San Diego Business Journal

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San Diego Firm Buys Denver Office Campus for $23 Million

San Diego-based Parallel Capital Partners Inc. has acquired a three-building office campus in Denver for $23 million, marking its first acquisition in that city.

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Sorrento Mesa Industrial Property Sells for $5.6 Million

Ingold Family Investments LLC of Fallbrook has purchased a Sorrento Mesa industrial building for approximately $5.6 million, according to CoStar Group and public data.

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Welk Resorts Adds CEO to Fredricks’ Role

Escondido-based Welk Resorts has promoted current president Jon Fredricks to the new position of president and chief executive officer.

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Store Openings, Renovations Announced at Fashion Valley

Several new tenants have joined the lineup at Fashion Valley mall in Mission Valley, with others undergoing renovations.

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Bird Rock Coffee Roasters Expands to Little Italy

Specialty coffee retailer Bird Rock Coffee Roasters, with headquarters in La Jolla, recently opened a second coffee bar and store in downtown San Diego’s Little Italy neighborhood.

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Golden Hill Apartment Property Sells for $2.6 Million

Barthell Family Trust has purchased a 13-unit apartment property in San Diego’s Golden Hill neighborhood for $2.6 million, according to brokerage company Colliers International.

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North Park Sonic Restaurant Will Be Company’s Eighth Local Site

Sonic Drive-In plans a Nov. 10 opening for its restaurant at 2829 El Cajon Blvd, in San Diego’s North Park neighborhood. It will be the eighth San Diego County location for the Oklahoma-based chain.

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Otay Mesa Industrial Buildings Sold for $7.2 Million

Cabot Properties Inc. of Boston has purchased two Otay Mesa industrial buildings for approximately $7.2 million, according to CoStar Group and public data.

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East Village to Get Two New Restaurants

Stella Public House and Halcyon, described as “sister restaurant” concepts by Austin-based investment group Zebo, will be among the next arrivals in the already buzzing culinary scene of downtown San Diego’s East Village.

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A 4.5 Percent Third-Quarter Gain Posted for Excel Trust

San Diego-based Excel Trust Inc. posted a 4.5 percent gain from a year ago in total revenue for its third quarter ending Sept. 30, reaching $30.2 million.

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Retail Opportunity Investments Corp. Reports $40.9 Million in Revenue

Total revenue at Retail Opportunity Investments Corp. rose 50 percent from a year ago in the third quarter ending Sept. 30, reaching $40.9 million, officials of the San Diego-based company reported.

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Region Gets New Purveyors of Pizza, Coffee, Juice and Shoes

Stella Public House and Halcyon, described as “sister restaurant” concepts by Austin-based investment group Zebo, will be among the next arrivals in the already buzzing culinary scene of downtown San Diego’s East Village.

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ROIC Reports 50 Percent Rise in Third Quarter Revenue

Total revenue at Retail Opportunity Investments Corp. rose 50 percent from a year ago in the third quarter ending Sept. 30, reaching $40.9 million, officials of the San Diego-based company reported.

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Excel Trust Sees 4.5 Percent Revenue Increase in Third Quarter

San Diego-based Excel Trust Inc. posted a 4.5 percent gain from a year ago in total revenue for its third quarter ending Sept. 30, reaching $30.2 million.

Academy Gives the I.D.E.A. District Its E: Education Component

It’s looking like the education component will make the first big impact in downtown San Diego’s long-discussed I.D.E.A. District — a mixed-use conversion of a rundown East Village neighborhood into what’s been envisioned as a lively hub for innovation, design, education and the arts.

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Douglas Wilson Cos. Among Firms Planning $200 Million Mixed-Use Arizona Project

A partnership that includes San Diego-based Douglas Wilson Cos. has acquired a property in Tempe, Ariz., for approximately $16.8 million, with plans to develop a $200 million, mixed-used project that includes a hotel and office tower.

