San Diego Business Journal

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Chargers Cloud Direction for Downtown

PROPERTY: Convention Center Decisions Still To Be Made If Team Leaves

A San Diego Chargers stadium and an expanded convention center have been seen as competing downtown priorities for the past half-decade, both struggling to gain mass support.

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Portland Firm Buys El Cajon Industrial Park for $29.8 Million

Harsch Investment Properties of Portland, Ore., recently purchased a six-building industrial park in El Cajon for approximately $29.8 million, according to the buyer and CoStar Group data.

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Carlsbad Apartment Property Sold for $3.24 Million

San Diego investor Jing Zeng has acquired the nine-unit Centella Apartments in Carlsbad for approximately $3.24 million, according to brokerage company Marcus & Millichap.

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Scripps Ranch Business Park Sells for $6.12 Million

Locally based Sunwood Ventures has purchased El Dorado Business Park in Scripps Ranch for approximately $6.12 million, according to brokerage company Cushman & Wakefield.

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Historic Bankers Hill Building to Become Affordable Senior Apartments

LISC San Diego, a community development support organization, has made a $5.8 million loan to Housing Development Partners (HDP), to finance acquisition and closing costs for a planned $16.4 million renovation of the historic New Palace Hotel apartment property in Bankers Hill.

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Rancho Bernardo Office Building Sold for $2.1 Million

Locally based WeMo Holdings LLC, which operates as Axis Medical Technologies, has purchased the Madera Plaza office building in Rancho Bernardo for $2.1 million, according to brokerage company Colliers International.

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San Diego Apartment Property Sold for $14 Million

A New York City buyer recorded as College Grove 6410 LLC has acquired a 45-unit apartment property in eastern San Diego for $14 million, according to CoStar Group and public data.

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Hotel Proposed at Site of Scuttled Convention Center Expansion

Local developers The Robert Green Co. and Fifth Avenue Landing LLC are proposing an 831-room, $270 million hotel, slated for the downtown waterfront site where an extensive expansion of San Diego Convention Center was previously proposed.

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Ignyta Inc. Is Relocating Its Headquarters to BioMed Realty Property at UTC

San Diego-based BioMed Realty Trust Inc. has fully leased two buildings at its recently acquired Axiom office property in University Towne Center to biotech firm Ignyta Inc., which will relocate its headquarters from Sorrento Valley by fall 2016.

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Westcore Properties Buys Phoenix Industrial Building for $10.2 Million

San Diego-headquartered Westcore Properties has purchased a Phoenix industrial building for $10.2 million, marking a return to that market after a short hiatus, the company announced.

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Hotel Proposed for Site of Scuttled Convention Center Expansion

Local developers The Robert Green Co. and Fifth Avenue Landing LLC are proposing an 831-room, $270 million hotel, slated for the downtown waterfront site where an extensive expansion of San Diego Convention Center was previously proposed.

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Ignyta Relocating HQ to BioMed Realty Property at UTC

San Diego-based BioMed Realty Trust Inc. has fully leased its recently acquired Axiom office property in University Towne Center to biotech firm Ignyta Inc., which will relocate its headquarters from Sorrento Valley.

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Westcore Properties Buys Industrial Building in Phoenix for $10.2 Million

San Diego-headquartered Westcore Properties has purchased a Phoenix industrial building for $10.2 million, marking a return to that market after a short hiatus, the company announced.

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National City Mixed-Use Complex Sells for $22 Million

A buyer listed as Haborview Partners LLC has acquired Harborview, an 81-unit, mixed-use apartment complex in National City for $22 million, according to brokerage company CBRE Group Inc.

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Mercado del Barrio Adds New Commercial Tenants

Mercado del Barrio, a mixed-use apartment and retail development in San Diego’s Barrio Logan neighborhood, recently added several new commercial tenants.

Marijuana Legalization Would Have Impact on Land Use

PROPERTY: Forum Examined Space Demands, Regulatory and Fiscal Effects

It’s by no means a sure thing that Californians will vote to follow the example of states like Colorado and Washington and legalize the sale of marijuana beyond medical uses.

