Stories for March 2015

Tuesday, March 31

Region's Economy Continues Upswing, USD Index Shows

The University of San Diego economic index rose for the ninth straight month in February, with six out of six components advancing for the second month in a row.

Rhombus Energy Solutions Acquires Michigan-based Company

San Diego-based Rhombus Energy Solutions Inc., an energy technology company designing and deploying power conversion, control, and distributed energy management solutions, announced the acquisition of Energy Development Associates LLC.

SmartDrive Systems Raises $50 Million in Venture Funding

SmartDrive Systems said on March 30 that it raised $50 million of additional venture funding.

IPOs Down Significantly for Q1 2015

The number of initial public offerings (IPOs) in the first quarter of 2015 dropped significantly from the same period a year ago, according to reports from the accounting firm Ernst & Young and fund manager Renaissance Capital.

Naming Rights Agreement Extended for Valley View Casino Center

Valley View Casino & Hotel and AEG announced a multiyear extension of the naming rights agreement for Valley View Casino Center at 3500 Sports Arena Blvd.

Little Italy Parcel Sells for $2 Million

San Diego-based developer H.G. Fenton Co. has purchased a 10,000-square-foot lot in downtown’s Little Italy for $2 million, according to real estate services firm ACI Commercial, which represented the sellers.

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Pacific Beach Retail Properties Sold for $4.6 Million

Dayani Partners has purchased a portfolio of Pacific Beach retail buildings for $4.6 million, according to Voit Real Estate Services, which handled the transaction.

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Black Mountain Systems Acquired by Stone Point Capital

Black Mountain Systems, a San Diego-based software company that caters to asset managers and financial institutions, has been acquired by Stone Point Capital, a private equity firm.

Developer Completes $13 Million Renovation of Escondido Apartments

Affirmed Housing Group of San Diego has completed a $13 million renovation of Sonoma Court Apartments, a 61-unit affordable housing community in Escondido.

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Jensen Meat Co. Appoints Abel Olivera CEO

Abel Olivera has been named chief executive officer of The Jensen Meat Co. in Otay Mesa, company co-owner Jeff Hamann announced.

Monday, March 30

SDG&E Gets FAA Approval to Fly Drones

The Federal Aviation Administration (FAA) has granted San Diego Gas & Electric permission to use unmanned aircraft systems (UAS) to conduct aerial inspections of the public utility's electric and gas facilities, including emergency response damage assessments throughout its service territory.

Novatel Wireless Acquires Oregon-Based Feeney Wireless

Novatel Wireless Inc. said on March 30 that it acquired Feeney Wireless, an Oregon company that specializes in electronics for the Internet of Things.

Nominations for the 2015 General Counsel Awards Now Open

The San Diego Business Journal is now accepting nominations for the 2015 General Counsel Awards, which recognizes excellence in the In-House counsel community.

Carlsbad Office Park Acquired for $16.4 Million

Davlyn Investments Inc. of San Diego has purchased the two-building Paseo Summit office property in Carlsbad for approximately $16.4 million, the company announced.

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Tom Cannell Joins Orexigen as Chief Commercial Officer

Orexigen Therapeutics Inc. has hired Tom Cannell has as its chief commercial officer, according to a recent news release.

Coronado Office Property Sold for $19.7 Million

Island Terraces LP of Los Angeles has purchased Island Terraces, an office property in Coronado, for approximately $19.7 million, according to CoStar Group and public data.

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Teva Acquiring Auspex Pharmaceuticals for $3.2 Billion

Teva Pharmaceutical Industries Ltd. is buying San Diego-based Auspex Pharmaceuticals Inc. for about $3.2 billion in a move to strengthen its position on treatments for central nervous system conditions, according to a recent news release.

Realty Income Joining S&P 500 Index

Realty Income Corp. will be added to the S&P 500 index after the close of trading on April 6, the Escondido-based company announced.

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Sunday, March 29

Opponents of One Paseo Project Submit Signatures for Possible Referendum

The San Diego County Registrar of Voters is reviewing more than 60,000 signatures submitted by opponents of the mixed-used One Paseo project in Carmel Valley, aimed at rescinding San Diego City Council’s recent approval or placing the measure on a future election ballot.

Manchester Sells Majority Stake in Grand Del Mar Resort

Private equity firm Blum Capital and the parent of Fairmont Hotels & Resorts are acquiring a majority stake in Carmel Valley’s Grand Del Mar resort for a reported $230 million.

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Seacoast Commerce Banc Holdings Completes Loan Transaction for $7M

Seacoast Commerce Banc Holdings, a bank holding company for Seacoast Commerce Bank, announced the completion and funding of a bank holding company loan provided by Dallas-based NexBank SSB, in the amount of $7 million.

The Business Events Calendar for the Week of March 30, 2015

Some of the business events planned in the county for the week of March 30,2015, and beyond.

Cubic Receives $9.4 Million Army Contract

ubic Corp. received a $9.4 million U.S. Army contract modification to operate the Korea Battle Simulation Center for the next 12 months. The Pentagon made the announcement March 25.

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La Mesa Apartment Property Sells for $2.8 Million

Joehnk LLC of La Jolla has purchased the 14-unit Chateau Shasta apartment building in La Mesa for $2.8 million, according to ACRE Investment Real Estate Services, which represented the seller.

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AT&T Announces $725M in Capital Improvements Made Locally

AT&T Inc. announced that it put more than $725 million into capital improvements in the San Diego area over the last three years. The corporation counted investments to both its wired and wireless networks made between 2012 and 2014.

Friday, March 27

Sitting on a Gold Mine: Sell Stadium Seat Licenses

A major issue for a new football stadium in San Diego is the funding gap between the stadium cost and the expected contribution from the Chargers and NFL.

OceanLeaf Awards Honor Leaders in East African Communities

Somali Family Service of San Diego County recently celebrated San Diego’s Somali and other East African cultures and community leaders at the third annual OceanLeaf Awards Celebration.

Small Business Lender Is on Big Growth Trajectory

LENDING: Company Looks to Expand into Midmarket Segment

When banks retreated from making small business loans during the depths of the Great Recession, Dave Gilbert saw a huge opportunity.

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More Mergers Ahead

Four Years Into Impact of Reforms, Local Bankers Expect More Consolidation

Get ready for more bank mergers in San Diego County and elsewhere as new regulations and low interest rates put a squeeze on profits.

Executive Q&A: Faheem Hasnain, Receptos

As Faheem Hasnain walks me through rooms of glass and metal, I can’t help but compare the Receptos headquarters to pictures I’ve seen of the Google complex. Pingpong tables and shuffleboard tournaments are held frequently in the biotech’s break-room, and a king-sized chalkboard stands in the corner with winners and losers scratched in white chalk.

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Firm’s Legal Presence in San Diego Proves Short-Lived

LAW: Covington & Burling Shutters Outpost; to House SoCal efforts in Los Angeles

Washington, D.C., law firm Covington & Burling had high hopes for Southern California when it opened a San Diego office by snagging a group of patent litigators from a struggling firm in 2008.

