San Diego Business Journal

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Modern Times Beer Puts 30% of Stock in Employee Plan

San Diego-based Modern Times Beer has created what it touts as California’s first employee stock ownership plan (ESOP) to be established by a craft brewer.

By Lou Hirsh July 7, 2017 10:32 a.m. share »
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Escondido Apartment Property Sells for $15 Million

San Diego-based Carv Properties LLC has purchased a 62-unit apartment property in Escondido for $15 million, according to brokerage firm ACRE Investment Real Estate.

By Lou Hirsh July 6, 2017 2:49 p.m. share »
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Lemon Named General Manager at Rancho Bernardo Inn

Jamie Lemon has been named general manager of Rancho Bernardo Inn, overseeing all operations of the luxury golf resort and spa at 17550 Bernardo Oaks Drive.

By Lou Hirsh July 6, 2017 1:49 p.m. share »
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Hotel Del Coronado Joins Hilton’s Curio Collection After Management Change

Its name will not be changing, but the iconic Hotel del Coronado by month’s end will be operating as a Curio Collection by Hilton property, following a management switch to Hilton Hotels & Resorts.

By Lou Hirsh July 6, 2017 11:32 a.m. share »

County Construction Starts Down 3 Percent in 2017 After Steep May Decline

The value of San Diego County’s construction starts declined 3 percent in the first five months of 2017, to just over $1.51 billion, as both the residential and non-residential categories experienced much steeper declines from a year ago during the month of May.

By Lou Hirsh July 5, 2017 2:36 p.m. share »
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Cohn Affiliate Buys Coaster Saloon Property in Mission Beach for $2.1 Million

An affiliate of San Diego’s Cohn Restaurant Group Inc., led by co-founder and President David Cohn, has acquired the mixed-use Mission Beach building currently housing The Coaster Saloon for $2.1 million, according to The Franco Realty Group.

By Lou Hirsh July 5, 2017 12:42 p.m. share »
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Encinitas Office Building Sold for $10.4 Million

San Diego-based Commercial Equity Partners has acquired an Encinitas office property in a $10.4 million acquisition and private placement offering, according to brokerage firm Cushman & Wakefield.

By Lou Hirsh July 5, 2017 12:33 p.m. share »

Little Relief For Renters In Tight Market

Even as development ramps up, San Diego County’s apartment market remains extremely tight at the halfway point of 2016, and the vacancy climate is expected to remain especially tight outside the city of San Diego, where most of the new local units are being built and delivered lately.

By Lou Hirsh June 29, 2017 3:08 p.m. share »
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Will Sustainability Help Make the ‘Sale’?

San Diego-based Newland Communities has reworked its plans for the proposed Newland Sierra residential development near Escondido, with features that the developer says will make it the county’s first carbon-neutral community.

By Lou Hirsh June 29, 2017 3:07 p.m. share »
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Retail Sites Easily Make Substitutions for Sporting Goods Losses

It didn’t take long for three North County retail centers to fill holes left by last year’s extinction of two long-struggling U.S. sporting goods chains, Sports Authority and Sport Chalet.

By Lou Hirsh June 29, 2017 3:05 p.m. share »
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NYC’s Past Will Have Presence in Gaslamp

The eating and drinking lineup in downtown’s always-evolving Gaslamp Quarter is about to get a splashy new arrival, helmed by six veterans of San Diego’s hospitality scene.

By Lou Hirsh June 26, 2017 3:23 p.m. share »

Local Hotels Post 6.4% Revenue Gain in First 5 Months of 2017

San Diego County hotels saw total revenue rise 6.4 percent from a year ago in the first five months of 2017, topping $1.08 billion, according to the latest monthly data from research firm STR.

By Lou Hirsh June 25, 2017 1:06 p.m. share »

Southwest to Start Direct Local Flights to Tampa in 2018

Southwest Airlines Co. plans to begin nonstop service between San Diego and Tampa, Fla., starting on Jan. 8, 2018, the Dallas-based carrier announced.

