San Diego Business Journal

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Affiliate of Insurer Zurich Buys Eastlake Retail Center for $51 Million

New York City-based Zurich Alternative Asset Management LLC has acquired The Marketplace at Windingpark retail center in Chula Vista’s Eastlake neighborhood for $51 million, according to real estate services firm Newmark Grubb Knight Frank (NGKF).

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Developers Get Financing, Start Construction on InterContinental Hotel

Developers of a new 400-room InterContinental Hotel, planned for the $217 million second phase of development at the former Lane Field in downtown San Diego, have obtained construction financing for the project. Construction was scheduled to begin May 10, with completion slated for September 2018.

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Office Building Housing Charter School Sells for $4.8 Million

Brea-based Yongzhi (USA) Asset Management Co. has acquired a Kearny Mesa office building, housing Coleman Tech Charter High School, for $4.8 million, according to Voit Real Estate Services.

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Electrical Supplies Distributor Leases Full Building in Miramar

Electrical supply and equipment provider Consolidated Electrical Distributors Inc., known locally as CED Greentech, has fully leased a Miramar industrial building in a five-year deal valued at approximately $5.7 million, according to brokerage firm Lee & Associates.

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SeaWorld Entertainment Posts Revenue Increase, Net Loss in First Quarter

SeaWorld Entertainment Inc. posted total revenue of $220.2 million in its first quarter ending March 31, up slightly from $214.6 million in the year-ago period, the parent company of SeaWorld San Diego reported.

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Movie and Restaurant Complex Opens at Liberty Station

San Diego-based Boffo Cinemas LLC has opened The Lot Liberty Station, which includes a restaurant and six-screen movie theater, at the mixed-use Liberty Station in Point Loma.

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Allegiant Begins Its Flights Between San Diego and El Paso

Las Vegas-based discount airline Allegiant has launched its previously announced new nonstop service between San Diego International and El Paso, Texas.

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SeaWorld Entertainment Inc. Posts Revenue Increase, Net Loss in First Quarter

SeaWorld Entertainment Inc. posted total revenue of $220.2 million in its first quarter ending March 31, up slightly from $214.6 million in the year-ago period, the parent company of SeaWorld San Diego reported.

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Restaurant and Movie Complex Opens at Liberty Station

San Diego-based Boffo Cinemas LLC has opened The Lot Liberty Station, which includes a restaurant and six-screen movie theater, at the mixed-use Liberty Station in Point Loma.

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Allegiant Begins Flights Between San Diego and El Paso

Las Vegas-based discount airline Allegiant has launched its previously announced new non-stop service between San Diego International and El Paso, Texas.

Tourism Authority Cites Competition, Urges Continued TMD Funding

Tourism leaders continued to warn against proposed ballot measures aimed at redirecting tourism marketing funds toward a potential downtown hybrid stadium with convention space, at the annual meeting of the San Diego Tourism Authority.

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Westcore Acquires Commercial Buildings in U.K., Seattle

Westcore Europe, an affiliate of San Diego-based Westcore Properties, has acquired an office building in the United Kingdom for approximately $19.6 million in U.S. dollars.

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Scripps Ranch Office Building Sells for $17.8 Million

An affiliate of San Francisco-based Graymark Capital has purchased a Scripps Ranch office property for approximately $17.8 million, according to CoStar Group and public data.

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Will Wonder Bread Building Be Sandwiched Into Convadium?

The historic Wonder Bread building has now survived for nearly a century in East Village, but the proposed “convadium” project put forward by the San Diego Chargers could put its future in doubt.

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Good Views

Local Real Estate Experts See Strong Demand and Low Vacancy Rates Pushing Up Commercial Rents

As nearly 40,000 new positions were created regionwide during the past year, job growth continued to fill San Diego County’s office, industrial and retail buildings during the first quarter of 2016.

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Paying The Price

Low Vacancy Rates and High Demand Are Pushing Apartment Rents Higher, And the Trend May Continue

Arecent report on rising rents, by the Lusk Center for Real Estate at the University of Southern California, painted a clear good news/bad news picture of San Diego County’s apartment property market so far in 2016.

