San Diego Business Journal

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Council Vote on Permits Delays Approval of Cerullo’s Legacy Center Project

San Diego City Council has voted down zoning and related permit approvals that would have cleared the way for development of the proposed $160 million Legacy International Center in Mission Valley.

By Lou Hirsh September 19, 2017 4:19 p.m. share »
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Chula Vista Apartments Sold for $6.15 Million

San Diego-based Mar Village II LLC has acquired a 35-unit apartment property in Chula Vista for $6.15 million.

By Lou Hirsh September 19, 2017 4:15 p.m. share »
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La Mesa Apartment Property Sells for $5.92 Million

Noel Family Trust of San Diego has purchased a 13-unit apartment property in La Mesa for approximately $5.92 million.

By Lou Hirsh September 19, 2017 4:14 p.m. share »
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San Diego Ranks Fourth for Summer Airbnb Stays

San Diego was the nation’s fourth-busiest city for short-term stays booked through Airbnb during the summer of 2017, the San Francisco-based company reported.

By Lou Hirsh September 18, 2017 4:14 p.m. share »
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Hard Rock Cafe Closing Downtown San Diego Location

Downtown’s Hard Rock Cafe San Diego will close at the end of 2017, though operators did not specify reasons for the shuttering of the Gaslamp Quarter restaurant.

By Lou Hirsh September 18, 2017 4:13 p.m. share »
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Irvine Co. Enters Del Mar Heights Office Market with Two-Building Purchase

Irvine Co. of Newport Beach has acquired the two-building Township 14 office property in Del Mar Heights, marking its first acquisition in that submarket of San Diego’s Carmel Valley.

By Lou Hirsh September 18, 2017 2:50 p.m. share »

Retail Keeps Rolling Along

Retailer Target Corp. has set a Nov. 8 opening date for its previously announced new store in Oceanside, filling a renovated space that formerly housed a Kmart at 443 College Blvd near state Route 76. Target recently held local hiring fairs to fill an expected 160 job slots at the store, which will be the retailer’s 22nd in San Diego County.

By Lou Hirsh September 18, 2017 10:04 a.m. share »
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A Home for Special Ops, More Homes in Little Italy

The Honor Foundation, a local nonprofit that provides transitional services for Navy SEALs and others in the U.S. military’s Special Operations community, recently broke ground on a new 8,000-square-foot headquarters facility in Sorrento Valley. The site at 11055 Roselle St. was donated by property owner Alexandria Real Estate Equities Inc., among the local region’s largest holders of life science and related properties.

By Lou Hirsh September 18, 2017 9:58 a.m. share »
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Amazon’s Entry Means Center Owners Need to Update Strategies

With Amazon Inc. making a major splash in grocery retail with its $13.7 billion acquisition of Whole Foods Market, shopping center owners including Retail Opportunity Investments Corp. (ROIC) are closely watching for the potential competitive ripple effects.

By Lou Hirsh September 18, 2017 9:52 a.m. share »
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Amazon Expanding Local Offices, But is There More in Store?

E-commerce giant Amazon Inc. really likes San Diego, recently adding to its already growing presence by leasing more than 100,000 square feet of office space at University Towne Center.

By Lou Hirsh September 17, 2017 1:12 p.m. share »
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Spec Office-Industrial Redevelopment is Underway in Kearny Mesa

Building owner LBA Realty of Irvine is redeveloping a Kearny Mesa property it acquired in December 2016 into a new speculative office and industrial campus, according to brokerage firm CBRE Group Inc.

By Lou Hirsh September 17, 2017 1:08 p.m. share »
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Amazon Expanding Local Offices, But Is More in Store?

E-commerce giant Amazon Inc. really likes San Diego, recently adding to its already growing presence by leasing more than 100,000 square feet of office space at University Towne Center.

By Lou Hirsh September 15, 2017 1:48 p.m. share »
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Spec Office-Industrial Redevelopment Underway in Kearny Mesa

Building owner LBA Realty of Irvine is redeveloping a Kearny Mesa property it acquired in December 2016 into a new speculative office and industrial campus, according to brokerage firm CBRE Group Inc.

