Stories for January 2014

Friday, January 31

Organovo Makes Its First 3-D Liver Tissue Delivery

Organovo Holdings Inc., a San Diego-based company in 3-D bioprinting, performed its first 3-D liver tissue delivery, according to the company.

Kratos Training Deal Will Top $35 Million

Kratos Defense and Security Solutions Inc. received a five-year deal worth more than $35 million to provide training equipment for crews working aboard the MH-60R and MH-60S Seahawk helicopters, the company said.

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Plan for Boosting Region's Exports Is Released

A local partnership released a plan aimed at boosting the region’s economy by maximizing its exporting of goods and services.

San Diego Economic Index Is Down 0.2% in December

An index tracking the San Diego economy fell by 0.2 percent in December, the second time it’s declined in the last three months.

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National City Grocer Reopens as Specialty Market

Big Ben Market, a 65-year-old locally based grocer in National City, has reopened as a specialty foods market with an open-air restaurant and exhibition kitchen, following a fire that destroyed the building in July 2013

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Solana Beach Firm Completes $92 Million Tennis Stadium Project

Solana Beach-based contractor Watkins Landmark Construction recently completed a $92 million expansion of the Indian Wells Tennis Garden.

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Business Calendar for Week of February 3, 2014

Some of the business events happening around the county for the week of February, 3, 2014.

Filling Mama’s Pantry Will Help Fill a Need in San Diego County

Kudos/Giving Column

Mama’s Pantry, a service of Mama’s Kitchen, celebrates 10 years of service to San Diego County. Every day, volunteers distribute nutritious food items to low-income county residents living with HIV/AIDS who can benefit from additional nutritional support to maintain their health and stretch their food budget. Clients make monthly trips to Mama’s Pantry to select their own perishable and nonperishable items.

Smart Policies Keep Us Economically Competitive

Commentary: Brian Maienschein

As we begin 2014, I am hopeful San Diego business continues to grow. Encouraging a strong economy remains one of my highest priorities as a member of the California State Assembly, and I will continue to make decisions I believe will increase job opportunities for all in the San Diego region.

Finding a Way to Get an Education that Makes Economic Sense

EDUCATION: The Cost of Four-Year Institutions Out Of Reach for Many Students

Soaring education costs and stagnant wages have led some educators and students to question the benefit of attending traditional U.S. colleges and universities.

Community Involvement

Education: Greater Community College Role Proposed to Meet Needs

The way to address the shortage of college graduates in nursing and other technical fields is to empower California community colleges to begin issuing four-year degrees, some San Diego County educators advocate.

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Businessman Creates a Video to Challenge Litigation Tactics

The Business of Law Column

Dan Shea works hard for the good of San Diego and the country. While he’s not a lawyer, he has created a video that challenges some of the rules of evidence — and litigation tactics — that our court system allows.

After a Rocky Start, La Jolla Pharmaceutical Could Be a Gem

Biotech/Health Care Column

At about 11:30 p.m. last Wednesday night, I was perusing stock market analysis site Seeking Alpha when I came across a rather comprehensive piece on La Jolla Pharmaceutical Co. The small company just uplisted to the Nasdaq following a 1-for-50 reverse stock split and will trade under ticker symbol “LJPC.”

Qualcomm Buys 2,400 Patents Covering old PDA Devices

Technology Column

Remember those personal digital assistants from Palm and Compaq? They now show up on eBay with descriptions such as “vintage.”

Bank of Southern Calif. Buys AmericanWest’s Palm Desert Office

Finance Column

Banks and credit unions are constantly checking on their branches to make sure those expensive brick-and-mortar sites are paying off. And if they aren’t, they’re usually put up for sale.

Construction Industry Bringing Job Growth in Region, State

BUILDING: Locally, The Industry Added 5,700 Jobs During 2013

Projects that got underway both on the public and private side spurred a surprising increase of nearly 6,000 construction jobs in San Diego last year, reflecting an industrywide boost felt nationwide.

Qualcomm Reports Record Revenue, Less Profit for 1st Quarter

TECH: Apple and Samsung Woes Didn’t Make Expected Dent

Qualcomm Inc. reported record revenue and device sales for its 2014 fiscal first quarter, but reduced net profit compared with the like quarter of 2013.

Anonymous Donor Gives $275M to Sanford-Burnham Institute

BIOTECH: Funds Will Be Distributed Over 10 Years To Speed Drug Discovery

The Sanford-Burnham Medical Research Institute received the largest donation in San Diego’s history — a $275 million gift from a donor who wishes to remain anonymous.

PointPredictive Helps Lenders Learn the Risks the Easy Way

SOFTWARE: Analytics Used to Determine Dangers In Lending and Elsewhere

The founders of Carlsbad-based startup PointPredictive Inc. are hoping the world’s lenders will beat a path to their better way of assessing borrowers’ credit worthiness.

For Vistage, It Is Time to Lead by Example

LEADERSHIP: Company Pursues Growth Strategy And Branding Campaign

Vistage International has always been about leadership. Its new owners are taking that to heart, pursuing an aggressive growth strategy and brand awareness campaign, and committing $5 million to back those efforts.

Thursday, January 30

Accelrys Acquired By French Company for $750M

Accelrys Inc., a San Diego life sciences software company that’s built itself on a series of mergers and acquisitions, has itself been acquired by France’s Dassault Systèmes SA for $750 million in an all-cash deal.

Qualcomm Reports Record Revenue for Quarter

Shares of Qualcomm Inc. closed at $73.26 on Nasdaq Jan. 30, up 3 percent from the prior day’s closing price when the wireless technology company reported its fiscal first quarter results.

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San Diego Airport’s International-Passenger Count Sets Record in 2013

San Diego International Airport’s international-passenger traffic in 2013 set a record at the facility for the second consecutive year, airport officials reported.

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La Jolla Firm's Investment in Las Vegas Senior Communities Totals $150 Million

La Jolla-based private equity firm Interwest Capital Corp. has closed on the purchase of a second group of four Las Vegas senior housing communities within a portfolio known collectively as Destinations Living, bringing its total investment to $150 million.

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Callaway Golf Reports 2013 Loss, Expects to be Profitable in 2014

Callaway Golf Co. reported net losses for the fourth quarter and 2013 as a whole, but forecast a return to profitability in 2014.

San Diego Entities to Be Key Players at New Center of Excellence in Stem Cell Genomics

The California Institute for Regenerative Medicine, a state-funded stem cell agency, has granted $40 million to create a new center that bridges the field of genomics with stem cell research.

Feeding America San Diego Announces Board Appointments

Feeding America San Diego announced new board appointments for the year.

San Diego Business Journal Extends Nominations for “CFO of the Year Awards”

Nominations for the San Diego Business Journal's “2014 CFO of the Year Awards” have been extended. Nominations will be accepted through Feb. 6.

Wednesday, January 29

City Council Approves Downtown Buffer Zone Near Solar Turbines

San Diego City Council has approved a downtown buffer zone prohibiting residential development in a nine-block area near the industrial facilities of Solar Turbines Inc.

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EDF Renewable Enters Power Buying Agreement With Southern California Edison

EDF Renewable Energy has announced a 20-year power buying agreement with Southern California Edison.

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Correlation Ventures Added 32 Companies to Portfolio in 2013

Correlation Ventures, a venture capital firm headquartered in San Diego, said it added 32 companies to its portfolio of about 70 companies last year, including eight in the fourth quarter.

Sandag Retreat at Barona Resort Is Open to the Public

A group of nearly 100 elected officials and their staffers are getting together for a three-day retreat starting Jan. 29 at the Barona Resort and Casino in Lakeside organized by the San Diego Association of Governments, the regional transportation planning organization whose members are the county’s 18 cities and the county itself.

Barbra Blake Named CEO of San Diego LGBT Chamber

Barbra Blake has been named the new CEO of the Greater San Diego Business Association — the chamber of commerce representing the region’s lesbian, gay, bisexual and transgender business community.

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San Francisco Firm Buys Scripps Ranch Office Property for $16.2 Million

Stockbridge Capital Group LLC of San Francisco has purchased Scripps Northridge Technology Plaza, an office building in San Diego’s Scripps Ranch neighborhood, for approximately $16.2 million, according to CoStar Group and public data.

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Huntington Capital Makes Mezzanine Loan to Software Company

Huntington Capital, a San Diego private equity firm, said it provided a mezzanine loan to Gen-E, a Downers Grove, Ill., software business.