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Tourism Sector Sees Cons in Convadium

TOURISM: Leaders See Plans Ignoring Impact on Visitors

In a sign that battle lines are hardening, tourism and hospitality leaders are warning that plans to hike the city’s hotel taxes, potentially to build a $1.8 billion hybrid downtown San Diego Chargers stadium and convention center, could jeopardize the region’s competitive standing and ability to attract large conventions, costing millions of dollars in economic impact.

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New ‘Downtown’ Takes Shape in San Marcos

DEVELOPMENT: It Aims for Mixed-Use Community Hub

Pieces are gradually falling into place for a mixed-use, 200-acre “University District” long envisioned by the city of San Marcos, which in coming years could also become what developers have billed as “North County’s Downtown.”

Restored Park Opens at Downtown’s Horton Plaza

Officials of the city and Westfield Corp. officially opened the new Horton Plaza Park in downtown San Diego, debuting with a public ceremony following a $17 million redevelopment of the 1.4-acre property next-door to the Westfield Horton Plaza mall.

Stone Brewing Initiates $100 Million Craft Beer Investment Company

Stone Brewing Co. CEO Greg Koch has announced the formation of True Craft, a $100 million company geared toward investing in smaller craft breweries to help them remain independent.

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Ballast Point Takes Overseas Delivery of Large New Storage Tanks

The Port of San Diego recently received a shipment of four 24-ton fermentation and storage tanks bound for Ballast Point Brewing & Spirits, as the brewer expands production at its main facility in Miramar.

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Sudberry Properties Breaking Ground on Imperial Beach Retail Center

Developer Sudberry Properties plans a May 5 ground-breaking for Breakwater Town Center, a new shopping center and community hub in Imperial Beach.

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Eureka! Restaurant Joins Lineup at SDSU Mixed-Use Plaza

San Diego State University has signed the restaurant chain Eureka! as the latest new tenant at its mixed-use South Campus Plaza, currently under construction.

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Petherbridge Named President and CEO of Excel Trust

San Diego-headquartered Excel Trust has appointed Luke J. Petherbridge as chief executive officer and president.

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Charter School Buys La Mesa Retail Property for $2.1 Million

Student Success Programs, a local charter school, has acquired a La Mesa retail property for approximately $2.1 million, with plans to set up school operations, according to brokerage firm Lee & Associates.

Otay Mesa Industrial Property Sells for $3.5 Million

A buyer recorded as TP Otay Mesa LLC has acquired a two-parcel industrial site in Otay Mesa for $3.5 million, according to brokerage firm Lee & Associates.

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San Diego Apartment Property Sells for $3.6 Million

Fenway Properties I LLC of San Diego has purchased a 20-unit apartment property in the city’s Normal Heights neighborhood for $3.6 million, according to brokerage firm Marcus & Millichap.

Gas Station with Retail Planned after $3M Land Buy in Vista

J&T Business Management of Corona has purchased a 4.6-acre land parcel in Vista for approximately $3 million, with plans to build and operate a nationally branded gas station with additional retail, according to brokerage firm Lee & Associates.

Gas Station with Retail Planned after $3 Million Land Buy in Vista

J&T Business Management of Corona has purchased a 4.6-acre land parcel in Vista for approximately $3 million, with plans to build and operate a nationally branded gas station with additional retail, according to brokerage firm Lee & Associates.

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San Diego Apartment Property Sold for $3.6M

Fenway Properties I LLC of San Diego has purchased a 20-unit apartment property in the city’s Normal Heights neighborhood for $3.6 million, according to brokerage firm Marcus & Millichap.

Industrial Property Sells for $3.5 Million

A buyer recorded as TP Otay Mesa LLC has acquired a two-parcel industrial site in Otay Mesa for $3.5 million, according to brokerage firm Lee & Associates.

San Diego International Airport Traffic Rose 3 Percent in March

San Diego International Airport saw passenger traffic rise 3 percent in March over the same month of 2015, as the facility handled more than 1.7 million arriving and departing travelers.

ROIC Posts Increase in Revenue for First Quarter

Total first-quarter revenue at Retail Opportunity Investments Corp. (ROIC) rose 6.3 percent over the year-ago period, topping $42.6 million, the San Diego-based company reported.