The Good News Keeps Arriving for the Local Hotel Industry

TRAVEL: Millennials’ Tastes, ‘Airbnb’ Options Are Sector’s Challenges

San Diego County’s hotel industry is on track to see another stellar year in 2015, and likely into 2016, said experts at a recent Lodging Industry Forecast forum in Carmel Valley.

Texas Company Taking the Reins at Catalina Restaurant Group

DINING: Carrows, Coco’s Face Challenge From the Limited-Service Eateries

Catalina Restaurant Group Inc. is about to undergo the latest in what has become a series of corporate turnovers for the Carlsbad company’s flagship brands over the past two decades.

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AT&T Announces Local Improvements

AT&T Inc. announced that it put more than $725 million into capital improvements in the San Diego area over the last three years. The corporation counted investments to both its wired and wireless networks made between 2012 and 2014.

Everyone Is on Offense When Divvying Up the Defense Budget

The rodeo in Washington is getting going, with lawmakers wrangling over the shape of the Defense Department’s 2016 spending plan.

Firm Sees Old Drug in New Light Through Genetic Sequencing

BIOTECH: Kura Can Count on Its Cash and Experienced Leaders

A team of veteran drug hunters at Kura Oncology Inc. has licensed an old drug for new purposes, hoping to use advances in genetic sequencing to match the right drug with the right patient.

Entrepreneur Tosses His Snack Into the Health-Food Ring

FOOD: Salad Bites Look for Market in Changing Grocery Scene

La Jolla entrepreneur Keith Mullin is an idea man.

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Rhombus Energy Raises $2.8M in Series A Funding

Rhombus Energy Solutions Inc., a San Diego-based energy technology company, said that it raised $2.8 million in Series A funding.

S.D. Sport Innovators Graduates From Connect

SPORT: Group Will Soon Move To New Offices

San Diego Sport Innovators (SDSI), a nonprofit business accelerator, announced that it has parted ways with its parent company Connect and become a free-standing organization.

Huntington Announces Closing of Its $91.7M Fund

FINANCE: Firm Seeks Positive Social Impact From Investing

San Diego-based Huntington Capital, a provider of growth capital to lower-middle market companies, announced the final closing of its third fund, Huntington Capital Fund III L.P., with $91.7 million of total capital commitments.

Selling Stadium Seat Licenses Takes Team Effort

San Diego State University sports business professor Jim Lackritz on Page 47 floats an interesting approach to selling private seat licenses (PSLs) to help fund a new football stadium.

Firms’ Reputations Grow at SXSW Event

STARTUPS: Crop Technology, Tax Filing Get Noticed in Austin

The knot of people who converged at the South by Southwest festivals saw and heard the best of what’s new. Judges thought two San Diego companies, Slantrange Inc. and Common Form Inc., belonged in that category.

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Local Apps Aim for ‘Uber of X’ Sweet Spot

TECH: Services and Products Use Popular Business Model

Closet entrepreneurs in San Diego — and everywhere else for that matter — are coming out of hiding to join the startup scene hoping to develop an app that achieves the same success as Uber and Lyft.

Betting on Blue

RESOURCES: Leaders Push Blue-Tech Plans as Region’s Next Cluster

A proposal to create a regional “blue-tech” incubator with a related “center of excellence” that would support early-stage companies, cutting-edge research and development of water-oriented technologies has won the backing of city and council officials.

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One Paseo Project Opponents Submit Signatures for Possible Referendum

The San Diego County Registrar of Voters is reviewing more than 60,000 signatures submitted by opponents of the mixed-used One Paseo project in Carmel Valley, aimed at rescinding San Diego City Council’s recent approval or placing the measure on a future election ballot.

La Mesa Apartment Property Sells for $2.8M

Joehnk LLC of La Jolla has purchased the 14-unit Chateau Shasta apartment building in La Mesa for $2.8 million, according to ACRE Investment Real Estate Services, which represented the seller.

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Manchester Selling Majority Stake in Grand Del Mar Resort

Private equity firm Blum Capital and the parent of Fairmont Hotels & Resorts are acquiring a majority stake in Carmel Valley’s Grand Del Mar resort for a reported $230 million.

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Cubic Receives $9.4M Army Contract

Cubic Corp. received a $9.4 million U.S. Army contract modification to operate the Korea Battle Simulation Center for the next 12 months. The Pentagon made the announcement March 25.

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Business Calendar for Week of March 30, 2015

Some of the business events planned in the county for the week of March 30, 2015, and beyond.

Thursday, March 26

City, County Teaming to Explore Regional Stadium Options

San Diego city and county government leaders have announced plans to work collaboratively, including sharing consultant costs, in order to devise a new regional stadium plan to retain the San Diego Chargers.

BAE Systems Awarded $16.8 Million Navy Contract

The U.S. Navy announced on March 26 that it awarded BAE Systems San Diego Ship Repair a $16.8 million contract modification covering shipyard work for the USS San Diego.

Ramona Getting State’s First Drive-through Dunkin’-Baskin Eatery

Massachusetts-based Dunkin’ Brands Group Inc. has an April 7 opening planned for its new restaurant in Ramona, which officials said will be California’s first drive-through location selling Dunkin’ Donuts and Baskin-Robbins ice cream.

San Diego Apartments Get $22.8 Million Renovation

National affordable housing developer Vitus Group Inc. has completed a $22.8 million renovation of the 448-unit Meadowbrook Apartments, in San Diego’s Skyline neighborhood.

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BioNano Appoints Terry Salyer as Chief Commercial Officer

BioNano Genomics Inc., a genome mapping company in San Diego, announced the appointment of Terry Salyer as chief commercial officer.

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CORRECTION: Mast Therapeutics Files New Shelf S-3 Registration Statement

CORRECTION: Mast Therapeutics Inc., a San Diego-based biopharmaceutical company, filed a new “shelf” S-3 registration statement totaling $166.6 million on March 24.

Wednesday, March 25

InfoSonics Introduces Smartphone for Budget-Saavy Consumer

InfoSonics Corp. said on March 23 that it introduced a budget smartphone that offers fast data service known as 4G LTE.

Sloan Foundation Expands Minority Ph.D. Program to UC San Diego

UC San Diego is one of three institutions selected by the Alfred P. Sloan Foundation for a partnership to support under-represented graduate students in STEM fields.

Beechcraft Selling Plane to Iraqi Government

Beechcraft Defense Co. is selling one of its small planes to the government of Iraq under a foreign military sale, the Pentagon announced on March 25.

Poway Industrial Building Sold for $3.15 Million

Lloyd H. Wells Gift Trust of Poway has acquired a Poway industrial building for approximately $3.15 million, according to CoStar Group and public data.

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Mad Catz Announces $3.7 Million Direct Offering

Mad Catz Interactive Inc. announced a $3.7 million direct registered offering.