Tuesday, January 28

Donor Gives Sanford-Burnham Medical Research Institute $275 Million

The Sanford-Burnham Medical Research Institute received the largest donation in San Diego’s history — a $275 million gift from a donor who wishes to remain anonymous.

Illumina’s 2013 Revenue Up 24%

Illumina Inc.’s fiscal 2013 revenue grew 24 percent to $1.42 billion, up from $1.15 billion in fiscal 2012, the San Diego gene sequencing company said in its Jan. 28 fourth quarter report.

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Celladon IPO Aims to Raise $40 Million

Celladon Corp. plans to raise $40 million by offering 5 million shares at $8 per share in its upcoming IPO, according to Renaissance Capital.

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Shopping Center in Eastern San Diego Sells for $34.5 Million

JH Real Estate Partners Inc. of Newport Beach has purchased San Carlos Village Shopping Center, a six-building retail property in eastern San Diego, for approximately $34.5 million, according to CoStar Group and public data.

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San Diego County Credit Union Opens 32nd Branch

San Diego County Credit Union, the area’s largest locally owned lender with $6.3 billion in assets, opened its 32nd branch Jan. 28 in the Target shopping center in the Midway area.

Oceanside Retail Center Sold for $11.25 Million

Heslin Holdings Inc. of Laguna Hills has purchased Oceanside Plaza, a 124,000-square-foot retail center in Oceanside, for $11.25 million.

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Video Advertising Tech Company Receives $1.7M in Funding

Sightly, a Del Mar-based company specializing in localized video advertising, received $1.7 million in seed funding, according to the company.

Walmart Neighborhood Markets Opening in Oceanside, Escondido

Wal-Mart Stores Inc. is scheduled to open two new San Diego County locations of its small-format Walmart Neighborhood Market on Jan. 29, in Oceanside and Escondido.

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Monday, January 27

General Atomics Moves 50 Electromagnetic Systems Jobs to Mississippi

San Diego-based General Atomics has transferred 50 jobs from Kearny Mesa to Mississippi.

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Regent Office Fund Buys Carlsbad Building for $12.1 Million

An investment fund has bought the Concourse One office building in Carlsbad for $12.1 million.

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San Diego Distressed House Sales Least Frequent in California

San Diego County had the lowest percentage of distressed house sales in California for December 2013.

Cubic Teams With Arviem to Track Shipping Containers

Cubic Corp. is teaming with a Swiss company to keep tabs on shipping containers.

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San Diego Foundation Hires Firm to Help Find New CEO

The San Diego Foundation has hired Russell Reynolds Associates to help find a new leader to replace the foundation's outgoing CEO Bob Kelly.

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Local Hotels Make Five-Star Grade in Forbes Travel Guide

Rancho Valencia Resort & Spa in Rancho Santa Fe and The Grand Del Mar in Carmel Valley were recently among U.S. hotels garnering five stars in the 2014 edition of Forbes Travel Guide.

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Sunday, January 26

Coast Citrus Gets Military Contract Potentially Worth $35.1M

The Defense Logistics Agency awarded San Diego-based Coast Citrus Distributors an indefinite-quantity contract to supply fresh fruit and vegetables to the military services.

Sorrento Mesa Office Campus Sells for $33.5 Million

New York- based AllianceBernstein Holding LP and McCarthy Cook & Co. of Costa Mesa have acquired Canyon Plaza, a two-building office campus in Sorrento Mesa, for $33.5 million, according to CoStar Group and public data.

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DJO Global's Preliminary Net Sales Up 4.1% for the Year

DJO Global Inc., the Vista-based maker of orthopedic braces and other medical devices, reported preliminary net sales for its fourth quarter ended Dec. 31, 2013 of $313.6 million, an increase of 7.9 percent over the sales in the fourth quarter of 2012.

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Chula Vista Apartments Sold for $16.6 Million

East Bradley Avenue LP of La Mesa has purchased the 104-unit Windsong Apartments in Chula Vista for approximately $16.6 million, according to CoStar Group and public data.

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Sharp Rees-Stealy Opening New Medical Center in Del Mar

Sharp Rees-Stealy is opening a new medical center in Del Mar to serve the North Coastal communities.

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Business Calendar for Week of Jan. 27, 2014

Some of the business events happening around the county for Jan. 27, 2014.

County Unemployment Rate for December Is 6.4%

San Diego County’s unemployment rate dipped to 6.4 percent in December, down from a revised 6.9 percent in November, and down from the year ago rate of 8.2 percent.

ResMed Releases Quarterly Results

Despite a drop in sales in the Americas, ResMed Inc.’s growing global presence helped the company post a modest revenue increase in the quarter ended Dec. 31, 2013.

Local Business Index Drops, But Optimism Remains

A business outlook index for San Diego County for January dipped about two points from December, although the sponsoring company for the report said business owners remain positive about future prospects.

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Cubic Receives Army Task Order Worth $8.2M

Cubic Corp. received an $8.23 million task order from the U.S. Army, agreeing to provide five years’ worth of training services to

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Saturday, January 25

Foster Teens, Those Recently Aged Out Remembered in Gift Drive

Walden Family Services, a nonprofit foster care and adoption agency, collected $18,187 worth of gifts during its annual Southern California holiday gift drive for foster youth, the organization announced.

Building a Future

Property: Mixed-Use Projects Are a Key Part of Evolving Urban Environment

Known as The Point, with 21 apartments and a soon-to-open restaurant and catering company called Promiscuous Fork, the nearly completed project sits on a Pacific Beach property that once housed a Union 76 gas station.

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Coronado’s Storied Past Leads to High-Priced Homes of Today

Luxury Real Estate

The drive to Coronado Island across the San Diego-Coronado Bridge has to be one of the most spectacular in America.

Maritime Business Is Growth Industry for Region

The Port of San Diego is looking forward to continued economic recovery in 2014, notably including our maritime business at Tenth Avenue Marine Terminal and National City Marine Terminal.

Executive profile: Alan Nevin

Alan Nevin is director of economic and market research at Xpera Group, one of the West Coast’s largest sources of consulting experts in construction and real estate. Xpera Group provides advisory services to the residential and commercial construction industry, investors and lawyers.

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The Surf Has Influence on Makeover of Retail Turf in Del Mar

Donahue Schriber of Costa Mesa has a $4 million makeover in store for Del Mar Heights Village, a Vons-anchored shopping center that the real estate investment trust bought in 2012 for about $40 million.

Sullivan Solar Power Gets Celebrity Status in Its Google Glasses

OK, Glass, let’s grab headlines. Sullivan Solar Power has benefited from being one of the first companies to use Google Inc.’s wearable computer, Google Glass, in a business setting.

Lobbying By Community Bankers Gets New Rule Amended

Finance

A change to banking regulations urged by community banks at least partially shields them from restrictions involving certain types of securities. It involves the so-called Volcker Rule, which bans speculative trading in securities by commercial banks, one of the rules stemming from the federal banking reform legislation commonly referred to as Dodd-Frank.

Increased Funding Provides Extra Credit for Small Businesses

FINANCE: State and Federal Resources Play Big Role in Lending

More small businesses could qualify for loans that could help them expand and hire additional staff as a result of a recent $27 million infusion into a state loan guarantee program.

Fitch Downgrades Outlook for Palomar Bonds; Expects a Turnaround

HEALTH: Rating Agency Cites Location, Strategic Partnerships as Strengths

The ratings outlook for the revenue bonds used to finance Palomar Health’s palatial new medical center has been downgraded to “negative,” according to Fitch Ratings. The change is largely because of the health system’s low liquidity and struggles to reach revenue targets in 2013.

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Ostendo Is Hoping to Teach ‘Old’ Smartphones a New Trick

TECH: Component Would Give Mobile Devices the Ability to Project Images

Ostendo Technologies Inc. is working on its image, so to speak.

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Sanford Gives $1M To National Univ. To Train Teachers

Businessman and philanthropist T. Denny Sanford has donated $1 million to help create the Sanford Education Center at National University in San Diego. The new $10 million center will help train future teachers and nonprofit leaders, National University said. Its mission is to “effect positive change” by offering “inspirational and impactful programs that meet 21st century global needs.”

Coronado Restaurateur to Open Steakhouse

DINING: The New Location Is the Eighth for Blue Bridge Hospitality

Coronado-based Blue Bridge Hospitality is looking to bolster what it deems its longtime home-field advantage with plans to open its sixth restaurant concept — and eighth location — operating solely in the city where its co-founders were born and raised.

