Stories for November 2012

Friday, November 30

Directed Capital Closes Sixth Fund

Directed Capital, a national distressed asset workout business with an office in San Diego, said it closed a sixth investment fund with $50 million in equity and is pairing it with $84 million in credit financing it obtained from Goldman Sachs Bank USA to finance acquisitions over the next three years.

Work Begins on Horton Plaza's Latest Revival

Developers have begun work on a new, $14.7 million public plaza adjacent to Westfield Horton Plaza in downtown San Diego, with the start of demolition on a building that once housed Robinsons-May and later Planet Hollywood.

SAIC Could Reap $21M From Navy Deal

SAIC said recently that it received a U.S. Navy contract that could be worth as much as $21 million over five years, provided that the Navy exercises all of its options.

Study Holds a Mirror Up to Identity Fraud

ID Analytics, a San Diego maker of analytics software used in risk management, said in a recent report the number of identity fraud rings operating in the United States is more than 10,000.

Thursday, November 29

Raytheon Gets $41.9M Navy Deal for Electronics Work

The U.S. Defense Department announced recently that it exercised an option for Raytheon Co. Integrated Defense Systems to do work on U.S. Navy ship electronics.

City Council Approves Renewal of Tourism Marketing District

San Diego City Council has approved a nearly 40-year renewal of the city’s Tourism Marketing District by a vote of 6-1, with Councilwoman Marti Emerald dissenting.

Eight New Electric Vehicle Charging Stations Placed Around Bay

Eight newly installed electric vehicle charging stations are now operating in various locations around San Diego Bay, as part of the Port of San Diego’s Green Port program.

Wednesday, November 28

Coronado First to Merge With San Diego Private Bank

Two San Diego banks have decided to join forces rather than go it alone. Coronado First Bank, which completed a merger with Embarcadero Bank last year, is merging with San Diego Private Bank in a stock deal valued at $15.5 million.

ColRich Buys Point Loma Property for Luxury Condos

Local developer ColRich and investment firm The Resmark Co. have purchased a 1.65-acre bay front property in Point Loma, where ColRich plans to build a 40-unit luxury condominium community.

Fallbrook Technologies Signs Development Partnership

Fallbrook Technologies Inc., a San Diego maker of continuously variable transmissions, said it entered into a development partnership with Team Industries Inc. for Fallbrook’s technology called Nuvinci.

Embarcadero Work Spurs Relocation of Cruise Ticket Booths

Ticket booths for two local waterfront cruise providers have been temporarily relocated, as part of the ongoing $28.6 million first-phase renovation of downtown San Diego’s North Embarcadero.

Tuesday, November 27

Nov. 28 Meetings Look at Enterprise Zones

Businesses considering relocating within San Diego’s Enterprise Zone can find out about what benefits and incentives are available at two free public workshops set for Nov. 28.

Commercial Construction Down, Residential Up in 2012

San Diego County contracts for future nonresidential construction dropped 24 percent from a year ago in the first 10 months of 2012, while residential contracts rose 13 percent, according to McGraw-Hill Construction.

Volcano to Expand With Israeli Acquisition

Volcano Corp., a San Diego based medical device manufacturer, said it entered into a definitive agreement to acquire Sync-Rx Ltd., an Israeli based software firm, for an undisclosed price.

Registration Is Open for Nov. 29 Panel Discussion on Possible Defense Budget Changes

“Post-Election 2013: Defending Yourself From Reduced Defense Spending” is the title of a panel discussion set for 8 a.m. Nov. 29 at the Manchester Grand Hyatt hotel in downtown San Diego.

San Diego State Meets BYU in Poinsettia Bowl

The San Diego State University Aztec football team will play Brigham Young University in the eighth annual San Diego County Credit Union Poinsettia Bowl on Dec. 20 at Qualcomm Stadium.

Downtown Hostel Building Sold for $4.7M

Lucky D’s Hostel, located in a nearly 100-year-old downtown San Diego building, has been sold for $4.7 million, according to CoStar Group.

Monday, November 26

Panelists to Discuss Dealing With Possible Defense Spending Changes in Nov. 29 Program

The outlook for reduced defense spending and how businesses can deal with that prospect is the topic of a panel discussion set for Nov. 29 at the Manchester Grand Hyatt hotel in downtown San Diego.

Kratos Receives $17.5M Air Force Deal

The U.S. Department of Defense said recently that the Air Force has awarded a $17.5 million contract to Kratos Defense & Security Solutions Inc.

Local Company’s Drone Helps Kentucky Disaster Cleanup

Vista-based Datron World Communications said one of its drone aircraft was able to help government officials respond to a recent train derailment that involved the release of toxic materials.

As Holidays Approach, Del Mar Frees Up Street Parking

Del Mar businesses as well as residents and visitors are getting a break from the city during the holidays when free parking is available downtown.

Fundraiser Provides Portrait of the Community’s Seniors

Senior Community Centers raised $325,000 at “Notes to our Sons and Daughters” fundraiser and photo exhibition at the Port Pavilion on Broadway Pier.

Real Estate Roundup

Projects, developments and other activity in cities in and around San Diego County

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Executive Profile: Robert ‘Brick’ Nelson

Robert “Brick” Nelson is Northrop Grumman’s senior executive for the San Diego region, representing all business activities for the company.

Local Defense Contractors Adjust to Changing Budget Realities

DEFENSE: They Pursue Key Technologies and International Markets

The prospect of Pentagon budget cuts has federal contractors rethinking their business plans.

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Taking a Defensive Posture

MILITARY: Contractors, Forces Brace for Change As Fiscal Forces Play Out

What does lean look like?