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It’s Game On for Both Sides of Stadium Fight

Ballot: Chargers Field Fan Favorites; Other Side Submits Signatures

Two separate campaigns -- aimed at financing a future new downtown San Diego Chargers stadium, expanded convention facilities and possibly post-Chargers civic upgrades in Mission Valley – picked up significant momentum over the past 10 days.

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Paving The Way

Border Region Puts Transportation Infrastructure In Place to Support Free-Flowing Trade, Business and Commutes

Government leaders from both sides of the border recently marked what they said were major milestones impacting the long term-economic viability of the region where Otay Mesa meets Mexico’s Baja California.

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S.D. Not Waiting To Be Discovered

FILM: City Casts Itself Into The Competition for Shoots

After several re-takes and reboots over the past 40 years, the latest version of San Diego’s film commission is turning to the web — among other reconfigured elements — to boost the region’s profile in the increasingly competitive world of media production shoots.

Revenue Rises at American Assets Trust

American Assets Trust Inc. saw total revenue rise 7.1 percent from a year ago in its first quarter ending March 31, reaching $70.7 million, the San Diego-based real estate investment trust reported.

First Quarter Revenue, Net Income Rise at Realty Income Corp.

Realty Income Corp. posted an 8.2 percent increase in first-quarter revenue compared with the same period of 2015, topping $267.1 million, as net income available to common stockholders rose 4.9 percent, to $63.5 million.

Citizen Group Backing Hotel Tax Hike Submits 100,845 Signatures

A citizen group seeking to raise San Diego’s total current hotel taxes by 3 percent, to 15.5 percent, said it has gathered 100,845 voter signatures for an election measure targeted for the November ballot.

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Bankers Hill Church Building Sells for $2.7 Million

A local buyer listed as Park6 Ventures LLC has acquired a church building in San Diego’s Bankers Hill neighborhood for $2.7 million, according to brokerage firm Lee & Associates.

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Brian Hughes Named Executive Director of Tourism Marketing District

The San Diego Tourism Marketing District has named hotel industry veteran Brian Hughes as the organization’s new executive director.

Grocer Aldi Plans May 19 Opening for Vista Store

Discount grocer Aldi Inc. plans a May 19 opening for its first San Diego County store, at 1750 University Ave. in Vista.

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San Diego Apartment Complex Sold for $2.25 Million

Immobilier Fund LLC of Rancho Santa Fe has purchased a 15-unit apartment complex in San Diego’s Talmadge neighborhood for $2.25 million, according to brokerage firm Apartment Consultants Inc. (ACI).

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Escondido Apartment Property Sells for $16.7 Million

An affiliate of San Francisco-based Vista International has purchased a 100-unit Escondido apartment building for approximately $16.7 million, according to CoStar Group and public data.

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TownePlace Suites Hotel in Vista Sold for $15 Million

An affiliate of Anaheim-based Marwaha Group Inc. has acquired the 94-room TownePlace Suites hotel in Vista for $15 million, according to CoStar Group and public data.

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Developer Obtains Financing for East Village Apartments

Developer The Richman Group has obtained joint-venture equity financing for a previously announced, 221-unit apartment tower planned for East Village, according to HFF, which arranged the financing.

Port District Tees Up Its Preferences for Harbor Island Finalists

San Diego port district officials last year put the brakes on several proposals – with elements including a giant Ferris wheel and a Seattle-Space-Needle-like spire – that some critics thought might turn the downtown waterfront into something resembling a theme-park midway.

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Irvine Co. Joins Growing Development Fray in Mission Valley

REAL ESTATE: Firm Negotiating for Riverwalk Golf Course Property

Add Irvine Co. to the growing list of developers – now numbering at least a dozen – looking to add residential, commercial and civic elements to what is already a complex array of projects in the works for Mission Valley.

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Annex Brands Acquires Pak Mail Centers of America

San Diego-headquartered shipping services provider Annex Brands Inc. has acquired Colorado-based Pak Mail Centers of America Inc.

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Chelsea Plans Affordable Housing Project After $6.57 Million Land Buy

Carlsbad-based developer Chelsea Investment Corp. has purchased a four-acre property in San Diego’s San Carlos neighborhood for approximately $6.57 million, with plans to redevelop it into an affordable housing community.

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