San Diego Business Journal

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Andaz San Diego Hotel Names New General Manager

Shane Nicolopoulos has been named general manager of Andaz San Diego, overseeing all operations of the 159-room boutique hotel in San Diego’s Gaslamp Quarter.

By Lou Hirsh May 10, 2017 3:09 p.m. share »

Homebuilder Launching Three Local Projects in 2017-18

Homebuilder California West plans to begin work in 2017 and 2018 on three new San Diego County single-family residential communities, the Carlsbad-based company recently announced.

By Lou Hirsh May 10, 2017 1:17 p.m. share »
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Report: SoccerCity Could Generate $1.4B for Roads, Schools

The SoccerCity mixed-use development proposed for Mission Valley could provide $1.4 billion in tax-value-based bonding capacity to build local schools and roads, according to a follow-up study by the San Diego Regional Economic Development Corp. and consulting firm AECOM.

By Lou Hirsh May 10, 2017 11:36 a.m. share »

Five Key Trends Driving Multifamily Real Estate in 2017

A full quarter of official multifamily data is now in for San Diego County. And it’s clear who’s most enjoying the region’s continuing apartment property fundamentals (landlords) and who isn’t having as much fun (renters).

By Lou Hirsh May 9, 2017 2:29 p.m. share »
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Renovations Planned After $8.9M Kearny Mesa Industrial Purchase

BLT Enterprises of Santa Monica plans extensive renovations, following its $8.9 million purchase of a Kearny Mesa industrial building.

By Lou Hirsh May 8, 2017 2:35 p.m. share »
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Solana Beach Retail Center Sold for $33.25 Million

Chicago-based GEM OPS LLC has acquired the eight-building Beachwalk retail center in Solana Beach for $33.25 million, according to CoStar Group and public data.

By Lou Hirsh May 7, 2017 1:06 p.m. share »

San Diego Apartment Portfolio Sells for $8.65 Million

Real Asymmetry Fifty Nine LLC of San Diego has acquired a portfolio of seven apartment properties, totaling 59 units in the Mid-City area, for a total of $8.65 million, according to brokerage firm ACRE Investment Real Estate Services.

By Lou Hirsh May 7, 2017 1:04 p.m. share »
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Solana Beach Retail Center Sells for $33.25 Million

Chicago-based GEM OPS LLC has acquired the eight-building Beachwalk retail center in Solana Beach for $33.25 million, according to CoStar Group and public data.

By Lou Hirsh May 5, 2017 1:57 p.m. share »
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S.D. Apartment Portfolio Sells for $8.65 Million

Real Asymmetry Fifty Nine LLC of San Diego has acquired a portfolio of seven apartment properties, totaling 59 units in the Mid-City area, for a total of $8.65 million, according to brokerage firm ACRE Investment Real Estate Services.

By Lou Hirsh May 5, 2017 1:34 p.m. share »
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A Work of Art Changes Hands

The person who painted the exterior walls on an otherwise nondescript Old Town apartment complex off Interstate 5 had artistic ambitions for the project — Michelangelo-sized, to be exact.

By Lou Hirsh May 4, 2017 2:06 p.m. share »

Barbacoa, Brews And Bridal Accessories…

In University Towne Center, diners by the end of May should be seeing the opening of the long-awaited Red O, an upscale Mexican-style restaurant taking the space long occupied by Donovan’s before its move last year to the Village of La Jolla.

By Lou Hirsh May 4, 2017 2:03 p.m. share »
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Several Education Projects Are in the Works

The University of California, San Diego plans a $7.3 million renovation of the Tuolumne Apartments, a nine-building complex built in 1975 at Muir College on the La Jolla campus. According to general contractor BNBuilders, the work will be completed this summer and includes fire and safety-related upgrades.