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David Gollaher Leaves Nonprofit for Gilead

MANAGEMENT: CleanTech San Diego President Resigns After 6-Year Term

Two leaders of notable San Diego business groups recently resigned to join the private sector — David Gollaher, president and CEO of the California Health Institute, and Holly Smithson, president and chief operating officer of CleanTech San Diego.

Former SEAL Tests Investment On ‘Shark Tank

Last summer, the Insider wrote about Phil Black, founder and CEO of Coronado garage-based startup FitDeck, which sells exercise playing cards to fitness buffs via its website.

New Hotel a Boon to Imperial Beach

Hospitality: Pier South By Pacifica Includes Well-Received Restaurant by Cohn Group

Pacifica Cos.’ newly opened Pier South luxury hotel, with its ground-floor restaurant operated by Cohn Restaurant Group, has delivered a jolt of new business activity to Imperial Beach’s long-sleepy beachfront area.

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VC Drought?

FINANCE: Does S.D. Funding Level Mark a Climate Change?

San Diego’s Mogl was among the fortunate few early-stage companies that got venture funding soon after its restaurant customer loyalty business was launched.

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Dermagraft Deal Ends Shire’s Big Local Plans

BIOTECH: Co.’s Footprint Cut Down to Unfinished Facility

Irish pharmaceutical giant Shire PLC is shedding the assets of its unprofitable La Jolla-based Dermagraft business, ending an initially promising but ultimately spastic tenure in the San Diego region.

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Sullivan International Merge With Ohio Co.

MERGER: Two Cos. to Seek $10M in Funding

Sullivan International Group Inc., a San Diego-based environmental services company, has taken a preliminary step toward merging with a similar company in Cincinnati.

Fee Hikes Proposed Downtown Projects

PROPERTY: Money to Go To Infrastructure, Amenities

Seeking ways to finance needed parks and other amenities in fast-growing downtown San Diego, without the help of state redevelopment money, officials are mulling significant hikes in existing project impact fees.

Thursday, January 23

Qualcomm Buys 2,400 Hewlett-Packard Patents

Qualcomm bought 2,400 patents from Hewlett-Packard Co., the two companies announced Jan. 23.

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Linkage Fee Opponents Collect 53,000 Signatures for Ballot Measure

San Diego opponents of a recently approved hike in commercial project “linkage” fees, intended to finance affordable workforce housing, announced that they have gathered the required signatures to place the measure before voters on June 3.

Union-Tribune Loses Lawsuit Over Classification of Newspaper Carriers

A San Diego Superior Court judge awarded newspaper carriers from the San Diego Union-Tribune $4.95 million in a class-action lawsuit.

Make-A-Wish’s Telethon Has High Hopes for Your Frequent Flier Miles: Donate Today

Make-A-Wish San Diego is hosting its 3rd annual "Wishes In Flight" telethon to collect donations of frequent flier miles on Friday, Jan. 24, at NBC 7 San Diego’s studios from 6 a.m. to 7 p.m.

Guilty Plea Adds Embezzling from Church to Convicted Scammer's Offenses

Barry Minkow, the former convicted scammer who became a pastor of a San Diego church after serving time in prison, pleaded guilty to embezzling and defrauding that church of some $3 million, according to the U.S. Attorney’s Office.

Grand Del Mar Tops Annual TripAdvisor Hotel Rankings

The Grand Del Mar resort in Carmel Valley was recently voted the top hotel in the nation as well as the No. 1 U.S. luxury hotel, in annual reader polls conducted by the travel booking and review website TripAdvisor.

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Walmart Neighborhood Market Hiring for Upcoming El Cajon Store

Wal-Mart Stores Inc. has opened a temporary hiring center in El Cajon, as it looks to hire approximately 65 workers for a new Walmart Neighborhood Market slated to open in the city this spring.

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Wednesday, January 22

Celladon Revives IPO Plans, Changes Terms

San Diego-based Celladon Corp. has revived the initial public offering it postponed last November.

Chula Vista Medical Office Building Sold for $10.7 Million

CNL Healthcare Properties Inc. of Orlando, Fla., has purchased Bay Medical Plaza in Chula Vista for $10.7 million, according to CoStar Group and public data.

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Qualcomm Inc. Declares Dividend

Wireless and mobile technology specialist Qualcomm Inc. declared a dividend of 35 cents per share Jan. 22.

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Ashley Furniture Acquires San Marcos Property for $9.8 Million

Wisconsin-based Ashley Furniture Industries Inc. has purchased a San Marcos industrial and showroom building for $9.8 million, according to CoStar Group and public data.

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Overland Storage Shareholders Approve Tandberg Buy

Overland Storage, a San Diego provider of data storage systems, said its acquisition of Tandberg Data Holdings was approved by its shareholders by a 99 percent margin at a special shareholders meeting Jan.16.

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Project Pie Enters Partnership With Private Equity Firm

Project Pie, a fast-casual pizza chain based in Carlsbad, said it entered into a partnership with Lee Equity Partners to accelerate its growth.

Stephen Flaim Elected to Board of Angel Capital Association

The Angel Capital Association has elected Stephen Flaim, past president and chairman of the board at Tech Coast Angels San Diego Network, to its board of directors.

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Tuesday, January 21

County Venture Capital Funding Is at 10-Year Low; $757 Million Invested in 2013

Ninety-seven San Diego companies attracted a total of $757 million in venture capital funding last year, down from 105 local companies obtaining $1.15 billion in 2012, according to the latest MoneyTree Report by PricewaterhouseCoopers LLP and the National Venture Capital Association.

Sullivan International Plans to Merge With Ohio-Based Company

Sullivan International Group, a San Diego-based environmental services firm, said it plans to merge with EQM Technologies & Energy Inc., a similar company based in Cincinnati.

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Dealstruck Closes $1.2 Million Investment Round

Dealstruck, Inc., a San Diego private provider of funding for small- and medium-sized businesses from individual and institutional accredited investors, said it closed a $1.2 million seed-stage investment round from a group of Southern California-based angel investors.

Cubic Receives $12M in Training Contracts From Japan’s Military

Cubic Corp. received contracts worth more than $12 million to supply training equipment to the Japan Air Self Defense Forces, the company said.

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Oceanside Industrial Buildings Sold for $4.4 Million

BKM Development Co. LLC of Costa Mesa has sold nine industrial condos in Oceanside for a total of approximately $4.4 million, according to CoStar Group and public data.

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Global Building Inc. Buys Arizona Retail Center for $4.3 Million

San Diego-based investment firm Global Building Inc. has purchased a retail center in Chandler, Ariz., for $4.3 million, with plans for approximately $1 million in renovations.

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Monday, January 20

MetroCorp Bancshares Acquired for $268 Million in Cash, Stock

East West Bancorp Inc. completed its acquisition of MetroCorp Bancshares Inc., a holding company of San Diego-based Metro United Bank and MetroBank of Houston.

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Sanford Gives $1M to National University Toward Training Teachers, Nonprofit Leaders

Businessman and philanthropist T. Denny Sanford has donated $1 million to help create the Sanford Education Center at National University in San Diego.

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Strauss Funds Scholarships to UC San Diego Extension's Brewing Certificate Program

San Diego-based Karl Strauss Brewing Co. is funding two scholarships to UC San Diego Extension's brewing certificate program. The school's 2-year-old program is the first of its kind in Southern California.

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North Park Apartment Property Sells for $4.5 Million

Signature Holdings I LLC has bought a 22-unit apartment community in San Diego’s North Park neighborhood for about $4.5 million.

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Defense Contractors, Maritime Military Leaders to Gather in San Diego

Defense contractors will get to hear what’s on their customers’ minds during West 2014, a national conference focusing on the military sea services and the contractors that support them, set for mid-February at the San Diego Convention Center.

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San Diego-based Imagine Communications bought by Harris Broadcast

Denver-based Harris Broadcast has completed its acquisition of San Diego-based Imagine Communications.

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Dermagraft Shed By Shire in No-Upfront-Payment Deal

Irish biopharmaceutical company Shire PLC has sold the assets of its Torrey Pines-based subsidiary Dermagraft to Massachusetts-based Organogenesis Inc. — incurring up to a $650 million loss in the process.

