Stories for October 2014
Friday, October 31
Aviation Advances Can Bring World to San Diego
Last week in this column, I offered you 5,000 miles for 5,000 feet. Using the recent visit to San Diego of music icon Paul McCartney as an example, I pointed out that he departed our fair city via a private jet from Gillespie Field in El Cajon, a regional airport with a runway of just over 5,000 feet in length.
Federal Cutbacks Gut Biomedical Research
Imagine this scenario: After receiving government research funding for many years, a small biotech company achieves the near impossible — approval from regulators of a safe and effective drug that reverses the effects of Alzheimer’s disease.
Region Gets New Purveyors of Pizza, Coffee, Juice and Shoes
Stella Public House and Halcyon, described as “sister restaurant” concepts by Austin-based investment group Zebo, will be among the next arrivals in the already buzzing culinary scene of downtown San Diego’s East Village.
For Panoramic Views, La Mesa Is One of Region’s Top Spots
The dream started in 1903 with a vision and $11,500, half of which was financed by a local bank.
Knowing the Twists and Turns Is Key to Navigating IP Course
LEGAL: Tech Cos. Face Perils of Possible Lawsuits From Beginning to End
The innovative companies that make up San Diego County’s technology sector must tread carefully to avoid becoming the targets of intellectual property lawsuits.
IP in the Balance
Patent Rulings Will Discourage Lawsuits But May Also Impair Ability to Protect Innovations
Several recent U.S. Supreme Court decisions have made it more difficult for “patent trolls” to file frivolous lawsuits that accuse businesses of infringing on vague and broadly worded patents.
Economic Index Shows Fourth Consecutive Month of Growth
An index measuring San Diego’s economy increased 0.6 percent in September, the fourth consecutive time it’s risen and the largest monthly spike since February 2013.
National University To Offer Discounts to County's 16,000 Employees
National University and the County of San Diego announced an agreement Friday in which the private, nonprofit, La Jolla-based university will provide educational and scholarship opportunities to the county’s approximately 16,000 employees.
Program Is Helping Students Bring Out Their Inner Athlete
The Boys & Girls Clubs of Carlsbad and Activ8 Athleticism are providing a first-class athletic development experience to young athletes who participate in sports programs.
Peregrine Reports $43 Million in Third-Quarter Earnings
Peregrine Semiconductor Corp., the San Diego-based maker of high-speed, radio frequency chips, reported third-quarter revenue of $43 million, down from $60 million for the like quarter of 2013.
Business Calendar for Week of November 3, 2014
Some of the business events planned for the county during the week of November3 and beyond.
Mast Therapeutics Reports Third Quarter Loss of $7.9 Million
Mast Therapeutics Inc., a pre-revenue, clinical-stage biopharmaceutical company in San Diego, reported a net loss of $7.9 million for the third quarter ending Sept. 30, 2014, compared to a net loss of $5.3 million for the same period in 2013.
ROIC Reports 50 Percent Rise in Third Quarter Revenue
Total revenue at Retail Opportunity Investments Corp. rose 50 percent from a year ago in the third quarter ending Sept. 30, reaching $40.9 million, officials of the San Diego-based company reported.
Excel Trust Sees 4.5 Percent Revenue Increase in Third Quarter
San Diego-based Excel Trust Inc. posted a 4.5 percent gain from a year ago in total revenue for its third quarter ending Sept. 30, reaching $30.2 million.
Academy Gives the I.D.E.A. District Its E: Education Component
It’s looking like the education component will make the first big impact in downtown San Diego’s long-discussed I.D.E.A. District — a mixed-use conversion of a rundown East Village neighborhood into what’s been envisioned as a lively hub for innovation, design, education and the arts.
Some Welcome Rule Changes For Mortgages
FINANCE: Smaller Down Payments, Lower Credit Scores Accepted
Federal regulators recently amended rules covering mortgage lending aimed at broadening credit to many potential borrowers who have been blocked because of stringent requirements.
SDPB Hits a ‘Grand Slam Home Run’ With Its Bank Buy
When banks buy other banks, the deal usually entails a stock for stock payment, with the buyer assuming all the liabilities of the acquired bank.
Fido Gets a Seat at the Table With Startup’s Dog Dining Kits
PETS: Pet Food Co. Puts Its Product on Restaurant ‘Menus’
Karen and Tom Scoggins employed the same marketing tactic used by many startups when the couple launched their business, My Perfect Pet, in 2009: word of mouth.
Law School Reaches a Debt Restructuring Deal
Thomas Jefferson School of Law said it signed a restructuring agreement with its bondholders, reducing its debt from $127 million to $40 million, and lifting the cloud of default.
Zogenix Acquires Brabant Pharma in $35M Deal
PHARMA: Agreement Includes Potential $50M In Milestone Payments
Zogenix Inc., a San Diego-based pharmaceutical company making products for the treatment of pain-related and central nervous system disorders, announced that it has acquired Brabant Pharma, a privately-held U.K.-based pharmaceutical company for $20 million in cash and $15 million in stock, plus potential future milestone and royalty payments.
Medical Drama Is Unfolding in Tri-City Vote
The most interesting contest in this election, on several levels, is the Tri-City Healthcare District Board of Directors.
Novasyte’s Nurses Fill Training Roles
HEALTH: Device Makers Freed Up to Focus on Sales
Novasyte LLC, a private health care company in Carlsbad, is offering a training service to medical device companies that may help the medtech sector adjust to financial setbacks brought on by the medical device tax last year.
Reforms Push Doctors Into Group Practices
MEDICINE: They Offer Way to Handle Billing, IT
The added weight of new health care regulations appears to be driving doctors to opt out of private practice and entrepreneurial pursuits in exchange for the stability, support and paycheck offered by medical groups working in hospitals.
America’s Cup Backers Look to Land the Event
SPORT: Port Commissioner Optimistic Over S.D.’s Offer
With the choice for the next America’s Cup yachting race down to two sites, San Diego and Bermuda, the local agency leading the effort to attract the 2017 event submitted a revised proposal to organizers.
High Degree Of Difficulty
TECH: Inventor’s Latest Thermometer Is Part of A Long Line of Creativity
When imagining a famous inventor in fiction, colorful images come to mind.
Douglas Wilson Cos. Among Firms Planning $200 Million Mixed-Use Arizona Project
A partnership that includes San Diego-based Douglas Wilson Cos. has acquired a property in Tempe, Ariz., for approximately $16.8 million, with plans to develop a $200 million, mixed-used project that includes a hotel and office tower.
Thursday, October 30
Vical Inc. Announces $4.4 Million Loss For Third Quarter
Vical Inc., a San Diego-based biopharmaceutical company, announced Thursday that it lost $4.4 million in the third quarter, or 5 cents per share, which is 1 cent below what Wall Street analysts were projecting. The loss is less than half the $9.9 million Vical lost in the same period in 2013.
Balboa Park to Get Tech Upgrades With $1 Million Donation
Visitors to Balboa Park will soon be able to enjoy Internet access and other high-tech improvements following a $1 million donation from the James Irvine Foundation to double the size of the park’s WiFi network.
AMN Healthcare Reports $265 Million in Third-Quarter Revenue
AMN Healthcare Services Inc., a San Diego-based staffing company, announced quarterly revenue of $265 million for the third quarter of this year.
Vibra Bank Acquired by Los Angeles Bank
Vibra Bank, based in Chula Vista and one of San Diego’s smallest with about $148 million in assets, said it signed a definitive agreement to be acquired by Pacific Commerce Bank of Los Angeles in a stock and cash deal valued at $16 million.
Third-Quarter Revenue Rises 6 Percent at BioMed Realty Trust
San Diego-based BioMed Realty Trust Inc. saw total revenue rise 6 percent from a year ago in its third quarter ending Sept. 30, reaching $168.9 million, with rental revenue for the period hitting a company record $122.8 million.
Fourth-Quarter Revenue Up 6.3 percent at PriceSmart Inc.
PriceSmart Inc., the San Diego operator of club warehouse stores in Latin America and the Caribbean, reported fiscal 2014 fourth quarter revenue of $622.6 million, up 6.3 percent from the like quarter of 2013.
Apartments Planned at San Diego Site Acquired for $3.5 Million
Rize Eagles LLC has purchased a 1.8-acre parcel in San Diego’s College area for $3.5 million, with plans to develop a new apartment community, according to brokerage company Colliers International.
Wermers Completes $6.5 Million Kensington Apartment Project
San Diego-based Wermers Multi-Family Corp. recently completed construction of Kensington Commons, a 34-unit apartment project on Adams Avenue in the city’s Kensington neighborhood.
Realty Income Reports Third-Quarter Gains in Revenue, Income
Realty Income Corp. posted a 16.6 percent gain in revenue from a year ago and a 40.8 percent rise in net income available to common stockholders for its third quarter ending Sept. 30.
Wednesday, October 29
Thomas Jefferson Reaches Restructuring Deal With Bondholders
Thomas Jefferson School of Law said it signed a restructuring agreement with its bondholders, reducing its debt from $127 million to $40 million, and lifting the cloud of default.
