San Diego Business Journal

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Developer Begins Work on $25M Chula Vista Apartment Project

Los Angeles-based LaTerra Development LLC has started construction on Stone Creek Casitas, a $25 million project in Chula Vista that will have 97 garden-style apartments.

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Maritime Museum Debuting Tours of San Salvador Replica

A $6.2 million replica of the ship that first brought explorer Juan Rodriguez Cabrillo to local shores in 1542 is scheduled to make its public debut for tours Sept. 3-5 at the Maritime Museum of San Diego.

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Miramar Industrial Building Sells for $3.94 Million

A San Diego buyer recorded as RM-Use LLC has acquired a Miramar industrial building for approximately $3.94 million, according to CoStar Group and public data.

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Oceanside Retail Center Sold for $23.2 Million

Illinois-based InvenTrust Properties Corp. has acquired the Old Grove Marketplace retail center in Oceanside for approximately $23.2 million, the company announced.

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San Diego Firm Buys Santa Rosa Apartments for $43 Million

San Diego-based Davlyn Investments Inc. has purchased a 138-unit apartment community in Santa Rosa for $43 million, the company announced.

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Escondido Office Building Sells for $6.9 Million

Torrance-based Showprop Pico Rivera LLC has acquired a 25,380-square-foot office building in Escondido for $6.9 million, according to the seller, San Diego-based SENTRE Inc.

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Grocer Smart & Final Opening Third Chula Vista Store

Commerce-based discount grocer Smart & Final plans an Aug. 31 opening for a new Chula Vista store at 40 N. Fourth Ave, Unit D. It will be the company’s third store in Chula Vista and its 27th in San Diego County.

Report Calls for Enhanced ‘Placemaking’ in San Diego

The city of San Diego can do more to meet community and business goals by creating a sense of place in its individual neighborhoods, according to a new report by the regional nonprofit Circulate San Diego.

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Lakeside Apartment Property Sold for $3.3 Million

San Diego investor Roger Carr has acquired a 20-unit apartment complex in Lakeside for $3.3 million, according to brokerage firm Apartment Consultants Inc., also known as ACI.

Report Calls for Enhanced ‘Placemaking’ in S.D.

The city of San Diego can do more to meet community and business goals by creating a sense of place in its individual neighborhoods, according to a new report by the regional nonprofit Circulate San Diego.

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Grocer Smart & Final Is Opening Third Chula Vista Store

Commerce-based discount grocer Smart & Final plans an Aug. 31 opening for a new Chula Vista store at 40 N. Fourth Ave, Unit D. It will be the company’s third store in Chula Vista and its 27th in San Diego County.

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Lakeside Apartment Property Sold for $3.3M

San Diego investor Roger Carr has acquired a 20-unit apartment complex in Lakeside for $3.3 million, according to brokerage firm Apartment Consultants Inc., also known as ACI.

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Wave of Renovations and Redevelopments Hits the Village

Whatever you call it, the Village of La Jolla — aka Downtown La Jolla, aka La Jolla Cove — has been on a tear for the past two years when it comes to commercial real estate.

JLL Report: San Diego Life Science Leasing Remains Strong

Tenant demand for life science real estate in San Diego remains robust so far in 2016, even as leasing activity has declined from levels seen in the first half of 2015, according to a new report from brokerage firm JLL.

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County Construction Starts Rose 5% in in First 7 Months of 2016

San Diego County’s construction starts increased five percent from a year ago in the first seven months of 2016, with projects totaling more than $2.17 billion in value, according to the latest monthly figures from research firm Dodge Data & Analytics.

Carlsbad Hilton Garden Inn Gets New Management

Atlanta-based Davidson Hotels & Resorts was recently named manager of the 161-room Hilton Garden Inn Carlsbad Beach, at 6450 Carlsbad Blvd.

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Local Retail Market Stays Safely Insulated

PROPERTY: Online Buying, Closures Don’t Dent Market

Just two years after Brixton Capital acquired a vacated former Target store site in Chula Vista, four major retailers will soon be sprouting up to take its place.

Chargers’ Consultants Tout Benefits of Downtown ‘Convadium’

Consultants for the San Diego Chargers touted “significant positive impact” from a proposed $1.8 downtown stadium and convention facility, as the team unveiled final results of a 90-page consulting study that it commissioned.