Rhombus Energy Announces $2.8M Series A Funding

Rhombus Energy Solutions Inc., a San Diego-based energy technology company, said that it raised $2.8 million in Series A funding.

Movie Theaters, Events Space Planned at Liberty Station

La Jolla-based Backlot Hospitality plans to open a new events space with six movie theaters at the former Luce Auditorium, at Liberty Station in Point Loma.

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Tuesday, March 24

Competitor Group Names New Senior Leadership

Competitor Group, Inc. (CGI) has announced changes to its senior leadership team.

UCSD Health System in Talks with Rancho Mirage Hospital

The UC San Diego Health System is in talks with Eisenhower Medical Center in the Coachella Valley to form a partnership that could potentially lead to the expansion of the Rancho Mirage hospital into a teaching and research hospital, according to The Desert Sun newspaper and a UCSD spokesman.

Qualcomm Invests Undisclosed Amount in Cyanogen

Cyanogen Inc., a Seattle company that has created its own operating system for smartphones, has attracted an undisclosed amount of investment from Qualcomm Inc.

Retrophin Closes $149.5 Million Public Offering

Retrophin Inc. announced the closing of its previously announced underwritten public offering of 7,866,000 shares of its common stock at a price to the public of $19 per share, including 1,026,000 shares sold pursuant to the full exercise of the underwriters’ option.

San Marcos Resort Gets New Eatery, Revamped Golf Course

Locally based hospitality property operator Eat.Drink.Sleep plans a March 26 opening for its new restaurant and renovated golf course at Lakehouse Hotel & Resort in San Marcos.

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WD-40 Announces Quarterly Dividend and Board Appointment

WD-40 Co., a San Diego-based maker of specialty lubricants, soap and chemicals, announced its regular quarterly dividend of $0.38 per share, payable April 30 to stockholders of record at the close of business on April 16.

GKN Aerospace Signs $200 Million Contract With Rolls Royce

GKN Aerospace — which has factories in El Cajon and Mexicali, Mexico — said earlier this year that it agreed to supply Rolls-Royce PLC with components for the latest version of the Trent 1000 engine.

Chula Vista Shopping Center Sells for $18.5 Million

Affiliates of Anaheim-based Milan Capital Management have purchased a five-building retail center in Chula Vista for $18.5 million, according to CoStar Group and public data.

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Johnny Rockets Restaurant Coming to Boomers in Vista

A new location of the Johnny Rockets hamburger restaurant is set to open this spring at the Vista location of Boomers family entertainment center, according to center operator Palace Entertainment.

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Biocept to Collaborate With UCSD Moore Cancer Center

Biocept Inc., a San Diego-based molecular oncology diagnostics company, announced Tuesday that it has entered into a clinical collaboration with the University of California, San Diego Moores Cancer Center.

Monday, March 23

Callaway Golf Shares Close Up at $9.55

Shares of Callaway Golf Co. gained more than 11 percent in value on March 23, and then backtracked 3 percent in after-hours trading.

No Blackouts for Undersold Chargers Games in 2015

It’s official: every San Diego Chargers game in the 2015 season will be televised.

Sempra Energy Submits Port Arthur LNG Facilities for Pre-File Review

Sempra Energy announced its subsidiary, Port Arthur LNG, has requested that the Federal Energy Regulatory Commission initiate the pre-filing review for the company’s proposed Port Arthur LNG natural gas liquefaction and export facility in Port Arthur, Texas.

Carlsbad Firm Opens New Senior Apartments in Mission Valley

Chelsea Investment Corp. of Carlsbad has completed and opened Versa at Civita, a $27.7 million, 150-unit apartment complex featuring affordable apartments for seniors 55 and older in Mission Valley.

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Huntington Capital Announces Final Closing of $91.7M Growth Capital Fund

San Diego-based Huntington Capital, a provider of growth capital to lower-middle market companies, announced the final closing of its third fund, Huntington Capital Fund III L.P., with $91.7 million of total capital commitments.

Carlsbad Office Building Sold for $4.26 Million

Investor Andrew Lisowski has acquired the Carlsbad Corporate Center office property in Carlsbad for approximately $4.26 million, according to brokerage company Marcus & Millichap Inc., which represented the seller.

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MEI Pharma's Cancer Drug Pracinostat Fails Phase 2 Trials

Shares of MEI Pharma Inc. lost more than two-thirds of their value Monday after the San Diego biotech said its cancer drug Pracinostat failed a Phase 2 clinical trial.

Financing Completed for $79.3 Million Downtown Apartment Project

Wakeland Housing and Development Corp of San Diego has closed on financing for its planned $79.3 million Atmosphere affordable housing project in downtown San Diego, according to U.S. Bank.

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Mark Harrison Named CFO of UCSD Health Sciences

Mark Harrison has been appointed chief financial officer for UC San Diego Health Sciences, overseeing a budget of more than $2.4 billion for the university.

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Sunday, March 22

SeaWorld Entertainment Names Manby as its New CEO, President

SeaWorld Entertainment Inc., parent company of SeaWorld San Diego and the Aquatica water park in Chula Vista, has named Joel Manby as its new president and CEO, effective April 7.

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Pulse Electronics Corp. Reports Net Sales of $343.5M in 2014

Pulse Electronics Corp. reported a net loss of $9.6 million on net sales of $80.1 million for its fourth quarter.

The Business Calendar for the Week of March 23, 2015

Some of the business events planned in the county for the week of March 23, 2015, and beyond.

San Diego Apartment Properties Sold for $12.7 Million

An affiliate of Newport Beach-based WLA Investments Inc. has purchased a three-property portfolio of San Diego apartment properties for approximately $12.7 million, according to CoStar Group and public data.

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Vital Therapies Reports Fourth Quarter Results

San Diego-based Vital Therapies Inc., a company developing a cell-based therapy to help people suffering from serious liver disease, announced its fourth quarter financial results March 19, reporting a net loss of about $14 million compared with a net loss of $10.2 million in the same quarter of 2013.

Batu Biologics Inc. Publishes Pre-Clinical Data on Therapeutic Vaccine

San Diego-based Batu Biologics Inc. announced the publication of pre-clinical data for its flagship immunotherapeutic product, ValloVax in the Journal of Translational Medicine.

Andrew Viterbi Inducted Into Entrepreneur Hall of Fame

Qualcomm Inc. co-founder Andrew Viterbi was inducted into Connect’s Entrepreneur Hall of Fame during a recent luncheon at the Estancia La Jolla Hotel & Spa.

Friday, March 20

San Diego's Wealthiest #3: Gary and Mary West

Gary West was born in Council Bluffs and grew up in Harlan, Iowa, where his parents owned a bowling alley.

San Diego's Wealthiest #2: Irwin Jacobs

rwin Mark Jacobs rose from a job as an electrical engineering professor at the then-new University of California campus in San Diego to play a leading role in creating not one, but two San Diego technology companies: Linkabit and Qualcomm Inc.