By Lou Hirsh May 4, 2017 2:02 p.m. share »

Political Changes Begin to Play Out in Real Estate

Assessing President Donald Trump’s impact on commercial real estate in his first 100 days, a recently released nationwide report by brokerage firm Cushman & Wakefield offers a mix of potential good news and bad news.

By Lou Hirsh May 4, 2017 2 p.m. share »

These Three Trends Are Ruling Retail Real Estate So Far in 2017

Project and tenant announcements of the past few weeks, combined with first-quarter data, reveal some prominent patterns driving San Diego County’s retail space climate so far this year.

By Lou Hirsh May 4, 2017 1:58 p.m. share »
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La Mesa Apartment Property Sold for $3.2 Million

San Diego-based Real Asymmetry Parkway LLC has acquired a 16-unit La Mesa apartment property for $3.2 million, according to brokerage firm ACRE Investment Real Estate Services.

By Lou Hirsh May 4, 2017 1:56 p.m. share »
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Evangelist Cerullo Set to Unveil Details on Mission Valley Training Center

What does prominent evangelist Morris Cerullo have in store for a site that currently houses a hotel off Interstate 8 in Mission Valley?

By Lou Hirsh May 4, 2017 1:49 p.m. share »
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Projects Near SDSU Could Redefine Area

The recent opening of San Diego State University’s $143 million South Campus Plaza has business owners in the adjacent College Area optimistic that the neighborhood could be next in line for an urban revival.

By Lou Hirsh May 4, 2017 1:32 p.m. share »
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Imperial Beach Apartment Property Sells for $3.19 Million

Blue Corner Capital LLC of San Diego has purchased a 15-unit apartment property in Imperial Beach for approximately $3.19 million, according to brokerage firm ACRE Investment Real Estate Services.

By Lou Hirsh May 3, 2017 4:03 p.m. share »

County Construction Trends: First-Quarter Numbers Are In

So how is San Diego County’s construction activity tracking with year-ago numbers?

By Lou Hirsh May 3, 2017 3:57 p.m. share »
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San Diego Firm Starting Work on $11 Million Townhome Project in Ramona

San Diego-based Pathfinder Partners plans a May 11 ground-breaking for Paseo Village Townhomes, an $11 million project in Ramona.

By Lou Hirsh May 3, 2017 3:49 p.m. share »
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Point Loma Retail Center Sells for $15 Million

Capital Asset Management of Carlsbad has acquired a two-building retail center in San Diego’s Point Loma area for $15 million, according to CoStar Group and brokerage firm Marcus & Millichap.

By Lou Hirsh May 2, 2017 3:48 p.m. share »
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Carlsbad Warehouse-Office Property Sold for $11.25 Million

An affiliate of Beverly Hills-based M & P Family Trust has acquired a Carlsbad warehouse and office building for $11.25 million, according to CoStar Group and brokerage firm CBRE Group Inc.

By Lou Hirsh May 2, 2017 10:50 a.m. share »
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Condor Airlines Starting San Diego Flights to Frankfurt

Germany’s Condor Airlines plans a May 1 start for its previously announced direct flights connecting San Diego with Frankfurt. It is the first-ever direct local service to Germany and the only nonstop connection between San Diego and continental Europe.

By Lou Hirsh April 30, 2017 1:05 p.m. share »

3 Trends Ruling Retail Real Estate in 2017

Project and tenant announcements of the past few weeks, combined with first-quarter data, reveal some prominent patterns driving San Diego County’s retail space climate so far this year.

By Lou Hirsh April 30, 2017 1:04 p.m. share »

Office-Industrial Development Planned After $30.7M Carlsbad Land Purchase

Phoenix-headquartered Levine Investments LP has purchased 17.6 acres of land in Carlsbad for approximately $30.7 million, with plans to build a new office-industrial complex, according to CoStar Group and public data.

By Lou Hirsh April 30, 2017 1:01 p.m. share »
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Scripps Ranch Industrial Park Sold for $31.4 Million

A joint venture that includes La Jolla-based Hill Properties has acquired a nine-building industrial park in Scripps Ranch for $31.4 million, according to CoStar Group and brokerage firm JLL.

