San Diego Business Journal

Court Shrinks Options For Convention Center

CIVIC: Proponents of Expansion Seek Plan B After Ruling Against Hotel Tax

Civic and tourism leaders were scrambling for a follow-up strategy after a state appeals court recently rejected the funding mechanism for the planned $520 million expansion of San Diego Convention Center.

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Picking Winners

Manufacturing: Rising Instrument Sales Are Music to Industry’s Ears

Thanks in part to the recent popularity of Hawaiian ukulele virtuoso Jake Shimabukuro — with an assist from pop stars Jason Mraz, Taylor Swift, Bruno Mars and others — the miniature stringed instruments have become a big seller at San Diego-based Bertrand’s Music.

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Mayor Vetoes Minimum Wage Hike, Spurring Upcoming Override Vote

San Diego City Council will schedule a vote within the next 30 days to consider an override, after Mayor Kevin Faulconer vetoed council’s recent move to hike the city’s minimum wage to $11.50 an hour by January 2017.

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BioMed Realty Revenue, Net Income Rise in Second Quarter

BioMed Realty Trust Inc. saw total revenue rise 7 percent from a year ago in its second quarter ending June 30, reaching $171.2 million, the San Diego-based company reported.

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Revenue Dips Slightly, Net Income Rises at American Assets

San Diego-based American Assets Trust Inc. reported second-quarter revenue and net income figures similar to those of a year ago, with revenue totaling $62.2 million for the period ending June 30.

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La Mesa Retail Center Sold for $7.1 Million

Lake Murray Center LLC of La Jolla has purchased the Village Shopping Center in La Mesa for $7.1 million, according to CoStar Group and public data.

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ROIC Reports Second-Quarter Increases in Revenue, Net Income

San Diego-based Retail Opportunity Investments Corp. reported total revenue of $36.9 million in its second quarter ending June 30, an increase of 42 percent from the year-ago period.

Land Slated for Oceanside Apartments Sold for $25 Million

Locally based Presidio Cornerstone Master LLC has purchased a 28-acre land parcel in Oceanside for $25 million, with plans to develop a 338-unit luxury apartment community.

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El Cajon Apartment Buildings Sold for $12 Million

San Diego-based Conrad Prebys Trust has purchased a four-building apartment portfolio totaling 94 units in El Cajon for $12 million, according to brokerage firm Apartment Consultants Inc., which represented the buyer.

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Escondido Retail Center Sells for $10.3 Million

MDA Mission Ave One LLC of Rancho Santa Fe has purchased a three-building retail center in Escondido for $10.3 million, according to CoStar Group and public data.

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Poway Industrial Building Sells for $6.15 Million

Atomic Investments Inc. of National City has purchased a Poway industrial building for $6.15 million, according to CoStar Group and public data.

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La Jolla Commercial Building Sells for $6.8 Million

EHOF La Jolla LLC, with developers William Berwin and Michael Pierson, have purchased a La Jolla commercial building for $6.8 million, according to brokerage company CBRE Group Inc., which represented the seller.

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Fulton Leaving San Diego City Planning Director Post

San Diego City Planning Director Bill Fulton has resigned from the post to take a position at Rice University in Houston.

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North Park Apartments Sold for $5.3 Million

Florida Place LLC of San Diego has purchased the 28-unit Florida Manor Apartments in North Park for $5.3 million, according to CoStar Group and public data.

Appeals Court Rules Against the Convention Center Financing Plan

A state appeals court has ruled against the funding mechanism for a planned $520 million expansion of San Diego Convention Center, saying a proposed tax on hotel room bills is unconstitutional because it was not approved by voters.

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Consultant to Advise Convention Center on Possible Naming-Rights, Sponsorships

San Diego Convention Center officials have hired Cleveland-based The Superlative Group to provide consulting work in relation to potential naming-rights and sponsorship programs at the center.

Appeals Court Rules Against Convention Center Financing Plan

A state appeals court has ruled against the funding mechanism for a planned $520 million expansion of San Diego Convention Center, saying a proposed tax on hotel room bills is unconstitutional because it was not approved by voters.

