San Diego Business Journal

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Commercial Real Estate Makes Some Gains in the County

PROPERTY: South And North Counties See Industrial Demand

Conditions vary by neighborhood, but rising tenant and investor demand in an improving economy continues to move fundamentals generally in favor of commercial real estate landlords in San Diego County.

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Finding a Better Way

PROPERTY: The I-15 Corridor Gives Businesses Access to Favorable and Employee Friendly Locations

San Diego’s Interstate 15 corridor has quietly emerged as a major center of office leasing, office purchase and office development for numerous industries, due in part to the area’s relatively lower housing prices and easier commutes.

Council Repeals Approval of One Paseo Project

PROPERTY: Lightner Calls for Compromise On Less-Dense Version

San Diego City Council has voted unanimously to repeal its February approval of the controversial One Paseo mixed-use project in Carmel Valley, as developer Kilroy Realty Corp. and community opponents work out details on a scaled-down version that officials can review at a later date.

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Think Tank: Task Force Makes Strong Case

SPORTS: Chargers to Review the Options For $1.1B Stadium

A mayoral task force’s recently announced plan to finance a new $1.1 billion San Diego Chargers stadium makes a compelling case for the Mission Valley site, but raises questions regarding long-term maintenance costs, according to an analysis by National University System Institute for Policy Research.

Luxury Cinemas Try to Make You an Offer You Can’t Refuse

THEATER: Local Opening Part of Trend Of High-End Amenities

San Diego County movie theaters are increasingly going upscale, with operator Reading International Inc. joining the fray by converting its Carmel Mountain Ranch location to an affiliated luxury brand known as Angelika Film Center & Café.

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Project Blueprint Is Predominantly Green

PROPERTY: Development, Preservation Included in Plan

Carlsbad voters could eventually be deciding the fate of plans to turn 203 acres near Interstate 5 of former strawberry fields into an open-space preserve with retail elements.

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Bankers Hill Office Building Sells for $2.97M

Penhun Limited Partnership and the Cohen Family Trust recently purchased the Park West Square office property in Bankers Hill for approximately $2.97 million, according to brokerage company Marcus & Millichap Inc.

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Hillcrest Retail Building Sells for $2.38M

Ohio Street Villas Group LLC has purchased a Hillcrest retail building for approximately $2.38 million, with plans to renovate it for retail, restaurant and office uses, according to brokerage company Colliers International.

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Poway Hotel Property Sells for $4.5M

MNC Hospitality Inc. of Los Angeles has purchased the 43-room Best Western Country Inn hotel in Poway for $4.5 million, according to CoStar Group and public data.

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City Council Repeals Approval of One Paseo Project

San Diego City Council has voted unanimously to repeal its February approval of the controversial One Paseo mixed-use project in Carmel Valley, as developer Kilroy Realty Corp. and community opponents work out details on a scaled-down version that officials can review at a later date.

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Ballpark Village Development Site sold for $32.3 Million

An affiliate of Charleston, S.C.-based Greystar Real Estate Partners recently paid approximately $32.3 million for a 1.4-acre land parcel where work is currently underway on the first phase of the mixed-use Ballpark Village apartment project, in downtown San Diego’s East Village.

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Little Italy Apartment Site Sells for $12.8 Million

Lennar Multifamily Communities LLC has acquired a site in downtown San Diego’s Little Italy for $12.8 million, with plans to develop a high-rise apartment project, according to brokerage company Colliers International.

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Pacific Beach Apartments Purchased for $7.8 Million

Investor Yuan Shen of San Diego has acquired a 32-unit Pacific Beach apartment property for approximately $7.8 million, according to brokerage company South Coast Commercial Inc.

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Encinitas Office Property Sold for $8.5 Million

SR Commercial of Solana Beach has purchased an Encinitas office property for $8.5 million, according to the seller, San Diego-based Westcore Properties.

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Think Tank: Stadium Task Force Makes Strong Case

A mayoral task force’s recently announced plan to finance a new $1.1 billion San Diego Chargers stadium makes a compelling case for the Mission Valley site, but raises questions regarding long-term maintenance costs, according to an analysis by National University System Institute for Policy Research.