By Lou Hirsh April 30, 2017 1 p.m. share »

3 Trends Ruling Local Retail Real Estate in 2017

What's behind local retail gains...

By Lou Hirsh April 28, 2017 12:36 p.m. share »
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Condor Airlines to Start San Diego Flights to Frankfurt

Germany’s Condor Airlines plans a May 1 start for its previously announced direct flights connecting San Diego with Frankfurt.

By Lou Hirsh April 28, 2017 12:14 p.m. share »

Office-Industrial Development Planned After Carlsbad Land Purchase

Phoenix-headquartered Levine Investments LP has purchased 17.6 acres of land in Carlsbad for approximately $30.7 million, with plans to build a new office-industrial complex, according to CoStar Group and public data.

By Lou Hirsh April 28, 2017 12:06 p.m. share »
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Scripps Ranch Industrial Park Sold for $31.4M

A joint venture that includes La Jolla-based Hill Properties has acquired a nine-building industrial park in Scripps Ranch for $31.4 million, according to CoStar Group and brokerage firm JLL.

By Lou Hirsh April 28, 2017 11:37 a.m. share »

Realty Income, ROIC Post First-Quarter Revenue Gains

Two San Diego-headquartered real estate investment trusts – Realty Income Corp. and Retail Opportunity Investments Corp. (ROIC) – recently reported strong first-quarter growth in metrics including revenue and net income.

By Lou Hirsh April 27, 2017 3:51 p.m. share »

Can San Diego Hotels Keep Hot Streak Going?

Will San Diego County hotels be able to stretch a six-year streak of annual revenue and occupancy gains into a seventh year?

By Lou Hirsh April 27, 2017 3:49 p.m. share »
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Vista Apartment Property Sells for $20.9 Million

San Francisco-headquartered Vista International Inc. has acquired a 140-unit apartment property in Vista for $20.9 million, according to CoStar Group and brokerage firm JLL.

By Lou Hirsh April 27, 2017 1:45 p.m. share »
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Toys, Tory and More New Additions

Los Angeles-based Distroller, which sells toys for children including the Neonate Babies doll brand, plans a May 4 opening for a new store at Fashion Valley Mall in Mission Valley. This will be the first U.S. retail location for Distroller, which was founded in 2004 in Mexico City by artist Amparo Serrano and currently operates more than 60 stores in Mexico and Latin America.

By Lou Hirsh April 27, 2017 12:55 p.m. share »

Retail Numbers Put Landlords in Driver’s Seat

The speed at which Rouse Properties has recently been filling out the tenant roster of the nearly 50-year-old mall in northern Carlsbad — deemed by locals for many years as outdated and decrepit — is testament to the local region’s still-strong drawing power for national restaurant and retail chains in the current economy.

By Lou Hirsh April 27, 2017 12:53 p.m. share »
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The Shoppes at Carlsbad Gets Some ‘Fine Burgers & Drinks’

Carlsbad’s own Islands Restaurants is among the latest new tenants to come aboard at The Shoppes at Carlsbad, Rouse Properties’ regional mall that is currently undergoing a significant overhaul off El Camino Real.

By Lou Hirsh April 27, 2017 12:52 p.m. share »
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Big-League Plays Give AleSmith A Winning Edge in the Market

Among local brewers apparently benefiting from a go-bigger strategy — on a local, national and global basis — is San Diego’s AleSmith Brewing Co. Owner Peter Zien said the Miramar-based company in 2016 saw approximately 30 percent growth from the prior year in both revenue and barrels brewed, reaching about 35,000 barrels.

By Lou Hirsh April 27, 2017 12:50 p.m. share »
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Sober Assessment Time For Craft Brewing

Brewers like Jim Crute, who has owned and operated Poway’s Lightning Brewery for the past decade, are finding that this is a critical time to assess their place in a craft beer industry where growth is slowing, and where retail shelf and tap space is getting increasingly tough to conquer.

