San Diego Business Journal

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Hillcrest Mixed-Use Building Sells for $2.2 Million

Investor Tim Foley of San Diego has acquired a mixed-use commercial property in Hillcrest for $2.2 million, according to brokerage firm Marcus & Millichap.

By Lou Hirsh March 5, 2017 1 p.m. share »
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Mixed-Use Building in Hillcrest Sells for $2.2 Million

Investor Tim Foley of San Diego has acquired a mixed-use commercial property in Hillcrest for $2.2 million, according to brokerage firm Marcus & Millichap.

By Lou Hirsh March 3, 2017 12:11 p.m. share »
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Little Italy Apartment Property Sells for $8.57M

Rosemont LLC of San Diego has acquired a 24-unit luxury apartment community in downtown’s Little Italy for approximately $8.57 million, according to brokerage firm Berkadia.

By Lou Hirsh March 3, 2017 11:49 a.m. share »

Who Do You Believe? Experts Trade Dueling Economic Outlooks

It was a classic case of dueling expectations.

By Lou Hirsh March 2, 2017 4:59 p.m. share »

Walmart Opening New Store in Chula Vista

Walmart Stores Inc. plans an early summer 2017 debut for a new Chula Vista store, slated to open at 875 East H St. It will be the Arkansas-based retailer’s fourth Walmart store in Chula Vista.

By Lou Hirsh March 2, 2017 3:43 p.m. share »
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S.D.’s Retail Market Is Strong But Not Immune

The brick-and-mortar retail industry’s post-holiday shoe-dropping — in the form of announced store and restaurant closings — is well underway so far in 2017. And San Diego County hasn’t gone unscathed.

By Lou Hirsh March 2, 2017 2:09 p.m. share »
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Turning Tourism Into a Cash Crop

Seven years ago, George and Kim Murray left their management jobs at the San Onofre Nuclear Generating Station to start a business devoted to their love of wine-making.

By Lou Hirsh March 2, 2017 1:48 p.m. share »
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City Heights Apartments Sold for $3.46 Million

Perkins Family Trust of La Mesa has acquired a 21-unit apartment building in San Diego’s City Heights neighborhood for $3.46 million, according to CoStar Group and public data.

By Lou Hirsh March 1, 2017 4:34 p.m. share »
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Executive Search Firm Buys Little Italy Office Building for $4 Million

An affiliate of San Diego-based executive search firm Bespoke Partners has acquired a Little Italy office building for $4 million, with plans to relocate into the space later this year, according to brokerage firm CBRE Group Inc.

By Lou Hirsh March 1, 2017 2:50 p.m. share »

SeaWorld Entertainment Sees Continued Drops in Revenue, Attendance

Still facing declining attendance and revenue, the Florida-based parent of SeaWorld San Diego reported a net loss of $12.5 million for 2016.

By Lou Hirsh March 1, 2017 1:35 p.m. share »
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Cologne to Lead Higgs Fletcher Law Firm as Morrell Heads to Wilson Cos.

San Diego-based law firm Higgs Fletcher & Mack announced that Steven J. Cologne will become managing partner, succeeding John Morrell as of March 31. The law firm said Morrell, who held the position for 20 years, is leaving to become president of real estate services provider Douglas Wilson Cos.

By Lou Hirsh March 1, 2017 1:02 p.m. share »
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Developer Obtains $12.7M in Financing for Point Loma Mixed-use Project

Developer K&K Veritas LP has obtained approximately $12.7 million in construction financing for a planned new mixed-use luxury apartment community in San Diego’s Midway district in Point Loma, according to Holliday Fenoglio Fowler LP (HFF), which arranged the financing.

By Lou Hirsh February 28, 2017 2:32 p.m. share »

Realty Income Corp. Begins $645.8 Million Stock Offering

Realty Income Corp. has commenced a public stock offering with expected net proceeds of approximately $645.8 million, the San Diego-based company announced.