City Heights, Chula Vista Stores Among Albertsons Slated to Close

Two San Diego County Albertsons stores are among 11 in California and 26 nationwide that the supermarket chain plans to close on Feb. 20, citing lagging sales.

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RF Industries Announces Fiscal 2013 Results

RF Industries Ltd., a maker of cable assemblies and radio frequency connectors, reported net income of $3.8 million on net sales of $36.6 million during its fiscal 2013, which ended Oct. 31, 2013.

Kratos Defense and Security Solutions Receives $15.1M in Orders

Kratos Defense and Security Solutions Inc.’s Electronic Products division recently received orders worth $15.1 million from an undisclosed customer.

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The Business Calendar for Week of Jan. 20

Some of the business events happening around the county for the week of Jan. 20.

Qualcomm Launches 2014 Business Plan Competition With Six-Figure Funding Prizes

Qualcomm Inc. — through its venture investment arm, Qualcomm Ventures — is accepting entries for the 2014 QPrize international seed investment competition, with hundreds of thousands of dollars in seed funding at stake, the company announced.

Restaurant Chain Dlush Opening New Location at UC San Diego

San Diego-based Dlush, a fast-casual restaurant chain that serves items including health-oriented gourmet drinks and salads, is opening a new flagship campus location at University of California, San Diego in La Jolla.

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Local Companies Make Fortune's Best-to-Work-for List

San Diego-based Scripps Health ranked 24th and Qualcomm Inc. placed 32nd on Fortune magazine’s recently released annual list of the 100 Best Companies to Work For.

Saturday, January 18

Terramar Sees West as Best for Retail Properties

PROPERTY: Co. Is Planning Seaport Village Renovation, Enters Hawaii

Carlsbad-based Terramar Retail Centers recently made its grand entrance into the Hawaii real estate market, by purchasing an Oahu shopping center for $99.5 million.

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Grocery A-List

RETAIL: Specialty Grocers Star Is Rising as Consumer Habits Change

The upscale niche grocer Gelson’s Markets, a Los Angeles mainstay since the early 1950s, is mulling a Southern California expansion that would include its first foray into San Diego County.

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Brake Co. Has Foot On the Accelerator

TECH: New CEO and New Strategy Are Ready to Roll

PureForge, a Poway developer and maker of hardened braking systems, has a new leader who will implement a new strategy going forward.

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Older Bank Building May Feel Young Again

PROPERTY: Buyer Hopes Upgrades Fit Downtown Vibe

Kearny Real Estate Co. is optimistically taking on the challenge of filling the nine empty floors of its newest acquisition, the 24-story, 1960s-era Union Bank building in downtown San Diego.

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Co.’s Offering Lands A ‘Longer Runway’

BIOTECH: Receptos Has Cash to Carry Out Trials

Receptos Inc. has raked in $117.4 million in a secondary public offering — right on the heels of its initial public offering last May, in which it raised $73 million. The funds will be used to finance clinical trials of its multiple sclerosis and ulcerative colitis drugs, and for general corporate purposes.

UPS Store Ready To Deliver Good Business Advice

San Diego-based franchise operator The UPS Store teams with the nonprofit counselors at SCORE to offer guidance to small business customers about finding a mentor. The campaign at UPS’s 4,300 stores is part of National Mentoring Month.

There Are Several Layers to Quatro’s Success

PRODUCTION: Co. Sees Growth in Field as Composite Use Increases

Quatro Composites is proving what it’s made of, literally, in many ways, shapes and forms.

Isis to Receive $7.5M in Deal With Alnylam

Carlsbad-based Isis Pharmaceuticals Inc. will receive $7.5 million from Alnylam Pharmaceuticals Inc, in connection with a recently announced alliance between Alnylam and Genzyme Corp.

Electricity Is in the Air as Company Finds Ways to Put Power to Use

TECH: TransPower Works on Transportation And Harvesting Energy

The yellow school bus plying the streets of the Poway Business Park on a recent Friday afternoon was unusually quiet — and it wasn’t because it carried a handful of adults rather than a gaggle of grade-schoolers.

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Company Pursues Quality From Start to Finish In Repositionings

Home foreclosures are down and home prices are up — exactly the opportunity that Nick Sinatra and Anthony Nanula of American Coastal Properties LLC are in Southern California to seize.

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Hakkasan to Decide how to Weave S.D. Firm Into Its Fabric

DINING: Enlightened Hospitality Is now Part London-Based Company

San Diego’s Enlightened Hospitality Group LLC is now part of a global entity, following the recent acquisition of the restaurant and nightclub operator by London-based Hakkasan Ltd. for an undisclosed price.

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Qualcomm’s Patent Prowess Puts It on the U.S. Top 10 List

Qualcomm Inc. broke into the top 10 list of companies receiving U.S. patents during 2013, coming in at No. 9, according to IFI Claims Patent Services. The San Diego wireless company ranked 17th on the 2012 list. Qualcomm (Nasdaq: QCOM) received 2,103 utility patents, up 62 percent from 2012. It was the fastest mover among the top 10, according to IFI.

Low Inventory Causes Housing Prices to Rise While Sales Decline

HOUSING: Interest Rates Expected to Rise Slightly in 2014

San Diego’s housing prices continued trending upwards in December, with the median coming in at $420,000, an increase of nearly 15 percent from the end of 2012, but up only 1.2 percent from November, according to the latest Dataquick report.

Illumina Claims Victory in Race for $1,000 Genome Sequencing

We’ve entered the era of the $1,000 genome. San Diego’s own Illumina Inc. has cracked the barrier that geneticists and bioengineers have been racing toward for a decade — bringing the cost of sequencing the human genome to a grand. In mind-boggling contrast, in 2003 the Human Genome Project sequenced a single human genome for $3 billion. How times change.

Lawyer Has the Mettle to Help Bring the Olympics to San Diego

Bill Earley is leaving McKenna Long & Aldridge LLP to run the day-to-day operations of the San Diego 2024 Olympics Exploratory Committee as its president. This is a bold and brilliant move by a terrific employment attorney.

Credit Unions Credit Automobile Lending for Boosting Portfolios

Credit unions saw a hefty increase in car lending last year thanks to more folks replacing their aging rides. The Credit Union National Association, the industry’s trade group, said in a report last year that through September credit unions added nearly $20 billion in car loans to their collective loan portfolios, accounting for 48 percent of all their loan growth.

‘Month of a Million Meals’ Is Going to Need a Bigger Name

Feeding America San Diego announced that it raised 1,594,613 meals in partnership with ABC10, sister station Azteca San Diego 15 and Live Well San Diego as part of the first annual Month of a Million Meals campaign. The goal was exceeded by nearly 600,000 meals. San Diegans donated food and funds to support individuals struggling with hunger from Nov. 23 to Dec. 31, 2013.

Workforce Housing Is a Community Necessity

The basic principle that if you work in San Diego, you should be able to afford to live in San Diego is not just a feel-good idea. Investing in homes for our workforce and ensuring an adequate supply of homes affordable to a variety of income levels has far-reaching positive effects on our economic prosperity. When workers have stable and affordable homes close to their jobs, worker retention and productivity rises, traffic eases, and kids — the pipeline of our future workforce — see better educational and health outcomes. Furthermore, when housing is affordable, our workers have discretionary income to spend at local shops, restaurants and other businesses. These are benefits that all San Diegans experience when workers have a stable place to live that is affordable to their income.

On Board With Lending

FINANCE: Credit Unions Find a Niche and a Need In Helping Businesses

Jack Van Zandt said he was looking for a line of credit to help his business, APS Marine Services, when it makes bids on contracts, mainly with the U.S. Navy.

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Executive profile: James Harris

USE Credit Union President and CEO James Harris has been with USE since 2004, when he was hired as chief operating officer. He became president and CEO in 2006, and his entire professional career has been in the credit union industry. USE Credit Union serves University of California and California State University employees and students, and state employees, as well as residents in five counties in Northern and Southern California. USE has eight branches and an electronic branch.

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If Its Luck Holds, Casino to Open in 2015

GAMING: Jamul Site Faces Opposition, Possible Lawsuit

One of the last roadblocks to a $360 million casino project Jamul was cleared recently when the California Department of Transportation approved permits for access to state Route 94, the main artery through the community.

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Millennium Sees Complementary, Independent Role for Acquisition

BIOTECH: RxAnte Buy Brings More Tools to Medication Monitoring

Millennium Laboratories Inc. has made an interesting acquisition in its purchase of RxAnte Inc., a McLean, Va.-based company that develops predictive analytics software for medication adherence. Financial terms for the deal were not disclosed.