By Lou Hirsh April 27, 2017 12:43 p.m. share »
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San Diego Apartments Sold for $8 Million

Bee Holdings LLC of Laguna Beach has acquired a 30-unit apartment complex in San Diego’s Golden Heights neighborhood for approximately $8 million, according to brokerage firm Apartment Realty Group (ARG).

By Lou Hirsh April 26, 2017 4 p.m. share »
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Islands Restaurants Joining Roster at Rouse Mall in Carlsbad

Carlsbad-headquartered Islands Restaurants has joined a growing list of new restaurants in the dining line-up at The Shoppes at Carlsbad , the regional mall that’s in the midst of a major overhaul by owner Rouse Properties.

By Lou Hirsh April 26, 2017 3:35 p.m. share »

Big-League Plays Give AleSmith A Winning Edge

Tony Gwynn museum, Petco presence and even Sublime's music keep brewer ahead of the game.

By Lou Hirsh April 25, 2017 5:47 p.m. share »
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La Jolla Office Building Sells for $4.1 Million

A La Jolla buyer recorded as YDNL LLC has purchased a professional and medical office building in that village for $4.1 million, according to brokerage firm Horizon Resources Inc.

By Lou Hirsh April 25, 2017 11:16 a.m. share »
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Carlsbad Office Campus Owner Completes $15 Million Renovation

Owner Regent Properties has completed the first $15 million phase of renovations at Atlas at Carlsbad, part of a repositioning of the office campus at 5909 Sea Otter Place.

By Lou Hirsh April 24, 2017 12:18 p.m. share »
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Sudberry Opening First Park Elements at Mixed-Use Civita

San Diego developer Sudberry Properties plans an April 29 opening for the first two phases of new park space at its mixed-use Civita in Mission Valley. A total of four phases of parks and related open space will represent more than $27.7 million in development at full build-out.

By Lou Hirsh April 24, 2017 11:25 a.m. share »

Not Everyone is Getting Squeezed by Demand For Office Property

Some clear office property patterns are emerging as local commercial real estate market data trickles in for the year’s first quarter. Here’s a sampling of observations on leasing, sales and other trends:

By Lou Hirsh April 24, 2017 11:23 a.m. share »

Convention Center, Balboa Park Get Green-Building Status Upgrades

Two of the city’s longtime visitor mainstays — the San Diego Convention Center and Balboa Park — recently marked key sustainability certifications under the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) program.

By Lou Hirsh April 23, 2017 1:05 p.m. share »
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CityMark Completes Apartment Project in Lemon Grove

San Diego-headquartered CityMark Development recently completed and opened Celsius, a new 84-unit apartment building in the East County city of Lemon Grove with an approximate development cost of $20 million.

By Lou Hirsh April 23, 2017 1:02 p.m. share »
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Developer Completes Apartment Project in Lemon Grove

San Diego-headquartered CityMark Development recently completed and opened Celsius, a new 84-unit apartment building in the East County city of Lemon Grove with an approximate development cost of $20 million.

By Lou Hirsh April 21, 2017 3:17 p.m. share »

Convention Center and Balboa Park Get Green-Building Status Upgrades

Two of the city’s longtime visitor mainstays — the San Diego Convention Center and Balboa Park – recently marked key sustainability certifications under the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) program.

By Lou Hirsh April 21, 2017 2:57 p.m. share »
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Scripps Health Sells Former Hospice Property in Hillcrest for $20 Million

San Diego’s Scripps Health has sold a former hospice facility that it owns in Hillcrest to a Houston-based investment company for $20 million. Camden USA Inc. plans to build a multifamily project on the eight-acre property at 4311 Third Ave., according to CoStar Group and public data.

By Lou Hirsh April 20, 2017 4:57 p.m. share »

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