San Diego's Wealthiest #1: Gwendolyn Sontheim Meyer

Gwendolyn Sontheim Meyer is an heiress to the agribusiness Cargill Inc.

Home of the month: Spindrift Sea View Estate

Perched high on the sandstone cliffs in La Jolla Shores is one of San Diego’s most exceptional properties.

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Report: Apartment Industry Has $11.9 Billion Local Impact

The San Diego metro area’s apartment industry had an $11.9 billion economic impact in 2013, including supporting more than 111,000 jobs, according to a recent report by two industry advocacy groups.

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Many Keeping an Eye on Potential of Drones

San Diego is home to an extensive community of engineering talent dedicated to designing, developing and building unmanned aerial vehicles (UAVs), or drones, for military and government applications.

San Diego Makes the Grade as Test Market for New eBay App

Location, location, location-based apps are all the rage, if this week’s email is any indication. Two items really stood out, one from a large business, another from a startup. Let me start with the big one.

Tech Savvy Consulting Company Tackles IT Decisions, Acquisitions

TECH: Private Equity Investors Often Use Company’s Expertise

It’s a common situation: investors see potential in some sort of information-technology business, but the investors’ backgrounds are heavy on finance, light on tech.

Bold Fusion

EDUCATION: UCSD Taps a Top Talent to Form Its Design Lab

Don Norman — electrical engineer, psychologist and design guru for Apple Inc., Hewlett-Packard Co. and other businesses — has been coaxed out of retirement to start the University of California, San Diego design lab.

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Game Over for Sony Stores as Company Shifts Its Retail Strategy

Sony North America, the San Diego-based division of the Japanese electronics giant, is pulling the plug on the last of its retail stores that the company once envisioned as the home-electronics version of those wildly popular Apple stores.

Former Exec Takes Leadership Role at New Children’s Museum

The New Children’s Museum announced that former board member Rich Horner is shifting from volunteer to full-time staff member as he joins the leadership team as the director of development.

Firm’s Partner Gets a Title That Honors Her Civic Achievements

Vickie Turner, a partner at Wilson Turner Kosmo LLP, has been named “Woman of the Year for the California 79th Assembly District.” Turner lives in the district, which includes Chula Vista, San Diego, La Mesa, Lemon Grove and National City.

Behind the Controls

WEALTH: Linden and Neal Blue Quietly Steer GA And Other Business Pursuits

Their Predator aircraft flies high enough to avoid detection, but J. Neal Blue and Linden S. Blue seem to prefer the opposite approach. The low-key industrialists fly under the radar.

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S.D. Needs to Trade Up Reputation, Export Intensity

TRADE: Initiative Calls for Local Action On Exports, Investment

San Diego’s emergence as a mecca for biotechnology and wireless communications has primed the region for economic success, but the city isn’t up to national standards when it comes to foreign investment and exports.

How Region Can Trade Up Reputation and Export Intensity

TRADE: Initiative Calls for Local Action On Exports, Investment

San Diego’s emergence as a mecca for biotechnology and wireless communications has primed the region for economic success, but the city isn’t up to national standards when it comes to foreign investment and exports.

Pulse Electronics Corp. Reports Net Loss of $9.6M for Q4

Pulse Electronics Corp. reported a net loss of $9.6 million on net sales of $80.1 million for its fourth quarter.

Why Mission Valley Stadium Site Looks Better 12 Years Later

DEVELOPMENT: Politics Might Align With Nearby Projects

Two members of the Citizens’ Stadium Advisory Group, each of whom is an expert on land-use or construction matters, say they’re confident that Mission Valley will be the place that ultimately keeps the San Diego Chargers in town if the financing is right.

As Patient Demand Grows, Sharp Rees-Stealy Plans Expansion

Continued population growth in the North County inland region has motivated Sharp Rees-Stealy Medical Center in Rancho Bernardo to announce plans to move to a new facility, nearly doubling the size of the existing medical center.

Batu Biologics Publishes Data on Therapeutic Vaccine

San Diego-based Batu Biologics Inc. announced the publication of pre-clinical data for its flagship immunotherapeutic product, ValloVax in the Journal of Translational Medicine.

Viterbi Inducted Into Entrepreneur Hall of Fame

Qualcomm Inc. co-founder Andrew Viterbi was inducted into Connect’s Entrepreneur Hall of Fame during a recent luncheon at the Estancia La Jolla Hotel & Spa.

Diagnostic Device Gives You Picture Of What’s In That Produce

TECH: Through Crowdsourcing, the Results Can Be Shared

Whether it’s worry over pesticide residue or concerns about toxins leaching into the soil, consumers want to know what’s in their food.

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Roosevelt’s New Homeport Will Be S.D.

The aircraft carrier USS Theodore Roosevelt left Naval Station Norfolk, Va., on March 5 for a world deployment and then a trip to its new homeport of San Diego.

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State Supreme Court to Review SANDAG Case

LAW: Appellate Ruling Said to Have Left Some Unresolved Questions

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

For Their Primary, The Romneys Vote Utah, Not La Jolla

Our package on Wealthiest San Diegans, which begins on Page 10, does not include part-time residents who own estates in and spend considerable time in La Jolla, Del Mar, Rancho Santa Fe and other areas.

County’s Population to Exceed 4 Million by 2060

GROWTH: Forecast Shows Region’s Market Over 50-Year Period

Statistics from Sacramento’s bean counters offer an estimate of how big a market San Diego will become over the next 50 years.

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Legislation Would Cut Civic S.D. Power

LAW: Some Call for More Localized Input on Projects

Legislation proposed by California Assemblywoman Lorena Gonzalez (D-San Diego) would effectively strip the nonprofit Civic San Diego of its current role as final arbiter on downtown development projects.

Whiskey Hits Market With Right Hooks

BEVERAGE: Endorsers, Herbs And Name Target Millennials

Over the past decade, San Diego has become known far and wide for its craft beer industry.

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SeaWorld Entertainment Names Manby as its New President, CEO

SeaWorld Entertainment Inc., parent company of SeaWorld San Diego and the Aquatica water park in Chula Vista, has named Joel Manby as its new president and CEO, effective April 7.

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San Diego Apartment Properties Sold for $12.7M

An affiliate of Newport Beach-based WLA Investments Inc. has purchased a three-property portfolio of San Diego apartment properties for approximately $12.7 million, according to CoStar Group and public data.

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Vital Therapies Reports Q4 Results

San Diego-based Vital Therapies Inc., a company developing a cell-based therapy to help people suffering from serious liver disease, announced its fourth quarter financial results on March 19, reporting a net loss of about $14 million compared with a net loss of $10.2 million in the same quarter of 2013.

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Business Events Calendar for Week of March 23, 2015

Some of the business events planned in the county for the week of March 23, 2016.

Thursday, March 19

Bridgepoint Appoints Christopher Henn as Executive VP/COO

Bridgepoint Education Inc. said on March 19 that it appointed Christopher Henn as executive vice president and chief operating officer, effective April 13.

