San Diego Business Journal

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Virgin America Relocates Operations at San Diego International

Virgin America has relocated its local air operations to Terminal 2 West at San Diego International Airport.

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BioMed Realty Trust Breaks Ground on UTC Life-Sciences Campus

San Diego-based BioMed Realty Trust Inc. has broken ground on its previously announced i3, a new $189 million life-sciences laboratory and office campus being built in University Towne Center.

American Assets Trust Completes $100 Million Debt Offering

San Diego-based American Assets Trust Inc. has closed on a $100 million privately placed debt offering.

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San Marcos Industrial Property Sells for $6.8 Million

JRD Real Estate V LLC of Wilmington, Del., has purchased a San Marcos industrial property for $6.8 million, according to brokerage company Colliers International, which represented the seller.

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Nine Local Stores on RadioShack Closing List

Nine San Diego County locations are among nearly 1,800 stores targeted for potential closing by RadioShack as part of a recent Chapter 11 bankruptcy filing, according to a list released by the Texas-based retailer.

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Otay Mesa Retail Centers Sold For $8.94 Million

Kroeger Family Properties has acquired two retail centers in San Diego’s Otay Mesa neighborhood for approximately $8.94 million, according to Colliers International, which represented the sellers.

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State Makes $10.8 Million Land Buy in Kearny Mesa for New CHP Office

The state of California has purchased a Kearny Mesa land parcel for approximately $10.8 million, with plans to build a new California Highway Patrol office at the site, according to Voit Real Estate Services, which represented the seller.

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San Marcos Retail Center Sells for $53.4 Million

A buyer group that includes Emerald Interests Corp. of Scottsdale, Ariz., has purchased the seven-building Campus Marketplace retail center in San Marcos for $53.4 million, according to CoStar Group and public data.

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Local Retail Center Part of $925 Million Portfolio Deal

Eleven San Diego retail buildings were part of a recent $925 million deal, in which New York-based Kimco Realty Corp. bought out its joint venture partner in a multi-state portfolio of 131 buildings, according to CoStar Group and the buyer.

FAA Sees Planned Ferris Wheel Operating at an Unsafe Altitude

Port commissioners are scheduled Feb. 10 to review several proposals to put a giant Ferris wheel on the San Diego bayfront, but it’s already looking as though developers will need to at least downsize their dreams.

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New Name, Plan for North County Project

PROPERTY: It Puts More Open Land, Trails in the Picture

A senior official with San Diego-based Newland Communities says the company has made crucial changes to a large master-planned project near Escondido that was rejected by county supervisors under a prior developer, though it could still be several years before a single new home gets built.

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Tapping Its Resources

BEER: Brewer Sets Up Financing, Production for Even Bigger Push in State

San Diego’s Karl Strauss Brewing Co., the granddaddy of local craft beer brewers, is taking steps to boost production capacity and meet growing retail demand for products such as its Red Trolley Ale.

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Spire is Latest Attraction Proposed for Downtown Waterfront

A downtown waterfront “SkySpire,” similar in appearance to Seattle’s Space Needle, is the latest addition to a list of proposed attractions that San Diego port district officials are expected to discuss at their Feb. 10 meeting.

Airport Seeks Potential Developers of Parking Plaza

San Diego International Airport operators are seeking potential developers for the design and construction of a “high-level experience” public-use parking plaza.

Fab Lab San Diego Relaunches in East Village

Community and tech industry leaders marked the relocation and relaunch of Fab Lab San Diego, which recently moved from Kearny Mesa to the new Makers Quarter mixed-use development in downtown’s East Village.

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New Tenants Announced for Pacific Highlands Ranch Retail Center

Locally based clothing and accessories retailer Urban Girl is among new tenants signed to occupy The Village at Pacific Highlands Ranch, a new retail center under construction in San Diego’s Carmel Valley neighborhood.

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MetLife Takes $54 Million Stake in Downtown Apartment Property

MetLife Inc. of New York has acquired a partial stake in a 264-unit East Village apartment property for $54 million, according to CoStar Group and public data.