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Regional Report

News and notes from communities around San Diego County

Law Firms to Keep the Upper Hand in Property Negotiations

Like many types of office tenants, law firms have been able to drive hard bargains with their landlords since 2008.

Shire Names New President of Regenerative Medicine Unit

BIOTECH: Ireland- Based Company Prepares For CEO Switch in April

A dramatic changing of the guards is taking place at Shire of Dublin, Ireland, and its local Regenerative Medicine business as top leaders move into new roles or exit the company.

BofI Is in Good Position to Continue Its Strong Growth

BofI Holding Inc., parent to BofI Federal Bank, turned in another record quarter for its fiscal 2013 first quarter reporting net income of $9 million, compared with $6.4 million for the like quarter in the prior year.

Wealth Management Firms Expand in a Changing Market

FINANCE: Margin Compression Changes Dynamics of Industry

Several local wealth management firms expanded their holdings and staffing this year, reflecting a more conducive merger environment.

Website’s Services Are All About Getting You Moving

SERVICE: Planning a Move Is Made Much Easier for Customers

Local moving companies such as Bekins Moving Solutions and Manpower Movers are jumping on board with a revolutionary service offered by Unpakt that compresses the arduous task of planning a move into one convenient website.

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Hotel Recovery Appears to Have Staying Power

PROPERTY: Strong Metrics, Buyer Demand Are Boost to the Sector

If current patterns hold, industry observers expect San Diego County hotels to continue riding a wave of positive growth trends into 2013, with the region on track for a return to pre-recession peak revenue numbers last seen in 2007.

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Epic Brings New Tools to Cancer Detection

MEDICINE: Efforts Aim to Target Treatment, Aid Disease Management

Even in a challenging economic climate, San Diego startup Epic Sciences has been able to access private, venture capital and government financing to advance its work in developing diagnostics that could be used to detect and guide treatments for many types of cancer.

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Tax Increases Won’t Be Property Game-Changer

REAL ESTATE: They May Lessen State’s Drawing Power

The jury remains out on the exact effects, but industry experts say newly passed California tax hikes could have long-term impacts on local retail center landlords and other commercial property owners looking to fill tenant vacancies.

Analysis Calls S.D. a Winner in Election

ECONOMY: National Result Favors Region’s Real Estate

Despite talk of massive federal spending cuts and other uncertainties as lawmakers look to avoid going over a “fiscal cliff,” real estate experts say the San Diego region should benefit in the long run from the results of recent national elections.

Envoy’s Team to Join Takeda’s Local Forces

BIOTECH: Buy Puts Resources, Region Behind Promising Efforts

La Jolla-based Takeda California Inc., with its connection to Japan’s largest pharmaceutical company, should be able to take the recently acquired Envoy Therapeutics’ technology to the next level.

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It’s a Good Time to Sell For Some Businesses

FINANCE: Economy Improves, Stirring the Interest of Buyers

Shelby Standefer sold his Poway smog testing business earlier this year but it was a move he didn’t really consider seriously until his younger brother died.


Sports Business: Country Club Owner Plays By Her Own Rules

Madeleine Pickens has infectious enthusiasm.

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Reed Takes Chairman’s Job at Sempra

Sempra Energy, parent firm to San Diego Gas & Electric Co. and other subsidiaries, named CEO Debra Reed as its chairman of the board, replacing Donald Felsinger, 65, who’s retiring at the end of this month after 40 years with the company.

Three Startups Compete for PitchFest Cash

It must be entrepreneur week in San Diego, given the spate of developments emerging from San Diego’s venture community. First up, three area startups — Blurtopia, which has developed a social media app for the iPhone that allows users to get feedback about any question they pose; Cypher Genomics, which is developing the technology to help clinicians and researchers delve into the nitty-gritty of a human’s genome; and GroundMetrics, which is developing new detection technologies for the oil, gas and geothermal industries — are competing as finalists in the San Diego Venture Group’s 2012 Pitchfest set for Dec. 13.

Friday, November 23

Profit Slips at Jack in the Box

Jack in the Box reported fiscal fourth quarter net income of $12.5 million, down from the like quarter in 2011 when it had $22.6 million in net profit.

Kimco Buys City Heights Retail Center for $35.6M

Kimco Realty Corp. of New York has purchased the grocery-anchored City Heights Retail Village in San Diego. The price was $35.6 million, according to a spokeswoman for the seller, City Heights Retail Village LLC.

Hat Designer Opens First Local Store in Solana Beach

Upscale hat designer and retailer Jill Courtemanche Millinery has opened a new store in the Cedros Design District in Solana Beach, its first in San Diego County. The store is at 410 S. Cedros Ave.

County Investment Pool Draws Stellar Ratings

Standard & Poor’s affirmed its triple A and S1 ratings on the investment pool managed by County Treasurer and Tax Collector Dan McAllister.

Wednesday, November 21

SeaWorld Parent Acquires Knott’s Soak City in Chula Vista

Orlando-based SeaWorld Parks & Entertainment, parent of SeaWorld San Diego, has acquired Knott’s Soak City San Diego, located in Chula Vista, from Cedar Fair Entertainment Co.

ServiceNow Holds Follow-on Public Offering

ServiceNow Inc., the San Diego provider of cloud-based IT services to large corporations, recently announced the pricing on a stock offering of 14 million shares at $28.

Johnson Space Center’s New Director Has San Diego Roots

Major kudos to astronaut Ellen Ochoa, a graduate of San Diego State University who grew up in La Mesa, and was recently named the new director of the Lyndon B. Johnson Space Center in Houston.

