San Diego Business Journal

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Agreement Clears Way for $1.2 Billion Navy Broadway Development

Manchester Financial Group has reached a settlement agreement with the California Coastal Commission, apparently clearing the way for work to proceed on a long-delayed, $1.2 billion redevelopment of the Navy Broadway Complex in downtown San Diego.

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Town and Country's $80M Renovation Set to Start in Early 2016

Destination Hotels & Resorts is finalizing plans for a previously announced $80 million renovation of the landmark Town and Country Resort & Convention Center in Mission Valley, now slated to begin in early 2016.

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City Park Opening Near Pinnacle’s New Downtown Apartments

Civic San Diego and developer Pinnacle International have scheduled an Aug. 28 grand opening for Fault Line Park, the first public park to open in downtown’s East Village in more than a decade.

New One Paseo Proposal Cuts Down on Retail, Office Space

Talks are in progress on Version 2.0 of One Paseo, and San Diego city officials, as soon as January, could be reviewing a downsized version of the controversial mixed-use development in Carmel Valley.

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PROPERTY: Irvine Puts Best Features Forward as It Bets Big on Spec Office

Irvine Co. apparently is not just welcoming surfers and bicyclists as potential future tenants at One La Jolla Center, its newly completed 15-story, $100 million tower at University Towne Center. There are design touches catering directly to them.

Carlsbad Council Approves Plan for Retail Center Near Lagoon

Carlsbad City Council has unanimously approved plans by developer Caruso Affiliated to build a new Nordstrom-anchored retail center near the Agua Hedionda Lagoon.

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Chula Vista Industrial Buildings Sold for $8.9 Million

Buyers recorded as Britannia Partners LLC and VJS & BES Family Trust have purchased three Chula Vista industrial buildings for approximately $8.9 million, according to CoStar Group and public data.

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Trader Joe’s Plans New Store at SDSU Development

Specialty grocer Trader Joe’s has signed a lease to open a new store at San Diego State University’s new mixed-use South Campus Plaza, currently under construction.

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Poway Apartment Complex Sold for $41.15 Million

An affiliate of Palo Alto-based Pacific Urban Residential has purchased the 193-unit Summerlyn Apartments in Poway for $41.15 million, according to brokerage company CBRE Group Inc.

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Emmes Gets $130 Million in Refinancing for Downtown Tower

An affiliate of property owner Emmes Group of Cos. has received $130 million in first mortgage debt to recapitalize 1 Columbia Place, its office tower at 401 W. A St. in downtown San Diego.

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Black Angus Opening New Restaurant in Escondido

Black Angus Steakhouse plans an Oct. 5 opening for its new restaurant at Westfield North County mall in Escondido, where it will hire more than 100 people for various positions.

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National City Retail Property Sells for $14.87 Million

Santa Ana-based Red Mountain Inc. has purchased the National City Plaza retail property in National City for approximately $14.87 million, according to brokerage company Marcus & Millichap Inc.

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Vista Apartment Building Sold for $7.55 Million

Carv Properties LLC of San Diego has purchased the 45-unit Newport Terrace apartment property in Vista for $7.55 million, according to brokerage firm ACRE Investment Real Estate Services.

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Senior Apartment Property in Hillcrest Sells for $5.4 Million

Carv Properties LLC of San Diego has purchased a 35-unit senior apartment property in Hillcrest for approximately $5.4 million, according to brokerage firm ACRE Investment Real Estate Services.

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Historic Pack Loft Building in East Village Sold for $4.7 Million

JS Capital Enterprises Inc., an affiliate of Los Angeles-based JS Western Retail Investments, has acquired a historically-designated building in East Village for $4.7 million, according to brokerage firm Colliers International.

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Historic Pack Loft Building Sold for $4.7 Million

JS Capital Enterprises Inc., an affiliate of Los Angeles-based JS Western Retail Investments, has acquired a historically-designated building in East Village for $4.7 million, according to brokerage firm Colliers International.

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Apartment Property in Hillcrest Sells for $5.4 Million

Carv Properties LLC of San Diego has purchased a 35-unit senior apartment property in Hillcrest for approximately $5.4 million, according to brokerage firm ACRE Investment Real Estate Services.

