San Diego Business Journal

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Ballast Point Brewing & Spirits Investing $47.8 Million in Virginia Brewing Operations

San Diego’s Ballast Point Brewing & Spirits will invest $47.8 million to establish East Coast brewing operations in suburban Roanoke, Va., the Virginia governor’s office announced.

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UC Regents Buy Torrey Pines Office Campus for $134.1 Million

The Oakland-based Regents of the University of California, which oversees the statewide public university system that includes UC San Diego, has acquired a five-building office campus at Torrey Pines for approximately $134.1 million, according to CoStar Group and public data.

SeaWorld San Diego Is Only Major Park to See Attendance Decline

SeaWorld San Diego placed 14th among North American theme parks in 2015, but was the only venue among the top 20 to see attendance drop in 2015, according to the latest annual visitor report from the Themed Entertainment Association and consulting firm AECOM.

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Office Project Planned After $2.9 Million Land Buy in Carlsbad

Burke Real Estate Group of Costa Mesa has purchased a 3.1-acre land parcel in Carlsbad for $2.9 million, with plans to develop a two-story creative office building, according to brokerage firm CBRE Group Inc.

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Ballast Point Brewing Investing $47.8M in Virginia Brewing Operations

San Diego’s Ballast Point Brewing & Spirits will invest $47.8 million to establish East Coast brewing operations in suburban Roanoke, Va., the Virginia governor’s office announced.

SeaWorld San Diego Only Major Park to See Attendance Decline

SeaWorld San Diego placed 14th among North American theme parks in 2015, but was the only venue among the top 20 to see attendance drop in 2015, according to the latest annual visitor report from the Themed Entertainment Association and consulting firm AECOM.

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University of California Regents Buy Torrey Pines Office Campus for $134.1 Million

The Oakland-based Regents of the University of California, which oversees the statewide public university system that includes UC San Diego, has acquired a five-building office campus at Torrey Pines for approximately $134.1 million, according to CoStar Group and public data.

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Office Project Planned After $2.9M Land Buy in Carlsbad

Burke Real Estate Group of Costa Mesa has purchased a 3.1-acre land parcel in Carlsbad for $2.9 million, with plans to develop a two-story creative office building, according to brokerage firm CBRE Group Inc.

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Irvine Co. Opens New UTC Office Building, with Another Underway

Irvine Company’s office property division has opened its new three-story Eastgate Summit at University Towne Center, and has construction underway on a nearby building called Eastgate Terrace. The projects represent a total investment of more than $50 million by the Newport Beach-based company.

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Apartments Planned Following $6.1M Purchase of San Diego Hotel

Fowler Property Acquisitions LLC of Newport Beach has acquired Hotel Metro, in downtown San Diego’s East Village, for $6.1 million. Plans call for redeveloping the property into market-rate studio apartments, according to brokerage firm CBRE Group Inc.

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Meeting the Demand Keeps Rents High at Medical Offices

PROPERTY: Offices Under Construction Are Already Leased

Rising demand for care services, along with limited new construction in high-demand submarkets, continue to make San Diego County a friendly place for owners of medical office buildings.

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Team Effort May Not Materialize for Boycott

SPORT: Convadium Backers’ Game Plan Is to Rally Fans

Organizers of a boycott targeting three San Diego hotel companies acknowledge they face an uphill task turning football fan sentiment into tangible business and political clout in upcoming ballot campaigns focused on the potential development of a hybrid $1.8 billion stadium and convention facility that would be financed largely through hotel tax increases.

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Retail Projects Follow New Residential Sites

PROPERTY: Retail Rents Are High as Vacancies Are Low

A continued influx of tourists and new residents is expected to keep San Diego County retail space in tight supply as rents continue to rise this year at the most coveted locations, according to a newly released report by the brokerage firm Marcus & Millichap.