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Midway Retail Center Sells for $6.2 Million

unset Waste Holdings LLC has purchased the Midway Village retail center, in San Diego’s Midway district near Point Loma, for $6.2 million, according to brokerage company The Heritage Group.

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Kearny Mesa Medical Office Building Sells for $4.63 Million

Locally based REAlliance LLC has purchased a Kearny Mesa medical office building for $4.63 million, according to brokerage company JLL.

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H.G. Fenton Completes Solar Upgrade of Mission Valley Apartments

San Diego’s H.G. Fenton Co. recently completed a solar upgrade of its 254-unit Aquatera apartment community in Mission Valley, making it the developer’s second net-zero residential project in the local market.

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Advisory Group Presents Options for $1.1 Billion Chargers Stadium

The mayor’s Citizens’ Stadium Advisory Group has outlined a multi-point plan to finance the expected cost of a new $1.1 billion San Diego Chargers stadium, which task force leaders said would involve no new tax dollars.

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BioMed Realty Trust Buys UTC Office Campus for $83.8 Million

San Diego-based BioMed Realty Trust Inc. has acquired the Towne Centre Technology Park office campus in University Towne Center for $83.8 million, the company announced.

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Senior Services Provider Debuting $43 Million Apartment Community

St. Paul’s Senior Services plans a June 2 opening for St. Paul’s Plaza, a new $43 million senior community with 156 apartments in Chula Vista.

Newspaper Sale Leaves Manchester With Prime Property

If anybody knows the sometimes queasy feelings induced by rapid industry change being faced by some commercial real estate professionals (see the Cushman & Wakefield-DTZ merger), it’s the people in the business rodeo known as the newspaper industry.

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Boutique Movie Theater Opening in San Diego

CINEMA: 12-Screen Theater to Feature Creative Concessions

Angelika Film Center & Café, a boutique-oriented affiliate of Los Angeles-based movie theater operator Reading International Inc., plans to open its first West Coast location at Carmel Mountain Plaza in San Diego.

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Industrial Options Grow in N. County

PROPERTY: Spec Projects Aim to Meet Expected Demand

As the improving economy fills up industrial spaces in central San Diego, local companies such as SR Commercial are betting on continued rising demand in North County for manufacturing, warehousing and distribution properties.

DTZ, Cushman Deal To Bring Changes

REAL ESTATE: Personnel Duplications Currently Exist

When the parent of commercial brokerage company DTZ took over Cassidy Turley earlier this year, it was tough to discern any local change in the former Cassidy Turley’s business model beyond the new name.

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Carlsbad Office Building Sold for $2.65 Million

Arch Investments LLC has purchased a Carlsbad office building housing Grant General Contractors for $2.65 million, according to brokerage company Marcus & Millichap Inc.

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Wilson Cos. Gets Approvals for $190 Million Arizona Development

Douglas Wilson Cos. of San Diego and Hensel Phelps Development LLC have received city entitlement approvals for a $190 million mixed-use project planned for downtown Tempe, Ariz.

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Local Investment Firm Buys 12 Apartment Properties from Blackstone Group

Strata Equity Group Inc. of San Diego has purchased a 12-property, three-state apartment portfolio from an affiliate of New York-based Blackstone Group, after obtaining approximately $494.8 million in acquisition financing.

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Kearny Mesa Office Campus Sells for $61 Million

Drawbridge Realty LLC of San Francisco has purchased the three-building Spectrum Corporate Center office campus in Kearny Mesa for $61 million, the company announced.

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Kearny Mesa Industrial Building Purchased for $4.4 Million

A buyer recorded as Winchester Temecula LLC of Anaheim has acquired a Kearny Mesa industrial building for approximately $4.4 million, according to CoStar Group and public data.

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Barrio Logan Buildings Sold for $6.3 Million

Barriohaus LLC of San Diego has purchased three office and warehouse properties in the city’s Barrio Logan neighborhood for a total of $6.3 million, according to CoStar Group and public data.

Grocer Haggen Plans More Local Store Openings

Northwest grocery chain Haggen Inc. has scheduled several more openings as it converts and reopens 25 San Diego County locations that formerly housed Albertsons and Vons.

