Daily Business Report-Oct. 12, 2017
As one of San Diego’s oldest buildings, the Santa Fe Depot is a nationally registered historic site designed by architects Bakewell and Brown.
Historic Santa Fe Depot Sold to a Buyer
Who Has Restoration Work in Plans
The historic Santa Fe Depot building in San Diego, a local landmark built in 1915 and home to Amtrak’s San Diego Union Station since 1920, has been sold, the buyer planning to restore parts of the building that have gone unused for more than 50 years.
The buyer was identified as Santa Fe Depot LLC. The seller was Prologis Inc. Financial terms were not disclosed.
“This building is one of the most historically important assets in all of San Diego,” says Kipp Gstettenbauer, a senior vice president in Voit’s San Diego office, who with Ryan King, represented the seller and buyer. “The sale is significant to the San Diego community, and represents the seller’s deep commitment to preserving this landmark asset.”
The seller, Prologis, owned the building by way of a series of mergers of firms dating back to the original Santa Fe Railway company, according to Gstettenbauer, making this the first actual sale of the property to a new owner.
As one of San Diego’s oldest buildings, the Santa Fe Depot is a nationally registered historic site designed by architects Bakewell and Brown to reflect the colonial Spanish and Mission history of California. The two-story, 30,661 square-foot structure at 1050 Kettner Blvd. is situated on 3.78 acres and currently serves as an integrated logistics hub, with Amtrak main rail and Amtrak Coaster services linking to the San Diego Light Rail System, including the Metropolitan Transit System and Regional Bus System.
Voit has retained David Marshall and Carmen Pauli of Heritage Architecture & Planning to oversee long-term preservation and restoration of the asset.
“There is an opportunity to revitalize this incredible property while adhering closely to its intrinsic value and historic importance,” said Gstettenbauer. “The asset features a vacant second floor that once served as a hotel, and approximately 10,000 square feet of adjacent space that is already entitled for retail. By working closely with the buyer and Heritage Architecture, we will be able to restore parts of the building that have gone unused for more than 50 years while providing additional services in the station, expanding ridership for Amtrak, and increasing the building’s historic value.
Voit anticipates that the building will offer future retail, creative office, and boutique hotel opportunities to the local community.
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Supervisors Approve $42 Million
of County Road Resurfacing
County Supervisors on Wednesday unanimously approved roughly $42 million of road resurfacing and rehabilitation work to be done next year on a six-page list of roads in unincorporated areas. The list includes roughly 195 miles of roads stretching through four of the County’s five districts.
The list will be sent to state officials to qualify for $13 million in funding from the new state gas tax that took effect this year to help rebuild roadways throughout the state. The Road Repair and Accountability Act, Senate Bill 1, was signed into law by the governor in April.
The rest of the funding will come from a variety of county sources.
The board’s approval of the list clears the way for the county Department of Public Works to solicit bids from companies to do the resealing and resurfacing work. The road work is expected to begin in spring 2018 and be completed by the end of the year.
The complete list of roads run through numerous communities, some of which include: Alpine, Bonsall, Boulevard, Crest, Fallbrook, Jamul, Julian, Lakeside, Lincoln Acres, Pine Valley, Ramona and Spring Valley
Click here for he complete list of roads
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Multi-Tenant Industrial
Building Sold for $3.9 Million
A multi-tenant industrial building in North County has sold to an investor for $3.925 million. Located at 1120 Sycamore Ave. in Vista, 27,893-square-foot building was acquired by VCJT, LLC. The seller was an affiliate of Banyan Road Capital, a local investment firm, which was represented in the transaction by Cushman & Wakefield.
1120 Sycamore Ave. was built in 1986 and completed significant renovations in 2016. The freestanding building is situated on a 2.4-acre parcel. Among the key features of the property include direct access from both Sycamore and Grand avenues, second floor office accessible by two stairwells, windows allowing for natural light, good parking, finely landscaped, and newly remodeled common areas, and a new roof.
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Comfort Suites and Holiday Inn Express
Sold to Affiliate of Excel Hotel Group
The 132-room Comfort Suites San Diego-Miramar and the 75-room Holiday Inn Express San Diego-Mira Mesa have been sold to Two Pack Hotel LP, an affiliate of Excel Hotel Group. Financial terms were not disclosed.