County Employees Retirement Association CEO Resigns

Brian White has tendered his resignation as CEO of the Board of Retirement of the San Diego County Employees Retirement Association, effective March 30, the organization announced. White has served as the association’s CEO for 18 years.

San Diego Sports Innovators Becomes Independent Organization

San Diego Sport Innovators (SDSI), a nonprofit business accelerator, announced that it has parted ways with its parent company CONNECT and become a free-standing organization.

Mission Beach’s Cannonball Restaurant Reopening After $3.5 Million Overhaul

San Diego-based hospitality management company Eat.Drink.Sleep plans an April 1 reopening of its Cannonball restaurant, following a $3.5 million renovation of the building at 3105 Ocean Front Walk in Mission Beach.

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Retrophin Announces Plans to Raise $130 Million in Public Offering

San Diego-based Retrophin Inc., a publicly traded biopharmaceutical company, announced that it plans to raise $130 million in a public offering of 6.8 million shares of common stock at $19 per share.

San Diego Business Park Sells for $4 Million

Rio San Diego LLC has purchased the Mission Gorge Business Park industrial and office property in San Diego for approximately $4 million, according to brokerage firm ECP Commercial.

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Solana Beach Firm Buys 2 Nevada Hotels for $20 Million

Solstar Investments LLC of Solana Beach has acquired the 120-room Marriott SpringHill Suites and 108-room Marriott TownePlace Suites hotels in Henderson, Nev., for a total of $20 million, according to Nevada public records.

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Otonomy Reports Q4 Net Loss of $9.8 Million

Otonomy Inc., a company that makes treatments for the middle and inner ear, announced its fourth quarter financial results on March 19, reporting a net loss of $9.8 million compared with a net loss of $7.8 million in the same quarter of the previous year.

Wednesday, March 18

Three Kratos-Powered Drones Participate in Test

Three target drones with rocket motors from Kratos Defense & Security Solutions Inc. took part in an Aegis Ballistic Missile Defense weapon system test in late February, the company said on March 16.

Novatel's COO Taking 30 Percent of Base Salary in Stock

Novatel Wireless’ chief operating officer has started taking 30 percent of his 2015 base salary in stock, the company said on March 18.

San Diego Firms Buy Arizona Hotels for $8.65 Million

Hospitality management and consulting firm R.A. Rauch & Associates Inc. and investment firm PacVentures Inc., both of San Diego, recently acquired two Arizona hotel properties for a total of $8.65 million, the companies announced.

Community Leaders Invited to School’s Women’s Symposium

The Academy of Our Lady of Peace, San Diego’s a Catholic college-preparatory girls’ high school, will host its inaugural Women’s Symposium, the school announced.

Pediatric Bioscience Raises $1.68 Million in Debt Financing

San Diego-based Pediatric Bioscience Inc., the biotech developing blood tests for autism, has raised $1.68 million in debt financing, according to a recently amended regulatory filing.

Matthew Posard Joins Executive Team at Trovagene

Trovagene Inc., a developer of cell-free molecular diagnostics, announced Wednesday that Matthew L. Posard has joined the company as executive vice president and chief commercial officer.

Carlsbad Firm Buys Two Local Retail Centers for $10.8 Million

Investment firm Capstone Advisors has purchased retail centers in San Diego and Poway in separate transactions for a total of $10.8 million, the Carlsbad-based company announced.

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Mission Valley Hilton Completes $12 Million Renovation

Operators recently completed a $12 million renovation of the Hilton San Diego Mission Valley hotel, with a new outdoor event deck and pool area expected to open this spring.

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Tuesday, March 17

S.D. Population Expected to Exceed 4 Million by 2060

Statistics from Sacramento’s bean counters offer an estimate of how big a market San Diego will become over the next 50 years.

NASA Satellite Carried Vanguard Solar Technologies

Vanguard Space Technologies Inc. said on March 16 that it provided the solar array substrates and electromagnetically clean shielding for NASA’s MMS satellite that launched on March 12. Financial terms of the project were not disclosed.

SDG&E to Distribute $1M to Nonprofits

San Diego Gas & Electric kicked off its annual Environmental Champions initiative, a $1 million charitable giving campaign that funds local environmental nonprofits in San Diego and southern Orange counties, the company said.

Coco’s, Carrows Restaurant Operator Getting New Owner

Carlsbad-based Catalina Restaurant Group Inc., which operates 149 Coco’s Bakery and Carrows restaurants in three states, has been sold to an affiliate of Texas-headquartered Food Management Partners (FMP) for an undisclosed price.

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CFO Kevin Royal Leaving Maxwell Technologies

Maxwell Technologies Inc., a local energy storage and power delivery manufacturer, announced that Senior Vice President and Chief Financial Officer Kevin S. Royal will step down from his position during 2015.

RF Industries Reports Q1 Results

RF Industries Ltd. reported sales of $6.9 million for the first quarter ended Jan. 31, 2015, compared with sales of $5.9 million for the like quarter of the previous year.

Grocer Haggen Opens First Local Store in Carlsbad

Washington-based grocer Haggen Inc. recently opened its first San Diego County store in Carlsbad’s La Costa neighborhood, the first of 25 local debuts planned through May at former Vons and Albertsons locations.

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Becton Completes Acquisition of CareFusion for $12.2 Billion

New Jersey-based medical equipment supplier Becton, Dickinson and Company announced that it completed its acquisition of San Diego-based CareFusion Corp. for $12.2 billion.

La Mesa Townhomes Sold for $2.88 Million

Munther and Jawan Jarjes Gorial of San Diego recently acquired Helix Manor Townhomes, a 16-unit multifamily property in La Mesa, for approximately $2.88 million, according to brokerage company Colliers International.

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El Cajon Apartment Property Purchased for $4.96 Million

Vincent and Donna Ivicevic of San Diego recently acquired a 38-unit apartment property in El Cajon for $4.96 million, according to brokerage company Marcus & Millichap Inc., which represented the seller.

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Monday, March 16

Cidara Therapeutics Aims for $69M With Planned IPO

Cidara Therapeutics Inc. has filed to raise up to $69 million in an IPO, the San Diego biotech disclosed in a registration statement filed recently.

Report: Apartment Industry Has $11.9 Billion Local Impact

The San Diego metro area’s apartment industry had an $11.9 billion economic impact in 2013, including supporting more than 111,000 jobs, according to a recent report by two industry advocacy groups.

O’Neal Named President of Lucia Securities

Lucia Capital Group, a San Diego-based family of companies in the wealth advice, asset management, and investment distribution spaces, named Tiy O’Neal president of Lucia Securities LLC, Lucia Capital Group’s broker-dealer platform.

General Atomics ASI Deal With Army Worth $132.7M

General Atomics Aeronautical Systems Inc. received a U.S. Army contract modification worth $132.7 million, the Pentagon said March 16.