Friday, January 17

Local Companies Make Fortune's Best-to-Work-for List

San Diego-based Scripps Health ranked 24th and Qualcomm Inc. placed 32nd on Fortune magazine’s recently released annual list of the 100 Best Companies to Work For.

Qualcomm Launches 2014 Business Plan Competition With Six-Figure Funding Prizes

Qualcomm Inc. — through its venture investment arm, Qualcomm Ventures — is accepting entries for the 2014 QPrize international seed investment competition, with hundreds of thousands of dollars in seed funding at stake, the company announced.

Dermagraft Shed By Shire in No-Upfront-Payment Deal

Irish biopharmaceutical company Shire PLC has sold the assets of its Torrey Pines-based subsidiary Dermagraft to Massachusetts-based Organogenesis Inc. — incurring up to a $650 million loss in the process.

Restaurant Chain Dlush Opening New Location at UC San Diego

San Diego-based Dlush, a fast-casual restaurant chain that serves items including health-oriented gourmet drinks and salads, is opening a new flagship campus location at University of California, San Diego in La Jolla.

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RF Industries Announces Fiscal 2013 Results

RF Industries Ltd., a maker of cable assemblies and radio frequency connectors, reported net income of $3.8 million on net sales of $36.6 million during its fiscal 2013, which ended Oct. 31, 2013.

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City Heights, Chula Vista Stores Among Albertsons Slated to Close

Two San Diego County Albertsons stores are among 11 in California and 26 nationwide that the supermarket chain plans to close on Feb. 20, citing lagging sales.

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The Business Calendar for Week of Jan. 20

Some of the business events happening around the county for the week of Jan. 20.

Kratos Defense and Security Solutions Receives $15.1M in Orders

Kratos Defense and Security Solutions Inc.’s Electronic Products division recently received orders worth $15.1 million from an undisclosed customer.

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Thursday, January 16

Stone Brewing Buys Escondido Industrial Building for $6.5 Million

Stone Brewing Co. has purchased a former food-processing plant building in Escondido for $6.5 million, according to CoStar Group and public data.

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Arena Weight-Loss Drug Being Studied for Use in Quitting Smoking

Belviq, the recently approved anti-obesity drug developed by San Diego’s Arena Pharmaceuticals Inc., is now being studied for its use in smoking cessation.

ServiceNow Relocates Headquarters to Santa Clara

ServiceNow, a software-as-services provider to larger companies that was founded in San Diego in 2004, relocated its headquarters office to Santa Clara in the fourth quarter of last year to accommodate most of its management team who reside in the Bay Area, said a contracted company spokeswoman.

Defense Deals Could Be Worth Millions of Dollars for 2 Local Small Businesses

Two local small businesses are in line to produce information-system hardware for the U.S. Navy, the Pentagon announced.

State Gets $55.6M in Federal Funding to Spur Small Business Lending

The U.S. Department of Treasury provided $55.6 million to the California Office of Business and Economic Development and the state Treasurer’s Office aimed at spurring lending to small businesses.

Pathfinder Partners Acquires Denver Condo Development for $4.25 Million

San Diego-based investment firm Pathfinder Partners LLC has acquired Kings Lofts, a newly constructed 18-unit condominium building in Denver, for $4.25 million.

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Wednesday, January 15

Clear Channel Outdoor Receives Metropolitan Transit System Contract

The San Diego Metropolitan Transit System, the municipal agency that operates the city’s mass transit buses and trolleys, said it selected Clear Channel Outdoor as the new operator and media provider for MTS’ 400 bus shelters, 322 of which currently offer advertising.

Salix Reportedly Closing Santarus' Facility; 200 Layoffs Expected

Salix Pharmaceuticals Ltd., the Raleigh, N.C.-based pharmaceutical company that acquired San Diego-based Santarus Pharmaceuticals in November for $2.6 billion, is reportedly closing Santarus’ operations and laying off up to 200, according to a newspaper report and a notice filed with the state of California Employment Development Department.

Replacement Aircraft Carrier for Region Waiting in the Wings

The aircraft carrier USS Ronald Reagan will leave its home port in Coronado for a new home port in Japan, the U.S. Navy announced on Jan. 14.

Tickets Available for the San Diego Business Journal’s Book of Lists Party

Whether you have made one of the coveted lists that the San Diego Business Journal publishes throughout the year, or merely want to network with San Diego’s business elite, the annual Book of Lists Party is a unique opportunity to meet and mingle with successful entrepreneurs, C-level executives and community leaders.

NuVasive Stock Climbs; Company Expects Higher Earnings Than Originally Predicted

Shares for NuVasive Inc. rose 8.5 percent in day trading after the San Diego spinal device maker said its fourth-quarter and 2014 earnings were higher than expected.

Micro Lender’s Loan Portfolio Hits New High

Accion San Diego, the nonprofit micro lender, said its loan portfolio hit a new high, $3.9 million in December, up 29 percent from the end of 2012.

Kearny Mesa Apartments Sold for $14.3 Million

The 106-unit Vista Capri North apartment complex in Kearny Mesa has been sold for approximately $14.3 million, according to real estate services provider Apartment Realty Group, which represented the buyer.

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Kratos Receives $4 Million Contract

Kratos Defense and Security Solutions Inc. said that one of its business units received a $4 million contract from an undisclosed customer.

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Tuesday, January 14

Qualcomm Ranks 9th in U.S. Patents for 2013

Qualcomm Inc. broke into the top 10 list — at number 9 — of companies receiving U.S. patents during 2013, according to IFI Claims Patent Services.

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BuyAutoParts Acquired By Private Equity Firms and Management Team

Meridian Rack & Pinion, doing business as San Diego-based BuyAutoParts.com, said it was acquired by private equity firms and the company’s management team.

Carlsbad Office Building Sells for $23.4 Million

Cole Real Estate Investments of Los Angeles has purchased a Carlsbad office building for approximately $23.4 million, according to brokerage services provider Cushman & Wakefield Inc., which represented the seller.

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Cubic Receives $18.3M Contract for Fighter Combat Training System

Cubic Defense Systems was awarded an $18.3 million contract from Lockheed Martin Aeronautics to design and integrate its latest-generation air combat training system for the F-35 Lightning II, also known as the “Joint Strike Fighter,” Cubic announced.

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Biocom CEO Named to Stem Cell Research Oversight Committee By Governor

Biocom President and CEO Joe Panetta has been appointed by Gov. Jerry Brown to the California Institute for Regenerative Medicine’s independent citizens’ oversight committee, Biocom announced.

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Bartell Hotels Completes $13 Million Expansion of Holiday Inn San Diego Bayside

San Diego-based Bartell Hotels has completed a four-story, $13 million expansion of its Holiday Inn San Diego Bayside, located at the entrance to Point Loma.

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Sheraton Completes $1.7 Million Renovation of Dining Venues

Sheraton San Diego Hotel and Marina, located at Harbor Island, has completed a $1.7 million renovation of dining venues located in its Marina and Bay towers.

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Median House Price for County in December is $420,000

The median priced house in San Diego County sold for $420,000 last month, up $5,000 from November and an increase of nearly 15 percent from December 2012, according to San Diego real estate research firm Dataquick.

PureForge Names Veteran Auto Exec to CEO Role

PureForge named Walter Frankiewicz as its new chief executive officer.

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Monday, January 13

Hakkasan Ltd. Acquires San Diego’s Enlightened Hospitality Group

San Diego-based restaurant and nightclub operator Enlightened Hospitality Group LLC, which operates trendy upscale eateries including Searsucker, has been acquired by London-headquartered Hakkasan Ltd.

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Kilroy Sells 13 San Diego Office Properties for $327 Million

Kilroy Realty Corp. of Los Angeles has completed the sale of 13 San Diego office properties, for a total of approximately $327 million.

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Millennium Laboratories Acquires RxAnte

San Diego’s Millennium Laboratories Inc. has acquired RxAnte Inc., a McLean, Va.-based health care predictive analytics company for an undisclosed sum, the companies announced.

EDF Acquires New Mexico Wind Project

EDF Renewable Energy has acquired the Roosevelt Wind Project LLC from Infinity Wind Power.

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SeaWorld Entertainment Expects Record Revenue of $1.46B for 2013

SeaWorld Entertainment Inc. announced preliminary revenue results for fiscal 2013, estimating its revenue at $1.46 billion.