Local Hotel Revenue Up 3.5 Percent in First Seven Months of 2016

San Diego County hotel revenue rose 3.5 percent from a year ago, topping $1.6 billion for the first seven months of 2016, even as occupancy dipped 0.4 percent to 78.4 percent, according to the latest monthly data from research firm STR.

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Land Brokerage Company Opens Office in San Diego

Irvine-based land brokerage firm Province West has established an office in San Diego, managed by Vice President Eric Weitz. The expansion follows a recently announced strategic alliance between Province West and Scottsdale, Ariz.-based Nathan & Associates Inc.

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New San Diego Retirement Community Planned after $18.5M Land Purchase

Carlsbad-based Continuing Life Communities has acquired a 53-acre land parcel in San Diego’s Scripps Ranch neighborhood for $18.5 million, with plans to develop a new continuing care retirement community.

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New Restaurants Joining Roster at Del Sur Retail Property

Locally based Waypoint Public, Board & Brew, and Piacere Mio are among four new restaurants joining the tenant lineup at Del Sur Town Center, a new retail property in northeastern San Diego’s Del Sur neighborhood.

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Sorrento Mesa Office Buildings Sold for $28 Million

New York-based Angelo, Gordon & Co. has acquired a two-building Sorrento Mesa office property for $28 million, according to brokerage firm JLL.

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Construction Begins on $57M Oceanside Townhome Development

San Diego-based Cornerstone Communities and Presidio Residential Capital recently began construction on Brisas at Pacific Ridge, consisting of 117 two-story triplex townhomes in Oceanside. A statement from developers said the for-sale project will have a retail value of more than $57 million at completion.

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Developers Find Opportunities in Golf Course Properties

PROPERTY: Prime Land Draws Interest; Sport Facing Challenges

Ever-changing business realities for the nation’s 14,000 golf course properties continue to be reflected in San Diego County, in the form of several recent sales, near-sales, closings and pending redevelopments.

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TMD Stays Neutral; Study Hits Convadium

The San Diego Tourism Marketing District will not formally campaign against the San Diego Chargers’ November ballot measure aimed at financing a downtown stadium and convention facility, despite issuing a consulting report that negatively critiqued the project.

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Hotel Could Bring Big Changes to Escondido

TRAVEL: Stone’s Project May Rev Up the Business Climate

“We’re already getting emails from people saying they want to hold the first wedding at Stone Hotel,” said Steve Robbins, director of hospitality at Stone Brewing Co., describing public reaction to the recent announcement that the brewer is moving forward with plans for a full-service, 99-room hotel adjacent to its flagship Escondido brewing facilities.

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Totaro Named GM of San Diego Convention Center

Karen Totaro has been named senior vice president and general manager of San Diego Convention Center, effective Sept. 30. Totaro most recently served as general manager for the Atlantic City Convention Center in New Jersey.

Cape Rey Carlsbad Resort Gets New Management

Atlanta-based Davidson Hotels & Resorts has been hired to manage the 215-room Cape Rey Carlsbad, an upscale Hilton resort located at 1 Ponto Road.

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San Diego Apartment Complex Sells for $7.45 Million

A San Diego buyer recorded as East Eight LLC has acquired a 36-unit apartment property in the city’s Grantville neighborhood for $7.45 million, according to brokerage firm CBRE Group Inc.

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Green Flash Brewing Plans November Opening for Virginia Facility

San Diego-headquartered Green Flash Brewing Co. has announced a Nov. 13 public opening for its new East Coast production facility and tasting room in Virginia Beach, Va. Fund-raising and related events are slated for the grand opening, and the company’s beers will officially start shipping from the new facility on Jan. 1, 2017.

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County’s Hotel Property Deal Volume Declined in First Half

San Diego County’s hotel property transaction volume declined 38 percent from a year ago in the first half of 2016, with the dollar volume down 65 percent, according to a recent mid-year report by brokerage and consulting firm Atlas Hospitality Group.

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Foley Named Executive Director of ULI’s San Diego-Tijuana District

Heather Foley has been named executive director of the Urban Land Institute’s San Diego-Tijuana District Council, the organization announced.