Local Tilted Kilt Operators Expanding to Las Vegas, Anaheim

The local owner-operators of Tilted Kilt Pub & Eatery, with three locations in San Diego and Temecula, have partnered with the concept’s original founder to open a new restaurant at The Linq, a $550 million open-air retail and entertainment center set to debut in 2013 on the Las Vegas Strip.

Nonprofits Impress Fast Pitch Judges

San Diego Social Venture Partners announced the winners of the San Diego fast pitch competition for nonprofits recently.

Tuesday, November 20

A Seven-Figure Bump: Tech Firm Adds to Series B Funding

Bump Network, a San Diego software firm, said it recently closed a Series B2 financing round of $2.3 million, bringing the total amount raised so far to $4.5 million.

October Jobless Picture Beats Gloomy October 2011

San Diego’s unemployment rate edged up a tenth of a point to 8.6 percent in October, compared to September, but down from October 2011 when it was 9.8 percent, according to the state’s Employment Development Department.

Oakley Eyewear Store, Seasons 52 Restaurant Debut at Westfield UTC

Sports eyewear retailer Oakley Stores and upscale restaurant chain Seasons 52 have opened new locations at Westfield UTC mall.

Bressi Ranch Alzheimer’s Center Receives Award

ActivCare at Bressi Ranch, a Carlsbad memory care community for seniors with Alzheimer’s or related dementias, has recently been named project of the year by the 55+ Housing Council of the Building Industry Association of Southern California.

Gathering to Focus on North Embarcadero Project Phase I

The joint powers authority for the North Embarcadero Visionary Plan is scheduled to hold a meeting Nov. 28, where the public can hear a construction update on the San Diego waterfront project’s Phase I.

Monday, November 19

REIT Acquires National City Retail Center for $21.5M

San Diego-based Retail Opportunity Investments Corp. has acquired the Bay Plaza retail center in National City for approximately $21.5 million.

Sentek to Be One of Four Bidders for Navy Contracts Totaling $98.8M

San Diego-based Sentek Global is one of four companies to receive U.S. Navy contracts allowing them to bid on electronics work over as many as five years.

Goddard Schools Bound for San Diego County

The Goddard School franchise is expected to arrive in San Diego with the opening of its first local childcare facility in Carlsbad in July.

Carlsbad Apartment Community Sells for $20.1M

Triumph Properties Group of Beverly Hills has acquired the 163-unit Villa Real Apartments in Carlsbad for $20.1 million.

Regional Report

News and notes from communities around San Diego County

GA Aeronautical Systems Receives $125M Deal for Modified Drone

The Defense Department announced recently that it has awarded Poway-based General Atomics Aeronautical Systems Inc. a $125.5 million contract for 10 upgraded versions of the Reaper unmanned aircraft. The aircraft will go to the U.S. Air Force.

Generous Severance Package Has Banker Going in Style

Generous severance packages, “golden parachutes,” for top execs who exit larger companies are alive and well despite increased government scrutiny.

Procopio’s Hires Bring More Talent to Its Team

Procopio, Cory, Hargreaves & Savitch LLP is the largest local law firm and growing. Six attorneys joined its San Diego and Del Mar Heights offices.

Scripps Adds Food Firm’s Selections to Its Wellness Recipe

HEALTH: FITzee’s Healthful Fare Targets Discriminating Tummies

Scripps Health is helping its employees and patients meet the challenge of making healthy choices by introducing vending machines provided by locally based FITzee Foods Inc.

The QPrize Highlights Qualcomm’s Venturesome Side

TECH: Company Rewards and Invests In Innovative Firms

Come March 14 in San Francisco, executives from Qualcomm Inc.’s corporate venture investing arm will announce the winner of its 2012 QPrize.

Home Sales on the Rise as Cash Buyers Muscle the Market

PROPERTY: Housing Demand Exceeds Supply, Pushing Prices Higher

House sales in San Diego continued to surge in October, with cash buyers still playing a big role in the local market.

Startup Harnesses Crowdsourcing to Assist Individual Investors

TECHNOLOGY: Company Aims to Help People Make Smarter Investment Decisions

Investing has always been something of a roll of the dice, but experienced investors know there are smart ways to play the game.

Westfield UTC Transforms Shopping Experience

RETAIL: Malls Turn to Nontraditional Tenants to Create Compelling Venues

Westfield Group recently completed a $180 million renovation of its Westfield UTC mall in San Diego, just in time to greet a holiday season that national experts predict will top last year’s November-December period for U.S. retail sales.

The Public Joins Pharma Players Backing Regulus

BIOTECH: IPO to Boost Firm’s Pioneering Work in MicroRNAs

Local biopharmaceutical firm Regulus Therapeutics Inc. has the ability to delve deeper into development of therapeutics that target microRNAs with $80.9 million raised in the only life-sciences initial public offering in San Diego this year.

Buyer Defines Role for Borrego Springs Bank

FINANCE: Current Structure Can Support SBA Lending

The Washington state bank buying troubled Borrego Springs Bank says it plans to retain its offices and most of its staff as it expands lending of small business loans.

SDG&E’s Smart Grid Can See in the Dark

ENERGY: During Outages, It Finds Problems, Solutions

San Diego Gas & Electric Co. is flexing its “smart grid” technology to speed up the detection of power outages and the restoration of electricity to customers.

Executive Profile: Sharon Lawrence

Sharon Lawrence is president and CEO of Voices for Children, a nonprofit organization that provides volunteer Court Appointed Special Advocates (CASAs) to foster children throughout the region to ensure their needs are met in the courtroom, classroom and community.