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Isis to Receive $7.5M From Alnylam

Carlsbad-based Isis Pharmaceuticals Inc. will receive $7.5 million from Alnylam Pharmaceuticals Inc, in connection with a recently announced alliance between Alnylam and Genzyme Corp.

InfoSonics Regains Nasdaq Compliance

InfoSonics Corp.said it received notice from the Nasdaq Stock Market that the company regained compliance to be listed, given that the stock price has been at $1 per share or greater for at least 10 consecutive business days.

Corrpro Cos. Receives Army Contract

Two companies — Corrpro Cos. Inc. of San Diego as well as Pond & Co. of Norcross, Ga. — received a U.S. Army contract for cathodic protection and corrosion controls.

Sunday, January 12

Receptos Seeking $102.1M Through Secondary Stock Offering

San Diego-based Receptos Inc. has filed a $102.1 million secondary public offering – right on the heels of its initial public offering last May, in which it raised $73 million.

Construction Beginning on $360M Jamul Casino Project

The Jamul Indian Village says it is beginning construction on its $360 million casino project.

Trigild Named Receiver of Five-Property Hotel Portfolio

San Diego-based real estate services firm Trigild has taken over a portfolio of five franchised hotels in Southern California, after being appointed receiver by the state Superior Court in Monterey County.

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Business Calendar for Week of January 13, 2014

Some of the business events happening in the county for the week of January 13, 2014.

WD-40 Co. Reports Record Q1 Sales of $95.5M

WD-40 Co., the maker of lubricants and other household products, reported 2014 fiscal year first quarter sales of $95.5 million, a new record and up about $200,000 from the prior year’s first quarter.

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Tandem Initiates Voluntary Recall for Specific Lots of Pump Cartridges

Tandem Diabetes Care Inc. has initiated a voluntary recall for specific lots of its insulin pump, the company announced.

San Diego Padres Announce a Public Memorial Service for Jerry Coleman

The San Diego Padres announced a free public memorial service for Jerry Coleman, the former Marine pilot, Hall of Fame baseball player and longtime Padres broadcaster, who died Jan. 5 at the age of 89.

Mission Valley Location Among Loehmann’s Stores Closing

A Mission Valley store is among 39 being closed nationwide by New York-based retailer Loehmann’s, which is going out of business after filing for Chapter 11 bankruptcy protection.

Saturday, January 11

Convention Center Plans Stalled Pending an Appeals Court Ruling

tourism: New Plans Will Make the Center the Largest on the West Coast

The recently approved expansion plan for the San Diego Convention Center has faced many opponents, including an alternate plan by the San Diego Chargers, and prevailed

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Seeking Collaborative Effort to Defeat ‘Jobs Tax’

The Jobs Coalition officially launched its campaign Dec. 27 to overturn the City Council’s decision to raise taxes — in the form of increased “linkage fees” — on some businesses by as much as 750 percent.

Restaurants Carefully Plotting Courses in Price-Sensitive Business

DINING: Roundtable Cites Wages, Health Care, Social Media as Industry Challenges

The San Diego region’s restaurateurs expect sales to increase in 2014, but they’re worried about the impact of the new state minimum wage law, rising competition from chain restaurants and controlling other expenses without increasing prices.

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Grants Help Hospice on Its Mission to Comfort and Console

The Legacy Endowment Community Foundation presented The Elizabeth Hospice with a $10,000 grant to provide hospice care to uninsured patients and bereavement support to individuals and families. The Elisabeth S. Wilson Fund of the Legacy Endowment Community Foundation also provided the hospice with a $26,450 grant to support the continued efforts of providing medical, emotional and spiritual support to patients at the end of life and their families.

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Executive profile; Jody Blackinton

Jody Blackinton was recently promoted to regional director of operations for the West Coast for Hersha Hospitality. Hersha is a major hotel management, investment and development firm. It provides turn-key management, asset management or receivership solutions for 130 hotels in 20 states, including the Courtyard by Marriott San Diego Downtown.

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‘A Change of Venue’

MEETINGS: These Meeting Sites Redefine A Business Environment

The things that San Diego is known for — our waterfront, our dynamic downtown, our military history, our world famous zoo, and the historic Del Mar racetrack — are also popular affordable venues for parties and meetings.

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A Map Won’t Show You the Twists and Turns of La Jolla Market

La Jolla, known as the “Jewel City,” sits on seven miles of curving coastline 12 miles from downtown San Diego, and boasts some of the most beautiful real estate in the world. And as with most things beautiful, it’s complicated.

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THE SPOT MARKET

PROPERTY: Parking Downtown Is Serious Business for Ace and Others

Who’s the top player in the downtown parking game?

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The Biotech Sector Gets Back to Finding Funding and Cures

After the blissful humdrum of the holidays, there’s been a spate of activity in the biotech sector, including a few exciting new financing rounds.

Northrop Grumman and Navy Putting Triton Spy Plane to the Test

Northrop Grumman Corp. and its U.S. Navy customer are halfway done with initial flight tests for the Navy’s unmanned Triton aircraft, the company reported recently.

Life Science M&As Tend to Increase Vacant Space in S.D. Market

Mergers and acquisitions may excite the life sciences community, but they’ve generally had a deflating effect on local real estate in the past few months.

MD Revolution Shifting Focus

San Diego’s MD Revolution Inc. launched its RevUp! application at this year’s International CES in Las Vegas. The company’s software pools health and fitness data from a variety of sources — digital blood pressure monitors, FitBits and others — and enables patients to track their health in real time on a digital dashboard.

State-Chartered Banks Show Strong 2013 as Small Biz Lending Lags

Lending increased, earnings were up, and problem loans went down for California’s 164 state-chartered banks over the first nine months of last year, according to a report by the California Department of Business Oversight.

CES Exhibits Mobile Devices With Speeds in Miles Per Hour?

TECH: Qualcomm Joins Others in Pursuit of the Automobile Platform Market

Long before it fell in love with computer technology, America fell in love with the automobile. And it is still carrying a torch, judging from exhibits at CES, the annual consumer electronics show in Las Vegas.

Small Businesses Can Bank on Dealstruck’s Lending Platform

FINANCE: Private Investors Put Up Cash; Deals Done Quickly

Despite doubling its revenue in recent years, Z-ray Technologies Corp., a San Diego-based Internet service provider, was having cash flow problems and needed a credit line to tide it over.

Cardium Therapeutics Opts to Trade on OTC

BIOTECH: Company Plans to Restructure and Refocus on Key Product

Cardium Therapeutics Inc. — a small and eclectic San Diego biotech holding company that has been teetering on the edge of getting delisted from the New York Stock Exchange — has voluntarily elected to begin trading on the OTC exchange.

New Leader Looks to Get Bank on Profitable Path

BANKING: Veteran CEO Looks to Raise Capital, Generate Loans

Neighborhood National Bank, plans to raise $5 million to $10 million in new capital this quarter, both to satisfy a regulatory order and generate more business loans, said its new chief executive, Dan Yates.

‘Fortune Tellers’: Panelists Present The VC Outlook

2013 proved to be a boon year for professional investors as the value of initial public offerings on Wall Street hit $11.25 billion, the highest total since 2007.

Qualcomm Puts Its Chips on Robotics

TECH: Creating Learning Ability Is a Hurdle

Qualcomm Inc. is entering 2014 with a “serious” interest in developing robots.

Economic Signs Point In the Right Direction

EVENT: Recovery Is Still Under Shadow of Uncertainty

Experts on this year’s Economic Trends panel assembled by the San Diego Business Journal provided some optimistic insights to what’s ahead, but also a fair amount of uncertainty.

Medistem’s Acquisition Hints at Big Potential

BIOTECH: Stem Cell Work Complements Intrexon Efforts

Medistem Inc., a San Diego-based stem cell company that harnesses regenerative cells found in menstrual blood, will be acquired for about $26 million by Intrexon Corp. — a high-profile synthetic biology company based in Germantown, Md.

Convention Business Gathering Momentum

TOURISM: Secondary Events Are Also on the Upswing

Operators of San Diego Convention Center, along with local hotels and resorts that host corporate events, expect a rising economy to pay off with a boost in company-related gatherings in 2014.

Thursday, January 9

CareFusion to Pay $40M to Settle Justice Department Lawsuit

CareFusion Corp. has agreed to pay the government $40.1 million to settle allegations from a whistleblower that it paid kickbacks to increase product sales, as well as marketed the product for uses that aren’t approved by the Food and Drug Administration.