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NFL Decision Gives Bolts Option to Stay

SPORT: Will ‘New Chapter’ Be Same Story or Fresh Start?

City and county officials say San Diego has the opportunity for a “fresh start” in its quest to keep the San Diego Chargers in town after NFL owners voted down the team’s proposed relocation to the Los Angeles suburb of Carson.

City Aims to Restart Talks as NFL Leaves Chargers’ Fate in Limbo

City and county officials said San Diego now has the opportunity for a “fresh start” in its quest to keep the San Diego Chargers in town after NFL owners voted down the team’s proposed relocation to the Los Angeles suburb of Carson.

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Carlsbad Office Building Sells for $11 Million

CM Management Services of Del Mar has purchased the Palomar Corporate Center office building in Carlsbad for $11 million, according to brokerage company Cushman & Wakefield.

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Airport Plans Jan. 20 Opening for New Rental Car Center

San Diego International Airport operators plan a Jan. 20 opening for the newly completed, $316 million consolidated rental car center, which will initially house the operations of 14 rental car brands in one facility.

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McMillin Realty Sold to Better Homes and Gardens Franchisee

Chula Vista-headquartered McMillin Realty, a South County-focused residential brokerage firm, has been sold for an undisclosed price to a Los Angeles franchisee of Better Homes and Gardens Real Estate.

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Imperial Beach Apartments Sold for $14.5 Million

Walz Properties of San Diego has acquired a portfolio of Imperial Beach apartment properties totaling 87 units for $14.5 million, according to brokerage company Marcus & Millichap.

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Commercial Real Estate Services Firm Opens San Diego Office

Main + Main Inc., a Santa Monica-based provider of commercial retail real estate services, has established a new branch office in San Diego, headed by Executive Director Mike Clark.

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Welk Resorts Opens New Fitness Center at Escondido Property

Locally based Welk Resorts has opened a new $2.6 million fitness center at its Escondido property, located at 8860 Lawrence Welk Drive.

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Gelson’s Opening First San Diego County Store in Del Mar

Encino-based Gelson’s Markets plans a Jan. 14 opening for its first San Diego County store, located at 2707 Via De La Valle in Del Mar.

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Cohu's Headquarters Building in Poway Sells for $34 Million

CT Realty of Aliso Viejo has purchased a Poway industrial building housing the headquarters of Cohu Inc. for approximately $34 million, according to brokerage company CBRE Group Inc.

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Laurie Coskey Elected to Chair Convention Center Corp. Executive Board

Rabbi Laurie Coskey has been elected to chair the board of directors of the San Diego Convention Center Corp.

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San Diego Firm Buys South Carolina Apartments for $10.1 Million

San Diego-based The Hampstead Cos. has acquired two apartment properties in Columbia, S.C., totaling 388 units for approximately $10.1 million.

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Vista Industrial Buildings Get New Owners

Two Vista industrial properties recently changed hands in separate deals, including Carlsbad-based First Driftwood Trust’s purchase of a 24,400-square-foot facility for $3.9 million.

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Coskey Elected to Chair Convention Center Corp. Executive Board

Rabbi Laurie Coskey has been elected to chair the board of directors of the San Diego Convention Center Corp.

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Industrial Buildings Get New Owners

Two Vista industrial properties recently changed hands in separate deals, including Carlsbad-based First Driftwood Trust’s purchase of a 24,400-square-foot facility for $3.9 million.

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Cohu Headquarters Building in Poway Sells for $34 Million

CT Realty of Aliso Viejo has purchased a Poway industrial building housing the headquarters of Cohu Inc. for approximately $34 million, according to brokerage company CBRE Group Inc.

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Local Firm Buys South Carolina Apartments for $10.1 Million

San Diego-based The Hampstead Cos. has acquired two apartment properties in Columbia, S.C., totaling 388 units for approximately $10.1 million.

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Financing, Land Deals Completed for Little Italy Projects

Financing and land transactions were recently completed for three previously announced projects in downtown San Diego’s Little Italy neighborhood, according to brokers and developers.