Corporate Giving Makes a Comeback

PHILANTHROPY: Executives Mull the Strategy in Donations

With the rebounding economy, companies here and elsewhere are recommitting to philanthropic investments, but many are ever more strategic and results-driven in their charitable giving.

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Airline and City Look for Success Out of the Gate

TRAVEL: Japan Airlines, San Diego Aim to Sell Asian Market on Flights

Japan Airlines has seen a gradual liftoff in consumer interest, as the carrier prepares to launch its first direct service between San Diego and Tokyo on Dec. 2.

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Firm Gets Right Places at Almost Right Time

PROPERTY: Cruzan Positions Itself for Future Developments

Del Mar-based Cruzan Monroe describes its investment approach as conservative and relatively low-profile, but it has made some big moves in San Diego’s office real estate market this year.

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Think Globally, Teach Locally

EDUCATION: NewSchool Taps World’s Design Talent For Cutting-Edge Curriculum

San Diego’s NewSchool of Architecture and Design is aiming to boost its profile in a world where cutting-edge design is making a big business impact, in industries ranging from movies and video games, to construction and mobile technology.

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Choosing a Banking Partner That Can Help You Grow Your Business

I would like to begin by congratulating all of the honorees of the San Diego Business Journal’s Women Who Mean Business Awards. Every business wants to set itself up for success and become one of the leading companies in its industry.

Bike Company Moves in the Right Direction

North County’s Electra Bicycle Co. recently held a ribbon cutting ceremony to celebrate the grand opening of its new headquarters and distribution center.

Poll Numbers Won’t Win the San Onofre Fight

The Obama campaign tracked the buying and leisure habits of 29,000 voters as far back as 2008?

Orchestrate an Effective Philanthropic Effort

As the executive director of San Diego Grantmakers (SDG) — the local membership association for philanthropic organizations like foundations and corporate giving programs — I think every day about how to help our members do their work better.

Couple’s Giving Is Key Ingredient in a Recipe for Success

David and Lesley Cohn co-founded the Garfield High School Foundation in 1996 to raise funds for the culinary arts program at the school, an alternative continuation school located in downtown San Diego.

Real Estate Roundup

Projects, developments and other activity in cities in and around San Diego County

Foundations Bring Energy, Effort and Money to Many Causes

San Diegans who want to support nonprofits, schools and programs in their communities don’t have to look very far for like-minded neighbors: Members of two philanthropic organizations, The San Diego Foundation and San Diego Women’s Foundation, are actively involved in making their communities a better place.

Tax Uncertainties Cloud Financial Picture, Charity Outlook

TAXES: Advisers Offer Insight on Various Options

The looming of the “fiscal cliff,” a combination of tax increases and spending cuts, scheduled to go into effect in January 2013, also brings lots of uncertainty for the local financial and tax advisers of San Diego’s wealthiest residents.

Friday, November 16

Reed Takes Chairman’s Job at Sempra

Sempra Energy, parent firm to San Diego Gas & Electric Co. and other subsidiaries, named CEO Debra Reed as its chairman of the board, replacing Donald Felsinger, 65, who’s retiring at the end of this month after 40 years with the company.

Apartments Debut as First Part of Barrio Logan Redevelopment

Developer Chelsea Investment Corp. of Carlsbad has opened its newly built 92-unit affordable housing complex in San Diego’s Barrio Logan redevelopment project area, financed in part by the San Diego Housing Commission.

Port Approves 10-Year Lease for Ocean Research Ship

Port of San Diego officials have approved a 10-year lease for an ocean research vessel, to be operated by the National Oceanic and Atmospheric Administration at Crosby Street Pier, adjacent to the Tenth Avenue Marine Terminal.

Mayoral Candidate Fletcher Joins Qualcomm

State Assemblyman Nathan Fletcher, who finished in third place in the June San Diego mayoral primary, is taking a job with Qualcomm Inc.

Thursday, November 15

Red Cross Chapter Names New CEO

Tony Young has been named CEO of the American Red Cross San Diego-Imperial Counties Chapter. He will replace Joe W. Craver, who is retiring.

Panelists to Discuss Dealing With Possible Defense Spending Changes in Nov. 29 Program

The outlook for reduced defense spending and how businesses can deal with that prospect is the topic of a panel discussion set for Nov. 29 at the Manchester Grand Hyatt hotel in downtown San Diego.

Infosonics Revenue Retreats in Quarter, Grows Over Nine Month Period

Infosonics Corp., the San Diego distributor of cell phones to international markets, reported a third quarter net loss of $1.2 million compared to a net loss of $413,000 for the like quarter of 2011.

Consulting Firm Xpera Group Expands in Bay Area

San Diego-based construction consulting firm Xpera Group has expanded its operations with a new office in Walnut Creek. This is the third office for Xpera, which has two locations in San Diego County.

Big-box Retail Building in Vista Sells for $8M

M&A Gabaee of Los Angeles has purchased a big-box retail building in Vista for $8 million.

Birds of a Feather: County Supervisors Take to Twitter

San Diego County Supervisor Dianne Jacob joined Twitter Nation recently, saying the social media site that limits communication to 140 characters per message or tweet gives her another tool to stay in touch.

Wednesday, November 14

World Trade Center Names CEO

Steven W. Weathers has been tapped to be the next president and CEO of the World Trade Center San Diego.

NewSchool of Architecture Planning New International Programs

NewSchool of Architecture and Design in San Diego has announced new global design education offerings, being developed in collaboration with Domus Academy in Italy and Media Design School in New Zealand.