By Lou Hirsh September 15, 2017 1:01 p.m. share »
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New CEO Carefully Picks Ingredients of Change

Announcing the arrival of the company’s newest CEO — the fourth to hold the post since 2011 — the current private-equity owners of Garden Fresh Restaurant Corp. described John H. Haywood as a veteran industry “turnaround specialist.”

By Lou Hirsh September 14, 2017 1:18 p.m. share »
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Beer Equipment Cos. Tap Into Craft Growth

Without brewing a drop of beer themselves, several San Diego County companies — such as dispensing-systems provider TapCraft and temperature-gauging tech maker Reotemp Instruments Corp. — are enjoying the spillover benefits of the region’s still-burgeoning craft brewing industry.

By Lou Hirsh September 14, 2017 1:13 p.m. share »
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Retailer Pirch Closing 6 of 10 Stores As It Restructures Operations

San Diego-based retailer Pirch, which sells upscale home furnishings and fixtures nationwide and had been growing rapidly during the past few years, has announced plans to close all of its stores outside of California as it restructures operations.

By Lou Hirsh September 13, 2017 5:10 p.m. share »
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W Hotel Transitioning to Hotel Republic, Adding 3 Dining Venues

The former W hotel in downtown San Diego has undergone its second rebranding since late 2015 and will soon be operating as Hotel Republic San Diego, with three new dining venues from locally based The Patio Group.

By Lou Hirsh September 13, 2017 5:07 p.m. share »

Kearny Mesa Apartments Sold for $136.5 Million

Fort Worth, Texas-based Olympus Property, in a partnership with Artemis Real Estate Partners of Washington, D.C., has purchased the 360-unit Broadstone Corsair apartments in Kearny Mesa for $136 million, the buyers announced.

By Lou Hirsh September 12, 2017 5:20 p.m. share »
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Cargo Services Provider Atlas Expanding Otay Mesa Operations

San Diego-based Atlas Freight Forwarding Inc. plans to expand its local operations, after leasing a nearly 100,000-square-foot industrial distribution suite in Otay Mesa.

By Lou Hirsh September 12, 2017 5:19 p.m. share »
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Westcore Buys Antioch Distribution Facility for $32.4 Million

San Diego-based Westcore Properties has acquired an industrial building in the Bay Area city of Antioch for $32.4 million, the company announced.

By Lou Hirsh September 12, 2017 5:13 p.m. share »

Barons Market Relocates Headquarters to Poway

San Diego-based grocer Barons Market has moved its headquarters to a new office and distribution center space, totaling approximately 50,000 square feet at 12420 Kirkham Court in Poway.

By Lou Hirsh September 11, 2017 4:14 p.m. share »

With Loss of Chargers, It Is Game Over for Mission Valley Tilted Kilt

As a new NFL season gets underway, the Chargers’ absence from San Diego has claimed its first apparent business casualty.

By Lou Hirsh September 11, 2017 4:13 p.m. share »
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UTC Medical Office Campus Sold for $97M

A partnership that includes Virginia-based Anchor Health Properties and Washington, D.C.-based The Carlyle Group has acquired a two-building medical office campus in University Towne Center for $97 million, according to CoStar Group and public data.

By Lou Hirsh September 10, 2017 1:07 p.m. share »
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Carlsbad Mixed-Use Project Planned After $3.4 Million Property Purchase

San Clemente-based Rincon Homes has purchased a medical office property in Carlsbad for $3.4 million, with plans to redevelop the site into a retail and residential mixed-use community, according to brokerage firm Colliers International Group Inc.

By Lou Hirsh September 10, 2017 1:01 p.m. share »
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City Heights Apartments Sold for $2.14 Million

Investors Frank Gomez and Catalina Amuedo-Dorantes of San Diego have acquired a nine-unit apartment property in the City Heights neighborhood for $2.14 million, according to brokerage firm Apartment Advisors Inc.

By Lou Hirsh September 10, 2017 12:58 p.m. share »
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UTC Medical Office Campus Sold for $97 Million

A partnership that includes Virginia-based Anchor Health Properties and Washington, D.C.-based The Carlyle Group has acquired a two-building medical office campus in University Towne Center for $97 million, according to CoStar Group and public data.

