San Diego Business Journal

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Cleveland Developer Buys Land Under Downtown Apartments for $6 Million

FC Cortez Hill Associates LP of Cleveland bought The Heritage, a 230-unit apartment property in downtown San Diego’s Cortez Hill neighborhood, for $6 million.

San Diego Receives $600,000 State Grant to Complete Southcrest Trails Park

Civic San Diego, which oversees development projects on behalf of the city of San Diego, has received more than $600,000 in a state grant to complete Southcrest Trails Park, in the southeast city neighborhoods of Southcrest and Shelltown.

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County Construction Contracts Up 60% in First 5 Months

Contracts for future construction in San Diego County rose 60 percent from a year ago in the first five months of 2014, topping $2.3 billion, according to data from McGraw Hill Construction.

Whole Foods Settles Allegations Of Overcharging

Specialty grocer Whole Foods Markets Inc. has agreed to pay nearly $800,000 in penalties and restitution for pricing overcharges, following a complaint filed by the city attorneys’ offices in San Diego, Los Angeles and Santa Monica.

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San Diego State to Start Building Mixed-Use South Campus Plaza

DEVELOPMENT: $142.7M Project Will Create More Of a Residential Campus

San Diego State University plans to begin construction in September on South Campus Plaza, a long-planned $142.7 million mixed-use project with 600 student housing units, retail offerings and a new parking structure.

S.D. Life Science Cluster Healthy

San Diego ranks third among U.S. cities for the economic health of its life sciences cluster, scoring high in a newly issued report on factors including research facilities, funding access and critical mass of startup and midtier companies.

Small Biotechs Add Up To Demand for Space

PROPERTY: REITs Play Bigger Role in Local Market

As big global pharmaceutical companies reduce their San Diego real estate footprints, plenty of smaller firms are moving to take up spaces in various configurations in markets like Torrey Pines.

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White Labs Changes Definition of ‘Green Beer’

BREWING: New Yeast Growing Process Extends Product Life While Reducing Waste

San Diego-based White Labs Inc. is looking to make sustainability a much more prominent ingredient in the recipes of commercial and home brewers of craft beer.

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Catching On

SeaFood: Aquafarm Eyes Growth for Itself and Industry

Thomas Grimm is a familiar face at local farmers markets, but few people beyond Carlsbad know that a good portion of the oysters, clams and mussels on their dinner plates come from a company he operates in a Carlsbad lagoon.

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Local Construction Contracts Up 60 Percent in First Five Months of 2014

Contracts for future construction in San Diego County rose 60 percent from a year ago in the first five months of 2014, topping $2.3 billion, according to data from McGraw Hill Construction.

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Hyatt Regency La Jolla Completes $12 Million Renovation

Hyatt Regency La Jolla has completed a $12 million renovation that included a makeover of the hotel’s 417 guestrooms, lobby, public areas and meeting space.

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Luxury-Oriented Duty Free Store Opening in San Ysidro

Duty Free City plans a late July opening for a new upscale duty-free retail store in San Ysidro, the first of approximately 25 new U.S. locations slated to be opened by the Florida-based retailer at border crossings with Mexico and Canada.

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Bluewater Grill Opening in Former Hotel Del Boathouse

Bluewater Grill Seafood Restaurants of Newport Beach has a June 27 opening planned for Bluewater Boathouse Seafood Grill in Coronado, after recently acquiring and renovating the historic former Coronado Boathouse at Hotel del Coronado.

San Diego Ranks Third Nationally Among Life Science Clusters

San Diego ranks third among U.S. cities for the economic health of its life sciences cluster, scoring high in a newly issued report on factors including research facilities, funding access and critical mass of startup and midtier companies.

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Excel Trust Completes $167.6 Million Common Stock Offering

San Diego-based Excel Trust Inc. completed a public offering of common stock, with total proceeds of about $167.6 million and net proceeds of $160.6 million after underwriting and related expenses.

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Whole Foods Settles Price-Overcharge Case for $800,000

Specialty grocer Whole Foods Markets has agreed to pay nearly $800,000 in penalties and restitution for pricing overcharges, following a complaint filed by the city attorney’s offices in San Diego, Los Angeles and Santa Monica.

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Miramar Industrial Property Sells for $7.95 Million

Del Mar-based Solana Enterprises has acquired an 83,335-square-foot Miramar industrial property for $7.95 million, according to brokerage company Cassidy Turley, which represented the buyer and seller.

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Santee Apartments Sold for $9 Million

Locally based Mountain View Villas LP has purchased the 66-unit Mountain View Villas apartment complex in Santee for $9 million, according to brokerage company Cushman & Wakefield Inc.

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Rancho Bernardo Elephant Bar Closes as Co. Shutters 16 of Its Locations

The Elephant Bar in Rancho Bernardo was among 16 locations recently closed by the Costa Mesa-based restaurant chain, as part of a Chapter 11 bankruptcy filing by its parent firm, S.B. Restaurant Co.

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NBC 7 Buys Kearny Mesa Building for New Studio, Offices

Local network television affiliate NBC 7 San Diego, which is owned by NBCUniversal Media LLC, has completed a $9.6 million acquisition of a Kearny Mesa office building, where it plans to relocate from its current downtown site.

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Irvine Co. Buys 2 UTC Office Buildings for $29.5 Million

The Irvine Co. of Newport Beach bought a two-building office complex recently vacated by LPL Financial Inc. at University Towne Center.

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Inner Peace Now Arriving at Terminal 2

San Diego International Airport has opened its first-ever meditation room, located post-security in Terminal 2.

