San Diego Business Journal

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La Mesa Revs Up For Redevelopment

PROPERTY: Various Projects Add to Momentum for Change

With no major fanfare or grand-opening hoopla, home furnishings retailer Restoration Hardware Outlet opened for business in mid-September at the Grossmont Center mall in La Mesa, filling a 55,000-square-foot space vacated by the bankrupt sporting goods chain Sports Authority.

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New Standards for Civic S.D. Expected

POLITICS: Some See Lack of Oversight, City Ceding Control

After more than a year of discussions, San Diego officials are nearing agreement on standards expected to boost oversight and raise standards for the approval of projects currently overseen by Civic San Diego, the nonprofit that has the final say on many development projects downtown and elsewhere in the city.

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Report: Federal Government Examining Sale of Hotel del Coronado

The federal government is scrutinizing the proposed purchase of Hotel del Coronado by Chinese insurer Anbang Insurance Group Co., due to its proximity to a large U.S. Navy base, Bloomberg News reported.

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Local Firm Plans San Marcos Industrial Campus after $8M Land Buy

Encintas-headquartered RAF Pacifica Group has purchased a 15.65-acre property in San Marcos for $8 million, with plans to build a new four-building industrial campus.

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New GM Named at San Diego’s Keating Hotel

The Keating Hotel, a 35-room boutique property in downtown San Diego’s Gaslamp Quarter, has named Adam Della Rocca as its new general manager.

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Buyer Acquires Two Downtown Properties for $13.7 Million

A local buyer recorded as 7th Avenue A Street Inc. has acquired two downtown San Diego properties in separate transactions for a total of $13.7 million, according to CoStar Group and public data.

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Cowork Space Operator Level Office Acquires Downtown Office Building

Chicago-headquartered Level Office, which operates membership-based office and coworking spaces, has acquired a downtown San Diego office building, with plans for significant renovations.

Operators Debuting The Point Waterfront Workspace

Operators plan a Sept. 29 opening for The Point, a new waterfront workspace in Mission Bay providing off-site amenities for corporate meetings, retreats and other business functions.

STR: Chargers Rank 28th in NFL for Local Hotel Revenue Net Impact

The San Diego Chargers ranked 28th out of 32 NFL teams for net impact on local hotel revenue during the 2015 season, according to the latest in a series of articles tracking the league’s impact on hotels by the research firm STR.

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Downtown Apartment Tower’s Developer Gets $135M in Refinancing

The developer of the 484-unit Pinnacle on the Park, Phase 1, has obtained $135 million in refinancing for the apartment property in downtown San Diego, according to brokerage firm Kidder Mathews, which arranged the financing.

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Mission Valley Retail Center Sells for $14 Million

An affiliate of Los Angeles-based Gershman Properties LLC has purchased a Mission Valley strip retail center for $14 million, according to CoStar Group and public data.

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Rancho Bernardo Industrial Building Brings $7.4 Million

San Diego buyers recorded as McEwen-Otay LLC and MP McEwen I LLC have acquired a Rancho Bernardo industrial building for $7.4 million, according to brokerage firm Colliers International Group Inc.

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RAR Hospitality Adds New San Marcos Hotel to Portfolio

Hotel management and consulting firm RAR Hospitality Inc. has assumed management duties at the new 116-room Fairfield Inn & Suites in San Marcos, which is under construction and slated for a January 2017 opening.

Sempra Subsidiary Ienova Receives Official Clearance to Buy Interest in Mexican Company

Sempra Energy said Sept. 21 its Mexican subsidiary, Ienova, has received antitrust clearance to buy a 50 percent equity interest in pipeline builder and operator Gasoductos de Chihuahua.

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Del Taco Signs Franchisee for Five Upcoming San Diego Locations

Del Taco Restaurants Inc. has signed an agreement with Rancho Cucamonga-based franchisee Bajwa Group, which plans to open five new San Diego County locations by 2020. Financial terms were not disclosed, and locations have not been announced.

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Rancho Bernardo Industrial Building Sold for $7.4 Million

San Diego buyers recorded as McEwen-Otay LLC and MP McEwen I LLC have acquired a Rancho Bernardo industrial building for $7.4 million, according to brokerage firm Colliers International Group Inc.