County Construction Contracts Up 30 Percent in First 9 Months
San Diego County’s contracts for future construction rose 30 percent in value for the first nine months of 2014 compared with the same year-ago period, topping $3.2 billion, according to the latest data from McGraw Hill Construction.
Rancho Valencia Resort Rates High Among Conde Nast Readers
Rancho Valencia Resort & Spa, a luxury property spanning 45 acres in Rancho Santa Fe, was recently named the top resort in Southern California, No. 6 in the U.S. and No. 25 globally in Conde Nast Traveler’s 2014 Readers’ Choice Awards.
Biocom Institute Seeking Applicants for Veterans Mentoring Program
The Biocom Institute, the educational and workforce development arm of the life sciences trade association Biocom, is now accepting applications from military personnel interested in participating in its Veteran Career Mentoring Program.
Richman Group Begins Work on $28 Million Seniors Community
La Jolla-based Richman Group of California has broken ground on a $28 million, 95-unit affordable apartment community for seniors in downtown Fullerton.
Tuesday, October 28
Hillcrest Apartment Project Gets $7.46 Million in Construction Financing
Real estate and capital services provider HFF has secured $7.46 million in construction financing for a planned 36-unit apartment building in Hillcrest, being developed by San Diego-based Veritas Urban Properties.
Alexandria Buys Sorrento Mesa Office Property for $13.1 million
Alexandria Real Estate Equities Inc. of Pasadena has acquired the two-building Barnes Canyon Center office property in Sorrento Mesa for $13.1 million, according to CoStar Group and public data.
My Perfect Pet Moves to Larger Production Facility
My Perfect Pet, an all-natural dog food company, announced its move to a production facility 10 times larger than the current location and a new distributor to meet a growing national demand.
Hyatt Place Hotel in Vista Sells For $22 Million
An entity recorded as HP Vista LLC has purchased the 150-room Hyatt Place hotel in Vista for $22 million, according to CoStar Group and public data.
SingldOut Inc. Raises More Than $500,000 for Expansion
San Diego-based SingldOut Inc., a dating website that analyzes members’ DNA and matches people based in part on genetic compatibility, has raised more than a half-million dollars in its seed financing round from a group of private investors.
Mogl Receives $11 Million in Venture Funding
Mogl, the San Diego-based restaurant loyalty service, received $11 million in venture funding recently, led by existing investors.
Coldwell Banker Ranked No. 1 For Listings Through August
Coldwell Banker was ranked No. 1 in San Diego County for listing unit, buyer units, total units and sales volume through the end of August, according to the most recent Trendgraphix Market Share Report.
Carlsbad Office Campus Sells for $9.5 Million
Dallas-based Lincoln Property Co. and Artemis Real Estate Partners of Maryland have purchased the three-building Research Center Plaza in Carlsbad for $9.5 million, according to CoStar Group and public data.
Taco Bell Rolls Out New Mobile App
Irvine-based Taco Bell Corp. has introduced its new mobile app for ordering and payment.
Monday, October 27
Amgen Cuts Costs And Beats Estimates
Amgen posted third-quarter earnings Monday that beat Wall Street estimates, as the company reported strong drug sales and benefited from cost-cutting once restructuring costs were excluded.
Zogenix Acquires U.K.-Based Brabant Pharma
Zogenix Inc., a San Diego-based pharmaceutical company making products for the treatment of pain-related and central nervous system disorders, announced that it has acquired Brabant Pharma, a privately-held U.K.-based pharmaceutical company for $20 million in cash and $15 million in stock, plus potential future milestone and royalty payments.
LA Firm Arranged $95M Financing for Pendry San Diego
George Smith Partners, a Los Angeles-based commercial real estate investment banking firm, has arranged $95 million in construction financing for development partners The Robert Green Co. and Montage Hotels & Resorts of Laguna Beach to construct Pendry San Diego, a new 317-room luxury Montage-branded hotel in the Gaslamp Quarter, according to George Smith Partners’ Principal Malcolm Davies.
Oliver Fetzer Named CEO of Synthetic Genomics Inc.
Synthetic Genomics Inc., a San Diego-based startup founded by human genomics pioneer J. Craig Venter, announced the appointment of Oliver Fetzer as the company’s new chief executive officer.
Ligand Pharmaceuticals Reports $15 Million in Revenue for Third Quarter
San Diego-based Ligand Pharmaceuticals Inc. reported $15 million in revenues for the quarter ending Sept. 30, 2014, $7.5 million of which came from royalties.
Teledyne Technologies acquires Carlsbad-Based Oceanscience Group Ltd.
The Oceanscience Group Ltd., a Carlsbad manufacturer of marine sensor platforms and unmanned surface vehicles, was acquired by Teledyne Technologies Inc., the buyer said.
QCMI to Create Program to Train Machinists
Quality Controlled Manufacturing Inc., a Santee contract manufacturer, said it will collaborate with the San Diego Workforce Partnership, the local job training agency, to establish a machinist training program at its site with funding in place for the first 12 students.
Sunday, October 26
Stingaree To Be Replaced With New Nightclub
The San Diego nightclub scene is about to say goodbye to an old favorite and hello to a fresh face.
UC San Diego Hospital Chosen to Treat Ebola Patients
Stepping up California’s preparedness to treat Ebola patients, state public health authorities on Friday officially designated five University of California hospital systems as “priority” hospitals statewide, including UC San Diego Medical Center–Hillcrest.
Sempra Energy Celebrates Groundbreaking of Louisiana Facility
San Diego-based Sempra Energy said some 300 community and business leaders turned out for the Oct. 23 groundbreaking ceremony in Hackberry, La., for its Cameron $10 billion liquid natural gas export facility.
Manchester Secures Financing for Austin, Texas, Hotel
Manchester Texas Financial Group, which manages Texas-based holdings in commercial real estate and hotel development for San Diego-based Manchester Financial Group, announced that it secured financing from Colony Capital LLC for the Fairmont Austin Hotel in Austin, Texas.
Callaway Golf Pegs Third-Quarter Losses at $1 Million
Callaway Golf Inc., the maker of Big Bertha clubs as well as other golf equipment, reported on Oct. 23 that it had a net loss of $1 million on net sales of $169 million during its third quarter.
Oggi's Expands, Opens New Restaurant in Vista
Oggi’s Pizza and Brewery Co. opened a new location in Vista, at 425 S. Melrose Drive.
Third-Quarter Net Income Rises for San Diego Private Bank
San Diego Private Bank, which just announced the acquisition of all the loans and deposits of First Security Business Bank, reported third quarter net income of $723,000, up 58.6 percent from the like quarter of last year.
The Business Events Calendar for the Week of October 27, 2014
Some of the business events planned in the county for the week of October 27, 2014, and beyond.
Friday, October 24
Qualcomm In Partnership For Robotics
Qualcomm Inc. and Colorado-based Techstars announced plans to start an incubator program for early stage companies that specialize in robots. Qualcomm (Nasdaq: QCOM) pledged to put more than $1 million into the project.
Manchester Secures Financing for Austin Hotel
Manchester Texas Financial Group, which manages Texas-based holdings in commercial real estate and hotel development for San Diego-based Manchester Financial Group, announced that it secured financing from Colony Capital LLC for the Fairmont Austin Hotel in Austin, Texas.
Give Me 5,000 Feet and I Will Give You 5,000 Miles
Rock icon Paul McCartney performed at Petco Park on Sept. 29 to a sold-out audience and rave reviews.
Philanthropy More Vital Than Ever to Community
On Oct. 28, some 1,200 philanthropists, board members, volunteers, executives and philanthropy professionals will come together to celebrate the gifts of time, talent and treasure that make such a difference in our community and beyond.
Northrop Grumman Clears Milestone To Deploy Device
Northrop Grumman Corp. said that its JCREW system — an electronic signal jammer designed to foil roadside bombs — made it through an extensive battery of tests at five Defense Department facilities in preparation for deployment in 2015.
Chargers Look to Become 36-0 With Winning Blood Drive Effort
The San Diego Blood Bank is gearing up once again for one of the longest running community events.
How Is Your Firm Handling the Post-Recession Paradigm?
This was supposed to be the year where mid- to regional law firms were supposed to find some financial stability, some profit and loss breathing room, after laboring through five or six years of merger and acquisition and real estate drought.
Big Investors Are Expecting Big Things from Magic Leap Inc.
Qualcomm Ventures, the investing arm of Qualcomm Inc., is part of a group that poured $542 million into the series B round for Florida-based Magic Leap Inc.
Port Selects Company to Negotiate on Chula Vista Bayfront Project
DEVELOPMENT: Resort Hotel Would Be Centerpiece of Waterfront
The board of Port Commissioners announced the selection of RIDA Development Corp. to enter negotiations to develop a destination resort and convention center on the Chula Vista Bayfront.
Planning Commission Forwards One Paseo Project With Revisions
PROPERTY: Changes Aim to Address Concerns Over Traffic, Congestion
The San Diego Planning Commission has forwarded to City Council a controversial $650 million mixed-use development, called One Paseo, proposed for Carmel Valley.
Seacoast Commerce Bank Makes Gains in Net Income, Assets
Seacoast Commerce Bank, which amazingly is now the fourth largest community bank headquartered in San Diego, reported third quarter net income of $1 million, up 300 percent from the net income for the same quarter of last year.
