San Diego Business Journal

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Otay Mesa Industrial Building Sold for $6.5 Million

An entity recorded as Stockbridge San Diego Indl Ll has acquired an Otay Mesa industrial property for $6.5 million, according to CoStar Group and public data.

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Vista Industrial Property Sells for $5.9 Million

Nordic Naturals Inc. of Watsonville has purchased a Vista industrial building for approximately $5.9 million, according to CoStar Group and public data.

San Diego Hires Citigroup, Nixon Peabody for Stadium Finance Talks

The city of San Diego has hired investment banker Citigroup Inc. and law firm Nixon Peabody LLP to help local officials develop financing options for a potential new San Diego Chargers stadium.

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San Diego Ranks Fifth in National Retail Market Report

San Diego placed fifth in the latest annual report by commercial real estate services provider Marcus & Millichap Inc., ranking the nation’s strongest retail property markets.

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Wood Ranch BBQ to Debut Locally in Mission Valley

Wood Ranch BBQ & Grill has a mid-May opening planned for its new restaurant at 7510 Hazard Center Drive, Suite 215 in Mission Valley.

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Patio Restaurant Group Expands to Petco Park

Petco Park is the latest expansion site for San Diego-based The Patio Restaurant Group, led by local entrepreneur Gina Champion-Cain.

Mission Beach’s Belmont Park Gets Renegotiated Lease on Life

PROPERTY: Long-term Deal Has Owners Planning Number of Improvements

A renegotiated lease on Belmont Park at Mission Beach will bring nearly $70 million to the city of San Diego over the next 23 years.

S.D.’s Ranking as Tech Talent Market Shows Strengths, Flaws

ECONOMY: Growing Millennial Population Could Be Key Resource

San Diego ranks 17th in the nation among major markets for its ability to attract and grow technology-focused employment talent, according to a new report from commercial brokerage company CBRE Group Inc. The report says tech industry clustering remains the biggest driver of office space demand in the U.S. and the local region.

Blackstone Acquiring Excel Trust Inc. in $2 Billion Purchase

REAL ESTATE: Deal Is All-Cash Transaction, Should Close In 2015

Excel Trust Inc., a San Diego-based real estate investment company, has entered into an agreement to be acquired by Blackstone Property Partners LP in an all-cash transaction valued at approximately $2 billion, the companies announced.

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Patio Restaurant Group Sees How Locally Sourced Menu Plays at Petco Park

Petco Park is the latest expansion site for San Diego-based The Patio Restaurant Group, led by local entrepreneur Gina Champion-Cain.

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Wood Ranch BBQ Debuting First Local Restaurant in Mission Valley

Wood Ranch BBQ & Grill has a mid-May opening planned for its new restaurant at 7510 Hazard Center Drive, Suite 215 in Mission Valley.

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National Retail Market Report Ranks San Diego Fifth

San Diego placed fifth in the latest annual report by commercial real estate services provider Marcus & Millichap Inc., ranking the nation’s strongest retail property markets.

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National Geographic Documentary Series Spotlights San Diego

A segment featuring San Diego is scheduled to air at 8 a.m. April 25 and May 2, as part of a cable documentary series on National Geographic Channel called “World’s Smart Cities.”

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Santa Barbara Firm Buys Apartment Listing Services Provider RentLinx

San Diego-headquartered RentLinx LLC, which syndicates rental listings to apartment search websites, has been acquired by AppFolio Inc., a Santa Barbara- based provider of cloud-based business management software. Financial terms were not disclosed.

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Rancho Bernardo Industrial Property Sells for $10.5 Million

Seven C’s Group LLC has purchased Via Frontera Business Park, a two-building industrial property in Rancho Bernardo, for $10.5 million, according to Colliers International, which represented the seller.

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McDonald’s to Test All-Day Breakfast in San Diego County

McDonald’s Corp. on April 20 will begin a test of all-day breakfast item sales at 94 of its 110 San Diego County restaurants.

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San Marcos Retail Center Sold for $14.35 Million

Costa Mesa-based Webb Management & Investments has acquired a four-building shopping center property in San Marcos for $14.35 million, according to CoStar Group and public data.