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ImageWare Systems Reports Q4 Results

ImageWare Systems Inc., a San Diego-based developer of mobile and cloud-based identity management software, reported $1.2 million in revenue for the fourth quarter ended Dec. 31, 2014, compared with $928,000 in the year-ago quarter financial results.

Turtle Beach Corp. Gives Its Q4 Results

Headset maker Turtle Beach Corp. reported on March 16 that it had fourth quarter net income of $2.36 million on revenue of $92.3 million.

Pfenex Inc. Reports Q4 and Yearly Results

San Diego-based Pfenex Inc., a clinical-stage biotechnology company that makes biosimilars, announced its fourth quarter financial results March 16, reporting a net loss of $3.57 million on revenue of $2.02 million. In the like quarter of 2013, the company reported $469,000 net loss on revenue of $4.23 million.

Poway Industrial Building Sells for $4.5 Million

An entity recorded as Kirkham Pacific LLC of San Diego has purchased a Poway industrial building for $4.5 million, according to CoStar Group and public data.

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Sunday, March 15

Ruling on SANDAG Transportation Plan to Get State Supreme Court Review

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

Excel Trust Sells Arizona Office Property for $65 Million

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

Trovagene Posts Q4 Net Loss of $4.7 Million

San Diego-based Trovagene Inc., a molecular diagnostics company, announced its fourth quarter financial results on March 13, reporting a net loss of $4.7 million on revenue of $56,000. In the same quarter of 2013, the company reported a net loss of $1 million on revenue of $47,000.

Apartments in Imperial Beach Purchased for $4.5 Million

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

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Kratos Defense Reports $2.2 Million Net Loss for Fourth Quarter

Kratos Defense & Security Solutions Inc. reported a net loss of $2.2 million on revenue of $221.5 million during its fourth quarter, which ended Dec. 28. The net loss for the quarter amounted to 4 cents per share.

S.D. Airport Working to Broaden International Destinations

San Diego airport leaders continue their work to establish new service to international destinations.

Foundations San Diego Opens in Hillcrest

Nashville-based Foundations Recovery Network, a behavioral health company and integrated treatment provider, has opened a location in San Diego.

USS Theodore Roosevelt to Make San Diego its Homeport

The aircraft carrier USS Theodore Roosevelt left Naval Station Norfolk, Va., on March 5 for a world deployment and then a trip to its new homeport of San Diego.

The Business Calendar for the Week of March 16, 2015

Some of the business events planned in the county for the week of March 16, 2016, and beyond.

Friday, March 13

Business Events Calendar for Week of March 16, 2015

Some of the business events planned in the county for the week of March 16, 2015, and beyond.

San Diego Airport Exploring European, Central American Routes

San Diego airport leaders continue their work to establish new service to international destinations.

Redesigning the Philanthropic Business Model

America was built on the ideas and innovations of great risk takers. Their leaps of faith stimulated our economy, created jobs, and made our nation a world leader.

Building Leadership Is Goal of Gift to San Diego State University

San Diego State University President Elliot Hirshman and Vice President for Student Affairs Eric Rivera, along with a group of student leaders, gathered recently to honor Jeffrey Glazer at the naming of the Jeffrey W. Glazer Center for Leadership and Service.

More Businesses Recognize Need for Cyber Liability Insurance

SECURITY: Even Small Companies Must Protect Information, Client Data

Local carriers say one of the biggest trends in property and casualty insurance is an increase in the purchase of cyber liability coverage.

Innovative Insurance

Employers Finding Alternatives to Traditional Employee Benefits

Unable to offer traditional retirement and health benefits following the recent recession, many small businesses in San Diego County are finding alternative ways to maintain the loyalty of employees.

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Vision for Dealership Destination Was on Mark

RETAIL: Jones-Cone Looks to Add Concerts To Escondido Centre Mix

Not everyone was quick to understand how a Lexus dealership, a restaurant and several retail shops could succeed as part of the same complex, but time has proven that owner Judy Jones-Cone’s idea for The Centre in Escondido was sound.

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M Ship’s Stiletto Cut a Fine Figure With Its Innovative Design

M Ship Co. never had the distinction of building a massive supercarrier or cranking out Liberty Ships by the hundreds. The San Diego company did not even build watercraft; it designed them. But boy, did it design a mean-looking vessel.

Assay Depot Builds a Biotech Research Bridge

BIOTECH: Company’s Platform Matches Up Entrepreneurs With CROs

Making a drug used to fall to Big Pharma, costing a billion dollars and requiring resources and lab space to boot.

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Local Biotech AltheaDx Backs Off From Its IPO Plans

FINANCE: Recent IPO Withdrawals Said Not To Be Cause for Concern

AltheaDx Inc. has withdrawn its plans to file an initial public offering (IPO), citing unattractive terms in the public marketplace, according to a regulatory filing.

Bitcoin Wallet Helps Users Boost Their ‘Exchange Rate’

SOFTWARE: App Provides Convenient Way to Spend Currency

Saying that Paul Puey is upbeat about bitcoin is kind of like saying Babe Ruth is OK at baseball.

Fresh Healthy Signs Deal With UNFI

Fresh Healthy Vending International Inc., a San Diego-based healthful foods vending franchisor, announced its signing of a new three-year deal with United Natural Foods Inc.

Kidder Mathews Acquires StepStone Real Estate

PROPERTY: Firm Expanding After Recent Entrance to S.D. Market

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

Port Has $4.4 Billion Annual Economic Impact

ECONOMY: 2013 Data Shows Impact Is Up 8% Since 2011

The Port of San Diego has an annual economic impact of $4.4 billion, according to a study commissioned by the agency and issued March 10.

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Midtier May Be Finding the Recovery Elusive

February was the third consecutive month in which corporations nationally laid off more workers than the year before. The most impacted sector is energy.

North County Clusters Spur Property Demand

REAL ESTATE: Health Care, Other Sectors Seek Out Space

Growth in North County’s key “cluster” industries — including health care, biotech, clean-tech and sports-related lifestyle companies — is creating jobs, and also raising demand for commercial real estate space.

Crowdfunding Moves Into Real Estate

FINANCE: Commercial Sector Opens Up to Small Investments

Online crowdfunding has already made its mark in the financing of technology startups, movies and philanthropic giving, and early indications are that it could make its next big splash in the world of commercial real estate investment — led by sites such as Realty Mogul, CrowdStreet and Fundrise.

Net Neutrality Act: The ‘Fix’ Is In?

TECH: Critics Cry Power Grab; Backers Cite Fairness

The federal government’s decision to treat the Internet like a utility is akin to a blockbuster movie that people love or hate.

Positive Energy

GREEN: State Policies Power Clean-Tech Sector Gains

California performed extraordinarily well in the clean energy industry last year, nearly tripling the number of jobs created in the fourth quarter of 2014 compared to the same period of the previous year, according to a recent economic report.