GA Aeronautical Systems Receives $125M Deal

The Defense Department announced recently that it has awarded Poway-based General Atomics Aeronautical Systems Inc. a $125.5 million contract for 10 upgraded versions of the Reaper unmanned aircraft.

Sales and Staff Numbers Rise at Congatec

Congatec, a German manufacturer of embedded computer products that maintains its North American headquarters in San Diego, said its fiscal third quarter sales rose to $21 million, up 43 percent over the same quarter in 2011.

Pinnacle Hotels Adds Mission Valley Comfort Inn to Portfolio

Locally based Pinnacle Hotels USA has acquired the Comfort Inn & Suites hotel in Mission Valley, the company announced on its website.

Carlsbad Duo Takes Watch Line to Market

Local residents Todd Jacobs and Robert O’Donnell are launching a range of large, high-end watches under the Carlsbad company brand SISU Concepts Inc.

Tuesday, November 13

Novatel Ends Quarter With a Net Loss

Novatel Wireless Inc., a San Diego maker of wireless modems and software, reported a third quarter net loss of $31.9 million, compared with net income of $4.4 million for the like quarter of last year.

Median Home Price Rises to $400,000

The median price of a single family home last month was $400,000, up 13 percent from October 2011, according to the San Diego Association of Realtors.

Genomatica Relocating to Alexandria Property at UTC

San Diego-based biotech firm Genomatica Inc. will be relocating its corporate headquarters next year from Sorrento Mesa to the Esplanade office development in University Towne Center.

Oceanside Retail Center Gets $12M Refinancing

Operators of the College Plaza retail center in Oceanside have obtained $12 million in refinancing, according to the San Diego office of capital services firm Holliday Fenoglio Fowler LP, also known as HFF, which arranged the financing.

‘A Beacon of Sustainability’: SDG&E Center Gets Top LEED Designation

San Diego Gas & Electric Co.’s Energy Innovation Center in Clairemont has received the U.S. Green Building Council’s highest building sustainability rating with a recent Leadership in Energy and Environmental Design Platinum certification award.

Four Honored for Efforts That Inspire and Improve the World

The Center for Wealth and Legacy recently presented Inspiration Awards to four San Diego leaders, honoring their nonprofit work.

Monday, November 12

Three Young Firms Get a Boost From Qualcomm

Qualcomm Labs Inc., the incubator subsidiary of Qualcomm Technologies Inc., announced its first round of investments into three startup businesses totaling $550,000.

Wells Fargo Gift to Help Service Members Reboot

Wells Fargo & Co. has pledged to donate $100,000 over two years to the Reboot program, a San Diego initiative that helps veterans make the transition from military life to the civilian work world.

Foundation Buys New Headquarters Site for $11.8M

CHG Foundation, which operates a nonprofit health plan, has acquired a Chula Vista building for $11.85 million, to serve as its new headquarters site.

Airport Debuting Eco-Friendly Distribution Center

San Diego International Airport is set to open a recently completed receiving and distribution center, aimed at centralizing all airport deliveries in one location.

Old World, New Look: La Jolla Furniture Retailer Gets Makeover

The Roche Bobois Group, a high-end furniture retailer with 240 stores in 40 countries, recently celebrated a grand reopening of its showroom at 7611 Girard Ave. in La Jolla.

Internet Reshapes Small-Time Lending

CAPITAL: Sites Arrange Business That Banks Ignore

Web-based crowdfunding sources such as Kickstarter, Kiva and Prosper are increasingly playing the role of financier to startup small businesses and solo operators, at a time when traditional lenders are carefully weighing the risks in their portfolios.

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SBA Encouraged by Growth in Lending

ADVERTORIAL: Banking Forecast Supplement

In San Diego and Imperial Counties, SBA District Director Ruben Garcia says, we’re getting encouraging news that business lending is showing new signs of strength.


Cassidy Turley San Diego announced that it facilitated the sale of an 85,180-square-foot industrial building located at 9115 Activity Road in Miramar for $10.2 million or approximately $120 per square foot.

SDG&E Commits $600,000 to Aiding Community Groups

San Diego Gas & Electric has committed $600,000 to its “Helping People In Need” initiative this holiday season.

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Executive Profile - Lisa Marie Harris

Lisa Marie Harris is a senior vice president of Siebert Brandford Shank & Co. LLC and heads the firm’s San Diego office.

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Executive Can Bank on His Early Business Experiences

LEADERSHIP: CEO Now Implementing A Growth Strategy

It’s not every day that a young bank teller makes it all the way to becoming the bank’s president, but that’s the story of Alan Lane, who took some detours along the way.

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For This CEO, Opening a Bank in 2008 Was Perfect Timing

FINANCE: Vibra Found Opportunity in Hispanic Business Market

From bank teller to CEO and president of Vibra Bank in Chula Vista — Scott Parker is living proof that hard work and determination can still get you to the top.

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CEO Helps Position Bank to Be Right Fit for Its Market

BANK: Torrey Pines Expands During a Difficult Economy

In his now 35-year career as a banker, Gary Cady interacted with people from all walks of life and industry sectors, saw businesses flourish and fail, and weathered economic storms.

For Banking Exec, Each Step on Career Path Is an Education

FINANCE: At NNB, Her Expertise Helps Underserved Clients

What began as a banking job after high school turned into a lifelong career for Rebecca Humphries, whose 26 years in the business has led to a top executive position at Neighborhood National Bank.

Unconventional Career Path Leads to Unconventional Bank

FINANCE: CEO Guides BofI Federal In a Changing Climate

A future 9-to-5 career in banking was not a given in the financial education of Gregory Garrabrants, and the traditional workday clock doesn’t set the pace at BofI Federal Bank, the San Diego-based company he now leads as president and CEO.