Hilton Plans Downtown Tower as Part of New Upscale Brand
property: San Diego Is One of 11 Locations Selected for Debut
Virginia-based Hilton Worldwide has a large new tower-style hotel planned for East Village, as part of a national rollout of a new upscale brand called Canopy by Hilton.
Vassiliadis' $8.5 Million Gift Will Support Jacobs Medical Center
GIVING: Portion of the Money Will Be Matched By Anonymous Donor
Local philanthropist Carol Vassiliadis has donated gifts totaling $8.5 million to the University of California, San Diego for the future development of the Jacobs Medical Center.
SDG&E Puts 'Whirlybird' Drone to the Test for Inspections
TECH: Utility Gets FAA OK for Limited Operation
The aircraft they cradle in their hands looks like a toy, but Teena Deering and Flynn Ortiz are all business when they send the little orange quad-copter into the sky.
Rock My World's Founders Are Ready to Run With New Ideas
TECHNOLOGY: Product Serves Music to Match Exercise Pace
In a way, Adam Riggs-Zeigen’s daily occupation is not too far removed from his years as a DJ.
New Nightclub Slated for Stingaree Site
The San Diego nightclub scene is about to say goodbye to an old favorite and hello to a fresh face.
Stone to Build Distribution Center In Vista
Stone Brewing Co., the Escondido juggernaut that recently struck deals to build breweries in both Virginia and Berlin, said it plans to open a distribution center in Vista for its national clients.
Council Puts Minimum Wage Issue on 2016 Ballot
A phased-in minimum wage increase required of businesses located in the city of San Diego that would have raised the wage from $9 to $11.50 by 2017 will be put to a public vote on June 2016 following a unanimous 9-0 vote by the San Diego City Council.
Local Companies Aid Efforts to Treat Ebola
MEDICINE: Aethlon Device Is Used to Filter Patient’s Blood
A local medical device maker Aethlon Medical Inc. has joined the San Diego effort to develop an Ebola treatment using its experimental blood-filtration system to treat a patient in Germany.
Scripps Research Star Makes Appeal For Crowdfunding
Erica Ollmann Saphire of The Scripps Research Institute is the director of the global Viral Hemorrhagic Fever Immunotherapeutic Consortium. The VIC united the research world to provide antibody therapeutics against viruses such as Ebola, which makes Saphire a pretty big deal.
Cosmederm Itching to Take on the ‘Big Boys’
MEDICINE: Specialty Pharma Gets $50M to Support Drug
Cosmederm Bioscience Inc., a La Jolla-based specialty pharmaceutical company, has received a $50 million investment to help expand its TriCalm line — an over-the-counter steroid-free itch reliever that the company hopes will trump well-known competitors like over-the-counter hydrocortisone cream.
Law School Gets Extension on Bonds
FINANCE: TJLS Trying To Restructure Its Debt
Thomas Jefferson School of Law obtained another extension from bondholders to the end of this month to negotiate a new agreement following the school’s default in June on $133 million of outstanding debt.
Numbers Adding Up for Abacus Data Systems
TECHNOLOGY: Big Growth In Legal Data Services
Abacus Data Systems Inc. is seeing explosive growth in both its staffing and revenue this year, as more law firms adopt its private cloud platform that lets firms focus on legal services rather than managing their data systems.
Medical Marketplace
HEALTH: The EMR Mandate Opens Door For Industry Innovations
A federal mandate requiring hospitals to install electronic medical record systems has not only streamlined the collection of patient information, it has opened up new markets for innovation in San Diego County and created a new field in health care.
UC San Diego Medical Center-Hillcrest Tapped to Treat Ebola Patients
Stepping up California’s preparedness to treat Ebola patients, state public health authorities on Friday officially designated five University of California hospital systems as “priority” hospitals statewide, including UC San Diego Medical Center-Hillcrest.
Sempra Energy Breaks Ground on Natural Gas Facility
San Diego-based Sempra Energy said some 300 community and business leaders turned out for the Oct. 23 groundbreaking ceremony in Hackbery, La., for its Cameron $10 billion liquid natural gas export facility.
Callaway Golf Reports Third-Quarter Net Loss of $1 Million
Callaway Golf Inc., the maker of Big Bertha clubs as well as other golf equipment, reported on Oct. 23 that it had a net loss of $1 million on net sales of $169 million during its third quarter.
Oggi’s Opens Vista Location
Oggi’s Pizza and Brewing Co. opened a new location in Vista, at 425 S. Melrose Drive.
San Diego Private Bank Reports Third Quarter Net Income
San Diego Private Bank, which just announced the acquisition of all the loans and deposits of First Security Business Bank, reported third quarter net income of $723,000, up 58.6 percent from the like quarter of last year.
Business Calendar for the Week of October 27, 2014
Some of the business events in the county planned for the week of October 27, 2014 and beyond.
Thursday, October 23
Alaska Airlines Adds Nonstop Flights to Kona, Hawaii
Alaska Airlines said it is adding new nonstop flights from San Diego to Kona, Hawaii, starting March 5.
San Diego Private Bank to Acquire First Security Business Bank
San Diego Private Bank, which merged with Coronado First Bank in April 2013, is expanding again, having signed a definitive agreement to acquire all of the loans and deposits of First Security Business Bank, a one-office industrial bank in Orange.
Maxwell Technologies Allies With Fortune 500 Corning Inc.
San Diego-based Maxwell Technologies Inc. reported a new alliance with a Fortune 500 company as well as a quarterly net loss on Oct. 23.
U.S. Army Awards Contract for Training to Cubic Corp.
The U.S. Army steered millions of dollars of training work to Cubic Corp. over the last several months, the San Diego company reported on Oct. 23.
ResMed Inc. Posts $380.4 Million in First-Quarter Revenue
San Diego-based ResMed Inc., a medical technology company making devices for sleep-related breathing disorders, announced revenue of $380.4 million for the quarter ending Sept. 30, a 6 percent increase compared to the same quarter last year.
Vibra Bank Reports Strong Third-Quarter Net Income
Vibra Bank, based in Chula Vista and with one branch, reported third quarter net income of $305,000, compared to net income of $134,000 for the like quarter of 2013.
Wednesday, October 22
Fraden Corp. Develops Thermometer for Smartphones
Just in time to meet the Ebola outbreak demand for detecting fever, San Diego-based Fraden Corp. announced that it received a second U.S. patent for augmenting any smartphone with an instant non-contact infrared thermometer.
Port Selects Company to Negotiate on Chula Vista Bayfront Hotel Development
The board of Port Commissioners announced the selection of RIDA Development Corp. to enter negotiations to develop a destination resort and convention center on the Chula Vista Bayfront.
City Council OKs Community Planning Group for Barrio Logan
The San Diego City Council voted on Oct. 21 to recognize something that Barrio Logan has never had — an official community planning group.
Edico Genome Announces Launch of Dragen Processor
Edico Genome Inc., a San Diego-based company that makes integrated circuits for processing genomic data, announced the broad commercial launch of its flagship Dragen processor.
County's Assessed Property Value Up 5.7 Percent
The total value of San Diego County’s assessed property for the 2014 fiscal year ended June 30 was $430.3 billion, up 5.7 percent from the prior year, according to the state Board of Equalization.
Poway Chamber to Host Expo, Mixer
The Poway Chamber of Commerce will host a business expo and mixer on Oct. 29.
Tuesday, October 21
Pizza Port Brewing Co. Gets Nevada Distribution Deal
Pizza Port Brewing Co.’s craft beer will be distributed outside of Southern California for the first time, as Southern Wine & Spirits of Nevada, an alcoholic beverage distribution company, introduces it to the Las Vegas and Reno markets.
Cox Doubles Speed on Internet Packages
Cox Communications, whose subsidiary Cox San Diego, provides cable and Internet services to about 500,000 households here, said it doubled the speeds of its two most popular Internet service packages without increasing the price.
Inflexus Buys Diego Homes Property Management Group
Inflexus Management, a San Diego property management firm, said it acquired Diego Homes Property Management Group, a local management firm focused mainly on single-family homes and small apartments, for an undisclosed price.
Otonomy Names Yost Chief Commercial Officer
San Diego-based Otonomy Inc., a clinical-stage biopharmaceutical company, announced the appointment of Anthony Yost as chief commercial officer.
Manchester Grand Hyatt to Open Marilyn Monroe Branded Spa
The Manchester Grand Hyatt San Diego plans to open a Marilyn Monroe Spas facility.
Two Companies Get Clearance to Bid for Certain Defense Contracts
Two companies — Northrop Grumman Corp.’s Information Systems Sector and Computer Sciences Corp. — received indefinite-delivery, indefinite-quantity contracts letting them bid on software engineering work worth tens of millions of dollars.
Envision Solar Reports High Level of Sales
Envision Solar International Inc., a San Diego maker and provider of solar energy systems, said it received multiple purchase orders for its solar products in less than 30 days that totaled more than $2 million.
Monday, October 20
Unanimous City Council Vote Puts Minimum Wage Issue on June 2016 Ballot
A phased-in minimum wage increase required of businesses located in the city of San Diego that would have raised the wage from $9 to $11.50 by 2017 will be put to a public vote on June 2016 following a unanimous 9-0 vote by the San Diego City Council.