By Lou Hirsh June 25, 2017 1:05 p.m. share »
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S.D. Apartment Property Sells for $73 Million

Affiliates of Palo Alto-based Pacific Urban Residential have acquired a 169-unit Mira Mesa apartment property for approximately $73 million, according to CoStar Group and public data.

By Lou Hirsh June 25, 2017 1:02 p.m. share »

Local Hotels Post 6.4 Percent Revenue Gain in First 5 Months of 2017

San Diego County hotels saw total revenue rise 6.4 percent from a year ago in the first five months of 2017, topping $1.08 billion, according to the latest monthly data from research firm STR.

By Lou Hirsh June 23, 2017 11:53 a.m. share »

Southwest Starting Direct Local Flights to Tampa in 2018

Southwest Airlines Co. plans to begin nonstop service between San Diego and Tampa, Fla., starting on Jan. 8, 2018, the Dallas-based carrier announced.

By Lou Hirsh June 23, 2017 11:29 a.m. share »
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San Diego Apartment Property Sells for $73 Million

Affiliates of Palo Alto-based Pacific Urban Residential have acquired a 169-unit Mira Mesa apartment property for approximately $73 million, according to CoStar Group and public data.

By Lou Hirsh June 23, 2017 11:20 a.m. share »
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San Diego Medical Office Building Sells for $28.5 Million

A joint-venture affiliate of San Diego-based Coast Income Properties Inc. has acquired a medical office building in Carmel Valley for $28.5 million, according to CoStar Group and public data.

By Lou Hirsh June 22, 2017 1:41 p.m. share »
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Garden Shop Relocates; Bikes, Ballet And Cookies Make Their Move

Glendora-based Armstrong Garden Centers recently opened its relocated store in San Diego’s Morena neighborhood, now at 1364 Morena Blvd. after moving from 1350 W. Morena Blvd. Operators said the move was necessitated by changes in the neighborhood brought about by development of a new station as part of the Mid-Coast Trolley extension project. The garden supplies retailer operates 32 California stores, including seven in San Diego County.

By Lou Hirsh June 22, 2017 1:23 p.m. share »
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Major Reconfiguration in the Works for UCSD Main Campus

Within the next six years, University of California, San Diego as it’s now known to visitors could be looking very different. Construction should be getting in gear starting next summer for what’s expected to be a major, long-range reconfiguration of the main campus in La Jolla.

By Lou Hirsh June 22, 2017 1:19 p.m. share »
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Flights to Bring Key Connection to Continental Europe

Airport and tourism officials say German carrier Lufthansa’s direct local flights to Frankfurt, set to begin next summer, will give the San Diego region its first major, full-year air connections with continental Europe.

By Lou Hirsh June 22, 2017 1:17 p.m. share »
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City Council Rejects Special Election for SoccerCity Project

The San Diego City Council has voted 5-4 to defer the proposed SoccerCity mixed-use development to the November 2018 general election, despite pleadings from project supporters that a vote was needed this year in order to meet timelines for delivering a pro soccer franchise to the city.

By Lou Hirsh June 22, 2017 1:04 p.m. share »
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Bayfront Hotel Gets Official Approvals

After two decades of talk about developing Chula Vista’s waterfront, officials have set the stage for a $969.3 million hotel project that could give San Diego County’s second-largest city its first significant share of the region’s tourism and convention dollars.

By Lou Hirsh June 22, 2017 12:55 p.m. share »

New Grocery Outlet in Fallbrook Is 14th Store in Local Market

Emeryville-based discount retailer Grocery Outlet Bargain Market has opened a new store in Fallbrook, its 14th location in San Diego County.

By Lou Hirsh June 22, 2017 11:48 a.m. share »
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Rosetta Joins Kilroy Realty as Chief Investment Officer

Steve Rosetta, who most recently served as a San Diego-based vice chairman and Global Advisory Board member at brokerage firm Cushman & Wakefield, has joined Kilroy Realty Corp. as executive vice president and chief investment officer.