Airport Moves On to Next Big Ticket Items

TRAVEL: Terminal 1 Plans, Access Upgrades Considered

The recent $1 billion wave of improvements at San Diego International Airport boosted sustainability, streamlined vehicle traffic and security, and significantly upgraded concession offerings at Terminal 2 West.

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Multifamily Market Rides Rental Wave

PROPERTY: Demand Fuels Apartment Deals

The rising cost of buying single-family homes in San Diego County is pushing more people into the rental pool, and that is turning up the pace of apartment rent growth and property deal-making.

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New ConAm Executive to Oversee Multifamily Property Management

The ConAm Group of Companies (ConAm) has named Julie Brawn-Whitesides as its new executive vice president of property management, as the San Diego-based firm aims to grow its national multifamily property management portfolio.

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San Diego Apartment Portfolio Sold for $17.4 Million

Positive Investments of Arcadia has purchased a portfolio of three San Diego apartment properties with 171 units for a total of approximately $17.4 million, according to brokerage company Lee & Associates.

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Imperial Beach Apartments Sell for $5.16 Million

A buyer recorded as Savanna Apartments LLC of Laguna Beach has acquired the 30-unit Century Arms Apartments in Imperial Beach for $5.16 million, according to CoStar Group and Marcus & Millichap Inc.

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Golden Hill Apartment Property Sold for $6.2 Million

McNeill Property Investments LLC of San Diego has purchased a 30-unit apartment building in the city’s Golden Hill neighborhood for approximately $6.2 million, according to brokerage firm ACRE Investment Real Estate Services.

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Work Begins on New Public Park at Sudberry’s Civita

Hazard Construction Co. has broken ground on Civita Park, the latest element of the Civita mixed-use community in Mission Valley, being developed by San Diego-based Sudberry Properties.

San Diego County Hotel Property Deals Declined in First Half

The volume of San Diego County’s hotel property sales transactions declined 16 percent from a year ago in the first half of 2015, while the dollar volume of those deals slipped 1 percent, according to a newly released mid-year report by brokerage and research firm Atlas Hospitality Group.

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Cohn Restaurant Group Opens Coasterra at Harbor Island

Cohn Restaurant Group recently opened Coasterra, the San Diego-based company’s new $15 million venue at Harbor Island.

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ROIC Reports Increase in Second-Quarter Revenue

Retail Opportunity Investments Corp., also known as ROIC, reported total revenue of $46.2 million for its second quarter ending June 30, up from $36.9 million in the year-ago quarter.

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Petco Files Registration for Proposed IPO

The holding company for San Diego-based Petco Animal Supplies Inc. has filed a registration statement with the U.S. Securities and Exchange Commission, related to a proposed initial public offering of common stock.

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Carlsbad Retail Center Getting $15 Million Renovation, Rebranding

Owner Linwood Ventures of Los Angeles plans a $15 million renovation of the former La Costa Towne Center in Carlsbad, with plans to rebrand the property as a luxury retail center called The Beacon La Costa.

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Los Angeles Firm Buys Spring Valley Apartments for $14 Million

New Standard Equities (NSE) of Los Angeles has purchased a 74-unit apartment property in Spring Valley for $14 million, the company announced.

Grocer Haggen Closing Six Stores in the County as Part of 27 Closures

Northwest grocery chain Haggen Food & Pharmacy plans to close 27 stores that it recently opened in four states, including six in San Diego County, over the next 60 days.

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Carlsbad Firm Buys San Diego Retail Center for $12.7 Million

Carlsbad-based investment firm Capstone Advisors has purchased a three-building retail center in San Diego’s Carmel Mountain Ranch neighborhood for $12.7 million, the company announced.

CORRECTION: Downtown Courtyard Hotel Not Being Sold

Contrary to a prior report, the 245-room Courtyard San Diego Downtown hotel is not for sale and is not under contract to be acquired by Richmond, Va.-based Apple Hospitality REIT.

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Historic East Village Property Sells for $4.35 Million

PREF, an affiliate of San Diego-based investment firm Paragon, has acquired an historic East Village retail property known as the Unicorn Building for $4.35 million, according to brokerage firm Colliers International.