Apricus Receives $10M in Financing to Pursue Licensing Deal
San Diego-based Apricus Biosciences Inc. announced that it has acquired $10 million in financing to purchase licensing from Finland-based Forendo Pharma to develop and commercialize an investigational treatment for urological conditions in men.
Stone to Open Distribution Center in Vista
Stone Brewing Co., the Escondido juggernaut that recently struck deals to build breweries in both Virginia and Berlin, said it plans to open a distribution center for its national clients in Vista.
Northrop Grumman Reports Successful Tests of Roadside-Bomb Jamming Device
Northrop Grumman Corp. said on Oct. 16 that its JCREW system — an electronic signal jammer designed to foil roadside bombs — made it through an extensive battery of tests at five Defense Department facilities in preparation for deployment in 2015.
StackIQ Receives $6 Million in Series B Funding
StackIQ, a Solana Beach software maker specializing in products to manage large infrastructures, said that it received $6 million in series B funding.
Albireo of New Jersey Buys Two Poway Companies
Electronic Control Systems and Green Total Solutions, both based in Poway, were acquired by Albireo Energy LLC of New Jersey for an undisclosed price.
Epic Sciences Names Giske to CIO Position
Epic Sciences Inc. announced the appointment of Michael Giske as chief information officer.
Mid-Coast Trolley Project Gets a Key Environmental Approval
The Federal Transit Administration signed a key document approving the environmental review of the Mid-Coast Trolley Project.
Acquisition of redIT Clears Final Regulatory Hurdle
KIO Networks, a Mexico-based Internet services provider, said it concluded the final regulatory process of acquiring redIT, a San Diego-based provider of information technology data centers.
Women-Owned Small Businesses Invited to Federal Contract Workshop
A workshop on how women-owned small businesses can get federal contracts is scheduled for Oct. 22 at San Diego State University.
Sunday, October 19
Planning Commission Recommends Changes and Forwards One Paseo Project to City Council
The San Diego Planning Commission has forwarded to City Council a controversial $650 million mixed-use development, called One Paseo, proposed for Carmel Valley.
The Business Calendar for the Week of October 20, 2014
Some of the business events scheduled in the county for the week of October 20, 2014, and beyond.
Kratos Announces Several Contracts
Kratos Defense & Security Solutions Inc. announced several contract wins in the seven-day span of Oct. 9-15.
Otay Mesa Industrial Building Sold for $5 Million
Dallas-based TriGate Capital LLC and Lotus Real Estate Partners of Irvine have purchased an Otay Mesa industrial property for approximately $5 million, according to a statement from the buyers.
Unemployment Rate in County Is 5.9% for September
San Diego’s unemployment rate in September was 5.9 percent, down from August’s 6.2 percent, and down from the year-ago rate of 7.3 percent, according to the state’s Employment Development Department.
Presidio Residential Capital Partnering With Builder for Pismo Beach Project
San-Diego based Presidio Residential Capital is partnering with Coastal Community Builders in plans to build Seaside Villas, a $5.43 million .38-acre community with eight detached three-story townhomes in Pismo Beach.
Chipotle Mexican Grill Opens Its First Military Location at MCAS Miramar
Denver-based Chipotle Mexican Grill has opened its first military base restaurant at Marine Corps Air Station Miramar in San Diego.
Plans for Busier Workers Buoy Business Index for September
The San Diego Business Outlook Index, a measure of local business owners’ confidence, increased by 1.7 points in September to 26.7, driven by more optimism about increased workforce hours.
WD-40 Co. Reports $43.7 Million Net Income for the Year
Shares of WD-40 Co. gained almost 6 percent Oct. 17, one day after the company announced fourth quarter earnings.
Friday, October 17
Rural Charms Offer a Perfect Setting for Luxurious Living
What I love about San Diego County, unlike most large urban areas, is that it has pockets of hidden communities that were formed for an explicit reason.
WD-40 Co. Reports $43.7M Net Income for the Year
Shares of WD-40 Co. gained almost 6 percent Oct. 17, one day after the company announced fourth quarter earnings.
EV Charging Station Surcharge Is Wrong Road
Sempra Energy is proposing a surcharge on every customer — rich and poor alike — in order to raise $100 million for the installation of 5,500 Electric Vehicle (EV) charging stations.
San Diego Well-Positioned to Lead Cyber Security Fight
In this column last week I described the threats posted by cyber attacks on our key commercial and national defense infrastructure and the cyber theft of financial information and intellectual property as the “Ebola of business.”
San Diego Girl Makes Some Giant Strides for Soles4Souls
Instead of going to the beach or hanging out with friends, 11-year old San Diego resident Trinity Barbera recently collected more than 2,000 pairs of shoes to help Stride Rite and the global nonprofit Soles4Souls.
Military Compensation Average Outpaces Civilian Pay Locally
DEFENSE: Total Said to Be $15.5B According to Study
San Diego’s active duty military personnel are “a force for good,” as the Navy says in a televised ad, and especially good for the local economy.
Pace of Construction Projects Slows as MCI West Winds Down
CONSTRUCTION: Shift Toward Pacific Region Strategy Brought Work
Military base construction projects remain a potent economic driver in San Diego County, but not with the same impact seen in the 2007-2012 period when the Defense Department completed $4 billion in enhancements to local installations, according to the San Diego Military Advisory Council.
Kratos Defense & Security Solutions Announces Several Contracts
Kratos Defense & Security Solutions Inc. announced several contract wins in the seven-day span of Oct. 9-15.
Medical Community Finding Some Success in Treating PTSD
HEALTH: Variety Of Treatments Used to Deal With the Disorder
Military health care organizations in San Diego are investing in research to help staunch undiagnosed post-traumatic stress disorder among soldiers and veterans and to find out which treatments actually work.
This Organization Helps Open the Door to Defense Contracts
ECONOMY: Group Can Be a Guide; It Can Also Advocate for Industry
Selling to the government is hardly simple, but by joining forces, contractors like Doug Ray make things easier for themselves and each other.
Achates Is in the Race for an Engine Contract Worth Up to $20M
Achates Power Inc. expects to learn by the end of the year whether the U.S. Army wants to continue a relationship which — in the company’s view — is humming along nicely.
Playing Defense And Offense
Companies Can Benefit From Learning How To Commercialize Their Military Innovations
Cubic Corp., SeaBotix Inc. and ViaSat Inc. have business models that other defense contractors might want to study — even emulate — as San Diego’s defense sector rolls into what promises to be some rollicking, budget-cutting years.
Pendry Joins the List of Luxury Downtown Hotel Projects
Two more high-profile, hospitality-related projects recently broke ground in San Diego’s downtown area, giving continued heft to its status as the region’s prime hot spot for new development.
Presidio Residential Partners With Builder for Pismo Beach Project
San-Diego based Presidio Residential Capital is partnering with Coastal Community Builders in plans to build Seaside Villas, a $5.43 million .38-acre community with eight detached three-story townhomes in Pismo Beach.
Neighborhood National Bank Slowly Filling Its Tanks These Days
If you’re a gas station owner looking for a loan, don’t bother visiting Neighborhood National Bank. It’s not that the San Diego lender can’t support anything connected to the oil industry. It’s just that it’s gotten hosed by a couple of problem loans to gas station borrowers.
Synthetic Biology Seen as Game Changer for Drug Development
BIOTECH: Process To Be More Efficient And More Expansive
The phrase “synthetic biology” might sound like an oxymoron meant for science fiction novels, but it’s not for Synthorx Inc., a small biotechnology company in Torrey Pines. Synthorx is developing a new — and a little bit scary — way to create and protect life.
Surf Air Expands To Carlsbad
Surf Air, a private-membership airline using small aircraft, plans to begin service to McClellan-Palomar Airport in Carlsbad on Nov. 18.
Qualcomm to Buy British Company for $2.5B
Qualcomm Inc. said Oct. 15 that it has agreed to buy CSR plc, a British fabless semiconductor company, for $2.5 billion in cash.
Signatures on Wage Referendum Validated
WORKFORCE: City Council Can Act or Measure Goes to Ballot
Registrar of Voters has validated signatures collected by opponents of a recently approved hike in San Diego’s minimum wage, meaning enforcement will be delayed until the issue is decided by voters.
‘Near Sourcing’ Of Manufacturing Has Arrived
Carlos Nunez, chief medical officer of San Diego-based CareFusion, the medical device manufacturer being sold in a $12.2 billion deal, said on Manufacturing Day that all of their U.S. manufacturing facilities pale in comparison to its facilities right across the border, in Tijuana and Mexicali.
Housing Seen as Key for Border Region Growth
PROPERTY: Infrastructure Improvements Being Made
Pieces are slowly falling into place to turn the Otay Mesa region into a vibrant future hub of cross-border business activity. And if one recent high-profile deal is an indicator, observers say the border-adjacent region could become more attractive to those investing in residential projects.
Ashford Leader Changes The ‘Campus’ Culture
EDUCATION: Reforms Keep Coming in Challenging Climate
It’s been two years since Richard Pattenaude was named president of Ashford University, and he’s still getting used to change that occurs much faster than at his past job.