The Comfort Suites and Holiday Inn Express are adjacent hotels on 3.72 acres in the Mira Mesa/Scripps Ranch area in the northeastern part of San Diego, located along Interstate-15 at Mira Mesa Boulevard. The Comfort Suites was built in 1987 and the new buyer is planning to implement an extensive renovation. The Holiday Inn Express was built in 2001 and recently underwent a Formula Blue refresh by the seller.
CBRE Hotels arranged the sale.
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University of San Diego Hosts
Legacy Entrepreneurship Conference
Turning big ideas into reality is the focus of the 6th annual Legacy Entrepreneurship Conference at the University of San Diego on Thursday. The event takes place from 5:30 to 8:30 p.m. in the Joan B. Kroc Institute for Peace and Justice Theatre.
Sponsored by the School of Business and the Center for Peace and Commerce, the conference brings together students, alumni, investors and entrepreneurs for an interactive evening of coaching and collaboration.
Panelists provide expert advice, mentoring and inspiration as they share their stories for turning their own innovative business ideas into reality.
This year’s panel includes Amanda Lettmann, an Air Force veteran turned entrepreneur with expertise in Fortune 500 and start-up firms; Omar Alfi, managing director of Pacifico Aquaculture, and Christina Rosier, a recent USD graduate who successfully launched a $75,000 Kickstarter campaign for Patara Shoes.
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City College Leader Named to
Prestigious Fellowship with Lakin Institute
Denise Whisenhunt, San Diego City College’s vice president of student services, has been named one of 14 fellows with the Lakin Institute for Mentored Leadership. The Lakin Institute is presented annually by the Presidents’ Round Table, a national association working to prepare African-American community college leaders as chancellors and chief executive officers.
Hosted Oct. 15-20, in Baltimore, the Lakin Institute seeks African-American participants whose experience and credentials indicate they are ready to attain the highest academic positions. It offers an opportunity for open dialogue with chancellors, presidents, and CEOs covering all aspects of academic leadership.
More than 300 participants have attended the Lakin Institute since its inception in 1994. One in three participants have become a college chancellor, president, or CEO, and more than 25 percent of current African-American community college presidents are Lakin Institute alumni.
Whisenhunt earned a political science degree from UC San Diego and is a graduate of the Columbus School of Law at the Catholic University of America. She has served the San Diego Community College District in a variety of administrative leadership capacities for over 16 years, and now serves as the Vice President of Student Services at San Diego City College.
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San Diego Tourism Marketing District
to Began Accepting Applications for Funding
The San Diego Tourism Marketing District (SDTMD) will begin accepting applications for funding from tourism-related events and programs within the city of San Diego for fiscal year 2019 beginning Oct. 24. SDTMD awards over $1.5 million in grant funding each year to applicants who can demonstrate the ability to generate incremental room night stays at TMD assessed hotels as well as a measureable return on investment on TMD dollars.
This year, thid district has moved the application process online. Potential applicants can access the application at www.sdtmd.org/applications effective Oct. 24. Applications must be submitted to SDTMD by 5 p.m. on Friday, Dec. 8, 2017.
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Personnel Announcements
Richard Hill Joins Rancho Valencia Resort & Spa
Rancho Valencia Resort & Spa announced the appointment of Richard W. Hill as general manager. With more than 25 years of experience in the hospitality industry, Hill brings a history of success in all aspects of management including operations, marketing, business development, finance, and more.
As general manager, Hill’s responsibilities include overall day-to-day management, guest and member relations, leadership and strategic planning with the Executive team and all departments. Hill will also be an ambassador of Rancho Valencia’s brand.
Prior to joining Rancho Valencia, Hill served as president and COO of Amira Resorts where he was responsible for managing the growing collection of curated hotels. He also served as president and COO of Solage Hotels & Resorts and spent 10 years as opening general manager at the company’s flagship resort, Solage, an Auberge Resort in Napa Valley.
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Luz Molina Appointed to State Accountancy Board
Luz Molina, 40, of National City, has been appointed to the California Board of Accountancy by Gov. Jerry Brown. Molina has been a technical proposal writer at Ajinomoto Althea Inc. since 2011, where she was a manufacturing associate from 2004 to 2010. Molina is a member of Hispanas Organized for Political Equality and the Parks, Recreation and Senior Citizens Advisory Board of National City. This position does not require Senate confirmation and the compensation is $100 per diem. Molina is a Democrat.