San Diego Business Journal

State Supreme Court to Review Ruling on SANDAG Transportation Plan

The California Supreme Court has agreed to review an appellate court’s decision calling on the San Diego Association of Governments (SANDAG) to make long-term transportation plans better comply with revised state pollution-reduction goals.

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Imperial Beach Apartments Sold for $4.5 Million

IB Villas LLC of Del Mar has purchased the 33-unit Stuart Manor apartment property in Imperial Beach for $4.5 million, according to brokerage company Berkadia.

Excel Trust Sells Arizona Office Property for $65 Million

San Diego-based Excel Trust Inc. has sold the two-building Promenade Corporate Center office property in Scottsdale, Ariz., for $65 million, according to Arizona public data.

Task Force: Mission Valley Stadium Site Would Save $250 Million

Building a new San Diego Chargers stadium in Mission Valley rather than downtown will save roughly $250 million in project costs, leaders of a mayoral-appointed task force said at a March 12 news conference outside of Qualcomm Stadium.

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Escondido Multifamily Property Sells for $11 Million

A buyer recorded as HCP CIP II LLC of Irvine has purchased the 60-unit Heritage at Canyon Pointe Apartments in Escondido for $11 million, according to CoStar Group and public data.

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Little Italy Apartment Building Sells for $6.2 Million

Allen Properties Group 43 of Newport Beach has acquired a newly built, 18-unit apartment property in San Diego’s Little Italy neighborhood for $6.2 million, according to brokerage company Colliers International.

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Investment Firm ConAm Group Announces Executive Changes

Rob Singh has returned to The ConAm Group of Cos. to serve as president and chief investment officer, the San Diego-based real estate investment and development services company announced.

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Xpera Tapped to Manage Construction of Viejas Hotel Project

San Diego-based construction management consulting firm Xpera CM has been retained by the Viejas Band of Kumeyaay Indians to manage work on a second hotel tower currently underway at Viejas Casino in Alpine.

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La Jolla Medical Office Building Sold for $7 Million

Monarch La Jolla LLC has purchased a La Jolla medical office building for approximately $7 million, with plans to convert the property into an upscale assisted living facility, according to Voit Real Estate Services.

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El Cajon Apartments Sold for $5 Million

An entity recorded as Finest City Oil Corp. of La Mesa with trustee Najiba Kassab has acquired the 38-unit Marquis Apartments in El Cajon for approximately $5 million, according to CoStar Group and public data.

North County Economic Clusters Creating Jobs and Challenges

The North County region outpaced the rest of San Diego County and the nation when it came to the growth rate for high-paying, higher-skill jobs during the past five years.

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Phil’s BBQ Expanding to Rancho Bernardo By Year’s End

Phil’s BBQ plans to open its fourth free-standing restaurant by year’s end in Rancho Bernardo, occupying a building that previously housed Elephant Bar.

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Kidder Mathews Acquires StepStone Real Estate Services

Commercial real estate services provider Kidder Mathews has acquired StepStone Real Estate Services, a San Diego-based asset and property management firm, for an undisclosed price.

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Chula Vista Property Sells For $9.17 Million

Cova Management Inc. has purchased the 71-unit Burkhart Apartments in Chula Vista for approximately $9.17 million, according to brokerage company Marcus & Millichap Inc., which represented the buyer and seller.

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Barrio Logan Industrial Property Sells for $3.66 Million

A joint venture of Irvine-based Pelican Realty Group LLC and Los Angeles-based PI Properties has acquired the two-building Harbor Center industrial property in San Diego’s Barrio Logan neighborhood for $3.66 million, the buyers announced.

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Downtown Draw

PROPERTY: Millennials Keep Coming; Hope Is for More Businesses to Follow

The post-recession recovery will be palpable in downtown San Diego starting later this year, as hundreds of new apartments hit the market with the completion of several big projects.

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Barrio Logan Property Sells for $3.66 Million

A joint venture of Irvine-based Pelican Realty Group LLC and Los Angeles-based PI Properties has acquired the two-building Harbor Center industrial property in San Diego’s Barrio Logan neighborhood for $3.66 million, the buyers announced.

