San Diego Business Journal

Appeals Court Rules Against Convention Center Financing Plan

A state appeals court has ruled against the funding mechanism for a planned $520 million expansion of San Diego Convention Center, saying a proposed tax on hotel room bills is unconstitutional because it was not approved by voters.

Commercial Market Seen as Solid Through 2017

PROPERTY: SoCal Rental, Occupancy to Climb; Industrial Increases

Demand for commercial real estate space — including development, leasing and investing — is expected to stay on the increase in San Diego and most other California markets through 2017, spurred by factors including continued job growth.

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Consultant to Advise Convention Center on Possible Sponsorships, Naming Rights

San Diego Convention Center officials have hired Cleveland-based The Superlative Group to provide consulting work in relation to potential naming-rights and sponsorship programs at the center.

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Excel Trust Reports Revenue Increase for Second Quarter

San Diego-based Excel Trust Inc. saw total revenue rise 14 percent from a year ago, reaching $30.6 million in its second quarter ending June 30.

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McMillin Cos. Buys Land for Planned Little Italy Apartments

The Corky McMillin Cos. of San Diego recently purchased a property in Little Italy for $5.3 million, with plans to develop a new upscale 100-unit apartment project.

Hacienda de Vega Operators Plan New Restaurant in Carlsbad

Diverse Culinary Ventures LLC has signed a 10-year lease for approximately $1.5 million, for a planned new Hacienda de Vega restaurant in Carlsbad, according to brokerage company CDC Commercial Inc.

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Coastal Commission Appeals Federal Court Ruling on Navy Broadway Project

The California Coastal Commission has decided to appeal a recent federal court ruling that allowed for the Navy Broadway Complex development to proceed, meaning further delays for the long-stalled $1.2 billion downtown San Diego project.

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SeaPort Airlines Starting San Diego-Burbank Flights in October

SeaPort Airlines Inc. plans to begin new nonstop flights between San Diego International and Burbank Bob Hope Airport on Oct. 1.

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Chula Vista Industrial Park Sells for $11.2 Million

Focus Real Estate LP of Costa Mesa has purchased the Southrail Business Park industrial complex in Chula Vista for $11.2 million, according to the seller, Westcore Properties of San Diego.

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'Mister A’s Building’ at Bankers Hill Gets New Owners

San Diego-based investment firm BBL Commercial Real Estate and Westbrook Partners of New York City have purchased the Fifth Avenue Financial Center in Bankers Hill, better known locally as “The Mister A’s Building,” BBL officials announced.

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State Funding Clears Way for Horton Plaza Park Construction

The California Department of Finance has approved $4.9 million in funding, needed to move forward with development of the $17.7 million Horton Plaza Park project in downtown San Diego.

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Local Developers Begin $5.6 Million Townhome Project in Chula Vista

Private equity firm Pathfinder Partners LLC and developer Lanshire Housing Partners LLC, both of San Diego, have broken ground on Bahia Vista Townhomes, a $5.6 million multifamily project in Chula Vista’s Marina District.

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Local Contracts for Planned Future Construction Increase 50% in First Half

San Diego County contracts for future construction rose 50 percent from a year ago in the first six months of 2014, with residential and nonresidential projects topping $2.63 billion, according to the latest data from McGraw Hill Construction.

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Lincoln Property Buys SKLZ Headquarters Building for $21 Million

Denali California Faraday Industrial LLC, an entity of Dallas-based Lincoln Property Co., has purchased the Carlsbad building housing the corporate headquarters of SKLZ for $21 million.

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Escondido Apartments Sold for $7.9 Million

Viewpoint Equities Inc. of San Diego has purchased a 51-unit apartment building in Escondido for approximately $7.9 million, according to CoStar Group and public data.

Bigger Budget Approved for Park Planned at Horton Plaza

Not much has happened at the site of the former Robinsons-May building since it was torn down more than a year ago to make way for a new downtown public square park at Horton Plaza.

Something for Everyone

PROPERTY: Varied Office, Industrial Markets Give Tenants Options

Trends like the comeback of San Diego’s downtown urban core, along with rising space demand fueled by the booming craft beer industry, contributed to continuing improvement in the region’s office and industrial real estate markets in the first half of 2014.