Medical Device Tax Repeal Likely DOA
BIOTECH: Local Companies Say Many Jobs Are on the Line
Last month the U.S. House of Representatives voted in favor of a bill that would repeal part of the Affordable Care Act — a 2.3 percent medical device excise tax expected to generate $30 billion in 10 years. However, experts say prospects look bleak for the U.S. Senate and president to follow suit.
Otay Mesa Industrial Property Purchased for $5 Million
Dallas-based TriGate Capital LLC and Lotus Real Estate Partners of Irvine have purchased an Otay Mesa industrial property for approximately $5 million, according to a statement from the buyers.
Business Index Outlook Is Up 1.7 Points in September
The San Diego Business Outlook Index, a measure of local business owners’ confidence, increased by 1.7 points in September to 26.7, driven by more optimism about increased workforce hours.
Chipotle Opens First Military Location at MCAS Miramar
Denver-based Chipotle Mexican Grill has opened its first military base restaurant at Marine Corps Air Station Miramar in San Diego.
Planning Commission Approves One Paseo Project with Requested Revisions
The San Diego Planning Commission has approved and forwarded to City Council a controversial $650 million mixed-use development, called One Paseo, proposed for Carmel Valley.
September Unemployment Rate in County Is 5.9%
San Diego’s unemployment rate in September was 5.9 percent, down from August’s 6.2 percent, and down from the year-ago rate of 7.3 percent, according to the state’s Employment Development Department.
Business Calendar for Week of October 20, 2014
Some of the business events scheduled in the county for the week of October 20, 2014.
Thursday, October 16
Registrar Validates Signatures for Potential Vote on Minimum Wage
Registrar of Voters has validated signatures collected by opponents of a recently approved hike in San Diego’s minimum wage, meaning enforcement will be delayed until the issue is decided by voters.
Orexigen Therapeutics Earns $70 Million Milestone Payment
Orexigen Therapeutics Inc. announced it has earned a $70 million milestone payment from partner Takeda Pharmaceuticals related to the shipment of Contrave to pharmacy wholesalers in preparation for commercial launch.
Hilton Plans New Canopy Hotel in Downtown San Diego
Virginia-based Hilton Worldwide has a large new tower-style hotel planned for East Village, as part of a national rollout of a new upscale brand called Canopy by Hilton.
Region Ranks Sixth in Q3 Venture Capital Dollars
Twenty one San Diego area businessesattracted about $220 million in venture capital during the third quarter, according to the Dow Jones VentureSource report.
New Qualcomm Robotics Accelerator to Support Early-Stage Companies
Qualcomm Inc. and Colorado-based Techstars announced plans to start an incubator program for early stage companies that specialize in robots. Qualcomm (Nasdaq: QCOM) pledged to put more than $1 million into the project.
Batu Biologics Signs Licensing Agreement With UC San Diego
Batu Biologics Inc., an immunotherapy company developing a cancer vaccine, announced the signing of a license agreement with the Regents of the University of California, San Diego granting exclusive rights to peptide drugs developed at UC San Diego that have been proven to stimulate cancer-killing immune responses.
The Search Is On – Emerging Generation Award Nominations Close October 24
The San Diego Business Journal is accepting nominations for the 2014 Emerging Generation Awards, which honors up-and-coming leaders in their 20s.
Vassiliadis Gives $8.5M for Jacobs Medical Center
Local philanthropist Carol Vassiliadis has donated gifts totaling $8.5 million to the University of California, San Diego for the future development of the Jacobs Medical Center.
New Tenants Join Lineup at Regency’s Balboa Mesa Center
Locally-based Chicken Charlie’s, long known for its deep-fried offerings at the San Diego County Fair and fairs in Los Angeles and Orange counties, is among 14 new tenants recently signed to leases at Balboa Mesa Shopping Center in San Diego’s Clairemont neighborhood, according to property owner Regency Centers.
Seacoast Commerce Bank Reports Q3 Results
Seacoast Commerce Bank, based in San Diego, reported third quarter net income of $1 million, compared with net income of $250,000 for the like quarter of last year.
Spirit Airlines Plans New Local Nonstop Service to Denver
Florida-based discount carrier Spirit Airlines plans to offer new daily nonstop service from San Diego to Denver starting Jan. 5, 2015.
Former Mayor O’Connor Makes List of California’s Top 500 Tax Debtors
Former San Diego Mayor Maureen O’Connor was on the latest list of California’s Top 500 Tax Debtors released by the state’s Franchise Tax Board.
Wednesday, October 15
Three Companies Selected for Inaugural Illumina Accelerator
Illumina Inc. announced the selection of three startup companies for the inaugural Illumina Accelerator funding cycle. The companies are Encoded Genomics Inc., EpiBiome Inc., and Xcell Biosciences Inc.
Qualcomm to Buy British Company for $2.5 Billion
Qualcomm Inc. said Oct. 15 that it has agreed to buy CSR plc, a British fabless semiconductor company, for $2.5 billion in cash.
Cisterra Expects June Completion for New Sempra Headquarters Tower
San Diego-based Cisterra Development is anticipating a June 2015 completion for the new headquarters building for Sempra Energy, currently under construction in downtown’s East Village neighborhood.
County Investment Pool Receives High Rating
San Diego County’s investment pool, used by local agencies for their short term cash needs, received Standard & Poor’s highest ratings for credit quality and volatility again based on its past fiscal year results, said County Treasurer-Tax Collector Dan McAllister.
Work Progressing on $43 Million Senior Care Facility in Chula Vista
Construction is progressing on a new $43 million retirement and care community in Chula Vista, being built by St. Paul’s Senior Homes & Services.
Lawsuit Filed Against Carlsbad Resort Over Poinsettia Fire
A lawsuit filed by property owners blames the Omni La Costa Resort & Spa in Carlsbad for starting the Poinsettia Fire, which destroyed several homes and businesses in May.
Tuesday, October 14
Aethlon Medical Device Used in Treatment of Ebola Patient
Aethlon Medical Inc., a San Diego-based medical device company, announced the first use of Hemopurifier therapy on a patient infected with Ebola virus.
Leparulo Resigns From Novatel Board; Company Sets Agenda for Stockholders Meeting
Novatel Wireless Inc. said in a securities filing that Peter Leparulo left the company’s board of directors.
Cubic Corp. Appoints Marshall CIO, VP
Cubic Corp. said that it appointed Jan Marshall as vice president and chief information officer.
Surf Air Expanding Private-Member Service to Carlsbad
Surf Air, a private-membership airline using small aircraft, plans to begin service to McClellan-Palomar Airport in Carlsbad on Nov. 18.
Overland Storage Says Its Acquisition Is On Track to Close This Quarter
Overland Storage Inc., the San Diego provider of data storage systems that agreed to be acquired in May by Ontario, Canada-based Sphere 3D, said the transaction is on track to close in the current fiscal quarter.
Virgin America Cuts SeaWorld Ties
Virgin America has cut ties with SeaWorld Entertainment, removing the theme parks from the airline’s rewards program, according to PETA. The animal rights group claims its efforts were instrumental in the airline’s decision.
BioMed Markets Developments Via New Mobile App
BioMed Realty Trust Inc. recently launched a new mobile application geared to informing tenants and brokers about potential development at its life science properties in San Diego and three other markets.
OneRoof Energy Receives $2M in Debt Financing
OneRoof Energy Inc., a San Diego provider of residential solar services, said New Resource Bank will provide it with about $2 million in debt financing to lower its cost of funds on a pool of existing solar projects.
Monday, October 13
Dallas Firm Buys Carlsbad Retail Center for $31.6 Million
A Dallas-based firm has purchased the La Costa Town Center shopping center in Carlsbad for $31.6 million.
San Diego Ranks Fifth Among Meeting Destinations in American Express Meetings & EventsSurvey
San Diego ranks fifth among North America’s top destinations for meetings and events, according to the latest annual Global Meetings Forecast report by a division of financial services provider American Express.
Japan FTC Approves Peregrine Sale to Murata
Peregrine Semiconductor Corp., the San Diego maker of radio frequency chips contained in many wireless devices, said the Japan Fair Trade Commission notified it that its pending sale to Murata Electronics North America was granted clearance.
Median Housing Price in County Is $445,000 for September
The median priced house in San Diego County in September cost $445,000, down 0.78 percent from the median priced house in August, according to the latest CoreLogic Dataquick residential report.
Novatel Wireless Makes Appointments to Its Board
San Diego-based Novatel Wireless Inc., a maker of wireless communications electronics, has appointed Philip Falcone and Robert Pons to its board of directors. The company made the announcement on Oct. 13.
Cytori Completes $13.5M Registered Direct Offering
Cytori Therapeutics Inc. announced that it has completed the sale of shares of its Series A 3.6 percent convertible preferred stock pursuant to a registered direct offering representing gross proceeds of about $13.5 million.
Quidel Receives FDA Clearance to Market Assay
Quidel Corp., a San Diego-based diagnostics company, announced that it has received 510 (k) clearance from the U.S. Food and Drug Administration to market its Lyra Adenovirus Assay, a real-time PCR test for the qualitative detection of human adenovirus (HAdV) viral DNA.