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Target Plans October Openings for New San Diego Stores

Retailer Target Corp. has scheduled October openings for two San Diego stores that will be among 15 locations under various formats debuting nationwide during 2015.

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Poway Nursing Facility Building Sold for $7.45 Million

A Studio City-based entity recorded as 12696 Monte Vista Road LLC has acquired the Villa Monte Vista skilled-nursing facility building in Poway for $7.45 million, according to CoStar Group and public data.

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Local Balfour Beatty Division Completes $76.2 Million L.A. Apartment Tower

The San Diego-based Southwest Division of general contractor Balfour Beatty Construction recently completed the $76.2 million Sunset and Gordon luxury apartment building in Los Angeles.

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Escondido Condo Community Acquired for $9 Million

Sentre Partners of San Diego has purchased a 53-unit condominium property in Escondido for approximately $9 million, the company announced.

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$78 Million Contract Awarded Rudolph and Sletten for Outpatient Pavilion

The San Diego office of general contractor Rudolph and Sletten Inc. has been awarded a $78 million preliminary contract to begin work on a new outpatient pavilion for UC San Diego Health Services in La Jolla.

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Kearny Mesa Auto Dealer Properties Part of $4.28 Billion Deal

Seven Kearny Mesa properties are among 324 auto dealership buildings nationwide recently acquired by New York-based Brookfield Property Partners LP in a $4.28 billion portfolio deal, according to CoStar Group and the buyer.

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Relocations Add Layer of Complexity to Property Renovation

PROPERTY: Affordable Housing Project’s Costs Likely to Top $50M

Chelsea Investment Corp. has acquired and developed dozens of affordable housing projects since its 1992 founding, including several senior-focused apartment projects in San Diego County.

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Acquisition Strategy Delivers for Annex

RETAIL: Aim Is to Bolster Presence in Newer Markets

The name of Annex Brands Inc. also describes a key strategy that CEO Jack Lentz has deployed over the past decade — acquiring other franchised companies — to navigate the increasingly competitive packing and shipping services industry.

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Manufacturing Strength Lifts Industrial Rents

PROPERTY: Space Absorption Highest It’s Been Since 2006

When San Diego-based Westcore Properties recently paid $17 million for a large industrial building on the grounds of March Air Reserve Base near Riverside, it was betting on continued recovery in 2015 for Southern California’s overall manufacturing-and-distribution climate.

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Rudolph and Sletten Gets $78 Million Contract for Outpatient Pavilion

The San Diego office of general contractor Rudolph and Sletten Inc. has been awarded a $78 million preliminary contract to begin work on a new outpatient pavilion for UC San Diego Health Services in La Jolla.

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7 Kearny Mesa Properties Part of $4.28 Billion Auto Dealer Building Deal

Seven Kearny Mesa properties are among 324 auto dealership buildings nationwide recently acquired by New York-based Brookfield Property Partners LP in a $4.28 billion portfolio deal, according to CoStar Group and the buyer.

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San Diego County Hotels Get National Recognition

Several San Diego County hotels recently took national honors in annual rankings and designations by prominent hospitality and travel-related organizations.

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County’s Future Construction Dollar Value Rose 13 Percent in 2014

The value of San Diego County’s contracts for future construction rose 13 percent in 2014 from the prior year, topping $3.9 billion, according to the latest figures from Dodge Data & Analytics, formerly McGraw-Hill Construction.

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Carlsbad Industrial Property Sold for $5.72 Million

Heitman Holdings Inc. of Anaheim is the new owner of a Carlsbad industrial building housing Oceanside Glasstile. The property at 2293 Cosmos Ct. was purchased for approximately $5.72 million, according to CoStar Group.

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Vista Retail Center Sold for $7.5 Million

A buyer recorded as Los Altos XV LP of Anaheim has acquired Vista Retail Center in Vista for $7.5 million, according to CoStar Group and public data.

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San Marcos Apartment Property Sold for $27 Million

Alva Gardens LP of San Diego has purchased the 108-unit Alta San Marcos apartment property in San Marcos for $27 million, according to CoStar Group and public data.