By Lou Hirsh June 21, 2017 4:24 p.m. share »
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San Diego Firm Buys Vista Apartment Property for $134 Million

An affiliate of San Diego-based MG Properties Group has acquired the 410-unit Alexan Melrose apartment community in Vista for $134 million, according to CoStar Group and brokerage firm Holliday Fenoglio Fowler LP (HFF).

By Lou Hirsh June 21, 2017 11:44 a.m. share »

Port, Chula Vista Officials Approve Development of Convention Hotel

Port district and Chula Vista city leaders have approved a resolution calling for the development of a $969.3 million, 1,450-room convention hotel project, deemed the lynchpin for long-sought commercial development of the Chula Vista bayfront.

By Lou Hirsh June 20, 2017 4:56 p.m. share »
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Oceanside Apartments Sold for $3.7 Million

Encinitas-based SJR Real Estate Holdings LLC has acquired a two-building Oceanside apartment property totaling 11 units for $3.7 million, according to brokerage firm Palma Commercial.

By Lou Hirsh June 20, 2017 2:56 p.m. share »
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City Council Rejects Special Election for SoccerCity Project

San Diego City Council has voted 5-4 to defer the proposed SoccerCity mixed-use development to the November 2018 general election, despite pleadings from project supporters that a vote was needed this year in order to meet timelines for delivering a pro soccer franchise to the city.

By Lou Hirsh June 20, 2017 10:37 a.m. share »
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We’re No. 9…We’re No. 9

When it comes to industry clout, San Diego ranks No. 9 among the top 25 U.S. “Tech Cities.” Brokerage firm Cushman & Wakefield’s inaugural tracking report on the sector is based on factors such as real estate and housing costs, educated workforce, capital availability and job growth prospects.

By Lou Hirsh June 19, 2017 3:35 p.m. share »
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L.A. Investor Buys Center; The Food Just Keeps Coming

Investor Brittanya McCall Razavi of Los Angeles is the new owner of the historic Heritage Square retail center in downtown Fallbrook, after acquiring the property at 507 S. Main Ave. and 110-122 W. Beech St. for approximately $1.37 million. According to Lee & Associates, whose brokers Al Apuzzo, Patrick Miller and Matt Weaver represented seller Heritage Square Investments, the buyer plans to hold the 7,884-square-foot property for future development.

By Lou Hirsh June 19, 2017 3:34 p.m. share »
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Upscale Retail Will Be at Home In UTC’s $600M Expansion

As other local observers have pointed out, the oft-repeated mantra about U.S. retail — “the mall is dead” — has never really applied to the San Diego market.

By Lou Hirsh June 19, 2017 3:33 p.m. share »
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Major Reconfiguration in the Works for UCSD Main Campus

Six years from now, the main La Jolla campus of University of California, San Diego could be looking very different from what currently greets its students, staff and visitors.

By Lou Hirsh June 19, 2017 3:20 p.m. share »
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National City Hotel Rebranded as Ramada after $1M Renovation

A former Clarion Hotel in National City recently reopened under the Ramada banner following a $1 million renovation of the 180-room property at 700 National City Blvd.

By Lou Hirsh June 19, 2017 3:16 p.m. share »
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Bankers Hill Apartment Property Sold for $2.39 Million

Robert Miles Living Trust of San Diego has acquired a five-unit apartment property in Bankers Hill for approximately $2.39 million, according to brokerage firm Colliers International Group Inc.

By Lou Hirsh June 19, 2017 3:13 p.m. share »
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International Flights Soar, Defy National Trends

It appears the forces dragging down some elements of the local tourism sector are not yet having an impact on international travel to and from San Diego.

By Lou Hirsh June 19, 2017 2:53 p.m. share »

Sorrento Mesa Building Housing USC Research Center Sells for $12.5M

A Beverly Hills buyer has purchased a Sorrento Mesa office building housing the University of Southern California’s Alzheimer’s Therapeutic Research Institute for $12.5 million, according to CoStar Group and public data.