Hub International Gives San Diego Executive Additional National Duties
Mike Barone, president of Intercare Insurance Solutions and HUB's San Diego operations, has been named president of HUB’s National Employee Benefits Practice.
Oceanside Auto Repair Building Sold for $6 Million
An Oceanside retail building housing a Midas auto repair shop has been sold for approximately $6 million, according to CoStar Group and public data.
Robbins Geller Selected as One of Nation's Most Feared Litigation Firms
San Diego-based Robbins Geller Rudman & Dowd LLP has been selected as one of the “Most Feared Firms in Litigation” by BTI Consulting.
Sunday, October 12
Sustainable Fish Farm Planned Off San Diego Coast
San Diego-based Hubbs-SeaWorld Research Institute and private equity firm Cuna del Mar LP have filed permits to develop an environmentally sustainable, 5,000-metric-ton finfish farm off the San Diego coast.
San Diego-Based Loan Firm Adds More Health Care Systems to Its Roster
Clear Balance, a San Diego provider of patient loans, recently added a few health care systems to its client base.
Partnership Purchases North Park Apartments for $18.47 Million
A partnership that includes Arc Capital Partners LLC of Los Angeles, Baltimore-based Alex. Brown Realty Inc. and New Standard Equities of Encino has purchased a 132-unit apartment property in San Diego’s North Park neighborhood.
Air Force Defends the Number of Reaper Drones It Plans to Buy
The U.S. Air Force rebutted a Department of Defense Inspector General’s report alleging that the Air Force is buying too many Reaper drones from General Atomics Aeronautical Systems Inc.
The Business Calendar for the Week of October 13, 2014
Some of the business events planned in the county for the week of October 13, 2014.
Kids Free San Diego Offers Opportunity to Explore County's Attractions
San Diego city and tourism officials recently announced the return of Kids Free San Diego, an annual promotion offering visitors and locals family-friendly discounts during the month of October.
Active Network Celebrates Its Texas Move With Charity Event
Active Network, which relocated its headquarters to Dallas in August, celebrated the opening of that office with a charity challenge, aimed at placing children into sports activities.
Securities Filings Show Salary and Possible Bonuses for Cohu's Newly Named Leader
Cohu Inc.’s new chief executive will have an annual base salary of $410,000 and will be eligible to make up to that same amount in a year-end bonus, according to a securities filing.
Friday, October 10
Local Loan Firm Adds More Health Systems to Its Roster
Clear Balance, a San Diego provider of patient loans, recently added a few health care systems to its client base.
Air Force Defends Its Reaper Drone Purchases
The U.S. Air Force rebutted a Department of Defense Inspector General’s report alleging that the Air Force is buying too many Reaper drones from General Atomics Aeronautical Systems Inc.
Gas Tax Increase Should Be Openly Debated
While the California Air Resources Board is an unelected regulatory body, the agency wields great power to create laws and impose taxes — virtually unchecked.
Are You Active on the Cyber-Threat Frontlines?
The Ebola epidemic in Africa has focused the world’s attention on pandemic threats to the health of mankind.
Home of the Month: Spectacular Sanctuary in Sky
On the far eastern edge of Rancho Santa Fe is the community of Cielo.
Executive Q&A: Allyson Handley, National University’s Sanford Education Center
Dr. Allyson Handley is the newly appointed executive director of the Sanford Education Center, which launched Sept. 18 at National University.
Changing Courses
MBA Schools Offer Specialty Degrees To Meet Evolving Business Demands
The MBA, first introduced in 1908, remains the go-to degree for successfully advancing through the ranks into the corporate suite.
This Hornblower Benefit Cruise Is Scheduled to Go to the Dogs
Hornblower’s sixth annual Bow Wow Brunch Cruise is holding a Halloween-themed brunch with Fido-friendly activities and a stunning ride around San Diego Bay.
Impressive Slate for the Upcoming Bar Association Elections
It’s time to vote for next year’s leadership of the San Diego County Bar Association, and you should do it. Mostly, because you’ll be able to say you did at the SDCBA’s excellent Holiday Party, where new leadership is sworn in, but there are probably other good reasons as well.
Carlsbad Company Sees Acquisition as Path to New Markets
Carlsbad semiconductor company MaxLinear Inc. said on Oct. 6 that it signed a definitive agreement to buy a second chipmaker, privately held Physpeed Co. Ltd., for $11 million in a deal that could close by the end of the year.
Retail’s Momentum Expected to Keep Pushing Vacancy Rate Down
PROPERTY: Barriers To Entry Are Keeping New Construction Sparse
Growing payrolls and a steady influx of tourists have brought full recovery to San Diego County’s retail industry, though the region is still about a year away from pre-recession sales highs reached at stores and restaurants, according to a recent third-quarter report by the brokerage company Marcus & Millichap Inc.
ATMs Give It, and ATMs Take It Away Through High User Fees
Thanks to the Dodd-Frank banking reform law, consumers can’t be dinged as much on the rates banks charge on credit cards and other things like check overdrafts.
City of San Diego Finally Moves Many Permit Processes Online
DEVELOPMENT: Firms Say Belated Changes Will Save Time and Money
Facing a rising tide of new development projects heading through the pipeline, the City of San Diego has taken steps to streamline its processing of project permits and plans, moving a large portion of operations online.
Active Network Holds Charity Event to Celebrate Move to Texas
Active Network, which relocated its headquarters to Dallas in August, celebrated the opening of that office with a charity challenge, aimed at placing children into sports activities.
Revived San Diego Opera Is Nearing Its Fundraising Goal
ARTS: The $5.3 Million Raised Puts Group Near Goal for 3-Opera Season
The San Diego Opera, which was reactivated in April after its board initially voted to disband, said its fundraising campaign and ticket sales for the upcoming season are nearly meeting targeted goals.
Independa Uses TV as a Tool To Link Seniors and Caregivers
HEALTH: Keeping People Independent And Connected Is Goal
Independa Inc., a San Diego-based health care technology company, has joined forces with LG Electronics Inc. to embed a health monitoring social system into the televisions of seniors.
Envision Customer Orders 20 Vehicle Charging Stations
Envision Solar International Inc., a renewable energy, media and branding product company, announced that it will be supplying an order of 20 charging stations to a major Silicon Valley search engine.
Stone Investing $74M in Virginia Brewery, Eatery
Escondido-based Stone Brewing Co. plans to invest $74 million in a new East Coast brewing facility planned for Richmond, Va.
Council Reaches Linkage Fee Compromise
GOVERNMENT: Plan Would Phase in Increase Over 3 Years
San Diego City Council has approved language for a compromise on the controversial issue of commercial linkage fees, with a planned phased-in hike expected to finance more than $30 million in new affordable workforce housing over the next 20 years.
Slovak President Took Detour From American Dream
Eset North America recently was host to Andrej Kiska, the president of the Slovak Republic.
BRAC Looming On Budget Horizon
DEFENSE: Region Leaders Prepare for Next Round of Cuts
Pressure is building for a new military base closure round, perhaps in the post-election years of 2017 or 2019.
Sustainable Finfish Farm Planned Off San Diego Coast
San Diego-based Hubbs-SeaWorld Research Institute and private equity firm Cuna del Mar LP have filed permits to develop an environmentally sustainable, 5,000-metric-ton finfish farm off the San Diego coast.
Hewlett-Packard Split Part of Its Strategy
TECHNOLOGY: Some See San Diego in Position to Benefit
The proposed split of Hewlett-Packard into two public companies could have a positive effect on its local operations in Rancho Bernardo where it has some 2,000 employees, said local sources.
CareFusion Being Sold To BD in $12.2B Deal
BIOTECH: Buy Is Part of Recent Consolidation Trend
In the second biggest sale in San Diego life science history, New Jersey-based medical equipment supplier Becton, Dickinson and Co. has agreed to purchase San Diego-based CareFusion Corp. for $12.2 billion.
World of Inspiration
WORKFORCE: Firm Pays for Trips To Boost Employees’ Skills and Confidence
Instead of sending employees to training conferences and workshops to help them grow professionally, thinkPARALLAX in Encinitas is sending them to see their travel agents.
Tourism Leaders Launch Annual ‘Kids Free’ Discount Program
San Diego city and tourism officials recently announced the return of Kids Free San Diego, an annual promotion offering visitors and locals family-friendly discounts during the month of October.
Partnership Buys North Park Apartments for $18.47 Million
A partnership that includes Arc Capital Partners LLC of Los Angeles, Baltimore-based Alex. Brown Realty Inc. and New Standard Equities of Encino has purchased a 132-unit apartment property in San Diego’s North Park neighborhood.
Business Calendar for Week of October 13, 2014
Some of the business events happening in the county for the week of October 13, 2014.
Securities Filings Show Salary, Possible Bonuses for Cohu's New Leader
Cohu Inc.’s new chief executive will have an annual base salary of $410,000 and will be eligible to make up to that same amount in a year-end bonus, according to a securities filing.
Thursday, October 9
Stone Brewing Investing $74 Million in New Virginia Operations
Escondido-based Stone Brewing Co. plans to invest $74 million in a new East Coast brewing facility planned for Richmond, Va.