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La Casa del Zorro Getting $3 Million in Solar Upgrades

La Casa del Zorro in Borrego Springs has completed a $150,000 “solar farm,” the first of two projects totaling more than $3 million aimed at making the resort more energy-independent and eco-friendly.

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Retail-Office Building at Liberty Station Sells for $5.2 Million

Tower Investments LLC has purchased a multi-tenant retail and office building at Liberty Station in Point Loma for $5.2 million, according to Voit Real Estate Services, which represented the seller.

Three Local Firms Make Top 50 in Apartment Industry Rankings

Three San Diego-headquartered firms ranked among the top 50 U.S. companies in three industry categories tracked in a recent annual report by the National Multifamily Housing Council, an apartment industry trade group based in Washington, D.C.

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Blackstone to Acquire San Diego's Excel Trust in $2 Billion Deal

Excel Trust Inc., a San Diego-based real estate investment company, has entered into an agreement to be acquired by Blackstone Property Partners LP in an all-cash transaction valued at approximately $2 billion, the companies announced.

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Three Local Nursing Facilities Are Part of $80 Million Portfolio Deal

MedEquities Realty Trust Inc. of Nashville, Tenn., has purchased a portfolio of buildings housing four skilled-nursing facilities, including three in San Diego County, for $80 million, according to CoStar Group and public data.

Distilled Spirits Could Follow in Footsteps of Craft Beer Cluster

BEVERAGES: Changing Distribution Law Would Help Open the Path

A very small batch of San Diego’s craft beer brewers are making early headway in the ultra-competitive market for distilled spirits, which last year racked up $23.1 billion in U.S. sales, according to industry reports.

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Case for Cans

CRAFT BREWERIES: Some Craft Brewers Are Open to Change as New Techniques Help Cans Hold Their Own Versus Bottles

The hum of canning lines at Mike Hess Brewing Co. in North Park is a sound that remains relatively rare in the world of San Diego County’s 100-plus craft beer makers.

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Glass-Walled Ballrooms Highlight Marriott’s $206 Million Makeover

HOSPITALITY: Hotel Will Offer Most Event Space on West Coast

Owner Host Hotels & Resorts Inc. recently began work on the second phase of a $206 million makeover of its Marriott Marquis San Diego Marina, an 80,000-square-foot events facility that also includes an adjacent Marina Walk, the latest in a series of new public elements transforming the face of the downtown waterfront.

Green Flash Debuting New Tasting Room

San Diego-based Green Flash Brewing Co. plans a May 16 opening for Cellar 3, a new tasting room and specialty brewing facility that it will operate in Poway.

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Rady $100M Gift For Best, Brightest

EDUCATION: UCSD School To Pursue Top Faculty, Students

Local philanthropists Ernest and Evelyn Rady have committed $100 million to the Rady School of Management at the University of California, San Diego, a long-term gift deemed crucial for competing with older and well-established business schools for top students and faculty.

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Three Local Nursing Facilities Part of $80 Million Portfolio Deal

MedEquities Realty Trust Inc. of Nashville, Tenn., has purchased a portfolio of buildings housing four skilled-nursing facilities, including three in San Diego County, for $80 million, according to CoStar Group and public data.

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Blackstone Acquiring Excel Trust for $2 Billion

Excel Trust Inc., a San Diego-based real estate investment company, has entered into an agreement to be acquired by Blackstone Property Partners LP in an all-cash transaction valued at approximately $2 billion, the companies announced.

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$3.7 Million Land Lease Clears Way for Car Wash, 7-Eleven

Car-wash operator Washman LLC and property owner Sunshine Finance Corp. have completed a $3.7 million land lease agreement for a San Diego property where convenience retailer 7-Eleven also plans to open a new store, according to Voit Real Estate Services.

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Green Flash Debuting New Tasting Room at Poway Facility

San Diego-based Green Flash Brewing Co. plans a May 16 opening for Cellar 3, a new tasting room and specialty brewing facility that it will operate in Poway.

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Scripps Ranch Office Building Sells for $2.45 Million

BKC Commercial Properties LLC has purchased a Scripps Ranch office and retail building for $2.45 million, according to CoStar Group and public data.