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Scripps Ranch Apartment Property Sells for $13.6 Million

Point Loma-based Scripps Terrace Apartment Homes LP has purchased the 67-unit Scripps Terrace apartment community in Scripps Ranch for approximately $13.6 million.

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Excel Trust Inc. Plans a $139.6 Million Stock Offering

San Diego-based Excel Trust Inc. plans a public offering of common stock, expected to generate net proceeds of approximately $139.6 million after underwriting discounts and related expenses.

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Partnership Pays $40.1 Million for Sorrento Mesa Office Portfolio

A partnership including New York-based DRA Advisors LLC and Cypress Office Properties LLC of San Diego has purchased a three-project office portfolio in Sorrento Mesa for approximately $40.1 million.

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Hawaiian Airlines Heads West to Terminal 2 West

Hawaiian Airlines is moving its operations at San Diego International Airport from Terminal 2 East to the recently completed Green Build at Terminal 2 West, effective June 25.

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Excel Trust Plans $139.6 Million Stock Offering

San Diego-based Excel Trust Inc. plans a public offering of common stock, expected to generate net proceeds of approximately $139.6 million after underwriting discounts and related expenses.

Hotels, Retail, Amenities Increasingly Part of Office Development

The future of San Diego County’s office park development — and redevelopment — could be a continued blurring of the lines traditionally separating offices from hotel, retail and other types of commercial projects.

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Project Diversity Helps Put Penick & Sons Among Top Contractors

Construction: Work On Commercial Buildings in And Near NYC Part of Mix

Locally based construction contractors, including T.B. Penick & Sons Inc., continue to capitalize on a steadily improving economy, largely by maintaining a diverse roster of projects that span well beyond San Diego County’s borders.

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Developer Plans 2 Towers on Downtown Block

PROPERTY: $250 Million Mixed-Use Project Counts On Downtown Cachet

Zephyr Partners is counting on continued rising demand for residential units in downtown San Diego, with plans in the works for a $250 million mixed-use project with two high-rise condominium towers.

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Hawaiian Airlines Relocates Operations at Lindbergh

Hawaiian Airlines is moving its operations at San Diego International Airport from Terminal 2 East to the recently completed Green Build at Terminal 2 West, effective June 25.

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Partnership Buys Sorrento Mesa Office Portfolio for $40.1 Million

A partnership including New York-based DRA Advisors LLC and Cypress Office Properties LLC of San Diego has purchased a three-project office portfolio in Sorrento Mesa for approximately $40.1 million.

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Co. Proposing Last Stop Before Border

Economy: Duty-Free Shop, Parking and Helipad Part of Plan

Duty Free Americas Inc. is proposing a new mixed-use facility with retail and parking elements, designed to complement the federal government’s ongoing $735 million reconfiguration of the international border crossing at San Ysidro.

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ROIC Nets $205.5 Million in Public Stock Offering

Retail Opportunity Investments Corp., also known as ROIC, has closed on an underwritten public offering of just over 14.3 million shares of common stock.

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Kona Kai Resort Nears Completion of $22 Million Makeover

Kona Kai Resort & Marina is nearing completion on the second phase of a $22 million renovation of the Shelter Island property.

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Regency’s 4S Ranch Center Will Soon Have More Style and Stylings

Beauty products retailer Ulta and men’s salon 18|8 will soon join the retail roster at Regency Centers’ 4S Commons Town Center in San Diego.

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Draft Brings Craft-Brew Stars to Belmont Park

San Diego-based hotel and restaurant operator Eat.Drink.Sleep has opened Draft, a new restaurant and bar at Belmont Park in Mission Beach.

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Sonic Drive-In Opening Newest Local Restaurant in National City

Sonic Drive-In plans a June 23 opening for its newest San Diego County restaurant, to open in National City.

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Bankers Hill Apartments Acquired for $15 Million

Ninety-unit complex fetches $15 million.

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Escondido Building Housing 24 Hour Fitness Sells for $11.5 Million

The Escondido building is under lease for seven more years.

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Cumming Tops Among Local Firms on National Construction Management List

The San Diego-based construction management company continues its streak of being nationally ranked for revenue.

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SDIA Officials Preparing for Next Renovation

Airport: 3 Alternatives Being Proposed for Public’s Viewing and Consideration

Operators of San Diego International Airport are preparing for the next phase of renovations at the land-locked facility, where officials are looking to meet rising demand for passenger services through 2035.

SeaWorld 2013 Attendance Off 3% From 2012

TOURISM: Controversy Over Orcas Not Behind Drop, Co. Says

SeaWorld San Diego and its Florida-based parent company both saw visitor declines in 2013, even as revenue improved, going against a continued global trend of rising theme park attendance in an improving economy, according to the latest annual report by the Themed Entertainment Association and consulting firm AECOM.

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School District Buys Mission Valley Office Plaza for $5.6 Million

The San Diego Unified School District plans to lease property to charter school.

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Oceanside Building Housing Surgery Center Sells for $4.8 Million

The property was fully leased.

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Kelly Investment Buys Operator of 16 Restaurants in Kansas and Oklahoma

San Diego-based Kelly Investment Group acquires 16 restaurants in Kansas and Oklahoma.

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Site of Now-Closed Burns Drugs Bought for $5.3 Million

Former home of La Jolla drug store was bought.

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Chula Vista Retail Property Bought for $5.3 Million

Two-building property totals nearly 20,000 square feet.

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Music Society Buys La Jolla Retail Property for $9.8 Million

Music society plans to build a performing arts center.

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Three-Building Industrial Park in Vista Sells for $5.1M

Catesgarb Holdings of City of Industry has bought a three-building industrial park in Vista for about $5.1 million.