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New Boutique Movie Theater Opening in San Diego

Angelika Film Center & Café, a boutique-oriented affiliate of Los Angeles-based movie theater operator Reading International Inc., plans to open its first West Coast location at Carmel Mountain Plaza in San Diego.

Cushman & Wakefield, DTZ Merging in $2 Billion Deal

Global commercial real estate services companies Cushman & Wakefield and DTZ have agreed to merge, as DTZ buys Cushman in a deal valued at approximately $2 billion.

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Carlsbad Office Building Purchased for $12.2 Million

San Francisco-based Graymark has acquired a Carlsbad office building for $12.2 million, according to commercial brokerage company DTZ.

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Housing Commission Acquires Clairemont Mesa Apartments for $14.7M

he San Diego Housing Commission has acquired the 120-unit Village North Senior Garden Apartments in Clairemont Mesa East for approximately $14.7 million, according to CoStar Group and public data.

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Imperial Beach Apartment Property Sells for $6 Million

Investor Rodney A. Johnson has acquired the 44-unit Imperial Crest Apartments in Imperial Beach for $6 million, according to brokerage company Apartment Consultants Inc., also known as ACI.

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El Cajon Apartments Acquired for $3.74 Million

Johnson Family Trust has purchased the 22-unit Southwinds Apartments in El Cajon for $3.74 million, according to brokerage company Colliers International.

Local Retail REITs Reap the Profits of Solid Fundamentals

PROPERTY: Consumer Spending, Lack of New Development Are Pluses

Escondido-headquartered Realty Income Corp. recently made headlines when it joined the prestigious list of large U.S. companies tracked on the S&P 500 index.

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BizAir Lands Spot at McClellan-Palomar

TRAVEL: Airport Aims For 20-Year Master Plan

McClellan-Palomar Airport in Carlsbad recently saw the permanent departure of United Express, but is now awaiting the June arrival of a relatively new carrier known as BizAir Shuttle, which plans to provide regional charter service to Los Angeles.

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El Cajon Apartments Acquired for $3.74M

Johnson Family Trust has purchased the 22-unit Southwinds Apartments in El Cajon for $3.74 million, according to brokerage company Colliers International.

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I.B. Apartment Property Sells for $6 Million

Investor Rodney A. Johnson has acquired the 44-unit Imperial Crest Apartments in Imperial Beach for $6 million, according to brokerage company Apartment Consultants Inc., also known as ACI.

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Housing Commission Buys Clairemont Mesa Apartments for $14.7M

The San Diego Housing Commission has acquired the 120-unit Village North Senior Garden Apartments in Clairemont Mesa East for approximately $14.7 million, according to CoStar Group and public data.

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Solana Beach Firm Buys Industrial Building, Land Parcel in North County

Property investment firm SR Commercial of Solana Beach recently purchased an Escondido industrial building for approximately $8.33 million, and an 11.8-acre Carlsbad industrial land parcel for $6.16 million.

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Bridge Housing Completes 2 Affordable-Apartment Projects in San Diego

Developer Bridge Housing Corp. and its partners recently completed two large affordable-apartment projects in San Diego, totaling 450 units.

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Watkins Landmark Construction Hires New COO

Watkins Landmark Construction of Carlsbad has hired Dennis Dizon as its new vice president of operations and chief operating officer.

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San Diego Apartment Building Sold for $2.07 Million

A.J. Holdings LLC has purchased a six-unit apartment complex in San Diego’s Crown Point neighborhood for approximately $2.07 million, according to brokerage company ACRE Investment Real Estate Services.

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Kearny Mesa R&D Building Sells for $2.3 Million

An entity recorded as Dimitry Family Trust 2011 has acquired a Kearny Mesa industrial and office building for approximately $2.3 million, according to CoStar Group and public data.

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Imperial Beach Apartment Complex Sold for $6.8 Million

An affiliate of Mar Group of Del Mar has purchased a 43-unit Imperial Beach apartment complex for approximately $6.8 million, according to CoStar Group and public data.

Value of Future Construction Projects Down 56 Percent in First Quarter

The value of San Diego County’s contracts for future construction dropped 56 percent from a year ago in the first quarter of 2015, to just over $607.4 million, according to the latest data from Dodge Data & Analytics.

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