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Kearny Real Estate Buys Downtown’s Union Bank Tower

Kearny Real Estate Co. of Los Angeles has purchased the downtown San Diego office tower at 530 B St., better known locally as the Union Bank building, for an undisclosed price.

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Navy Secretary Stays Out of Barrio Logan Zoning Dispute, Praises New Budget Deal

Though aware of a controversy over Barrio Logan industries, the secretary of the Navy refused to be carried into the debate over the neighborhood’s future during a pair of public appearances in San Diego on Jan. 9.

Suneva Medical Raises $35 Million

Suneva Medical Inc., a San Diego cosmetic dermatology company, has raised $35 million in debt and equity capital.

Enlightened Hospitality Group Closes 2 Restaurants

San Diego-based restaurant and nightclub operator Enlightened Hospitality Group LLC has closed its Gabardine restaurant in Point Loma and its Searsucker location in Scottsdale, Ariz.

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Rose Business Solutions Acquired By Armanino

Rose Business Solutions Inc., a San Diego-based business consultancy, said it was acquired by Armanino LLP, an accounting and business consultant firm based in San Ramon.

Avelas Closes $6.85M Series B Financing Round, Names New CEO

Avelas Biosciences Inc. announced it closed on a $6.85 million Series B financing round, and has also promoted chief business officer Carmine Stengone to the role of CEO.

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Wednesday, January 8

Terramar Buys Hawaii Shopping Center for $99.5 Million

Terramar Retail Centers of Carlsbad has acquired Laulani Village Shopping Center in Hawaii for $99.5 million.

Auspex Raises $35M, Makes New Board Appointment

Auspex Pharmaceuticals Inc. has raised $35 million through separate funding rounds — a $20 million Series E equity round from Deerfield Management Co. and others, and a $15 million, four-year venture loan from Oxford Finance LLC.

3 Buildings Housing SDG&E Sold for $57.7 Million

Menlo Equities of Palo Alto has purchased three Kearny Mesa office buildings, which house San Diego Gas & Electric Co., for approximately $57.7 million, according to CoStar Group and public data.

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San Diego Business Journal Calls for “CFO of the Year Awards” Nominations

Nominations for the San Diego Business Journal’s “2014 CFO of the Year Awards” are open.

December Median Home Price in County Was $478,500

The median price for a single family house in San Diego County increased to $478,500 in December, up nearly 14 percent from the same month in 2012, and up 2 percent from November, says the Greater San Diego Association of Realtors in its latest report.

Cubic Corp. Receives $25M Military Training Contract

Cubic Corp.'s defense systems subsidiary received a $25 million contract to provide combat training systems to the U.S. Air Force and unspecified U.S. allies in the Middle East.

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American Mortgage, Castle Mortgage Introduce New Correspondent Purchase Program

Castle Mortgage Corp. and American Mortgage Network, with offices in San Diego, said its new correspondent purchase program is now operating in 24 states.

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Local Franchisee Opens Its 25th El Pollo Loco Restaurant

Local franchisee Peg/Lion LLC has opened a new El Pollo Loco restaurant at 9714 Mission Gorge Road in Santee.

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Provide Commerce Looks to Fill 500 Temporary Customer Service Jobs

Provide Commerce, the San Diego parent company to a range of national online retailers including ProFlowers, RedEnvelope, and Cherry Moon Farms, said it has more than 500 temporary jobs it is looking to fill in advance of its busiest time of the year around Valentine’s Day, Feb. 14.

Tuesday, January 7

FDA to Rule on Orexigen’s Weight-Loss Drug Application By June 10

The Food and Drug Administration said it will review the new drug application for Orexigen Therapeutics Inc.’s weight-loss drug Contrave by June 10.

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Ride Sharing: Qualcomm Teams With QNX for In-Car Infotainment System

Continuing with the automotive theme of the Las Vegas consumer electronics show, Qualcomm Inc. announced Jan. 7 that it was teaming up with QNX Software Systems.

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City’s Pension Fund Payment Is $263.6 Million for FY2015

The city of San Diego said it will have to pay $263.6 million this year into its employee pension fund, known as the San Diego City Employees Retirement System, a decrease of $11.8 million from the prior year.

Former Mission Beach School Property Sold for $18.5 Million

McKellar McGowan LLC of La Jolla has purchased a former school property in Mission Beach for $18.5 million, with plans to develop a residential project, according to brokerage company Colliers International.

Neurocrine Stock Increases As Drug Shows Promising Results

Stock for San Diego’s Neurocrine Biosciences Inc. nearly doubled its value after it released positive interim clinical data for its drug that treats tardive dyskinesia, a movement disorder that causes facial spasms.

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San Diego Land Trust Agreement Clears Way for 16 Affordable Homes

San Diego City Council has approved a lease purchase agreement, allowing for the nonprofit San Diego Community Land Trust to develop 16 affordable single-family homes in the Nestor neighborhood of Southern San Diego.

Kratos Receives $11.7 Million for Missile Work

Kratos Defense & Security Solutions Inc. received a missile electronics contract worth $11.7 million, the company said.

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Monday, January 6

Thermo Fisher Selling Units to Pave Way for Approval of Life Technologies Acquisition

Thermo Fisher Scientific Inc. is shedding certain assets to hasten approval of its $13.6 billion acquisition of Life Technologies Corp., selling its gene modulation, cell culture and magnetic beads businesses to GE Healthcare for $1.06 billion, Thermo Fisher said.

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Qualcomm’s Snapdragon Automotive Solutions Are About the Infotainment Journey

Dragons have wings; now they have wheels.

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Local Firm Buys Las Vegas Senior Communities for $75 Million

Private equity firm Interwest Capital Corp., based in La Jolla, has purchased a four-property portfolio of senior housing communities in Las Vegas, totaling 1,113 units, for $75 million.

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BofI Federal Bank Issues $25M Line of Credit to RCN Capital

BofI Federal Bank provided a $25 million line of credit to RCN Capital LLC, the bank said.

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Align’s Forming of Catalytic Part of Big Plans for Property Catastrophe Insurance Sector

Align Financial Group LLC, a San Diego-based insurance holding company, said it formed Catalytic Holdings LLC, a specialist property catastrophe underwriting manager to allow Catalytic to acquire the property casualty business of Align General Insurance Agency and all of the stock of Western Re Managers Insurance Services Inc.

Halozyme Secures Additional $20M Term Loan

Halozyme Therapeutics Inc. announced it has received an additional $20 million loan from Oxford Finance LLC and Silicon Valley Bank.

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Deadline for Nominations for Business Journal’s Top Real Estate Deals Awards Is Jan. 10

The San Diego Business Journal will close nominations for its annual “Top Real Estate Deals Awards” on Jan. 10.

Valley View Conducting an ‘Extreme Casino Makeover’

Valley View Casino & Hotel in Valley Center has embarked on a $6 million construction project that will close the venue for 11 days.

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Shea Homes Buys Vista Site for $7.6 Million

Shea Homes Limited Partnership of San Diego has purchased an approved 73-lot site in Vista for approximately $7.6 million, according to brokerage services provider Colliers International.

Chargers’ and Aztecs’ ‘Stock Soars’

San Diego got a boost to its self-confidence Sunday as the Chargers and San Diego State Aztecs men’s basketball teams pulled off upsets on the road.

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Ajinomoto Althea Appoints New CEO

San Diego contract manufacturing organization Ajinomoto Althea Inc. has appointed J. David Enloe Jr. as its new president and CEO.

Sunday, January 5

Maxwell Technologies Says It Has No Plans to Relocate Local R&D Staff

Responding to a rumor of possible relocations, Maxwell Technologies Inc. said it will continue to house its research and development staff in San Diego.

Sorrento Mesa Medical Office Building Sold for $32.5 Million

Ron Kaufman Companies LLC of San Francisco has purchased Pacific Medical Plaza, a medical office building in Sorrento Mesa, for approximately $32.5 million, according to CoStar Group and public data.

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Quidel Corp.’s Strep-Throat Test Gets FDA Approval

Quidel Corp. has received regulatory clearance for its hand-held test that diagnoses strep throat.

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Business Calendar for Week of January 6, 2014

Some of the business events happening around the county for the week of January 6, 2014.

Dan Yates Named CEO of Neighborhood National Bank

Dan Yates was named president and chief executive officer of San Diego-based Neighborhood National Bank.