State Supreme Court to Review Ruling on SANDAG Transportation Plan

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

Trovagene Announces $4.7 Million Net Loss for Q4

San Diego-based Trovagene Inc., a molecular diagnostics company, announced its fourth quarter financial results on March 13, reporting a net loss of $4.7 million on revenue of $56,000. In the same quarter of 2013, the company reported a net loss of $1 million on revenue of $47,000.

Imperial Beach Apartments Sold for $4.5 Million

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

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Foundations Recovery Network Opens San Diego Operation

Nashville-based Foundations Recovery Network, a behavioral health company and integrated treatment provider, has opened a location in San Diego.

Excel Trust Sells Arizona Office Property for $65 Million

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

Kratos Reports Q4 Net Loss of $2.2 Million on Revenue of $221.5 Million

Kratos Defense & Security Solutions Inc. reported a net loss of $2.2 million on revenue of $221.5 million during its fourth quarter, which ended Dec. 28. The net loss for the quarter amounted to 4 cents per share.

Thursday, March 12

Federal Heath Sign Co. Acquires Assets of DuraColor

Oceanside-based Federal Heath Sign Co., a signage and visual communications business, announced that it has acquired selected assets of DuraColor, a custom graphics manufacturer based in Racine, Wis.

Hamilton Sundstrand Awarded $12.3 Million Navy Contract

The U.S. Navy said on March 12 that it awarded Hamilton Sundstrand — now a unit of UTC Aerospace Systems — a five-year contract for work on specialized submarine equipment. The indefinite quantity, indefinite delivery deal could ultimately be worth $12.3 million.

Rick Engineering Merges With Mooney Planning Collaborative

San Diego-based Rick Engineering Co. (RICK) and Mooney Planning Collaborative (MPC) have announced the merger of the two firms, resulting in a planning, design and engineering company with a broad range of services.

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San Diego Theatres Names New CEO/President

Elizabeth Doran has been named president and chief executive officer of San Diego Theatres, the organization that manages the Civic Theatre and the historic Balboa Theatre downtown.

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

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

Escondido Multifamily Property Sells for $11 Million

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

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Kura Oncology Raises $60 Million in Private Stock Offering

Kura Oncology Inc., a precision medicine company pursuing treatments for solid tumors and blood cancers, announced Thursday that it has raised $60 million in a private stock offering.

Little Italy Apartment Building Sells for $6.2 Million

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

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Investment Firm ConAm Group Announces Executive Changes

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

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Wednesday, March 11

Navy Renews Contract with SAIC to Train Marine Mammals

Science Applications International Corp. (SAIC) said on March 11 that the U.S. Navy has renewed its contract to care for and train the Navy’s marine mammals in San Diego; Bangor, Wash.; and Kings Bay, Ga.

Local Marine Corps Bases to Benefit From $25 Million Contract

Lion-Vallen Industries of Dayton, Ohio received a one-year, $25 million contract to provide logistics services at U.S. Marine Corps bases.

San Diego Opera Appoints David Bennett New General Director

David Bennett, former executive director of the Gotham Chamber Opera, has been named general director of the San Diego Opera.

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Task Force Recommends Mission Valley for New Chargers Stadium

A task force created by Mayor Kevin Faulconer has rejected a downtown site in favor of Mission Valley as the preferred site for a new football stadium for the Chargers.

Independa Closes $6 Million Series B Funding Round

Independa, an integrated community engagement and remote care technologies company, announced it has closed its Series B funding round, raising $6 million.

Xpera Tapped to Manage Construction of Viejas Hotel Project

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

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Mirati Therapeutics Reports Q4 Net Loss of $10.4 Million

San Diego-based Mirati Therapeutics Inc., a company developing medicines for targeted oncology, announced its fourth quarter financial results on March 11, reporting a net loss of $10.4 million. In the same quarter of 2013, the company reported a net loss of $11.2 million.

Fresh Healthy Vending Signs Agreement With United Natural Foods

Fresh Healthy Vending International Inc., a San Diego-based healthful foods vending franchisor, announced its signing of a new three-year deal with United Natural Foods Inc. offering Fresh Healthy’s franchisees an additional discount on food purchases.

La Jolla Medical Office Building Sold for $7 Million

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

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Accriva Diagnostics Raises $15 Million in Equity Financing

Accriva Diagnostics Holdings Inc., a hospital-based cardiovascular diagnostic company, has raised $15.5 million in equity financing according to a recent regulatory filing.

El Cajon Apartments Sold for $5 Million

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

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Tuesday, March 10

Port of San Diego Has Annual Economic Impact of $4.4. Billion

The Port of San Diego has an annual economic impact of $4.4 billion, according to a study commissioned by the agency and issued March 10.

Bridgepoint Reports Q4 and Yearly Results

Bridgepoint Education Inc. reported revenue of $147.3 million for the fourth quarter that ended Dec. 31, 2014, compared with $162.2 million for the like period in 2013.

North County Economic Clusters Creating Jobs and Challenges

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

Price of Acadia Shares Soar on Speculation of Possible Sale

Shares of San Diego-based Acadia Pharmaceuticals Inc. rose to its highest price ever after the company canceled two investor meetings, sparking speculation that a deal to buy the drugmaker could be in the works, according to Bloomburg Business.

Kratos Receives Orders Worth $4.1 Million

Kratos Defense & Security Solutions Inc. said on March 10 that it received orders worth $4.1 million for specialty electronics that will eventually go in U.S. Navy aircraft.

Mountain Health Names Blain to CMO Post

Mountain Health, a private, nonprofit regional community health center providing health care, health education and community services, named Arthur Blain, M.D., as its new chief medical officer.

County Posts Unemployment Rate of 5.8 Percent in January

The unemployment rate in San Diego County was 5.8 percent in January 2015, up from a revised 5.5 percent in December 2014, but below the year-ago estimate of 7.2 percent, according to the state Employment Development Department.

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

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

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Zogenix Sells Zohydro ER Business to New Jersey-Based Pernix

San Diego-based Zogenix Inc. announced that it has agreed to sell its Zohydro ER business to New Jersey-based Pernix Therapeutic Holdings Inc. for $100 million, plus regulatory and sales milestones up to $283.5 million.

Monday, March 9

Chief U.S. Trade Official to Tour Two S.D. Businesses

U.S. Trade Representative Michael Froman and Congressman Scott Peters on Tuesday will visit Ballast Point Brewing and Spirits and Solar Turbines Inc., two San Diego companies they say illustrate how exports and trade unlock economic opportunity for Americans.

Qualcomm Board Authorizes $15 Billion Share Buyback

The board of semiconductor-maker Qualcomm Inc. authorized a $15 billion share buyback program on March 9.

Home Sales Increase in February, Prices Hold Steady

Sales of previously owned homes increased in February after a particularly slow January, according to the Greater San Diego Association of Realtors.

Junior Achievement’s Joanne Pastula to Retire

Junior Achievement of San Diego County announced that Joanne Pastula will be retire as president and chief executive officer after more than 16 years of leadership.