Grocer Haggen Closing Six Stores in San Diego County

Northwest grocery chain Haggen Food & Pharmacy plans to close 27 stores that it recently opened in four states, including six in San Diego County, over the next 60 days.

Correction: Downtown Courtyard Hotel Not Being Sold

Contrary to a prior report, the 245-room Courtyard San Diego Downtown hotel is not for sale and is not under contract to be acquired by Richmond, Va.-based Apple Hospitality REIT.

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Historic East Village Commercial Property Sells for $4.35 Million

PREF, an affiliate of San Diego-based investment firm Paragon, has acquired an historic East Village retail property known as the Unicorn Building for $4.35 million, according to brokerage firm Colliers International.

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Carlsbad Firm Buys Retail Center for $12.7 Million

Carlsbad-based investment firm Capstone Advisors has purchased a three-building retail center in San Diego’s Carmel Mountain Ranch neighborhood for $12.7 million, the company announced.

City Pushes New Stadium Finance Plan

City and county leaders have put forward a revised financing plan, renderings and draft environmental impact report for a proposed Mission Valley stadium, aiming for a January public vote contingent on the San Diego Chargers returning to negotiations.

In This Tight Market, a Retail Property Rarity Draws Buyers

Prime retail properties rarely hit the market in San Diego, and when they do, the price tags are rarely discounted. The latest example is the recent $107 million sale of the Walmart-anchored McGrath Center on Clairemont Mesa Boulevard in Kearny Mesa.

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Eateries Hungrily Eye Anthony’s Location

DINING: Old Favorite Among 3 Plans Vying for Prime Spot

For now at least, intense community loyalty has saved Anthony’s Fish Grotto, a family-run downtown San Diego mainstay since 1946, from what appeared to be its pending ouster from the North Harbor Drive site that it’s occupied for 50 years.

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Add Leadership Moves To Petco IPO Rumors

RETAIL: Co. Isn’t Talking as It Moves Into New Headquarters

Petco Animal Supplies Inc. recently announced changes to its leadership, including the addition of chairman duties to the job of CEO Jim Myers.

Survey Finds Commercial Development Optimism Remains Strong

Statewide demand from industries including technology, advertising, media and information services is generating continued optimism among commercial real estate professionals, according to the latest twice-yearly survey by the law firm Allen Matkins and UCLA Anderson Forecast.

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Target Plans Job Fairs to Fill 340 Local Positions

Target Corp. has scheduled two local job fairs for Aug. 13, where the company will interview candidates for 340 positions at upcoming new San Diego stores.

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Four-Campus San Diego Office Portfolio Sold for $258 Million

John Hancock Life Insurance Cos. has acquired a portfolio of four San Diego office campuses for $258 million, according to public data and real estate services provider HFF Inc.

Port Commissioners Keep Anthony’s In Running for Longtime Waterfront Site

San Diego port commissioners have decided to keep the iconic Anthony’s Fish Grotto in the mix of finalists vying to set up shop on the North Harbor Drive site occupied by Anthony’s for the past five decades.

Event Tech Firm Ranks San Diego 4th Among U.S. Meetings Destinations

San Diego placed fourth among U.S. cities in the latest annual ranking of the nation’s top 50 meetings destinations, compiled by event management technology provider Cvent Inc.

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Chula Vista Medical Office Buildings Sold for $15 Million

Orlando, Fla.-based CNL Healthcare Properties Inc. has purchased two medical office buildings in the Eastlake village of Chula Vista for $15 million, according to brokerage company JLL.

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Westfield Group Plans 10-Screen Movie Theater at Escondido Mall

Mall operator Westfield Group plans to add a 10-screen movie theater and adjacent pedestrian plaza at its Westfield North County property in Escondido, according to the city manager’s office.

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City Pushes New Stadium Finance Plan, Aims for January Vote

City and county leaders have put forward a revised financing plan, renderings and draft environmental impact report for a proposed Mission Valley stadium, aiming for a January public vote contingent on the San Diego Chargers returning to negotiations.

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