By Lou Hirsh February 28, 2017 2:24 p.m. share »
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Target Plans November Debut for New Oceanside Store

Target Corp. plans a November 2017 opening for a new 89,000-square-foot store at the Mission Marketplace retail center in Oceanside. It will be the retailer’s second Oceanside store and its 22nd in San Diego County.

By Lou Hirsh February 27, 2017 12:55 p.m. share »
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Bankers Hill Office Property Sells for $2.25 Million

A local buyer recorded as 2341 Fifth Avenue LLC has purchased a Bankers Hill office property for $2.25 million, according to CoStar Group and public data.

By Lou Hirsh February 27, 2017 11:40 a.m. share »
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San Diego International Passenger Count Declined 2.5 Percent in January

Passenger traffic at San Diego International Airport dipped 2.5 percent from a year ago for the month of January, as the facility handled a total of 1.5 million arriving and departing travelers.

By Lou Hirsh February 27, 2017 11:01 a.m. share »
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County’s Construction Starts Declined 4% in January

San Diego County’s construction starts for the month of January dipped 4 percent from the same period a year ago, totaling $329.7 million in value, according to research firm Dodge Data & Analytics.

By Lou Hirsh February 26, 2017 1:05 p.m. share »
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La Mesa Apartments Sold for $7.35 Million

San Diego investor Matt Rattner has acquired a 44-unit apartment property in La Mesa for $7.35 million, according to brokerage firm Apartment Consultants Inc. (ACI).

By Lou Hirsh February 26, 2017 12:59 p.m. share »
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La Mesa Apartments Sold for $7.35M

San Diego investor Matt Rattner has acquired a 44-unit apartment property in La Mesa for $7.35 million, according to brokerage firm Apartment Consultants Inc. (ACI).

By Lou Hirsh February 24, 2017 1:39 p.m. share »
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County’s Construction Starts Declined 4 Percent in January

San Diego County’s construction starts for the month of January dipped 4 percent from the same period a year ago, totaling $329.7 million in value, according to research firm Dodge Data & Analytics.

By Lou Hirsh February 24, 2017 11:53 a.m. share »

Revenue Rises at Retail Opportunity Investments Corp.

Revenue at Retail Opportunity Investments Corp. (ROIC) rose 23 percent from a year ago in the fourth quarter ending Dec. 31, reaching $63.1 million, the San Diego-based company reported.

By Lou Hirsh February 23, 2017 3:31 p.m. share »
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Manchester’s Mission Valley Plan Calls for Retaining Qualcomm Stadium

Developer Douglas Manchester’s vision for the Mission Valley site of Qualcomm Stadium calls for renovating rather than replacing the 50-year-old venue, and potentially adding a new arena to host an NBA team.

By Lou Hirsh February 23, 2017 1:22 p.m. share »
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Developers Have Goal-Oriented Concept for Mission Valley

San Diego hasn’t even won a Major League Soccer franchise, but a local investor group vying to bring one to Mission Valley is wasting no time in branding their mixed-use project as “SoccerCity.”

By Lou Hirsh February 23, 2017 1:21 p.m. share »

Absorption of Office Space is Highest in Region Since 2005

San Diego County saw rising demand for space in most commercial property categories during the past year, as the region continued to add jobs and new construction remained limited in nearly every sector except apartments. There are more than 9,400 apartments in the development pipeline, with about 3,600 being built downtown.

By Lou Hirsh February 23, 2017 1:15 p.m. share »
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Robust Market Feels Right at Home

As with the now 8-year-old bull market for U.S. stocks, it’s quite natural for many to wonder how much longer the good times can last for commercial real estate in San Diego County, after three straight years of primarily upward-trending metrics, fueled by the addition of more than 100,000 jobs in the region. Barring an unforeseen national or global event that rocks consumer or investor confidence, observers are predicting that the local real estate climate should stay strong in 2017 and possibly well into 2018.