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Mission Valley Retail Center Sold for $14 Million

An affiliate of Los Angeles-based Gershman Properties LLC has purchased a Mission Valley strip retail center for $14 million, according to CoStar Group and public data.

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Del Taco Restaurants Inc. Signs Franchisee for Five Upcoming San Diego Locations

Del Taco Restaurants Inc. has signed an agreement with Rancho Cucamonga-based franchisee Bajwa Group, which plans to open five new San Diego County locations by 2020. Financial terms were not disclosed, and locations have not been announced.

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RAR Hospitality Adds New San Marcos Hotel to Its Portfolio

Hotel management and consulting firm RAR Hospitality Inc. has assumed management duties at the new 116-room Fairfield Inn & Suites in San Marcos, which is under construction and slated for a January 2017 opening.

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Carlsbad Locations Likely Next on Brewery Igniter’s Itinerary

North County has no shortage of craft beer companies; about a third of San Diego County’s 120-and-counting brewing sites are located there. But the area could soon get a new incubator-of-sorts for up-and-coming brewers.

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Chargers Not on Hotels’ Highlight Reels

TOURISM: Football Fails to Score for Local Sector

National Football League games had a net $77 million impact on U.S. hotel revenue in 2015 — on par with the average $75 million seen over the past eight seasons — although the impact in San Diego was slightly negative, the research firm STR reported.

Local Office of BNBuilders Gets $8.48M Caltech Lab Project

The San Diego office of general contractor BNBuilders has been hired to renovate an existing biomedical laboratory at California Institute of Technology (Caltech) in Pasadena. A company statement said the guaranteed maximum price for the project is approximately $8.48 million.

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Bankers Hill Apartment Property Sells for $3.89 Million

An Irvine buyer recorded as Bankers Hill Holdings LLC has acquired a 13-unit apartment building in San Diego’s Bankers Hill neighborhood for approximately $3.89 million, according to CoStar Group and public data.

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Encinitas Office Condo Sold for $2.2 Million

An affiliate of Encinitas-based Comprehensive Dermatology Group has purchased an office condominium building in Encinitas for approximately $2.2 million, according to CoStar Group and public data.

San Diego Architecture Firms AVRP, Skyport Studio Merge

San Diego architecture and design firms AVRP Studios and Skyport Studio announced that they have merged, with the combined company now called AVRP Skyport Studios.

San Diego Hotels Post 3.7 Percent Revenue Rise in First 8 Months

San Diego County hotels saw total revenue rise 3.7 percent from a year ago in the first eight months of 2016, topping $1.86 billion, even as occupancy dipped 0.3 percent to 79 percent, according to the latest monthly data from research firm STR.

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San Diego Firm Buys Escondido Mobile Home Park for $9.35 Million

San Diego-based Kleege Enterprises has acquired the Canyon Crest Estates mobile home park in Escondido for $9.35 million, according to brokerage firm Colliers International Group Inc.

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Oceanside Retail Center Sells for $7 Million

A Honolulu- based joint venture, including Oceanside Sullivan LLC and Oceanside Takayama LLC, has purchased an Oceanside retail center for $7 million, according to brokerage firm Cushman & Wakefield.

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North Park Apartment Property Sold for $3.37 Million

C&C University LLC of San Diego has purchased a 16-unit North Park apartment property for $3.37 million, according to brokerage firm Marcus & Millichap.

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Chula Vista Apartments Sold for $6.2 Million

Villa Parq Apartment Homes LP of San Diego has purchased a 53-unit apartment property in Chula Vista for approximately $6.2 million, according to CoStar Group and public data.

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Downtown San Diego Office Building Sells for $6.75 Million

A Los Angeles buyer recorded as San Diego K4 LLC has acquired a two-story downtown San Diego office building for $6.75 million, according to CoStar Group and public data.

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Industrial Building Housing Carvin Corp. Sells for $14.4 Million

An affiliate of Phoenix-based Wentworth Property Co. LLC has purchased an industrial building in San Diego’s Carmel Mountain Ranch neighborhood, housing guitar amplifier maker Carvin Corp., for approximately $14.4 million, according to CoStar Group and public data.