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Third-Quarter Revenue Rises 6 Percent at BioMed Realty Trust

San Diego-based BioMed Realty Trust Inc. saw total revenue rise 6 percent from a year ago in its third quarter ending Sept. 30, reaching $168.9 million, with rental revenue for the period hitting a company record $122.8 million.

Apartments Planned at San Diego Site Acquired for $3.5 Million

Rize Eagles LLC has purchased a 1.8-acre parcel in San Diego’s College area for $3.5 million, with plans to develop a new apartment community, according to brokerage company Colliers International.

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Wermers Completes $6.5 Million Kensington Apartment Project

San Diego-based Wermers Multi-Family Corp. recently completed construction of Kensington Commons, a 34-unit apartment project on Adams Avenue in the city’s Kensington neighborhood.

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Realty Income Reports Third-Quarter Gains in Revenue, Income

Realty Income Corp. posted a 16.6 percent gain in revenue from a year ago and a 40.8 percent rise in net income available to common stockholders for its third quarter ending Sept. 30.

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County Construction Contracts Up 30 Percent in First 9 Months

San Diego County’s contracts for future construction rose 30 percent in value for the first nine months of 2014 compared with the same year-ago period, topping $3.2 billion, according to the latest data from McGraw Hill Construction.

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Richman Group Begins Work on $28 Million Seniors Community

La Jolla-based Richman Group of California has broken ground on a $28 million, 95-unit affordable apartment community for seniors in downtown Fullerton.

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Hillcrest Apartment Project Gets $7.46 Million in Construction Financing

Real estate and capital services provider HFF has secured $7.46 million in construction financing for a planned 36-unit apartment building in Hillcrest, being developed by San Diego-based Veritas Urban Properties.

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Alexandria Buys Sorrento Mesa Office Property for $13.1 million

Alexandria Real Estate Equities Inc. of Pasadena has acquired the two-building Barnes Canyon Center office property in Sorrento Mesa for $13.1 million, according to CoStar Group and public data.

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Hyatt Place Hotel in Vista Sells For $22 Million

An entity recorded as HP Vista LLC has purchased the 150-room Hyatt Place hotel in Vista for $22 million, according to CoStar Group and public data.

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Carlsbad Office Campus Sells for $9.5 Million

Dallas-based Lincoln Property Co. and Artemis Real Estate Partners of Maryland have purchased the three-building Research Center Plaza in Carlsbad for $9.5 million, according to CoStar Group and public data.

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Planning Commission Forwards One Paseo Project With Revisions

PROPERTY: Changes Aim to Address Concerns Over Traffic, Congestion

The San Diego Planning Commission has forwarded to City Council a controversial $650 million mixed-use development, called One Paseo, proposed for Carmel Valley.

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Hilton Plans Downtown Tower as Part of New Upscale Brand

property: San Diego Is One of 11 Locations Selected for Debut

Virginia-based Hilton Worldwide has a large new tower-style hotel planned for East Village, as part of a national rollout of a new upscale brand called Canopy by Hilton.

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Planning Commission Recommends Changes and Forwards One Paseo Project to City Council

The San Diego Planning Commission has forwarded to City Council a controversial $650 million mixed-use development, called One Paseo, proposed for Carmel Valley.

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Otay Mesa Industrial Building Sold for $5 Million

Dallas-based TriGate Capital LLC and Lotus Real Estate Partners of Irvine have purchased an Otay Mesa industrial property for approximately $5 million, according to a statement from the buyers.

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Chipotle Mexican Grill Opens Its First Military Location at MCAS Miramar

Denver-based Chipotle Mexican Grill has opened its first military base restaurant at Marine Corps Air Station Miramar in San Diego.

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Pace of Construction Projects Slows as MCI West Winds Down

CONSTRUCTION: Shift Toward Pacific Region Strategy Brought Work

Military base construction projects remain a potent economic driver in San Diego County, but not with the same impact seen in the 2007-2012 period when the Defense Department completed $4 billion in enhancements to local installations, according to the San Diego Military Advisory Council.

Pendry Joins the List of Luxury Downtown Hotel Projects

Two more high-profile, hospitality-related projects recently broke ground in San Diego’s downtown area, giving continued heft to its status as the region’s prime hot spot for new development.