By Lou Hirsh February 23, 2017 1:13 p.m. share »
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Airpark Begins Its Approach

Local developer Metropolitan Airpark LLC is looking to begin construction later this year on a long-planned project that eventually will bring more than $1 billion in new aviation and commercial facilities to Brown Field Municipal Airport in Otay Mesa.

By Lou Hirsh February 23, 2017 1:05 p.m. share »
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Realty Income Corp. Reports Quarterly, Annual Revenue Increases

Realty Income Corp. reported a 9.1 percent gain from a year ago, as revenue for the fourth quarter ending Dec. 31 reached $287.8 million. Full-year revenue topped $1.1 billion in 2016, up 7.8 percent from 2015.

By Lou Hirsh February 22, 2017 4:49 p.m. share »

Eight Local Firms Make Entrepreneur Ranking of Top Company Cultures

Eight San Diego County companies made Entrepreneur magazine’s latest annual list of the nation’s top company cultures, which includes a total of 153 firms in three size categories.

By Lou Hirsh February 22, 2017 4:44 p.m. share »

Fourth-Quarter, Annual Revenue Rise at American Assets Trust

American Assets Trust Inc. saw total revenue rise 7 percent from a year ago for its fourth quarter ending Dec. 31, topping $76.5 million, the San Diego-headquartered company reported.

By Lou Hirsh February 21, 2017 2:41 p.m. share »

County Hotels Saw January Revenue Rise 4.8 Percent

Revenue at San Diego County hotels rose 4.8 percent from a year ago during the month of January, topping $180.5 million, according to the latest monthly data from research firm STR.

By Lou Hirsh February 21, 2017 11:36 a.m. share »
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Multifamily Tower Planned After $15.2M Property Buys in Little Italy

An affiliate of San Diego-based AAA Management LLC has acquired two land parcels in downtown’s Little Italy for a total of $15.2 million, according to CoStar Group and public data.

By Lou Hirsh February 19, 2017 1:05 p.m. share »
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Kearny Mesa Office Building Sold for $5.87 Million

San Diego-headquartered Castle Investment Co. Inc. has acquired a Kearny Mesa office building for $5.87 million, according to CoStar Group and public data.

By Lou Hirsh February 19, 2017 1:02 p.m. share »
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Kearny Mesa Office Building Sells for $5.87 Million

San Diego-headquartered Castle Investment Co. Inc. has acquired a Kearny Mesa office building for $5.87 million, according to CoStar Group and public data.

By Lou Hirsh February 17, 2017 1:30 p.m. share »
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Little Italy Multifamily Tower Planned After $15.2M Property Buys

An affiliate of San Diego-based AAA Management LLC has acquired two land parcels in downtown’s Little Italy for a total of $15.2 million, according to CoStar Group and public data.

By Lou Hirsh February 17, 2017 1:12 p.m. share »

Tourism Authority: Nearly 35 Million Visited San Diego in 2016

San Diego hosted a record 34.9 million visitors who spent $10.4 billion in the region during calendar year 2016, according to the latest annual data from the San Diego Tourism Authority.

By Lou Hirsh February 16, 2017 2:48 p.m. share »
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Port, Coastal Commission Clash Over Portside Pier Project

San Diego and California coastal officials are seeking to resolve a jurisdictional dispute that could delay the long-discussed redevelopment of the downtown waterfront site that was home to the recently closed Anthony’s Fish Grotto.

By Lou Hirsh February 16, 2017 2:42 p.m. share »
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Renovate America Relocating Rancho Bernardo Headquarters

San Diego-based Renovate America Inc. has leased 160,000 square feet at Rancho Vista Corporate Center in Rancho Bernardo, where it plans to relocate its headquarters in September of this year, according to brokerage firm CBRE Group Inc.