Isis Pharmaceuticals Earns $18M Milestone Payment From GSK
Isis Pharmaceuticals Inc. announced that it has earned an $18 million milestone payment from GlaxoSmithKline Plc related to the advancement of the Phase 2/3 study of ISIS-TTRRx in patients with familial amyloid polyneuropathy (FAP).
San Diego Ranks 24th Globally for Commercial Property Investment
San Diego ranks 24th among the world’s 25 largest markets for commercial property investment dollar volume, according to a report by brokerage company Cushman & Wakefield Inc.
Median Price for Single Family Home in County Remains Unchanged From August to September
The median price for a single family house in San Diego remained unchanged in September from August at $510,000. The price was about 5 percent above the median in September 2013, according to the Greater San Diego Association of Realtors.
Chula Vista Retail Property Sells for $21.9 Million
New York-based RREEF Property Trust Inc. has purchased a Chula Vista property housing two big-box retailers for $21.9 million, according to CoStar Group and public data.
Cognitive Medical Secures Several Government Contracts
Cognitive Medical Systems Inc., a health care software company, announced that it secured 11 federal and state agency contracts last quarter.
SupraMed to Debut EHR Platforms
San Diego-based SupraMed Inc., providers of Web-based practice management and electronic health record systems for private practice surgeons, announced the launch of its new technology platform, SupraMed Complete.
Wednesday, October 8
Construction Starts on $100 Million Downtown Hotel
Encinitas-based developer The Robert Green Co. and Montage Hotels & Resorts of Laguna Beach have begun construction on Pendry San Diego, a new 317-room luxury hotel in downtown San Diego’s Gaslamp Quarter.
Cohn Breaks Ground on $10 Million Restaurant at Harbor Island
Cohn Restaurant Group of San Diego has broken ground on a new restaurant at Harbor Island, with an expected development cost of at least $10 million and set for a spring 2015 opening.
Northrop Grumman Gets $306.1 Million Air Force Contract
The U.S. Air Force said on Oct. 1 that it awarded Northrop Grumman Corp. a $306.1 million, sole-source contract to provide logistics services and sustainment for the Air Force’s Global Hawk unmanned spy aircraft.
Local Economic Index Increases 0.3% in August
An index measuring San Diego’s economy increased 0.3 percent in August, with four of the six components rising during the month.
BBX Capital Acquires Candy Maker The Toffee Box of Carlsbad
BBX Sweet Holdings, a wholly owned subsidiary of Florida-based BBX Capital Corp., has acquired Carlsbad-based candy maker The Toffee Box LLC, for an undisclosed price.
Brand Diego Awards will highlight local brands
The Brand Diego Awards will be held Thursday, Oct. 23, at the Port Pavilion on Broadway Pier.
Cox Business Completes Build-Out of Broadband Network to Navy Sites
Cox Business said it completed a build-out of 40 miles of its broadband network to 165 Navy sites in San Diego County.
Kratos Gets $8.5M Military Contract for Communications Systems
Kratos Defense & Security Solutions Inc. said that it received an $8.5 million contract award for communication systems for certain airborne assets.
Tuesday, October 7
Cohu Inc. Announces Appointment of Müller to Take CEO, President Role in December
Poway-based Cohu Inc., which makes equipment for the semiconductor industry, said on Oct. 7 that its board of directors appointed Luis Müller as its president and CEO, effective Dec. 28.
SpectraScience Taps SenaHill for Advice on $40M Financing Plan, Strategic Alternatives
SpectraScience Inc., a San Diego medical device company, sid it has engaged SenaHill Advisors LLC as an advisor in connection with a proposed equity financing of up to $40 million and a review of strategic alternatives.
BioTheranostics Inc. Appoints Barthelemy President and CEO
BioTheranostics Inc., a San Diego-based cancer diagnostic company, has appointed life sciences industry veteran Nicolas Barthelemy to the position of president and CEO.
Miramar Office and Industrial Building Sells for $5 Million
Ingold Family Investments LLC of Fallbrook has purchased a Miramar office and industrial building for approximately $5 million, according to brokerage company Avison Young, which represented the seller.
El Cajon Apartment Property Sold for $4.35 Million
A buyer recorded as Laurel Village Estates LP has purchased the 41-unit Laurel Village Apartments in El Cajon for $4.35 million, according to CoStar Group and public data.
ResMed Announces Commercial Sale of Noncontact Sleep Monitoring Device
San Diego-based ResMed Inc., a medical device maker for sleep-related conditions, announced the commercial distribution of its new at-home device ─ a noncontact sleep system called S+ by ResMed.
SB Capital Partners Acquires a Local Lawn Care Company
SB Capital Partners, a San Diego private equity firm focusing on the home services and facilities space, said it acquired Aerations Only Inc., a local lawn care company that services some 10,500 household regionally.
Monday, October 6
Carefusion to be acquired for $12.2 billion
The San Diego-based medical technology giant Carefusion Corporation is being acquired by New Jersey-based Becton, Dickinson and Company in a deal for $12.2 billion, the company announced Friday.
San Diego City Council Approves Linkage Fee Hike Compromise
San Diego City Council has approved a compromise measure related to the controversial issue of raising linkage fees, charged to developers of commercial projects to finance development of affordable workforce housing.
Vista Company to Provide Key Equipment to Carlsbad Desalination Project
Poseidon Water has announced that IDE Technologies — Poseidon’s contractor and plant operator — has selected Vista-based Protec Arisawa and Dow Water & Process Solutions to provide the pressure vessels and reverse osmosis membranes for the Carlsbad Desalination Project.
RF Industries Names Walker President
San Diego-based RF Industries Ltd. said on Oct. 6 that it appointed Johnny Carl Walker as its president.
Sequenom Inc. Makes $14.55M Purchase of IP Rights
Sequenom Inc., a San Diego-based life sciences company providing genetic analysis, and Isis Innovation Ltd., the technology transfer company of the University of Oxford, jointly announced that Sequenom has purchased noninvasive prenatal testing intellectual property from Isis Innovation for $14.55 million.
Carlsbad Industrial Building Sells for $13.75 Million
An entity recorded as DCT Rutherford LLC has purchased a Carlsbad industrial building for $13.75 million, according to CoStar Group and public data.
Marrs Maddocks & Associates Insurance Services' Assets Acquired By Hub
Hub International Ltd, a Chicago-based insurance brokerage, said it acquired the assets of Carlsbad-based Marrs Maddocks & Associates Insurance Services Inc. for an undisclosed price.
Scripps Ranch R&D Property Sold for $3.7 Million
An entity listed as 9885 Carroll Canyon LLC has purchased a Scripps Ranch office and industrial building for $3.7 million, according to brokerage company Cushman & Wakefield Inc., which represented the seller.
Fresh Healthy Vending Adds 120 Machines to Network
Fresh Healthy Vending International Inc., a San Diego franchisor of vending machines selling healthy snacks, said it closed September by adding 120 combo machines to its network through nine new franchisees.
Job Options Inc. Receives $10.1M Navy Contract Modification
The U.S. Navy announced Oct. 3 that it awarded a $10.1 million, one-year modification to a contract with Job Options Inc., a nonprofit agency, to provide custodial services at the Naval Medical Center and various branch medical clinics and dental clinics around the San Diego area.
Sunday, October 5
City Council to Consider New Compromise on Linkage Fees
San Diego City Councilmember Myrtle Cole has proposed a new compromise measure addressing the controversial issue of raising linkage fees paid by developers of commercial projects to support the construction of affordable workforce housing.
HP Investors LLC Joins Makers Quarter Project in East Village
San Diego-based HP Investors LLC has joined the group of developers planning the mixed-use Makers Quarter project in East Village, buying out the interest of Portman Holdings for an undisclosed price.
OneRoof Energy Group Announces Financing Agreements Worth $16.7 Million
OneRoof Energy Group Inc., a San Diego solar services business, said it entered financing agreements from Black Coral Capital LLC and affiliates of the Hanwha Group that provide about $16.7 million in new capital.
The Business Calendar for the Week of October 6, 2014
Some of the business events scheduled in the county for the week of October 6, 2014.
Audit of Balboa Park Celebration Inc. Found Group Better at Spending Money Than Raising It
A city audit of the nonprofit group that was supposed to organize and oversee a year-long celebration of the 1915 Panama-California Exposition found no fraud, but plenty of incompetence, noncompliance to its agreement with the city, and a lack of oversight by the city.
Envision Solar International to Provide 20 Charging Stations to Silicon Valley Customer
Envision Solar International Inc., a renewable energy media and branding product company, announced that it will be supplying an order of 20 charging stations to a major Silicon Valley search engine.
Youngevity Essential Acquires South Carolina Company
Youngevity Essential Life Sciences, a wholly owned subsidiary of San Diego-based Youngevity International Inc., announced that it has completed the acquisition of South Carolina-based Restart Your Life LLC, a dietary supplement company and provider of immune system support products and therapeutic skin lotions.
Friday, October 3
Audit of Balboa Park Celebration Inc. Released
A city audit of the nonprofit group that was supposed to organize and oversee a year-long celebration of the 1915 Panama-California Exposition found no fraud, but plenty of incompetence, noncompliance to its agreement with the city, and a lack of oversight by the city.