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Green Flash Brewing to Distribute in Europe, Expand to Poway

Beverage: San Diego Beer Maker’s Product Now Sold in 11 Other Countries

San Diego-based Green Flash Brewing Co. is the latest expanding beer-maker to extend the reach of its popular brews well beyond U.S. borders.

Fish Market to Lure Visitors to Waterfront

ECONOMY: It May Boost Commercial Fishing, Tourism

Local operators and government officials believe a fresh-seafood market debuting soon on the downtown San Diego waterfront could be a good first step toward restoring what was once a much more vibrant regional fishing economy.

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Stone Packs Its Stein and Heads to Berlin

BREWING: Brewery, Eatery And Store Part of Big Plans

Years ago, some people told Stone Brewing Co.’s co-founder that he’d be crazy to take on the established players in beer-making’s European homeland, particularly Germany.

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Comic-Con Underway, With Ad Support from Downtown Buildings

With the 45th annual Comic-Con International now underway, the area around San Diego Convention Center has again assumed its role as a global Billboard Central for the major film studios, TV networks and video-game makers touting their wares this year.

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Realty Income Reports Gains in Revenue, Income for Second Quarter

Escondido-based Realty Income Corp. saw revenue rise 22.6 percent from a year ago in its second quarter ending June 30, reaching $228.6 million.

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National City Apartment Building Sells for $9.8 Million

M&L Financial Co. XXXI of Newhall has purchased the 151-unit Golden Paradise senior apartment building in National City for $9.8 million, according to CoStar Group and public data.

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San Diego Building Housing Rite Aid Sells for $7.1 Million

B3 Black Mountain LLC of San Diego has acquired a Rancho Penasquitos retail building housing a Rite Aid drugstore for approximately $7.1 million, according to CoStar Group and public data.

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New Anti-SeaWorld Ad at Airport Targets Comic-Con Visitors

Animal-rights group PETA and the parent of SeaWorld San Diego are again squaring off over a controversial advertisement at San Diego International Airport, this one timed to coincide with the start of Comic-Con International.

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El Cajon Industrial Property Sells for $5.7 Million

Propco LP of Solana Beach has purchased a 70,713-square foot industrial park in El Cajon for approximately $5.7 million, according to brokerage company Cassidy Turley.

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Green Flash Brewing to Distribute in Europe, Expand to Poway

The local brewer signed a $1.28 million, 10-year lease for an industrial building to expand capacity.

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Sudberry Adds Electric Vehicle Charging Stations at Civita Development

The charging stations provide 12 to 25 miles of charge per hour.

San Diego City Council Committee Delays Vote on Linkage Fee Plan

A San Diego City Council committee has voted to postpone action on a proposed compromise plan regarding commercial development linkage fees.

City Council Committee Delays Vote on Linkage Fee Plan

A San Diego City Council committee has voted to postpone action on a proposed compromise plan regarding commercial development linkage fees.

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Cross-Border Terminal Construction Underway

Developers and San Diego civic leaders recently announced the official start of U.S. construction for a new $120 million cross-border pedestrian bridge linking Otay Mesa with Tijuana International Airport.

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Kleinfelder Sees Downtown as Central Place to Expand Globally

ENGINEERING: Access To Work And Workers a Key Driver in Co.’s Strategy

The increasingly overlapping worlds of energy, transportation and the environment figure into the business expansion plans of San Diego-based Kleinfelder Inc., and they were also a factor in the recent move of its headquarters to downtown San Diego.

Proposed Linkage Fees Would Double Levy

PROPERTY: All Sides See Need For Affordable Housing Solutions

Affordable-housing advocates and the business community have worked out a compromise Version 2.0 of a controversial plan to boost so-called linkage fees geared toward commercial development projects in the city of San Diego.

City Wage Hike Has Some Seeing Red Ink

LABOR: Opposition Considers Options, Calls for Exemptions

Opponents of a local minimum wage hike were weighing their options, including a ballot referendum that would place the matter before voters, after the San Diego City Council’s recent 6-3 vote to raise the city’s minimum wage to $11.50 an hour by January 2017.

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Super Powers

Visitors: Local Workforce Linked to Annual Comic-Con Estimated at 5,000 to 6,000

By the time the giant Godzilla replica shows up on the back lawn of San Diego Convention Center — part of a photo op being staged by Warner Bros. Home Entertainment during this year’s Comic-Con International — it might actually have a tough time getting noticed amid the downtown hoopla that now surrounds one of the world’s largest pop culture celebrations.