Financial Services Jobs Rebound Following Recession Lull

EMPLOYMENT: Companies Hiring Again; Several Positions Unfilled

Employment in the financial services sector is on the rebound from the Great Recession, and a handful of the small local banks reflect that trend. Judging from state employment figures, however, the employment level is not back to pre-recession levels.

Life After a Long Career in Banking Is Just as Rewarding

CAREERS: Two Former Bankers Pursue Different Paths

The end of the line in a banking career could mean a fresh start in fulfilling roles as two local go-getters can attest.

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Alternative Loan Products Provide Options to Borrowers

FINANCE: Borrowers Can Expect Shorter Terms, Higher Interest Rates

Tightening banking regulations coupled with a restrictive lending environment has some businesses turning to alternative means for accessing cash quickly such as hard money lending and factoring.

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Bank Failure Storm Subsides, But Leaves Big Changes

FINANCE: Climate Favors Mergers to Cut Costs, Meet Regulations

The wave of bank failures that claimed nearly 300 U.S. institutions during the crest of the 2009-10 financial crisis — including four locally based banks — has subsided considerably.

Financial Services Delivered With Laser-Focus

FINANCE: Firms Use Expertise in an Area To Draw Custome

Several local financial services firms have discovered that a “less is more” strategy is one of the best ways to distinguish themselves from their corporate counterparts and tailor services to their customers’ needs.

Mobile Services Become Tools of the Trade

TECH: Customers Welcome Convenience Of Chat, Remote Deposit

In case you haven’t noticed, there’s a revolution under way in consumer banking circles.

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Refinance of U-T Headquarters Is Completed

San Diego commercial real estate finance firm HFF says it has secured $27.5 million in financing for the U-T San Diego headquarters

The Outlook For the Banking Industry in 2013

ADVERTORIAL: Banking Forecast Supplement

2013 is shaping up to be an interesting year for the banking industry.

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Homegrown Banks Ripe for the Picking

FINANCE: Market Climate Drives Bank Consolidation

Within the past year, well-capitalized outsiders have been replacing insiders in the world of community business banking, which has been struggling to keep pace in a slow economy.

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REGULATION: New Law Saddles Community Banks With New Mandates, Costs

Five years after the beginning of the worst economic downturn since the Great Depression, every bank in the nation is dealing with increased regulations, but smaller community banks seem to be feeling the effects the most.

Banks Move Cautiously In Commercial Lending

BANK: Other Lenders Lead The Way in Some Sectors

Financing players of all types have recently been ratcheting up their lending in the commercial real estate arena, although traditional banks remain cautious about where they place their money.

Credit Unions Look to Boost Cap, Opportunity

FINANCE: Increase Sought In Business Lending Limit

For the fourth consecutive year, the nation’s credit unions are trying to increase a cap on business lending that they say would help spur job creation.

Lending Picks Up for Small Businesses

ADVERTORIAL: Banking Forecast Supplement

I expect the improvement seen in San Diego and Southern California during 2012 to continue in terms of banks increasing lending to small and mid-sized businesses, entrepreneurs, real estate investors, and professionals.

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Friday, November 9

Qualcomm Caps Off $19.1B Year; Net Income Hits $6.1B

Qualcomm Inc. reported fourth quarter net income of $1.27 billion, up 20 percent over the prior fiscal year fourth quarter.

Third Quarter Brought Profit, Customer Churn to Leap

Leap Wireless International Inc., the parent company to flat rate wireless carrier Cricket Communications, reported a third quarter net profit of $27 million, its first profitable quarter since 2007.

Revenue Rises at American Assets Trust

American Assets Trust Inc. saw revenue rise 11.6 percent and net income dip 7.6 percent from a year ago in its third quarter ending Sept. 30.

Spanish Jewelry Retailer Debuting at Fashion Valley

Spanish fashion jewelry retailer Uno de 50 will join the merchant lineup at Fashion Valley mall on Nov. 11.

Thursday, November 8

Mayor Sanders to Lead San Diego Regional Chamber of Commerce

Outgoing San Diego Mayor Jerry Sanders will leave City Hall on Dec. 3 and take the job as president and CEO of the San Diego Regional Chamber of Commerce.

Borrego Springs Bank to Sell for $6.5M

American Heritage Holdings, parent company for Borrego Springs Bank, based in La Mesa and with $142 million in assets, agreed to be acquired by Sterling Savings Bank, a subsidiary of Spokane, Wash. based Sterling Financial Corp.

Turner Beginning Construction on $10M Military Academy Project

Turner Construction Co. is set to begin work on a $10 million athletic facility project at the Army and Navy Academy in Carlsbad. A ground-breaking is scheduled for Nov. 10 at the academy’s Maffucci Field, 2605 Carlsbad Blvd.

Bartell Buys La Jolla Retail Center for $7.2M

Locally based Bartell Hotels Management Co. has purchased Villa Norte shopping center in La Jolla for $7.2 million, according to CoStar Group.

Soitec Ramps Up Production for Peregrine

Soitec, a French manufacturer of silicon substrates that opened a solar panel facility in Rancho Bernardo earlier this year, said it has more than doubled production of bonded silicon-on-sapphire substrates to satisfy increased demand from a key customer, Peregrine Semiconductor Corp.

Wednesday, November 7

Bridgepoint Reports Earnings, Lays Out Changes

Bridgepoint Education Inc., the San Diego for-profit provider of online college courses, reported third quarter net income of $31.4 million, down from $43.8 million for the like quarter of 2011.