Commercial Market Seen as Solid Through 2017

PROPERTY: SoCal Rental, Occupancy to Climb; Industrial Increases

Demand for commercial real estate space — including development, leasing and investing — is expected to stay on the increase in San Diego and most other California markets through 2017, spurred by factors including continued job growth.

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Consultant to Advise Convention Center on Possible Sponsorships, Naming Rights

San Diego Convention Center officials have hired Cleveland-based The Superlative Group to provide consulting work in relation to potential naming-rights and sponsorship programs at the center.

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Excel Trust Reports Revenue Increase for Second Quarter

San Diego-based Excel Trust Inc. saw total revenue rise 14 percent from a year ago, reaching $30.6 million in its second quarter ending June 30.

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McMillin Cos. Buys Land for Planned Little Italy Apartments

The Corky McMillin Cos. of San Diego recently purchased a property in Little Italy for $5.3 million, with plans to develop a new upscale 100-unit apartment project.

Hacienda de Vega Operators Plan New Restaurant in Carlsbad

Diverse Culinary Ventures LLC has signed a 10-year lease for approximately $1.5 million, for a planned new Hacienda de Vega restaurant in Carlsbad, according to brokerage company CDC Commercial Inc.

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Coastal Commission Appeals Federal Court Ruling on Navy Broadway Project

The California Coastal Commission has decided to appeal a recent federal court ruling that allowed for the Navy Broadway Complex development to proceed, meaning further delays for the long-stalled $1.2 billion downtown San Diego project.

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SeaPort Airlines Starting San Diego-Burbank Flights in October

SeaPort Airlines Inc. plans to begin new nonstop flights between San Diego International and Burbank Bob Hope Airport on Oct. 1.

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Chula Vista Industrial Park Sells for $11.2 Million

Focus Real Estate LP of Costa Mesa has purchased the Southrail Business Park industrial complex in Chula Vista for $11.2 million, according to the seller, Westcore Properties of San Diego.

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'Mister A’s Building’ at Bankers Hill Gets New Owners

San Diego-based investment firm BBL Commercial Real Estate and Westbrook Partners of New York City have purchased the Fifth Avenue Financial Center in Bankers Hill, better known locally as “The Mister A’s Building,” BBL officials announced.

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State Funding Clears Way for Horton Plaza Park Construction

The California Department of Finance has approved $4.9 million in funding, needed to move forward with development of the $17.7 million Horton Plaza Park project in downtown San Diego.

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Local Developers Begin $5.6 Million Townhome Project in Chula Vista

Private equity firm Pathfinder Partners LLC and developer Lanshire Housing Partners LLC, both of San Diego, have broken ground on Bahia Vista Townhomes, a $5.6 million multifamily project in Chula Vista’s Marina District.

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Local Contracts for Planned Future Construction Increase 50% in First Half

San Diego County contracts for future construction rose 50 percent from a year ago in the first six months of 2014, with residential and nonresidential projects topping $2.63 billion, according to the latest data from McGraw Hill Construction.

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Lincoln Property Buys SKLZ Headquarters Building for $21 Million

Denali California Faraday Industrial LLC, an entity of Dallas-based Lincoln Property Co., has purchased the Carlsbad building housing the corporate headquarters of SKLZ for $21 million.

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Escondido Apartments Sold for $7.9 Million

Viewpoint Equities Inc. of San Diego has purchased a 51-unit apartment building in Escondido for approximately $7.9 million, according to CoStar Group and public data.

Bigger Budget Approved for Park Planned at Horton Plaza

Not much has happened at the site of the former Robinsons-May building since it was torn down more than a year ago to make way for a new downtown public square park at Horton Plaza.

Something for Everyone

PROPERTY: Varied Office, Industrial Markets Give Tenants Options

Trends like the comeback of San Diego’s downtown urban core, along with rising space demand fueled by the booming craft beer industry, contributed to continuing improvement in the region’s office and industrial real estate markets in the first half of 2014.