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Barracks to be Converted into $20M Hotel at Liberty Station

San Diego-based McMillin LLC and Untitled Hospitality plan to develop a new arts-themed, $20 million hotel called The Barracks Hotel, using historic buildings at Liberty Station in Point Loma.

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Owner Begins $6.6 Million Renovation of Aventine Office Building

Owner Rockpoint Group has begun a $6.6 million renovation of its Aventine office building at University Towne Center, following its 2015 purchase of the building at 8910 University Center Lane.

Developer Plans $13.5M Industrial Park in Escondido After Land Purchase

San Diego-based Badiee Development Inc. has purchased a 4.87-acre parcel in Escondido, with plans to build a new $13.5 million industrial park.

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Work begins on $100M Residential Community in San Marcos

The Southern California division of homebuilder Brookfield Residential has begun grading and land development work on Rancho Tesoro, a new $100 million master-planned community in San Marcos.

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Developer's Tustin Legacy Won't Include Baseball

San Diego developer OliverMcMillan and team officials have apparently struck out in efforts to bring the Los Angeles Angels to the developer’s proposed Tustin Legacy project in Orange County, according to published reports.

BNBuilders Gets $2.7M Contract for Hall of Justice Renovation

The San Diego office of general contractor BNBuilders has been awarded a $2.7 million contract for a renovation of San Diego County’s Hall of Justice, the downtown location of the state Superior Court.

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Angels Won’t Take Flight to OliverMcMillan Site in Tustin

San Diego developer OliverMcMillan and team officials have apparently struck out in efforts to bring the Los Angeles Angels to the developer’s proposed Tustin Legacy project in Orange County, according to published reports.

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Work begins on $100 Million Residential Community in San Marcos

The Southern California division of homebuilder Brookfield Residential has begun grading and land development work on Rancho Tesoro, a new $100 million master-planned community in San Marcos.

BNBuilders Gets $2.7 Million Contract for Hall of Justice Renovation

The San Diego office of general contractor BNBuilders has been awarded a $2.7 million contract for a renovation of San Diego County’s Hall of Justice, the downtown location of the state Superior Court.

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Punch Bowl Social Rolls Into East Village With Retro Concept

The northeastern quadrant of downtown San Diego’s East Village — a.k.a. the I.D.E.A. District — continues to attract new projects and tenants aiming to make people forget that neighborhood’s long history as a faded hub for under-used warehouses and auto repair lots.

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Seize The Momentum

Hot Spots Heat Up Commercial Markets, But Caution Is in the Air Despite Fairly Solid Forecast

In their recent twice-yearly survey gauging California commercial real estate sentiment, researchers at UCLA Anderson Forecast and the law firm Allen Matkins found investors and developers generally bullish on their prospects through 2019 — even if some expressed a twinge of caution about a coming “topping out” in optimism related to the office and retail markets.

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Local Investor Buys Arizona Medical Office Building for $2.35 Million

San Diego-based GLP Properties LP has purchased a medical office building in Mesa, Ariz., for $2.35 million, according to brokerage firm Lee & Associates.

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Stone Is Moving Ahead With a Planned Escondido Hotel

TOURISM: Property To Have 99 Rooms on 13 Acres Near Brewery

Stone Brewing Co. is moving forward with a $26 million hotel previously announced for land adjacent to its headquarters and flagship brewing facilities in Escondido.

Marketing District Consultants Cite Problems with Stadium Proposal

The San Diego Chargers’ proposed $1.8 billion downtown stadium-convention facility does not address event planners’ needs, and its funding mechanism puts local tourism promotion at risk, according to findings in a consultants’ report commissioned by the San Diego Tourism Marketing District.

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Point Loma Apartments Acquired for $90 Million

Chicago-based JLL Income Property Trust, an institutionally managed real estate investment trust, announced that it has purchased a new 180-unit San Diego apartment community for approximately $90 million.

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Stone Brewing Moving Ahead with Planned Escondido Hotel

Stone Brewing Co. is moving forward with a $26 million hotel previously announced for land adjacent to its headquarters and flagship brewing facilities in Escondido.

City Launches Free Downtown Circulator Shuttle Service

San Diego city and business development leaders have officially launched a previously announced free downtown circulator shuttle service, now called FRED. The acronym for the service, which uses all-electric vehicles, stands for Free Ride Everywhere Downtown.

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