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Spring Valley Apartment Property Sold for $6.9 Million

Cypress Santa Ana LLC of Orange County has acquired the 44-unit Helix Square apartment property in Spring Valley for $6.9 million, according to brokerage company Marcus & Millichap.

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Living Coast Starting $300,000 Turtle Exhibit Renovation

Living Coast Discovery Center is set to begin work by week’s end on a $300,000 enhancement of its Turtle Lagoon exhibit in Chula Vista.

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Oceanside Retail Property Sells for $11.5 Million

Focus Real Estate Services LLC has purchased an Oceanside retail property for approximately $11.5 million, according to brokerage company Colliers International.

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Pierce Ranks in Top 15 for Cos. Providing Student Housing

PROPERTY: Much of Its $400M Portfolio Has Been Acquired in Recent Years

College student housing has graduated from its former niche status within U.S. apartment investing, as large buy-and-hold institutional players plow capital into the sector in pursuit of steady income.

Hotel Tax Hike Backers Switch Focus to November Ballot

SPORTS: Chargers File Formal Application To Move to Los Angeles

San Diego supporters of an initiative to raise the city’s hotel tax to fund potential projects, including a convention center expansion or San Diego Chargers stadium, will delay submission of signatures in order to qualify the measure for the November 2016 ballot, rather than the previously targeted June 2016 election.

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Newmark Grubb Knight Frank Builds Local Retail Team

Consolidation and broker affiliation switches have become the norm in the commercial real estate brokerage business, and 2016 has appropriately begun with key changes impacting one firm’s San Diego operations.

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Distillers Act Gives Craft Spirits an Opening

BEVERAGES: Changes May Help Sales and Expansion

With a little help from a crowdfunding campaign — and much more from California’s newly enacted Craft Distillers Act of 2015 — Michael Skubic is anticipating a turbo-charging of business for his small San Diego distilling company and upcoming cocktail bar in 2016.

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Officials Say Free Ride Program Should Pay Off

SERVICE: Downtown Service Addresses Needs

Civic San Diego, the city’s downtown project oversight agency, is finalizing details for a service that will use electric vehicles — big enough for five passengers and a driver — to transport riders among all of downtown’s neighborhoods within the city’s designated parking district.

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Downtown San Diego Land Parcel Sells for $15 Million

A buyer recorded as ALTA 1919 Holdings LLC has purchased a multi-family-zoned land parcel in downtown San Diego for $15 million, according to brokerage company Colliers International.

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Apartments in Oceanside Sell for $4.75 Million

Investors Lawrence and Laura Cohen have purchased the 25-unit Hillsborough Apartments in Oceanside for $4.75 million, in an all-cash deal, according to brokerage company ACRE Investment Real Estate Services.

Chargers Submit Formal Application for LA Relocation

As many expected, owners of the San Diego Chargers have submitted a formal application to the National Football League, seeking to relocate the team to Los Angeles.

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National City Senior Apartment Property Sells for $14.9 Million

Santa Barbara-based Highland Partners has acquired the 151-unit Southern Highlands senior apartment complex in National City for $14.9 million, according to brokerage company Sperry Van Ness Asset Advisory Group.

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Kearny Mesa Industrial Building Sold for $4.62 Million

An Anaheim-based buyer recorded as Winchester Temecula LLC has acquired a Kearny Mesa industrial property for approximately $4.62 million, according to CoStar Group and public data.

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Downtown Office Tower Part of $704 Million Purchase Deal

The downtown San Diego office tower known as First Allied Plaza is part of an 11-property, multi-state portfolio acquisition by the New York State Common Retirement Fund, valued at approximately $704 million.

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Bay Club Carmel Valley Completes $3.2 Million Renovation

The Bay Club Co. of San Francisco has completed a $3.2 million renovation of its Bay Club Carmel Valley fitness and spa venue, at 12000 Carmel Country Road.

Local Firm Acquires Georgia Office Buildings for $9.1 Million

Versant Commercial Brokerage Inc. of San Diego has acquired two Georgia office buildings for $9.1 million, the company announced.

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