San Diego Business Journal

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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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Vista Retail Center Gets New Owner

A buyer recorded as Sycamore Terrace Vista CA LLC has acquired the two-building Sycamore Terrace retail property in Vista, according to CoStar Group and public data.

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Mission Valley Office Building Acquired for $8.1 Million

A buyer recorded as PWI CDRS LP has purchased the Mission View Plaza office building in Mission Valley for $8.1 million, according to brokerage company Colliers International Inc.

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San Diego Office Building Sold for $9.27 Million

Investor Paul Meardon of San Diego has acquired an office building near Pacific Beach for approximately $9.27 million, according to brokerage company Marcus & Millichap Inc.

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First Quarter Revenue Rises at BioMed Realty Trust

BioMed Realty Trust Inc. reported revenue of $178 million for its first quarter ending March 31, up 5.3 percent from the same period of 2014.

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Life Insurer Buys 3 Office Buildings from Kilroy for $95 Million

An affiliate of John Hancock Life Insurance Co. has purchased a three-building portfolio of San Diego office buildings for $95 million, according to CoStar Group and public data.

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Cushman & Wakefield Promotes Brunson Howard to Lead Local Operations

Commercial brokerage and real estate services company Cushman & Wakefield Inc. has promoted Brunson Howard to the post of senior managing director and market leader for the San Diego region.

One Paseo Saga Moving Toward an Election Day Showdown

The February decision to approve the controversial One Paseo mixed-use development in Carmel Valley has boomeranged back to the San Diego City Council after a petition drive by opponents gathered enough signatures to have the project placed before voters, unless the council repeals its approval.

New Visitors Center Puts Out the Welcome Mat

TOURISM: Facility Will Be Operated By Tour Company

A new waterfront San Diego Visitor Information Center, being operated by locally based Old Town Trolley Tours, recently held its grand opening. The center is at 996 N. Harbor Drive in downtown San Diego.

Aerotropolis Arrival Seems More Likely

ECONOMY: 2 Airports Prepare for Bigger Roles

South and East County economic development groups are pressing ahead with efforts to turn two small local airports into big regional economic generators by creating the nation’s next “aerotropolis.”

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Cushman & Wakefield Promotes Howard to Lead Local Operations

Commercial brokerage and real estate services company Cushman & Wakefield Inc. has promoted Brunson Howard to the post of senior managing director and market leader for the San Diego region.

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Life Insurer Buys Three Office Buildings from Kilroy for $95 Million

An affiliate of John Hancock Life Insurance Co. has purchased a three-building portfolio of San Diego office buildings for $95 million, according to CoStar Group and public data.

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First Quarter Revenue Rises at Realty Income Corp.

Realty Income Corp. posted a record $246.9 million in revenue for its first quarter ending March 31, up 11.4 percent from the year-ago period, the Escondido-based company reported.

North Park Apartment Property Sold for $6.75 Million

HP Partners LLC of San Diego has acquired a 36-unit apartment property in North Park for $6.75 million, according to brokerage company South Coast Commercial Inc.

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ROIC Posts Increases in Revenue, Net Income

San Diego-based Retail Opportunity Investments Corp. posted revenue of $45.1 million in its first quarter ending March 31, an increase of 24 percent from the same period of 2014.

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Two UTC Office Buildings Acquired for $51.6 Million

An affiliate of San Diego-based Phase 3 Real Estate Partners Inc. has purchased two University Towne Center office buildings for a total of approximately $51.6 million, according to CoStar Group and public data.

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Bonita Office Building Sells for $2.95 Million

DW Bonita Road LLC of Bonita has purchased a Bonita office building for $2.95 million, according to CoStar Group and public data.

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Hyatt Regency La Jolla Being Sold for $118 Million

Strategic Hotels & Resorts Inc. is selling the 417-room Hyatt Regency La Jolla for $118 million, the Chicago-based company announced.

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El Cajon Apartments Sold for $5 Million

Bel Vue Terrace Properties LLC of San Diego has purchased the 40-unit Jamacha Apartments in El Cajon for $5 million, according to brokerage company Berkadia, which represented the buyer.

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Ocean Beach Apartment Property Sells for $2 Million

Mills Trust of Downey has acquired a nine-unit apartment property in Ocean Beach for $2 million, according to brokerage company Marcus & Millichap Inc., which represented the buyer and seller.

New Visitor Center Debuts in Downtown San Diego

An April 30 grand opening is planned for a new waterfront San Diego Visitor Information Center, being operated by locally based Old Trolley Tours. The center is at 996 N. Harbor Drive in downtown San Diego.

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Even Guests Help Hotels Save Water

TOURISM: From Linens To Landscaping, Cuts Made

Even if they’re not from California, guests at properties such as San Diego’s The US Grant hotel are increasingly willing to sacrifice in response to the state’s prolonged and severe drought, even if it just means forgoing fresh towels for a few days.

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S.D., Tijuana Plan a Tourism Team Effort

TRAVEL: New Terminal Part Of Broader Binational Approach

San Diego and Tijuana tourism leaders are aiming to boost visitor counts to the combined region, capitalizing on a soon-to-be completed cross-border terminal that could open up new opportunities to greet international travelers.

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Citigroup, Nixon Peabody Hired for Stadium Finance Talks

SPORTS: Firms Have Expertise Needed For Funding Proposal

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.

Chula Vista Gets Help Telling Story of Its Planned Development

ECONOMY: Consultants Guide Quest for University And Innovation District

No schools are yet on board, but Chula Vista is counting on an improving economy and a proposed University and Innovation District to bring a long-sought educational campus and related research-focused business activity to the city.

S.D. to Be On TV as a Smart City

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

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San Marcos Industrial Building Sells for $2.1 Million

Utah Prime Properties Inc. of Los Angeles has acquired a San Marcos industrial building for $2.1 million, according to CoStar Group and public data.

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Carmel Valley Office Building Purchased for $5.4 Million

CWC Income Properties 3 LLC, a San Diego-based private equity fund, has acquired a Carmel Valley office building for $5.4 million, according to the fund’s parent company.

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Escondido Apartment Complex Sells for $6.6 Million

Urban Housing Communities LLC has purchased a 44-unit Escondido apartment complex for $6.6 million, according to broker ACI Apartments, which represented the sellers.

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Three Auto Dealership Buildings Sell for $11.8 Million

An affiliate of Beverly Hills-based O’Gara Coach Co. has purchased three San Diego retail auto dealership buildings for a total of $11.8 million, according to CoStar Group and public data.

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Otay Mesa Industrial Buildings Sold in $42.5 Million Deal

An affiliate of San Francisco-based Stockbridge Capital Group LLC has acquired a 14-building portfolio of Otay Mesa industrial properties for approximately $42.5 million, according to CoStar Group and public data.

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Carlsbad Apartment Property Sold for $39.7 Million

An affiliate of Rancho Santa Fe-based Pacifica Real Estate Services Inc. has purchased the 66-unit BluWater Crossing apartment property in Carlsbad for $39.7 million, according to CoStar Group and public data.

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Hughes Marino Opens 2 Northern California Offices

Hughes Marino, a San Diego-based commercial real estate services provider, has opened two new offices in Northern California and announced an expansion and relocation of one of its Los Angeles offices.

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Hilton Carlsbad Oceanfront Resort Rebranded as Cape Rey

Hilton Carlsbad Oceanfront Resort & Spa is being rebranded and will officially operate as Cape Rey as of April 30.

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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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