AMN Healthcare to Establish Training Center
HEALTH CARE: Aim Is To Educate Workers for Changing Care Roles
San Diego-based AMN Healthcare Services Inc., a national provider of health care staffing services, announced the establishment of the Center for Professional Advancement to train the future health care workforce for rapidly changing roles at hospitals and health systems.
Aerotropolis Would Be an Economic Engine
San Diego is blessed with a magnificent seaport that, in historical terms, was once the primary source of economic prosperity for the region and the means by which San Diego connected to the larger world.
Buyers Brought Their Own Tastes to Table Crafting Luxury Lots
Michael Gregory Builders hit on a winning formula for buyers of high-end real estate when they opened up shop in Rancho Santa Fe Farms in 2012.
Pacific Building Group Sees an ‘Actual Change’ Beginning to Take Shape
Pacific Building Group of San Diego is hiring workers and getting ready for what Chief Executive Officer Greg Rogers sees as a dramatic improvement in the construction market.
Balfour Beatty Sees Work ‘In a Multitude of Markets’
School construction and other public projects helped Balfour Beatty Construction come through the recession, and the company is “pretty busy” coming out of it, said Brian Cahill, president of Southwest operations.
Retail and Hospitality Projects Are Keeping Lusardi Busy
A strong balance sheet and demand for hotel and school construction helped Lusardi Construction Co. of San Marcos weather the recession, said Chris Hess, company vice president.
Building Momentum
Some Construction Firms Face Challenge of Rebuilding Workforce to Meet New Demand
San Diego’s construction industry is starting to show signs of a slow recovery after a downturn during the recession that hit some segments especially hard while causing a less severe setback to others.
Nonprofit Plans Campus to Serve the Developmentally Disabled
At 17, Cheryl Kilmer was on a mission to make a positive difference in the lives of people with developmental disabilities.
Council Committee Vote Shows Split on the Linkage Fee Issue
San Diego City Council before year’s end will be revisiting the touchy subject of how to finance affordable workforce housing through fees imposed on new commercial development projects.
Nassco Training Program Tests Workers' Mettle In Ship Work
General Dynamics Nassco has gotten back into the habit of hiring and training workers, as its new construction backlog has grown.
Soon You Can Find an Additional ‘Item’ at Wal-Mart: Banking
Wal-Mart is back in the banking business, which is bad news for the banking industry, although it won’t say that.
Youngevity Essential Life Sciences Acquires South Carolina Company
Youngevity Essential Life Sciences, a wholly owned subsidiary of San Diego-based Youngevity International Inc., announced that it has completed the acquisition of South Carolina-based Restart Your Life LLC, a dietary supplement company and provider of immune system support products and therapeutic skin lotions.
Bay Cleanup Tackles Heavily Polluted Site in Second Phase
LEGAL: Wrangling Over Who Pays Still An Issue With Parties
While the Port of San Diego touts its recent success in cleaning up a part of San Diego Bay at the Campbell Shipyards site, work on a more polluted site near the San Diego-Coronado Bridge continues as does litigation involving what the responsible parties will contribute to the project’s $75 million cost.
Lpath Puts Focus on the Origins of Macular Degeneration
PHARMA: The Current Treatment Effort Is on Reducing Impact of Disease
San Diego-based Lpath Inc. just closed a deal on $12.5 million in financing to help fund the company’s attempt to treat — or maybe even cure — the number one cause of blindness.
S.D. Company Takes Role in Advanced Telescope
San Diego-based Vanguard Space Technologies Inc. announced that it has been selected by Ball Aerospace & Technologies Corp. to produce the structure assembly for the L1-L2 lens assembly for the camera on the Large Synoptic Survey Telescope (LSST).
Contracts for Future Construction Up 35%
Contracts for future construction in San Diego County rose 35 percent from a year ago in the first eight months of 2014, with a value topping $3.1 billion, according to the latest data from McGraw Hill Construction.
HP Investors Joins Makers Quarter Project in East Village
San Diego-based HP Investors LLC has joined the group of developers planning the mixed-use Makers Quarter project in East Village, buying out the interest of Portman Holdings for an undisclosed price.
NIH Grant Cuts Hit Some Biotech Companies
STARTUPS: Firms Forced to Look for Other Funding Sources
San Diego-based Paris Therapeutics obtained a license from the NIH for a therapeutic antibody for child and adult cancers. In the past, this might have been a clear path to federal funding.
Region Still Making It in Manufacturing
Manufacturing accounts for 10 percent of the region’s overall economy, according to the results of a recent survey issued by National University System Institute for Policy Research.
Speculative Projects Are Heading North
BUILDING: The Improving Economy Spurs Industrial Growth
It’s not the start of any expected boom, but three North County cities are now witnessing what has been a nearly nonexistent sight in the region for the past six years: speculative construction of industrial projects.
Hospital of the Future Getting Past Hurdles
MEDICINE: Palomar Improves Patient Volume and Finances
Palomar Medical Center has been coined the “hospital of the future,” constructed to withstand earthquakes of great magnitude, tested within its first season with wildfires warming the glassy exterior, and meticulously designed with the architectural flexibility to meet demands of future unknowns.
Millennials Prove Influential With Menus
Dining: Young Adults Will Pay For Healthful Choices
As young adults push for more healthful, fresher, and tastier food, many San Diego County restaurants are responding by updating their menus and being more transparent about the source of their food.
Riding The Wave
DINING: Rubio’s Efforts At Rebranding Part of Fast-Casual Competition
Leaders of Rubio’s Restaurants Inc. are taking steps to ensure that the look and feel of its eateries carry elements of the Carlsbad-based company’s DNA.
Envision Solar to Provide 20 Charging Stations to Silicon Valley Customer
Envision Solar International Inc., a renewable energy media and branding product company, announced that it will be supplying the next order of 20 charging stations to a major Silicon Valley search engine
Council to Discuss Compromise on Linkage Fee Hikes
San Diego City Councilmember Myrtle Cole has proposed a new compromise measure addressing the controversial issue of raising linkage fees paid by developers of commercial projects to support the construction of affordable workforce housing.
OneRoof Energy Announces Financing Agreements Worth $16.7M
OneRoof Energy Group Inc., a San Diego solar services business, said it entered financing agreements from Black Coral Capital LLC and affiliates of the Hanwha Group that provide about $16.7 million in new capital.
Business Calendar for Week of October 6, 2014
Some of the business events scheduled in the county for the week of October 6, 2014.
Thursday, October 2
County Pension Board Votes Against Terminating Partridge and Salient Partners
The San Diego County Employees Retirement Association’s voted 5-4 against terminating their outsourced chief investment officer Lee Partridge and his firm, Salient Partners, at its Oct. 2 meeting.
Mixed-Use Residential Project Planned for East Village
Alliance Realty Partners LLC has proposed a new mixed-use residential project with 269 dwelling units in downtown San Diego’s East Village neighborhood.
San Diego Boosts Online Access to City Project, Contracting Data
The City of San Diego has overhauled processes for accessing information from its development services and purchasing and contracting department, providing for more online access.
Mast Therapeutics Names New Chief Medical Officer
Mast Therapeutics Inc., a San Diego-based biopharmaceutical company, announced that Edwin Parsley has been appointed to chief medical officer and senior vice president.
North San Diego Business Chamber Hosts Minimum Wage Discussion
Advocates from various sides of the proposed minimum wage increase in San Diego will discuss the issue at the North San Diego Business Chamber ‘s Leaders of Change luncheon on Tuesday, Oct. 7.
SDCCU Sponsors Aztecs Basketball
San Diego County Credit Union, the area’s largest credit union with $6.6 billion in assets, said it is a sponsor of the San Diego State University men’s basketball 2014-15 season.
San Diego Workforce Partnership Receives Federal Grant to Help Families of the Disabled
The San Diego Workforce Partnership, the regional job training agency, said it received a $6 million grant from the U.S. Department of Labor’s Workforce Innovation Fund for a five-year project aimed at helping families of people with disabilities find jobs.
Wednesday, October 1
Carlsbad Desalination Plant Said to Be 65% Complete
The Carlsbad Desalination Plant that began construction last year, and claims to be the largest desalination plant in the western hemisphere, is 65 percent complete, said developer Poseidon Water.
RQ Construction Awarded $36 Million in Navy Projects
RQ Construction LLC of Carlsbad was recently awarded a contract and a task order, with values totaling more than $36 million, for work being done for the U.S. Navy, according to the U.S. Defense Department.
Cypher Genomics Names Ravenel to CTO Position
Cypher Genomics Inc., a San Diego-based genome informatics company, announced the appointment of J. Patrick Ravenel as chief technology officer.
Franklin Wireless Corp. Reports FY2014 Net Sales of $30.9M
Franklin Wireless Corp., a San Diego maker of high speed wireless modems, routers and modules, reported net sales for its 2014 fiscal year of $30.9 million, down from net sales of $32.8 million in the prior fiscal year.
Organic Restaurant Café Gratitude Coming to Little Italy
Café Gratitude, which operates organic and vegan restaurants in the Los Angeles and San Francisco Bay areas, plans an early 2015 opening in downtown San Diego’s Little Italy.