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Green Flash Brewing to Distribute in Europe, Expand to Poway

Beverage: San Diego Beer Maker’s Product Now Sold in 11 Other Countries

San Diego-based Green Flash Brewing Co. is the latest expanding beer-maker to extend the reach of its popular brews well beyond U.S. borders.

Fish Market to Lure Visitors to Waterfront

ECONOMY: It May Boost Commercial Fishing, Tourism

Local operators and government officials believe a fresh-seafood market debuting soon on the downtown San Diego waterfront could be a good first step toward restoring what was once a much more vibrant regional fishing economy.

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Stone Packs Its Stein and Heads to Berlin

BREWING: Brewery, Eatery And Store Part of Big Plans

Years ago, some people told Stone Brewing Co.’s co-founder that he’d be crazy to take on the established players in beer-making’s European homeland, particularly Germany.

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Comic-Con Underway, With Ad Support from Downtown Buildings

With the 45th annual Comic-Con International now underway, the area around San Diego Convention Center has again assumed its role as a global Billboard Central for the major film studios, TV networks and video-game makers touting their wares this year.

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Realty Income Reports Gains in Revenue, Income for Second Quarter

Escondido-based Realty Income Corp. saw revenue rise 22.6 percent from a year ago in its second quarter ending June 30, reaching $228.6 million.

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National City Apartment Building Sells for $9.8 Million

M&L Financial Co. XXXI of Newhall has purchased the 151-unit Golden Paradise senior apartment building in National City for $9.8 million, according to CoStar Group and public data.

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San Diego Building Housing Rite Aid Sells for $7.1 Million

B3 Black Mountain LLC of San Diego has acquired a Rancho Penasquitos retail building housing a Rite Aid drugstore for approximately $7.1 million, according to CoStar Group and public data.

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New Anti-SeaWorld Ad at Airport Targets Comic-Con Visitors

Animal-rights group PETA and the parent of SeaWorld San Diego are again squaring off over a controversial advertisement at San Diego International Airport, this one timed to coincide with the start of Comic-Con International.

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El Cajon Industrial Property Sells for $5.7 Million

Propco LP of Solana Beach has purchased a 70,713-square foot industrial park in El Cajon for approximately $5.7 million, according to brokerage company Cassidy Turley.

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Green Flash Brewing to Distribute in Europe, Expand to Poway

The local brewer signed a $1.28 million, 10-year lease for an industrial building to expand capacity.

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Sudberry Adds Electric Vehicle Charging Stations at Civita Development

The charging stations provide 12 to 25 miles of charge per hour.

San Diego City Council Committee Delays Vote on Linkage Fee Plan

A San Diego City Council committee has voted to postpone action on a proposed compromise plan regarding commercial development linkage fees.

City Council Committee Delays Vote on Linkage Fee Plan

A San Diego City Council committee has voted to postpone action on a proposed compromise plan regarding commercial development linkage fees.

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Cross-Border Terminal Construction Underway

Developers and San Diego civic leaders recently announced the official start of U.S. construction for a new $120 million cross-border pedestrian bridge linking Otay Mesa with Tijuana International Airport.

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Kleinfelder Sees Downtown as Central Place to Expand Globally

ENGINEERING: Access To Work And Workers a Key Driver in Co.’s Strategy

The increasingly overlapping worlds of energy, transportation and the environment figure into the business expansion plans of San Diego-based Kleinfelder Inc., and they were also a factor in the recent move of its headquarters to downtown San Diego.

Proposed Linkage Fees Would Double Levy

PROPERTY: All Sides See Need For Affordable Housing Solutions

Affordable-housing advocates and the business community have worked out a compromise Version 2.0 of a controversial plan to boost so-called linkage fees geared toward commercial development projects in the city of San Diego.

City Wage Hike Has Some Seeing Red Ink

LABOR: Opposition Considers Options, Calls for Exemptions

Opponents of a local minimum wage hike were weighing their options, including a ballot referendum that would place the matter before voters, after the San Diego City Council’s recent 6-3 vote to raise the city’s minimum wage to $11.50 an hour by January 2017.