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Funding Stadium With TOT May Not Be Hot Idea With Hoteliers

TOURISM: Convention Center Expansion Still Their No. 1 Priority

The hospitality business community will be among the groups a mayor’s stadium task force will meet with in coming weeks to talk about ways to keep the San Diego Chargers in town.

One Paseo Opponents Start a Referendum Drive

To the surprise of few people, the controversial One Paseo mixed-use development in Carmel Valley could now be heading toward the city ballot box in San Diego.

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Kidder Mathews Acquires StepStone

Commercial real estate services provider Kidder Mathews has acquired StepStone Real Estate Services, a San Diego-based asset and property management firm, for an undisclosed price.

BioMed Realty Trust Realigns Its Executive Team

REAL ESTATE: Firm Makes Changes After Departure of President

San Diego-based BioMed Realty Trust Inc. has announced a realignment of its executive team following the departure of company President and Chief Operating Officer Kent Griffin.

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Chula Vista Apartments Sell For $9.17 Million

Cova Management Inc. has purchased the 71-unit Burkhart Apartments in Chula Vista for approximately $9.17 million, according to brokerage company Marcus & Millichap Inc., which represented the buyer and seller.

Cushman & Wakefield Is Exploring Sale

REAL ESTATE: Exit Rate High at San Diego Office

The majority owner of commercial real estate services provider Cushman & Wakefield Inc. is reportedly exploring a sale of the New York-based company, but it’s not clear whether that is connected to the recent departure of at least 13 brokers from the firm’s San Diego operations.

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San Diego Tourism Authority Aims to Grow International Visitors

Snagging a bigger share of Asian visitors now visiting California, particularly the fast-growing segment of travelers from China, will be among top 2015 priorities for San Diego Tourism Authority, officials said at the organization’s annual report and outlook gathering.

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San Diego Firm Buys Phoenix Apartments for $36.2 Million

San Diego-based MG Properties Group has acquired the 270-unit Trillium Papago Apartments in Phoenix for approximately $36.2 million, the private investment company announced.

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Poway Industrial Building Sold for $14.4 Million

An affiliate of CT Realty has purchased a Poway industrial building housing General Atomics Aeronautical Systems Inc. for $14.4 million, the Aliso Viejo-based property investment company announced.

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Opponents Start Petition Drive to Repeal One Paseo Approval

Opponents of the controversial One Paseo mixed-use development in Carmel Valley have begun a signature-gathering campaign, aimed at repealing San Diego City Council’s recent approval of the project or placing the issue before city voters.

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San Diego Office and Industrial Building Sells for $2.45 Million

Locally-based Sasa Group LLC has purchased an office and industrial property in the Mt. Hope area of southeast San Diego for $2.45 million, according to brokers handling the transaction.

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El Cajon Apartment Property Sold for $2.6 Million

Carlsbad Garden Apartments LLC has purchased the 20-unit Sierra Vista Apartments in El Cajon for approximately $2.6 million in an all-cash transaction, according to Marcus & Millichap Inc., which handled the deal.

Carlsbad Land for Potential Residential Project Sells for $4.15 Million

Developer Integral Communities of Newport Beach has purchased a 10.46-acre land parcel in Carlsbad for $4.15 million, with plans for a 200-unit multi-family residential project, according to brokerage company Lee & Associates, which represented the buyer.

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Alpine Medical and Office Building Sells for $6 Million

A buyer recorded as Alpine Regional Center LLC has purchased a multi-tenant medical and office building in Alpine for $6 million, according to brokerage company CBRE Group Inc., which represented the buyer and seller.

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Downtown Sheraton Suites Hotel Sells for $50 Million

An affiliate of Maryland-based Marriott International Inc. has acquired the 264-room Sheraton Suites San Diego hotel in the downtown area for approximately $50 million, according to CoStar Group and public data.

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Downtown Residence Inn Sells for $90 Million

Chatham Lodging Trust of Palm Beach, Fla., has purchased the 240-room Residence Inn San Diego Downtown hotel for $90 million, according to CoStar Group and public data.