Apricus CEO Steps Down; Firm Names Interim CEO

Apricus Biosciences Inc. has announced that President and CEO Bassam Damaj has resigned the top job as well as his position on the board of directors.

Active Network Keeps Growing Revenue

Active Network, the San Diego provider of online event registration services, reported a third quarter net loss of $6 million, compared with a net loss of $1.4 million in the like quarter of 2011.

Developer Gets $45M in Financing for East Village Apartments

Holland Partners Group Management Inc. has obtained $45 million in construction and related financing for 15th and Market, a mixed-use apartment community to be built in downtown San Diego’s East Village.

Strategic Hotels Completes $90M Refinancing of Hyatt Regency La Jolla

Strategic Hotels & Resorts Inc. has closed on a $90 million, five-year loan refinancing agreement with MetLife, secured by the Hyatt Regency La Jolla hotel.

Tuesday, November 6

Manchester Completes $27.5 Million Refinance of U-T Headquarters Complex

Manchester Financial Group, led by developer Douglas Manchester, has secured $27.5 million to refinance the Mission Valley headquarters of the San Diego Union-Tribune, now known as U-T San Diego.

ServiceNow Plans Follow-On Offering of 1.65M Shares

ServiceNow Inc., a San Diego provider of cloud-based IT services to large companies, said it plans to sell up to 1.65 million shares of its common stock in a public offering that should raise an estimated $300 million, according to a recent securities filing.

Cubic Corp. Opens Office Near Wright Paterson Air Force Base

Cubic Defense Applications, the defense business of San Diego-based Cubic Corp., said it opened a new office in Beavercreek, Ohio, to pursue new training and tactical communications business at nearby Wright Paterson Air Force Base.

Miramar Industrial Building Sold for $10.2 Million

Keire SDA LLC has purchased a Miramar industrial building for $10.2 million.

Monday, November 5

Work begins on $180M Rental Car Center at Airport

Sundt Construction Inc. and Dallas-based Austin Commercial have begun work on a $180 million rental car center at San Diego International Airport.

First Allied to Acquire Legend Group

First Allied Holdings Inc., the parent firm to First Allied Securities, a San Diego independent brokerage with about 1,000 financial advisers throughout the U.S., said it agreed to purchase the Legend Group, a Florida investment services firm for an undisclosed price from Waddell & Reed, a Kansas City mutual fund company.

Revenue Rises at BioMed Realty Trust

BioMed Realty Trust Inc. saw total revenue rise 17.4 percent from a year ago, to $134.5 million, in its third quarter ending Sept. 30, the San Diego-based investment firm reported.

Encore Capital Reports Net Income of $21.3M for Q3

Encore Capital Group Inc., the San Diego collector of defaulted credit card debt, reported third quarter net income of $21.3 million compared with $15.4 million for the like quarter of 2011.

Peregrine Reports Net Income of $4.7M for Q3

Peregrine Semiconductor Corp., which raised about $79 million when it went public in August, reported third quarter net income of $4.7 million compared with a net loss of $4.7 million in the like quarter of 2011.

Real Estate Roundup

Projects, developments and other activity in cities in and around San Diego County

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The Other 'Military Spending'

DEFENSE: Sailors’, Marines’ Salaries Help Support Local Business

With 20 years of retail experience on Mission Avenue, Rick Wright knows the lay of the land in Oceanside.

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Stakeholders Need to Do Groundwork for UAVs’ Future

DEFENSE: Maintaining Programs’ Big Local Role Requires New Cooperation

A new report examining the effect of the Unmanned Aerial Vehicle (UAV) industry on San Diego’s defense economy painted a high-flying picture — in terms of manufacturing, future demand and job creation — but not one without challenges.

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Wells Fargo Gets Well-Deserved Credit for 7(a) Loan Output

Wells Fargo Bank, which maintains the largest market share in San Diego with about $15 billion in deposits and 104 branches, can also lay claim as the area’s biggest lender of 7(a) loans guaranteed by the U.S. Small Business Administration.

Hearty Defense Wins One for Team San Diego

A big win for a local Fish & Richardson team. San Diego-based Volcano Corp. was represented by Fish in a patent trial regarding medical device technology used to diagnose heart problems.

Restaurant Expansion Heats Up as Economy Warms Up

DINING: Mid-Priced, Quick-Service Fare Sees Foot-Traffic Growth

San Diego County’s longtime restaurant operators managed to survive when the economy was at its worst, and are now adding locations as budget-minded diners regain their appetite for food away from home.

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Regional Economic Teams Tackle Issues for Local Industries

ECONOMY: Economic Summit Playbook Outlines Actions for Key Initiatives

Longtime San Diego economic leader Julie Meier Wright hopes a California stewardship program made up of regional teams that have joined forces to ‘fix’ California’s economic problems will remove barriers for San Diego’s business community in Sacramento.

Hospitals Exchange Information to Improve Regional Health

HEALTH CARE: Beacon Project Facilitates the Sharing of Medical Records

One by one, health care organizations from across San Diego County are banding together on an information technology platform to make the vision for improving coordinated care a reality.

Biotechs Look Into Clouds for High-Powered Computing Services

TECHNOLOGY: Tools Help Genomics Researchers Analyze Terabytes of Data

As drug discovery and life sciences companies delve deeply into dissecting the mysteries of human genomes, they’re using faster and more powerful computers.