By Lou Hirsh September 8, 2017 2:24 p.m. share »
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City Heights Apartments Sold for $2.14M

Investors Frank Gomez and Catalina Amuedo-Dorantes of San Diego have acquired a nine-unit apartment property in the City Heights neighborhood for $2.14 million, according to brokerage firm Apartment Advisors Inc.

By Lou Hirsh September 8, 2017 12:59 p.m. share »
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New Dining Venues, and Other Tenant Arrivals

Mall owner Rouse Properties recently announced three more upcoming new dining tenants for The Shoppes at Carlsbad, currently undergoing an extensive renovation. Joining the lineup will be San Diego’s Lucha Libre, set to open its third local gourmet taco shop; Santa Ana-based Neckter Juice Bar, opening its 10th local location; and Poke Hut, a new concept from the operators of Carlsbad’s Señor Grubby’s with a twist on the Hawaiian fish dish.

By Lou Hirsh September 8, 2017 9:59 a.m. share »
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Rental Demand Likely to Outpace Supply Well into 2020

The next 18 months will see at least 7,250 new apartments come on the market in San Diego County. Does that mean relief for renters, or cause for multifamily investors to alter their strategies in this still-tight market?

By Lou Hirsh September 8, 2017 9:54 a.m. share »
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S.D. Acquisition Puts Mynd in Target Rich Rental Market

Responding to the rise of mobile apps in the realm of rental property management, Bay Area technology provider Mynd recently made its first expansion into Southern California by acquiring San Diego’s Pacific Shore Management for an undisclosed price.

By Lou Hirsh September 8, 2017 9:36 a.m. share »
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DiamondView Deal Caps Downtown Flurry

It was considered a laggard submarket for several years, but rising demand for office space in downtown San Diego has made it a hothouse for some of this year’s biggest commercial property deals.

By Lou Hirsh September 8, 2017 9:01 a.m. share »
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Carlsbad Mixed-Use Project Planned After $3.4M Property Purchase

San Clemente-based Rincon Homes has purchased a medical office property in Carlsbad for $3.4 million, with plans to redevelop the site into a retail and residential mixed-use community, according to brokerage firm Colliers International Group Inc.

By Lou Hirsh September 8, 2017 8:22 a.m. share »

Garden Fresh Restaurants Taps Haywood as New CEO

San Diego-headquartered Garden Fresh Restaurants Corp. has named John W. Haywood as its new CEO, tasked with boosting growth prospects for the struggling operator of Souplantation and Sweet Tomatoes.

By Lou Hirsh September 7, 2017 4:13 p.m. share »
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DiamondView Tower in East Village Sold for $207 Million

San Francisco-based Divco West has acquired the DiamondView office tower in downtown San Diego’s East Village for $207 million, according to CoStar Group and public data.

By Lou Hirsh September 6, 2017 5:26 p.m. share »

Food Services Delivering Increased Competition to San Diego Market

“Not going there.” That’s the consumer dining mantra that numerous companies are increasingly following, as they beef up their deliveries of groceries and restaurant meals to homes and offices in San Diego County.

By Lou Hirsh September 6, 2017 5:25 p.m. share »
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Rancho Bernardo Retail Center Sells for $10.5 Million

San Diego-based New World Limited Partnership has acquired a Rancho Bernardo retail center for approximately $10.5 million, according to brokerage firm CBRE Group Inc.

By Lou Hirsh September 6, 2017 5:19 p.m. share »
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Westfield Begins Work on New Apartment Tower at UTC

Mall operator Westfield Corp. has broken ground on construction of a new 23-story, upscale residential tower on land adjacent to its mall at University Towne Center.

By Lou Hirsh September 5, 2017 4:18 p.m. share »
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Redevelopment Planned After Downtown Land Parcel Sells for $9.5 Million

A local buyer listed as San Marcos Investments Inc. has acquired a downtown San Diego land parcel, where a hotel is currently located, for $9.5 million, with plans to redevelop the property, according to brokerage firm Pacific Coast Commercial.