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Imperial Beach Apartments Purchased for $20.2 Million

The Apartment Co. of San Diego has acquired the 134-unit Clubhouse at Imperial Beach apartment community for $20.2 million, according to real estate services company HFF, which represented the seller.

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Beer Economy Golden to Region

BREWING: Ballast Point, And Others Keep Growing

Few local beer makers had a growth ride on par with San Diego’s Ballast Point Brewing & Spirits during 2014.

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Back to Business For One Paseo

PROPERTY: Retail Leasing Is on Development’s Agenda

With the political battles set aside at least for the moment, Kilroy Realty Corp. and its brokers are proceeding to fill retail and office spaces at the company’s controversial $750 million One Paseo mixed-use development in Carmel Valley.

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Apartments Near Imperial Beach Sold for $20.2 Million

The Apartment Co. of San Diego has acquired the 134-unit Clubhouse at Imperial Beach apartment community for $20.2 million, according to real estate services company HFF, which represented the seller.

County’s Construction Contract Values Rose 69 Percent in January

San Diego County’s contracts for future construction rose 69 percent in January from a year ago, topping $301.6 million, according to the latest monthly figures from Dodge Data & Analytics.

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Sudberry Properties Opens First Phase of West Park Apartments

San Diego-based developer Sudberry Properties recently completed and opened the first phase of its 612-unit West Park, a $100 million apartment project located at its larger Civita mixed-use development in Mission Valley.

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BioMed Realty Realigns Executive Team as President Leaves Post

San Diego-based BioMed Realty Trust Inc. has announced a realignment of its executive team, following the departure of company President and Chief Operating Officer Kent Griffin.

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Carlsbad Office Property Sold for $19.5 Million

Buchanan Street Partners of Newport Beach has purchased a Carlsbad office building for $19.5 million, the company announced.

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Trigild Appointed Receiver for $17.5 Million Maryland Property

San Diego-based real estate services provider Trigild has been appointed receiver of Centerpointe, a $17.5 million office and industrial park in Landover, Md.

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Airspace Lounge Opens at San Diego International Airport

San Diego International Airport has opened Airspace Lounge, which operators said is the airport’s first and only common-use lounge.

San Diego Council Approves Controversial One Paseo Project

The San Diego City Council has approved the controversial One Paseo mixed-use development in Carmel Valley, a $750 million project slated to include 1.4 million square feet of retail and office space with 608 condos and apartments.

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Lemon Grove Apartment Building Sells for $2.95 Million

A buyer recorded as Phx Capl LLC Investment Partnership has acquired a 24-unit Lemon Grove apartment property for $2.95 million, according to Voit Real Estate Services, which represented the buyer and seller.

Local Firm Acquires Phoenix Retail Center for $9.9 Million

San Diego-based asset management firm XREIT has acquired a Phoenix shopping center for $9.9 million on behalf of a local client, the company announced.

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North County Office Portfolio Sells for $113 Million

Brookwood Financial Partners LP of Beverly, Mass., has purchased a three-campus portfolio of seven office buildings in Carlsbad and San Marcos for $113 million, according to CoStar Group and brokers handling the transaction.

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Task Force to Press Ahead on Stadium Search Despite Chargers New Proposal

Mayor Kevin Faulconer and his newly appointed stadium advisory group are continuing efforts toward keeping the San Diego Chargers in the city, despite a joint proposal announced by the Chargers and Oakland Raiders to build a new $1.7 billion football stadium near Los Angeles.

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Downtown Hotel Palomar Getting $5 Million Renovation

Kimpton Hotels & Restaurants has begun a $5 million renovation of downtown’s Hotel Palomar San Diego, with 50 of its rooms on five floors being reconfigured and rebranded under a concept called Skyline Collection.

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URBN Coal Fired Pizza Restaurant to Open Next Month in Encinitas

San Diego-based URBN Restaurants, led by longtime restaurateur Jon Mangini, plans to debut its fourth pizza-oriented concept restaurant in March. Operators said URBN Coal Fired Pizza will open at 764 S. Coast Highway 101 in Encinitas.