Two Lawsuits Filed Over One Paseo Project

Three community groups and a competing shopping center owner have filed separate lawsuits aimed at blocking the controversial One Paseo mixed-use development in Carmel Valley, proposed by Kilroy Realty Corp. and recently approved by San Diego City Council.

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Doubletree Hotel in Mission Valley Sells for $49.2 Million

An affiliate of Los Angeles-based Oak Coast Properties LLC has acquired the 219-room Doubletree San Diego-Hotel Circle in Mission Valley for approximately $49.2 million, according to CoStar Group and public data.

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Poway Industrial Building Sold for $7.75 Million

A buyer recorded as 12460 Kirkham LLC has acquired a Poway industrial building for $7.75 million, according to brokerage company Pacific Coast Commercial, which represented the buyer.

New Owner Closes Several Coco’s, Carrows Restaurants, Lays Off 100 Workers

The new owner of Carlsbad-headquartered Catalina Restaurant Group has closed an undisclosed number of Coco’s Bakery and Carrows restaurants, citing lagging sales performance.

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Rady Foundation Commits $100 Million to UC San Diego Management School

Local philanthropists Ernest and Evelyn Rady have committed $100 million to Rady School of Management at University of California San Diego, to help the school recruit and retain faculty and support other strategic priorities.

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Pacific Beach Mixed-Use Property Sold for $2.57 Million

Abeles Family Trust has acquired a mixed-use retail and office property in Pacific Beach for approximately $2.57 million, according to brokerage company The Franco Realty Group, which represented the seller.

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Realty Income Initiates $276.7 Million Stock Offering

Realty Income Corp. has initiated a public offering of common stock, with expected net proceeds of approximately $276.7 million.

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Trigild Adds 3 SoCal properties to Management Portfolio

San Diego-based real estate services provider Trigild has taken over management of three Southern California commercial properties valued at over $130 million and totaling nearly 700,000 square feet, including two in San Diego.

Newland Partners to Acquire Housing Projects in Colorado, Texas

San Diego-based housing developer Newland Communities and North America Sekisui House LLC have acquired land assets in four master-planned communities in Denver, Dallas and Austin, Texas, for an undisclosed price.

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Sorrento Mesa Office Campus Sells for $85.5 Million

A real estate affiliate of Dallas-based Invesco Advisors Inc. and San Diego-based developer Cruzan have acquired a two-building office campus in Sorrento Mesa for $85.5 million, according to CoStar Group and public data.

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Grocer Fresh & Easy Closing Four Local Stores

Four San Diego County stores are among 50 in three states being closed soon by Fresh & Easy Neighborhood Market, as the struggling small-format grocery chain continues to make changes to its business model.

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Investment Firm Westcore Properties Names Bateman Its COO

San Diego-based commercial real estate investment firm Westcore Properties has named Matthew Bateman as its new chief operating officer.

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Sorrento Mesa Campus Sells for $85.5 Million

A real estate affiliate of Dallas-based Invesco Advisors Inc. and San Diego-based developer Cruzan have acquired a two-building office campus in Sorrento Mesa for $85.5 million, according to CoStar Group and public data.

Construction Set for This Month on 37-Story Ballpark Village

Another East Village apartment project will soon join the hubbub of earth-movers and cranes now reshaping the downtown San Diego landscape.

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Investment Firm Westcore Properties Names New COO

San Diego-based commercial real estate investment firm Westcore Properties has named Matthew Bateman as its new chief operating officer.

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Manchester Sells Majority Stake in Grand Del Mar

TOURISM: The 88% Share Being Bought Is Valued at $230 Million

Private equity firm Blum Capital and the parent of Fairmont Hotels & Resorts are acquiring a majority stake in Carmel Valley’s Grand Del Mar resort for a reported $230 million.

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Liberty Station Keeps Recruiting

PROPERTY: Synergy Seen In Growing Tenant Ranks

Nearly 20 years after it was shuttered by the military, the conversion of the former Naval Training Center in Point Loma into a vibrant commercial and cultural attraction appears to be shifting into high gear.

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Fresh & Easy Closing Four Local Stores

Four San Diego County stores are among 50 in three states being closed soon by Fresh & Easy Neighborhood Market, as the struggling small-format grocery chain continues to make changes to its business model.

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