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Carlsbad Office Property Sells for $12 Million

SSG LLC of Newport Beach has purchased a Carlsbad office building with a nearby undeveloped parcel for $12 million, according to Cushman & Wakefield Inc.

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RF Industries Reports Q4 Revenue of $8.4 Million

RF Industries Ltd. reported unaudited fourth quarter revenue of $8.4 million compared with $9.3 million for the like quarter of last year.

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Saturday, January 4

Recession Recovery Reveals Changes In Economy and Its Influences

Q&A: Eugenio Alemán, director and senior economist, Wells Fargo & Co.

Eugenio Alemán forecasts national, regional, and international economic trends at Wells Fargo & Co., focusing primarily on the United States, the U.S. consumer and interest rates.

Insurance Market Cost Changes Will Bring Some ‘Ups and Downs’

INSURANCE: Some Property Policies Could See Rate Reductions

As many insurance companies look to increase rates for property insurance, still dealing with heavy losses from natural disasters a few years ago, one longtime broker says don’t accept any hike without checking.

San Diego Leading Change to Energy Smart City Heading into 2014

CLEAN TECH: Finding Ways to Store Renewable Energy Among Challenges

The biggest economic trend in clean technology in San Diego is its impending metamorphosis into a “smart city,” said Holly Smithson, president of clean energy trade group CleanTech San Diego.

Pharmaceutical Giants Expected to Have a Bigger Local Presence

BIOTECH: Stem Cell Work, Digital Medicine Advancing in the Region

The San Diego biotech sector is beginning to see a lot of activity among big pharma that has previously sidestepped the region — a trend that will continue to grow in 2014, said Joe Panetta, CEO of San Diego life sciences industry trade group Biocom.

Residential Construction to Continue as Main Driver in the Industry

BUILDING: Health Care, Education-Related Projects Also Generating Work

Residential construction is expected to carry much of the load in 2014, like it did during the past year, as San Diego County continues its slow but steady post-recession recovery in building projects.

Lawsuit Ruling Suggests USPTO Reform Needed

The Business of Law

FindTheBest.com, represented by San Diego-based Leventhal Law, won a patent dispute in a federal court in New York. The decision in favor of FindTheBest sent a message that reform is required at the U.S. Patent and Trademark Office — at least that’s how it read to me.

San Diegans Put Their Heart Into Helping Those in Need in 2013

Kudos/Giving Column

Happy New Year! Even as 2014 is upon us, I would like to take a moment to look back at the 2013 holiday season and acknowledge the generosity of a few San Diego companies and nonprofit organizations.

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Commercial Real Estate Market Is Meeting New Needs of Business

Q&A: Tom van Betten, Senior Vice President, Cassidy Turley

Tom van Betten, who specializes in tenant representation at Cassidy Turley, will offer his more than 20 years of experience and insight in commercial real estate to the panel of experts during the San Diego Business Journal’s 2014 Economic Trends event.

Evolving Technology, New Reforms Affecting Health Care Delivery

Q&A: Mary Ann Barnes, Senior vice president and executive director, Kaiser Permanente

Mary Ann Barnes, senior vice president and executive director for Kaiser Permanente Health Plan and Hospitals in San Diego County, will join the panel for the San Diego Business Journal’s 2014 Economic Trends event to share her expertise on health care.

Tax Changes Bring Increases for Businesses, High-Income Earners

Q&A: Sid Tobiason, Tax partner, Moss Adams LLP

Sid Tobiason, who has practiced taxation since 1978 and focuses on federal income and estate taxation, will bring his financial perspective to the panel of experts during the San Diego Business Journal’s 2014 Economic Trends event.

Demand for Retail Real Estate Expected to Grow With Recovery

RETAIL: ‘B’ Site Properties Draw Interest in Tight Market

The story of retail real estate in 2014 will be a continuation of post-recession recovery trends of the past several years in San Diego County, experts predict.

Cleared For Takeoff in 2014

TOURISM: Hotel Metrics Up; Greater Gains Expected

Experts expect San Diego’s crucial tourism industry to get back on track toward full recovery in 2014, following a year that saw hotel stays severely impacted by a slashing of regional marketing dollars and uncertainties over federal budget cutting.

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Some Manufacturing Is Homeward Bound

Production: Sector Still Seeing Drop in Employment

San Diego County sustained a 12-month net loss of 2,000 manufacturing jobs as of November 2013 — a similar loss to what the region sustained about a year ago — leaving it with about 91,500 such jobs, according to the most recent unemployment report for San Diego.

For Health Care, 2014 Is a Work in Progress

MEDICINE: Seismic Shift Of Reform Is on Its Way

The Affordable Care Act will bring sweeping change to health care in 2014 in San Diego and across the country, as providers and consumers adjust to the new norm of a wildly changed health economy.

Defense Act Keeps The Funds Flowing

DEFENSE: Deal Should Help Many Local Contractors

Eleven months ago, San Diego shipyards and their suppliers were using the L-word — as in layoffs.

$1.4B Expected From Convention Business in 2014

SDBJ Insider

Happy New Year! The convention business is on a nice growth curve after a five-year lull due to recent economic turbulence.

Tight Supply Still Big Factor in Housing Market

PROPERTY: Mortgage Rates May Climb; Price Increases May Ease a Bit

San Diego’s housing market was in a full-scale recovery mode last year, with the median price for November increasing by 16 percent year-over-year to $415,000, tailing off from the 20 percent median appreciation as of August, according to the latest report from DataQuick, the San Diego-based real estate research firm.

Internet of Things Set to Bring Lots of Connections, Opportunity

TECH: Qualcomm Creates Open-Source ‘Language’ For Burgeoning Market

The number of objects connected to the Internet grows every year. Automobiles, homes, workplaces and the objects within them — all are getting the ability to trade data with tablets, smartphones and each other. The phenomenon is called the “Internet of Things,” or in some circles, the “Internet of Everything.”

Cybersecurity Threats Steal Our Attention, Our Identities

TECH: Stories of Computer Crime Make It Clear Dangers Come From All Directions

2014 is bound to be “a big year for cybersecurity,” according to one student of the topic.

Thursday, January 2

Pacific Commerce Bank Opens Del Mar Heights Branch

Pacific Commerce Bank, based in Los Angeles and with about $165 million in assets, opened a new branch office in the Del Mar Heights area of San Diego.

San Diego Ranked 10th for Office Rent Growth

San Diego ranked 10th among U.S. metro markets for office rent growth in 2013, with lease rates rising 4.3 percent, according to a national report by brokerage services provider Cassidy Turley.

Local Small Businesses Given Chance to Bid for Defense Work

The Pentagon recently offered several San Diego small businesses chances to bid on U.S. Navy command and control electronics projects.

Convention Center Operator Forecasts $1.4 Billion Regional Impact for 2014

The San Diego Convention Center is expected to host at least 111 events in 2014, generating $1.4 billion in regional economic impact, according to a recently issued annual forecast by center operators.

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Peregrine Announces Shipping of New Component

Peregrine Semiconductor Corp. says it has begun shipping a new electronic component.

SDSU Bans All Smoking on Campus

San Diego State University has completely banned smoking from its campus – including electronic cigarettes.

Wednesday, January 1

Cardium Therapeutics Voluntarily Delists From NYSE, Will Rejoin OTC Market

Cardium Therapeutics Inc. announced that it elected to delist from the New York Stock Exchange and voluntarily begin trading on the OTC exchange.

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T.B. Penick & Sons Awarded $18.7M Navy Construction Project

T.B. Penick & Sons Inc. is being awarded $18.7 million firm-fixed-price task order multiple award construction contract for renovation of the medical clinic at Marine Corps Air Ground Combat Center at Twentynine Palms.

General Atomics ASI Gets $31.9M Foreign Military Contract

General Atomics Aeronautical Systems Inc. has been awarded a $31.9 million cost-plus-fixed-fee and firm-fixed-price undefinitized contract for unmanned aerial vehicle work for the United Kingdom.

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CareFusion Completes Vital Signs Acquisition in U.S. and China

San Diego medical device maker CareFusion Corp. has completed its $500 million acquisition of the Vital Signs division of GE Healthcare in the U.S., China and other countries.

EDF Orders Wind Turbine Generators for Texas Wind Farms

EDF Renewable Energy recently placed a firm order with Vestas for 220 megawatts of wind turbine generators.

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