Surf Air Expands To Carlsbad

Surf Air, a private-membership airline using small aircraft, plans to begin service to McClellan-Palomar Airport in Carlsbad on Nov. 18.

Signatures on Wage Referendum Validated

WORKFORCE: City Council Can Act or Measure Goes to Ballot

Registrar of Voters has validated signatures collected by opponents of a recently approved hike in San Diego’s minimum wage, meaning enforcement will be delayed until the issue is decided by voters.

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Housing Seen as Key for Border Region Growth

PROPERTY: Infrastructure Improvements Being Made

Pieces are slowly falling into place to turn the Otay Mesa region into a vibrant future hub of cross-border business activity. And if one recent high-profile deal is an indicator, observers say the border-adjacent region could become more attractive to those investing in residential projects.

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Otay Mesa Industrial Property Purchased for $5 Million

Dallas-based TriGate Capital LLC and Lotus Real Estate Partners of Irvine have purchased an Otay Mesa industrial property for approximately $5 million, according to a statement from the buyers.

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Chipotle Opens First Military Location at MCAS Miramar

Denver-based Chipotle Mexican Grill has opened its first military base restaurant at Marine Corps Air Station Miramar in San Diego.

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Planning Commission Approves One Paseo Project with Requested Revisions

The San Diego Planning Commission has approved and forwarded to City Council a controversial $650 million mixed-use development, called One Paseo, proposed for Carmel Valley.

Registrar Validates Signatures for Potential Vote on Minimum Wage

Registrar of Voters has validated signatures collected by opponents of a recently approved hike in San Diego’s minimum wage, meaning enforcement will be delayed until the issue is decided by voters.

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Hilton Plans New Canopy Hotel in Downtown San Diego

Virginia-based Hilton Worldwide has a large new tower-style hotel planned for East Village, as part of a national rollout of a new upscale brand called Canopy by Hilton.

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New Tenants Join Lineup at Regency’s Balboa Mesa Center

Locally-based Chicken Charlie’s, long known for its deep-fried offerings at the San Diego County Fair and fairs in Los Angeles and Orange counties, is among 14 new tenants recently signed to leases at Balboa Mesa Shopping Center in San Diego’s Clairemont neighborhood, according to property owner Regency Centers.

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Spirit Airlines Plans New Local Nonstop Service to Denver

Florida-based discount carrier Spirit Airlines plans to offer new daily nonstop service from San Diego to Denver starting Jan. 5, 2015.

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Cisterra Expects June Completion for New Sempra Headquarters Tower

San Diego-based Cisterra Development is anticipating a June 2015 completion for the new headquarters building for Sempra Energy, currently under construction in downtown’s East Village neighborhood.

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Work Progressing on $43 Million Senior Care Facility in Chula Vista

Construction is progressing on a new $43 million retirement and care community in Chula Vista, being built by St. Paul’s Senior Homes & Services.

Lawsuit Filed Against Carlsbad Resort Over Poinsettia Fire

A lawsuit filed by property owners blames the Omni La Costa Resort & Spa in Carlsbad for starting the Poinsettia Fire, which destroyed several homes and businesses in May.

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Surf Air Expanding Private-Member Service to Carlsbad

Surf Air, a private-membership airline using small aircraft, plans to begin service to McClellan-Palomar Airport in Carlsbad on Nov. 18.

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BioMed Markets Developments Via New Mobile App

BioMed Realty Trust Inc. recently launched a new mobile application geared to informing tenants and brokers about potential development at its life science properties in San Diego and three other markets.

Dallas Firm Buys Carlsbad Retail Center for $31.6 Million

A Dallas-based firm has purchased the La Costa Town Center shopping center in Carlsbad for $31.6 million.

San Diego Ranks Fifth Among Meeting Destinations in American Express Meetings & EventsSurvey

San Diego ranks fifth among North America’s top destinations for meetings and events, according to the latest annual Global Meetings Forecast report by a division of financial services provider American Express.