a portfolio of Pacific Beach retail buildings for $4.6 million, according to Voit Real Estate Services, which handled the transaction.

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Developer Completes $13 Million Renovation of Escondido Apartments

Affirmed Housing Group of San Diego has completed a $13 million renovation of Sonoma Court Apartments, a 61-unit affordable housing community in Escondido.

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Carlsbad Office Park Acquired for $16.4 Million

Davlyn Investments Inc. of San Diego has purchased the two-building Paseo Summit office property in Carlsbad for approximately $16.4 million, the company announced.

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Coronado Office Property Sold for $19.7 Million

Island Terraces LP of Los Angeles has purchased Island Terraces, an office property in Coronado, for approximately $19.7 million, according to CoStar Group and public data.

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Realty Income Joining S&P 500 Index

Realty Income Corp. will be added to the S&P 500 index after the close of trading on April 6, the Escondido-based company announced.

Opponents of One Paseo Project Submit Signatures for Possible Referendum

The San Diego County Registrar of Voters is reviewing more than 60,000 signatures submitted by opponents of the mixed-used One Paseo project in Carmel Valley, aimed at rescinding San Diego City Council’s recent approval or placing the measure on a future election ballot.

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Manchester Sells Majority Stake in Grand Del Mar Resort

Private equity firm Blum Capital and the parent of Fairmont Hotels & Resorts are acquiring a majority stake in Carmel Valley’s Grand Del Mar resort for a reported $230 million.

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La Mesa Apartment Property Sells for $2.8 Million

Joehnk LLC of La Jolla has purchased the 14-unit Chateau Shasta apartment building in La Mesa for $2.8 million, according to ACRE Investment Real Estate Services, which represented the seller.

The Good News Keeps Arriving for the Local Hotel Industry

TRAVEL: Millennials’ Tastes, ‘Airbnb’ Options Are Sector’s Challenges

San Diego County’s hotel industry is on track to see another stellar year in 2015, and likely into 2016, said experts at a recent Lodging Industry Forecast forum in Carmel Valley.

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Texas Company Taking the Reins at Catalina Restaurant Group

DINING: Carrows, Coco’s Face Challenge From the Limited-Service Eateries

Catalina Restaurant Group Inc. is about to undergo the latest in what has become a series of corporate turnovers for the Carlsbad company’s flagship brands over the past two decades.

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Betting on Blue

RESOURCES: Leaders Push Blue-Tech Plans as Region’s Next Cluster

A proposal to create a regional “blue-tech” incubator with a related “center of excellence” that would support early-stage companies, cutting-edge research and development of water-oriented technologies has won the backing of city and council officials.

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