By Lou Hirsh June 18, 2017 1:06 p.m. share »

Imperial Beach Apartment Complex Sold for $2.54 Million

A Newport Beach buyer listed as 1193 Florence LLC has acquired a 12-unit apartment complex in Imperial Beach for approximately $2.54 million, according to brokerage firm Apartment Consultants Inc. (ACI).

By Lou Hirsh June 16, 2017 5:35 p.m. share »
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Loan Delinquency Forces Park Hyatt Aviara Resort Back into Special Servicing

Ownership of the Park Hyatt Aviara Resort in Carlsbad has been transferred to a special-servicing entity for at least the second time in recent years, due to loan delinquency issues encountered by its owners. The property at 7100 Aviara Resort Drive remains open for business.

By Lou Hirsh June 15, 2017 2:14 p.m. share »

Report: San Diego Tops U.S. Markets for Number of Active Breweries

San Diego is the nation’s top market for the number of operating craft beer breweries.

By Lou Hirsh June 15, 2017 1:37 p.m. share »
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Mayor Hires Chamber COO Faucett as New Chief of Staff

San Diego Mayor Kevin Faulconer has hired Aimee Faucett, currently chief operating officer for the San Diego Regional Chamber of Commerce, to be his new chief of staff starting on July 17.

By Lou Hirsh June 15, 2017 1:22 p.m. share »
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Irvine Firm Buys Sorrento Mesa Office Campus for $26.1 Million

An affiliate of Irvine-based HCP Inc. has purchased the two-building Scripps Wateridge Corporate Center office campus in Sorrento Mesa for $26.1 million, according to CoStar Group and public data.

By Lou Hirsh June 15, 2017 10:17 a.m. share »
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Encinitas Commercial Property Sells for $6.86 Million

Newcastle Seaside Partners LLC of Encinitas has acquired a retail and residential property in that city’s Cardiff by the Sea neighborhood for approximately $6.86 million, according to CoStar Group and public data.

By Lou Hirsh June 14, 2017 3:52 p.m. share »

German Carrier Lufthansa Adding Direct Local Flights to Frankfurt in 2018

German airline Lufthansa Group has announced plans to begin new direct service between San Diego and Frankfurt in the summer of 2018.

By Lou Hirsh June 14, 2017 10:13 a.m. share »
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San Diego Apartment Property Sold for $10.4 Million

San Diego-based Vaerus Hawley LLC has acquired a 44-unit apartment property in the city’s Normal Heights neighborhood for approximately $10.4 million, according to brokerage firm Colliers International Group Inc.

By Lou Hirsh June 13, 2017 3:32 p.m. share »

San Diego Council Rejects Special Election for Convention Center Funding Plan

San Diego City Council has rejected Mayor Kevin Faulconer’s call for a special election this fall to decide on a hotel tax hike of up to 3 percent, aimed at financing a convention center expansion while also addressing other civic programs including homeless services and street repairs.

By Lou Hirsh June 13, 2017 11:10 a.m. share »

Study: San Diego Needs 72,775 Apartments by 2030

The San Diego metro area will need 72,775 new apartments by 2030 to keep up with local demand, according to results of a new study commissioned by the National Multifamily Housing Council and the National Apartment Association.

By Lou Hirsh June 12, 2017 12:29 p.m. share »

Fashion Valley Mall Getting New Stores, Second Valet Location

A relocated California Pizza Kitchen, new stores and a second valet location are among additions in the works at Fashion Valley mall in Mission Valley.

By Lou Hirsh June 12, 2017 11:03 a.m. share »

Mayor Faulconer Vetoes Council Move to Cut Special-Election Funding

San Diego Mayor Kevin Faulconer has followed through on a promised veto of San Diego City Council’s move to eliminate $5 million in budget funding intended for a fall 2017 special election.

By Lou Hirsh June 11, 2017 1:06 p.m. share »

How Does San Diego Fare in Top ‘Tech Cities’ Ranking?

When it comes to industry clout, how does the local market shape up among the nation’s biggest technology hubs?

By Lou Hirsh June 11, 2017 1:05 p.m. share »

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