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Kearny Mesa Office Park Sells for $19.5 Million

San Diego-based Monro Capital Inc. has acquired the four-building Tierrasanta Research Park in Kearny Mesa for $19.5 million, according to brokerage company Cassidy Turley, which represented the buyer and seller.

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AECOM Signs $10 Million Lease at Emmes-Owned Downtown Tower

Engineering and consulting services provider AECOM Technology Corp. has signed a seven-year lease for approximately $10 million, to occupy a space at the 1 Columbia Place office tower in downtown San Diego, owned by New York-based Emmes Asset Management Co. LLC.

San Diego City Council Votes to Raise Minimum Wage

San Diego City Council has voted 6-3 to raise the city’s minimum wage to $11.50 an hour by January 2017.

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Official Start of U.S. Construction on $120M Cross-Border Airport Bridge Announced

Developers and San Diego civic leaders recently announced the official start of construction for a new $120 million cross-border pedestrian bridge linking Otay Mesa with Tijuana International Airport.

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Trigild Completes Retail Center Sales Totaling $42 Million

San Diego-based real estate services provider Trigild recently completed the sale of 37 strip retail centers in 17 states, in transactions totaling about $42 million.

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Pension Fund Buys Three Carmel Valley Office Buildings for $39.2M

West Sacramento-based CalSTRS, the pension fund of the California State Teachers’ Retirement System, bought a three-building office portfolio in Carmel Valley for $39.2 million, according to CoStar Group and public data.

Local Hotel Industry Seems to Have Put Downturn Behind It

TOURISM: Marketing Efforts Return; Metrics Show a Strong Sector

With regional marketing dollars now flowing freely and political snags in the rear-view mirror, experts said San Diego County’s hotel industry enters the second half of 2014 in a much better financial position than it did a year ago.

Mixed-Use and Mass Transit Combine to Meet Needs of Tomorrow

DEVELOPMENT: Input Sought on Plan for Trolley Linking Downtown, UTC

As demographic groups, millennials and retirees are both making strong cases for developing dense, walkable neighborhoods along mass-transit corridors, with shopping, dining and other amenities accessible without a car trip.

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Pension Fund Buys 3 Carmel Valley Office Buildings for $39.2 Million

West Sacramento-based CalSTRS, the pension fund of the California State Teachers’ Retirement System, bought a three-building office portfolio in Carmel Valley for $39.2 million, according to CoStar Group and public data.

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North Embarcadero Makes Changes for the Better

PROPERTY: Additional Amenities Add to Public Appeal of Waterfront Site

The ever-changing face of San Diego’s downtown waterfront, now a busy hive of construction activity, is about to see completion of its newest addition — the $31 million first phase of the North Embarcadero improvement project.

Ride Share Cos. Must Land Permit at Airport

TRANSPORT: San Diego Has Not Authorized Any Operations

San Diego International Airport officials are examining how to respond to the fast-changing world of transportation services, now being disrupted by mobile app-enabled ride companies — such as Lyft and Uber — that compete with traditional taxis and shuttles.

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Course Correction

PROPERTY: Golf Facilities Face Strain Of Competition, Costs

The fate of the defunct Escondido Country Club is in the hands of that city’s voters, after supporters led by a local developer gathered enough signatures to challenge a recent City Council decision — declaring the entire 110-acre site as nondevelopment open space — on the November ballot.

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Otay Mesa Industrial Property Sold for $8.1 Million

A San Diego entity recorded as Niceride1 LLC has purchased an Otay Mesa industrial property for approximately $8.1 million, according to CoStar Group and public data.

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San Diego Office Buildings Part of $214.4 Million Portfolio Deal

Four San Diego office buildings are part of a seven-state, 37-property commercial portfolio acquired by an affiliate of Dallas-based Lone Star Funds for $214.4 million, according to CoStar Group and public data.

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Kleinfelder Acquires Canadian Engineering Firm

San Diego-based Kleinfelder Inc., which provides construction engineering and architectural services, has acquired the privately held Hood Engineering & Technical Services of Edmonton, Alberta.

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