By Lou Hirsh September 5, 2017 4:17 p.m. share »

Transportation Firm Sets Up New Headquarters in Sorrento Mesa

San Diego-based Global Resources Management Group, a provider of transportation-related consulting and other services, recently relocated its corporate headquarters to The Park, a property within the San Diego Tech Center office campus in Sorrento Mesa.

By Lou Hirsh September 5, 2017 4:15 p.m. share »
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Modern Times Beer Plans Opening of Portland Facilities in 2018

San Diego’s Modern Times Beer will be expanding into Portland, Ore., in early 2018, as the Point Loma-based brewer continues to grow its operations footprint beyond San Diego County.

By Lou Hirsh September 4, 2017 1:06 p.m. share »
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Construction Begins on $60 Million Downtown Apartment Project

Investment and development firms Legacy Partners and The Resmark Cos. have broken ground on a new $60 million, 168-unit apartment community in downtown San Diego’s Marina District, adjacent to the Gaslamp Quarter.

By Lou Hirsh September 4, 2017 1:04 p.m. share »
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S.D. Apartments Sold for $6.23 Million

A Huntington Beach buyer recorded as Casa Puleta Apartments LP has acquired a 54-unit apartment property in San Diego’s Mountain View neighborhood for approximately $6.23 million, according to CoStar Group and public data.

By Lou Hirsh September 4, 2017 1 p.m. share »
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San Diego Apartments Sold for $6.23 Million

A Huntington Beach buyer recorded as Casa Puleta Apartments LP has acquired a 54-unit apartment property in San Diego’s Mountain View neighborhood for approximately $6.23 million, according to CoStar Group and public data.

By Lou Hirsh September 1, 2017 12:43 p.m. share »
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Construction Begins on $60M Downtown Apartment Project

Investment and development firms Legacy Partners and The Resmark Cos. have broken ground on a new $60 million, 168-unit apartment community in downtown San Diego’s Marina District, adjacent to the Gaslamp Quarter.

By Lou Hirsh September 1, 2017 12:34 p.m. share »
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Modern Times Beer Opening New Portland Facilities in 2018

San Diego’s Modern Times Beer will be expanding into Portland, Ore., in early 2018, as the Point Loma-based brewer continues to grow its operations footprint beyond San Diego County.

By Lou Hirsh September 1, 2017 12:23 p.m. share »
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Local Restaurants Are Expanding on Their Culinary Successes

Developers of the mixed-use IDEA1 project, nearing completion in downtown San Diego’s East Village, recently signed their second and final retail tenant — a casual-style cafe called Young Hickory. According to brokers Reg Kobzi and Michael Peterson of CBRE Group Inc., who represented the tenant and landlord, the venue will be the second for owner Clay Summers, who has a current venue in North Park serving breakfast and lunch items along with local coffees and craft beers.

By Lou Hirsh September 1, 2017 7:43 a.m. share »

Biotech Still Big Driver of Space Demand

Brokers at JLL report that after a slow first quarter, life-science-related facilities leasing in San Diego County sprang back to life in the second quarter. That period saw 644,212 square feet of total gross office and lab-space leasing by biotech firms, producing 205,529 square feet of net occupancy growth.

By Lou Hirsh September 1, 2017 7:40 a.m. share »
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It Won’t Be a Day at the Beach Getting Target Store Into O.B.

High-profile retail spots tend to fill up soon after they’re vacated in the San Diego market. But there are a few times when the neighbors of these properties stand up and declare “Not so fast!” before the next tenant can move in.

By Lou Hirsh September 1, 2017 7:39 a.m. share »
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Women Execs Face Obstacles in Commercial Real Estate Career

While their counterparts on the residential side have attained near parity with men when it comes to filling the ranks of upper management, that level of corporate leadership remains the unbroken glass ceiling for most women in commercial real estate brokerage.

By Lou Hirsh August 31, 2017 3:19 p.m. share »
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Millenia Makes Move To Bring in Business

Apartments, homes and retail elements are steadily coming into place at the mixed-use Millenia community in eastern Chula Vista, a project long seen as crucial to attracting young families and professionals seeking a walk-friendly, urban-style environment with affordable housing.

By Lou Hirsh August 31, 2017 2:26 p.m. share »

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