By Lou Hirsh February 16, 2017 2:30 p.m. share »
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Closings Show Whole Foods Not Immune to Competitive Realities

Shoppers in Encinitas are about to witness something that has rarely been seen during the past 36 years: the closing of a Whole Foods Market.

By Lou Hirsh February 16, 2017 2:25 p.m. share »
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Pop-Up Stores Bring Lively Vibe to Mall Mix

Pop-up stores may be short-term players in the retail space but they are providing long-term opportunities for malls and shopping centers.

By Lou Hirsh February 16, 2017 2:15 p.m. share »
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Surf Air to Begin Service Between San Diego and Los Angeles

Santa Monica-headquartered Surf Air, which offers unlimited flights to commuters who pay a monthly membership fee, plans to start new service between San Diego and Los Angeles this spring.

By Lou Hirsh February 16, 2017 1:54 p.m. share »
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Accounting Firm LevitZacks Relocating Downtown Headquarters

Locally based accounting firm LevitZacks plans to relocate its downtown headquarters to new offices at 450 B St. in downtown San Diego,according to brokerage firm JLL.

By Lou Hirsh February 15, 2017 2:40 p.m. share »

Manchester Explores Privately Financed NFL Stadium in Mission Valley

Developer Douglas Manchester has written to the National Football League, expressing interest in developing a privately financed stadium on the current Mission Valley site of Qualcomm Stadium.

By Lou Hirsh February 15, 2017 12:04 p.m. share »

San Diego Among Top 20 U.S. Markets for Construction Starts

San Diego County ranks at No. 20 among the nation’s 20 largest markets for the value of commercial and multifamily construction starts during 2016, according to a new report by research firm Dodge Data & Analytics.

By Lou Hirsh February 14, 2017 1:14 p.m. share »
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Brokerage Firm NGKF Relocating to One La Jolla Center

Commercial brokerage firm Newmark Grubb Knight Frank (NGKF) is relocating its San Diego operations to Irvine Company’s One La Jolla Center office tower in University Towne Center.

By Lou Hirsh February 14, 2017 11:31 a.m. share »
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Santee Retail-Office Property Sells for $3 Million

Narwhal Holdings LLC of San Diego has acquired a Santee retail and office property for approximately $3 million, according to brokerage firm Retail Insite.

By Lou Hirsh February 14, 2017 11:23 a.m. share »
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San Marcos Senior Housing Communities Sold for $44.25 Million

Charleston, S.C.-based Greystar has acquired two senior housing communities in San Marcos for a total of $44.25 million, according to brokerage firm Berkadia.

By Lou Hirsh February 13, 2017 2:58 p.m. share »
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Atlas Report: Local Hotel Property Deal Volume Down 67.8 Percent in 2016

San Diego County saw hotel property sales volume in 2016 decline 67.8 percent from the prior year, to $473.1 million, as the number of completed deals dropped from 30 to 21, according to the latest annual California data from Atlas Hospitality Group.

By Lou Hirsh February 13, 2017 2:49 p.m. share »
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The Pendry San Diego Hotel Opens Its Doors in Gaslamp Quarter

The upscale $120 million Pendry San Diego hotel has officially opened in downtown San Diego’s Gaslamp Quarter, after more than two years of construction at 550 J St.

By Lou Hirsh February 12, 2017 1:06 p.m. share »
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Westcore Properties Buys Salt Lake City Industrial Building for $7.15M

San Diego-headquartered Westcore Properties has acquired a Salt Lake City industrial property for approximately $7.15 million, marking the company’s entry into the Utah city’s marketplace.

By Lou Hirsh February 12, 2017 1:03 p.m. share »
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Westcore Buys a Salt Lake City Industrial Building for $7.15 Million

San Diego-headquartered Westcore Properties has acquired a Salt Lake City industrial property for approximately $7.15 million, marking the company’s entry into the Utah city’s marketplace.

By Lou Hirsh February 10, 2017 12:25 p.m. share »

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