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City Approves $91.3 Million Deal to Acquire Downtown Office Tower

San Diego City Council has approved a 20-year, $91.3 million lease-to-own deal, in which the city will eventually acquire the downtown San Diego office building known as Civic Center Plaza.

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San Diego International Airport Set Passenger Record in 2014

San Diego International Airport served a record 18.7 million passengers during 2014, the highest total seen since 2007, officials recently reported.

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Brand USA Tourism Agency Shoots Promo Spots in San Diego

San Diego County sites were on the itinerary for a recent series of video shoots by Brand USA, a nationwide public-private partnership that promotes global tourism in the United States.

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Bankers Hill Site of Planned Condos Sells for $12.15 Million

An affiliate of San Diego development firm Zephyr Partners has acquired a Bankers Hill land parcel for $12.15 million, with plans to develop an upscale high-rise condominium project, according to brokerage company Colliers International, which represented the seller.

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Rexford Buys Miramar Industrial Buildings for $18.4 Million

Los Angeles-based Rexford Industrial Realty Inc. has purchased a complex of five Miramar industrial buildings for $18.4 million, according to CoStar Group and public data.

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Wisconsin Terrace Apartments in El Cajon Sold for $3.9 Million

Wisconsin Apartments LLC of San Diego has purchased the 22-unit Wisconsin Terrace Apartments in El Cajon for $3.9 million, according to brokerage company Berkadia Real Estate Advisors LLC, which represented the buyer.

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University City to be Home of Newest Coffee Bean

Los Angeles-based The Coffee Bean & Tea Leaf plans a Jan. 27 opening at 3939 Governor Drive, in San Diego’s University City neighborhood, which will be the company’s 17th location in San Diego County.

Federal Agencies Are Leaving Downtown Office Building

The upcoming exit by the U.S. General Services Administration from a downtown San Diego office tower could be cause for at least some temporary nervousness for the building’s owners and investors.

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Building Pressure

With New Construction Sluggish, Improving Economy Leads to Absorption, Higher Rents

Health care and education not only continued to fuel much of the San Diego region’s innovation economy in 2014, but they also were the primary drivers of big new construction projects.

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Westcore Buys Industrial Facility at March Air Base for $17 Million

Westcore Properties of San Diego has purchased a ground and air industrial building on property of March Air Reserve Base near Riverside for $17 million.

Demand, Demographics Slowly Driving Up Apartment Supply

HOUSING: Developers Creatively Repurpose Sites, Pursue Mixed-Use

When it comes to building apartments in a high-demand, tight-supply market, there are few infill properties in older neighborhoods that go unused in the San Diego region.

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Fresh Face

RETAIL: Haggen Is Making Big Entrance To Local Grocery Scene

Starting in early March, shoppers will have yet one more player vying for their dollars and loyalty in the already crowded San Diego County grocery game.

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San Diego Medical Office Building Sells for $3.45 Million

Activity MOB LLC, an affiliate of Oasis Medical Center of San Diego, has acquired a Miramar office property for $3.45 million, according to Voit Real Estate Services, which represented the seller.

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El Cajon Apartment Property Sells for $3.9 Million

Wisconsin Apartments LLC of San Diego has purchased the 22-unit Wisconsin Terrace Apartments in El Cajon for $3.9 million, according to brokerage company Berkadia Real Estate Advisors LLC, which represented the buyer.

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Coffee Bean Opening New Café in University City

Los Angeles-based The Coffee Bean & Tea Leaf plans a Jan. 27 opening at 3939 Governor Drive, in San Diego’s University City neighborhood, which will be the company’s 17th location in San Diego County.

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Three Local Properties Part of $482 Million Apartment Portfolio Deal

Three San Diego County properties are part of a 14-property apartment portfolio acquired by Los Angeles-based TruAmerica Multifamily for approximately $482 million.

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Oceanside Industrial Park Acquired for $7.5 Million

Investment firm SR Commercial of Solana Beach has purchased the five-building Oceanside Commerce Center industrial park in Oceanside for $7.5 million.