Promising Diabetes Therapy Moves Toward Clinical Studies

BIOTECH: Treatment May Replace Need For Insulin Injections

Local biotech ViaCyte Inc. intends to use its recent $10.1 million award from the California Institute for Regenerative Medicine to push forward its cell replacement therapy for diabetes to clinical trials.

Top Corporate VCs To Share a Wealth Of Knowledge

Capital-starved local entrepreneurs — who are legion in the region — might want to attend the next breakfast gathering of the San Diego Venture Group on Nov. 7 at the Hyatt Regency La Jolla at Aventine.

Software Sector Has The Hot-Jobs Ticket

TECH: Demand Gives Engineers Plenty of Options

San Diego’s software industry continues creating new jobs with positions added by both larger and smaller firms.

Little Things Count in NICU Upgrades

HEALTH: Environments Are More Soothing, Private

Families have the opportunity to spend more quality time with their newborns as area hospitals make privacy a priority when upgrading their neonatal intensive care units.

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Miro to Stay on Offense, Help Boeing in Defense

TECH: Acquisition to Give Boeing Boost in Global Efforts

Miro Technologies, a San Diego maker of software used by the aerospace and defense industries, expects its recent sale to the Boeing Co. will change some things, but certainly won’t slow its growth.

Executive Profile: George Brown

George Brown is the executive director for the Armed Services YMCA, at Camp Pendleton, a private nonprofit organization whose mission is to provide programs and services to active duty military and their families with a focus toward the junior enlisted ranks to increase their quality of life, reduce stress, and strengthen families.

Theaters Usher In a New Movie Experience

CINEMA: Customers Lured With Luxuries, Technology

Movie theaters are ratcheting up amenities in San Diego County, as operators like Cinepolis Luxury Cinemas and now ArcLight Cinemas look to pull consumers away from streamed entertainment watched on big high-def TV screens in the surround-sound comfort of their living rooms.

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Fake Blood, Real Lessons

GOVERNMENT: Firms Give Terrorism Exercises a Double Dose of Realism

While many San Diegans were trick-or-treating, representatives from the military, law enforcement, first-responders and the intelligence community were treated to a private “Zombie-driven show” on San Diego’s Paradise Point Resort & Spa island designed to simulate a threat of real epidemic proportions.

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Gala Helps Support the Next Generation of Musicians

San Diego Symphony’s Opus Gala 2012 was recently held with a pre-reception and dinner at the University Club followed by the concert at Copley Symphony Hall featuring guest pianist Lang Lang.

Baby Boomers and the New Aging

ADVERTORIAL: Senior Living Supplement

On January 1, 2011, the oldest Baby Boomer turned 65. Every day since then and for the next 19 years, approximately 10,000 more will cross that threshold.

Remington Club is Life Made Easy!

ADVERTORIAL: Senior Living Supplement

The Remington Club is a luxury, full service, resort-style, rental retirement community. We are located just north of San Diego in the master planned community of Rancho Bernardo offering breathtaking views as well as an almost perfect year-round climate.

Front Porch Boasts Extraordinary San Diego Retirement Communities

ADVERTORIAL: Senior Living Supplement

San Diego boasts the best retirement communities in the country, if not the world! Front Porch retirement communities are no exception. In the 1950s and 1960s these retirement communities were established by not-for-profit organizations in exceptional locations around the county.

Friday, November 2

SDG&E Sends Help to East Coast in Wake of Tropical Storm Sandy

As more than seven million people on the East Coast struggle without power thanks to Tropical Storm Sandy, San Diego Gas & Electric said it is sending some 40 employees to help in restoring power to a three-state region.

Balfour Beatty Makes National, Regional Leadership Changes

Balfour Beatty Construction has promoted Eric Stenman, the company’s Southwest Division president since 2007, to the national position of Chief of Enterprise Development.

Scripps Ranch Office Building Sold for $10.4 Million

Locally based Double Black Diamond Properties LLC has purchased a Scripps Ranch office building for $10.4 million, according to Voit Real Estate Services, which represented the buyer.

SDG&E to Tap Energy Sources In Kern County

San Diego-based EDF Renewable Energy held a dedication event recently for two large-scale energy projects in Kern County that will provide power to San Diego Gas & Electric Co.

Coronado First Reports Net Income of $357,000 for Q3

Coronado First Bank, which completed its merger with Embarcadero Bank earlier this year, reported unaudited third quarter net income of $357,000.

Thursday, November 1

Conference Sees Growing Role for UAVs in Region’s Economic Picture

The San Diego North Chamber of Commerce released the results of a study on the Unmanned Aerial Vehicle industry’s impact on the San Diego region at the 6th Annual Unmanned Systems Interoperability Conference Oct. 31.

DRT Strategies Awarded $99M Spawar Contract

DRT Strategies Inc., an Arlington, Va.-based management consulting firm, was awarded a $99 million Space and Naval Warfare Systems Command Business and Force Support (BFS) 8(a) Set-Aside contract.

Excel Trust Completes $117.3 Million Stock Offering

Excel Trust Inc. has completed a $117.3 million offering of common stock, including the full exercise of underwriters’ option to purchase additional shares, the San Diego-based real estate investment trust announced.

San Diego Economic Index Is Up Slightly

An index measuring San Diego’s economy increased 0.6 percent in September, following an upward trend for much of the past 12 months.

TowerBrook Capital Acquires Majority Interest in Vistage International

Vistage International Inc., a locally based advisory and coaching organization, announced that TowerBrook Capital Partners LP has acquired a majority interest in the company.

County Construction Contracts Down 10 Percent This Year

Contracts for future construction in San Diego County were down 10 percent in the first nine months of 2012, compared with the same period a year ago, according to McGraw-Hill Construction.