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Pacific Beach Apartment Property Sells for $2.39 Million

Santa Margarita Properties I LLC, operating in San Diego and Laguna Hills, has purchased a six-unit apartment complex in Pacific Beach for approximately $2.39 million, according to brokerage firm Apartment Consultants Inc. (ACI).

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Miramar Office Buildings Sold for $6.63 Million

A La Jolla buyer recorded as Tierra Grande 3B LLC has purchased three Miramar office buildings for a total of approximately $6.63 million, according to CoStar Group and public data.

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Construction Starts on $45M Mixed-use Project in East Village

The Richman Group of California Development Co. has started construction on F11, a $45 million mixed-use apartment project in downtown San Diego’s East Village.

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Third Local Gelson’s Store Debuting in Pacific Beach

Gelson’s Markets plans a May 26 opening for its store in northern Pacific Beach, which will be the third San Diego County location for the Encino-based specialty grocer.

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Smart & Final Fills Its Share Of Former Haggen Locations

Less than five months into 2016, the competitive slate of grocery stores now operating in San Diego County looks very different than it did at the end of 2015 — due largely to the quick departure of the Northwest supermarket chain Haggen Inc.

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Kearny Mesa Medical Office Building Sold for $4 Million

A buyer recorded as 2100 Fifth Avenue LLC of San Diego has acquired a Kearny Mesa medical office building for $4 million, according to brokerage firm JLL.

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Bankers Hill’s Status Is Being Elevated

PROPERTY: Projects, Plans And Demand Reshaping Area

In the Bankers Hill building where printing presses once churned out copies of the San Diego Daily Transcript, the property’s new owner, Michael Donovan, envisions a space where restaurant patrons will one day enjoy freshly brewed craft beer.

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La Mesa Office Building Sells for $3.5 Million

La Mesa Business Associates Real Estate General Partnership has acquired a multi-tenant office building in La Mesa for $3.5 million, according to brokerage firm SVN Asset Advisory Group.

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Convention Center’s New CEO Ready to Talk

TOURISM: Town-Hall Meetings to Address Expansion

Prospects for an expansion of the San Diego Convention Center — contiguous, noncontiguous or none of the above — are likely to remain among much-debated city priorities in an election year filled with heated talk over possible hotel tax hikes and a proposed downtown football stadium.

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Carlsbad Firm Buys Flagstaff Apartments for $58.7 Million

Carlsbad-based Red Rock Investment Management has acquired a two-building apartment portfolio in Flagstaff, Ariz., with a total of 419 units, for approximately $58.7 million, the company announced.

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Stone Brewing Expanding to Wine Country with Napa Tap Room, Brewery

Stone Brewing Co. plans to open a new beer tap room and pilot brewery in downtown Napa, marking the latest expansion beyond San Diego County for the Escondido-based company.

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San Diego Ranks Fifth on List of Top U.S. Meeting Destinations

San Diego ranks fifth among U.S. markets in an annual ranking of the top 50 destination cities for meetings and events, published by the event management services provider Cvent Inc.

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Golden Hill Apartment Property Sells for $4.1 Million

Dadah Family Trust of Laguna Hills has purchased a 14-unit apartment property in San Diego’s Golden Hill neighborhood for $4.1 million, according to brokerage firm Apartment Realty Group Inc. (ARG).

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Golden Hill Apartment Property Sells for $4.1M

Dadah Family Trust of Laguna Hills has purchased a 14-unit apartment property in San Diego’s Golden Hill neighborhood for $4.1 million, according to brokerage firm Apartment Realty Group Inc. (ARG).

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S.D. Ranks Fifth on List of Top U.S. Meeting Destinations

San Diego ranks fifth among U.S. markets in an annual ranking of the top 50 destination cities for meetings and events, published by the event management services provider Cvent Inc.

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Stone Brewing Co. Expanding to Wine Country with Napa Tap Room, Brewery

Stone Brewing Co. plans to open a new beer tap room and pilot brewery in downtown Napa, marking the latest expansion beyond San Diego County for the Escondido-based company.

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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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