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Lennar Buys Vista Residential Property for $4.76 Million

Homebuilder Lennar Homes of California has purchased a 31-lot residential development site in Vista for $4.76 million, according to brokerage firm Lee & Associates.

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San Diego Apartment Property Sells for $12 Million

Affiliates of Costa Mesa-based Warmington Group of Companies have purchased a 17-unit apartment building in San Diego’s College Area for $12 million, according to CoStar Group and public data.

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Owner of Santee Senior Housing Community Obtains $24.9M Refinancing

San Diego-headquartered The Grant Cos. has obtained $24.9 million in refinancing for The Pointe at Lantern Crest, the company’s 102-unit senior housing community in Santee.

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Lee Named GM at Cape Rey Carlsbad Resort

Thomas Lee has been named general manager of the 215-room Cape Rey Carlsbad, operators of the upcale Hilton-branded resort announced.

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Owner of Senior Housing Community Obtains $24.9M Refinancing

San Diego-headquartered The Grant Cos. has obtained $24.9 million in refinancing for The Pointe at Lantern Crest

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Thomas Lee Named General Manager at Cape Rey Carlsbad Resort

Thomas Lee has been named general manager of the 215-room Cape Rey Carlsbad, operators of the upcale Hilton-branded resort announced.

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S.D. Apartment Property Sells for $12 Million

Affiliates of Costa Mesa-based Warmington Group of Companies have purchased a 17-unit apartment building in San Diego’s College Area for $12 million, according to CoStar Group and public data.

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Legoland Looks to Build on Successes With New Attractions

PARK: Castle-Themed Hotel Is Expected To Open in 2018

Owner Merlin Entertainments has invested millions in a steady stream of new attractions at Legoland California Resort in Carlsbad over the past five years, and the theme park’s operators expect changes to keep coming well into the next decade.

Ballot Box Planning Often Runs Into Wall of Political Realities

Development: It Can Be A Costly, Uphill Battle To Change Status Quo

“The majority of ballot initiatives fail,” Brian Adams, a political science professor at San Diego State University, told attendees at a recent forum on “ballot box planning.”

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Can Old Sempra Tower Leave Its Past Behind?

PROPERTY: Mixed-Use Plans Blocked By Zoning Designation

Property owner Sandor Shapery envisions a significant mixed-use residential makeover of the downtown San Diego high-rise building that formerly housed the longtime headquarters of Sempra Energy.

JLL: San Diego Ranks 19th in U.S. For Strength of Tech Office Market

San Diego ranks 19th out of 45 major U.S. markets for the resiliency of its market for offices serving technology companies, according to a new national outlook report by the brokerage firm JLL.

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Construction Begins on $127.8M Airport Parking Plaza

San Diego International Airport has begun construction on a $127.8 million parking plaza at Terminal 2, slated to open in time for summer travel in 2018.

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Design Firm Ware Malcomb Opens Second San Diego Office

Irvine-based design firm Ware Malcomb has opened its second office in San Diego, located downtown at 600 B St., Suite 2070.

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Chula Vista Apartment Property Sells for $19.5 Million

A San Diego buyer recorded as Mark Li LP has acquired a 96-unit apartment complex in Chula Vista for $19.5 million, according to CoStar Group and public data.

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Rancho Bernardo Office Building Sells for $4.2 Million

A San Diego buyer recorded as SD BLDG LLC has acquired a Rancho Bernardo office building for $4.2 million, according to brokerage firm Colliers International Group Inc.

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Encinitas Firm Buys Carlsbad Office Property for $10 Million

RAF Pacifica Group has acquired a Carlsbad office property for $10 million, the Encinitas-based company announced. The building was immediately leased to Ostendo Technologies, a digital manufacturing firm.

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University Heights Apartments Sold for $2.4 Million

San Diego-based Urban on Park LLC has purchased a 10-unit apartment complex in University Heights for approximately $2.4 million, according to brokerage firm Apartment Consultants Inc., also known as ACI.

Port Retains Both OliverMcMillan and Sunroad for Harbor Island Project

Port of San Diego commissioners have voted to retain both of the two finalists — longtime local developers OliverMcMillan Inc. and Sunroad Enterprises — to oversee future redevelopment of 57 acres at Harbor Island.

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