Cubic Awarded $2.6 Million Contract From Italy

Cubic Corp. said on March 9 that Italy’s ministry of defense awarded it a follow-on contract worth more than $2.6 million.

Zafgen Reports Positive Clinical Results With Obesity-Related Drug

Zafgen Inc., a biopharmaceutical company developing treatments for obesity and metabolic disorders, announced positive clinical data from a recently completed Phase 2 trial of its obesity-related drug beloranib.

USD to Offer New Graduate Degree in Finance

The University of San Diego said on March 9 that it was enrolling students for a new graduate degree: a master of science in finance.

Epic Sciences Announces Collaboration With Consortium

Epic Sciences Inc., a San Diego-based diagnostic company, announced a collaboration with The Prostate Cancer Clinical Trials Consortium in which Epic’s circulating tumor cell technology will be applied in multiple studies.

Sunday, March 8

Kidder Mathews Acquires StepStone Real Estate Services

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

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Chula Vista Property Sells For $9.17 Million

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

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TearLab Corp. Announces $35 Million Term Loan Agreement

San Diego-based TearLab Corp. has entered into a term loan agreement with health-care-focused investment firm CRG for up to $35 million in borrowing capacity, TearLab said.

The Business Calendar for the Week of March 9, 2015

Some of the business events planned in the county for the week of March 9, 2015, and beyond.

Northrop Grumman Says Cost Per Flight Hour for Global Hawk Had 'Significant Decrease'

Northrop Grumman Corp. said recently that the cost per flight hour for its Global Hawk unmanned aircraft saw a “significant decrease” during 2014, while flight hours rose nearly 40 percent. The business did not disclose dollar amounts.

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Barrio Logan Industrial Property Sells for $3.66 Million

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

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Intercare Insurance Solutions Fills Leadership Roles

Intercare Insurance Solutions announced that Maggie Osburn has been named as Intercare’s general manager and HUB International’s San Diego market leader for employee benefits.

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Regen BioPharma Files a Patent Application for a Cancer Drug

Regen BioPharma Inc. announced that it has filed a patent application for a therapy for the treatment of myelodysplastic syndrome.

SDG&E and SoCalGas Name Folkmann CFO

The boards of San Diego Gas & Electric Co. and SoCalGas, meeting March 6, named Bruce Folkmann, 47, as chief financial officer of the utilities.

Friday, March 6

Intercare Insurance Fills Leadership Roles

Intercare Insurance Solutions announced that Maggie Osburn has been named as Intercare’s general manager and HUB International’s San Diego market leader for employee benefits.

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Time to Give Millennials an Innovative Handout

We often hear about the tremendous amount of student loan debt that young professionals are burdened with.

These Markets Offer Dream Homes in Diverse Styles, Settings

The top 10 residential real estate markets in San Diego County, as ranked by median price for 2014, range from Point Loma in the south to Cardiff in the north. As a group, 1,965 homes were sold during 2014 compared with 2,186 in 2013 — a 10 percent decline.

Spotlight On Parking App for Its Launch

The ballots have been cast, but the results won’t be announced for another month.

Solutions in Works to Meet Downtown Parking Demand

TRANSPORTATION: Initiatives Range From App To Underground Garages

As downtown welcomes more mixed-use projects that bring with them more residents, more consumers and more businesses, there remains a daunting challenge: finding a place for all those people to park.

Downtown Draw

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

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

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Northrop Says Costs of Global Hawk Flight Hours Dropped

Northrop Grumman Corp. said recently that the cost per flight hour for its Global Hawk unmanned aircraft saw a “significant decrease” during 2014, while flight hours rose nearly 40 percent.

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Barrio Logan Property Sells for $3.66 Million

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

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Patent Cases, Big Acquisition Give Firm a Chance to Shine

Knobbe Martens’ Boris Zelkind, David Kujawa, Adam Powell, and Peter Law were part of the firm’s team that successfully represented I-Flow LLC and its parent company, Kimberly-Clark, in a patent infringement trial against Progressive Medical.

Company’s Employees Bring Boatload of Support to Food Bank

San Diego BAE Systems employees collected nearly 2,000 pounds of food and presented a $5,000 check to the San Diego Food Bank.

Regen Files Patent Application for a Cancer Drug

Regen BioPharma Inc. announced that it has filed a patent application for a therapy for the treatment of myelodysplastic syndrome.

Former Biotech Exec Now Curing Sales and Marketing Woes

Richard Hollis’ name has long been associated with biotechnology. But the 2008 recession and an unpleasant end to his last enterprise, Hollis-Eden Pharmaceuticals, got him thinking about new directions.

TearLab Announces $35M Term Loan Agreement

San Diego-based TearLab Corp. has entered into a term loan agreement with health-care-focused investment firm CRG for up to $35 million in borrowing capacity, TearLab said.

Funding Stadium With TOT May Not Be Hot Idea With Hoteliers

TOURISM: Convention Center Expansion Still Their No. 1 Priority

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

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One Paseo Opponents Start a Referendum Drive

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

Kidder Mathews Acquires StepStone

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

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Clinical Trials Will Put Ebola Drug’s Effectiveness to the Test

Mapp Biopharmaceutical, the local Ebola drugmaker that’s brewing antibody cocktails in tobacco plants, took another step toward combating the deadly virus last month when the U.S. and Liberian governments joined forces to begin testing the effectiveness of Mapp’s experimental drug in humans.

For Entrepreneur, It’s All About the Journeys: Truck Journeys

LOGISTICS: Firm Deciphers, Delivers Trucking Data

After driving the first leg of his entrepreneurial journey, Douglas Hayden is moving over to let someone else take the wheel.

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Vibra Earns Top Ranking For Lending

BANKING: Merger With Pacific Commerce Approved by Shareholders

Vibra Bank said that it has been recognized as the No.1 “small size” SBA 7(a) lender for all of 2014 by the San Diego District Office of the U.S. Small Business Administration.

BioMed Realty Trust Realigns Its Executive Team

REAL ESTATE: Firm Makes Changes After Departure of President

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

Chula Vista Apartments Sell For $9.17 Million

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

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Bowl Games Have $35.3M Economic Impact

TOURISM: Holiday Bowl Drew 39,000 Nonlocal Fans

San Diego’s two postseason college football games combined to produce an economic impact of $35.3 million for the local region in 2014, up nearly $5 million from the previous year, according to a study conducted by the San Diego State University Center for Hospitality and Tourism Research.

Paper Chase: 3 Buyers Said to Be Vying for U-T

Respected newspaper analyst Ken Doctor has identified three “final” bidders for the U-T San Diego.

Trade Opportunities Being Overlooked

TRADE: Plan Coming to Boost Exports, Investment

A coalition of nearly 400 businesses, universities and public agencies is getting ready to embark on a mission to turn the San Diego region into a bustling hub for international trade and foreign investment.

Cushman & Wakefield Is Exploring Sale

REAL ESTATE: Exit Rate High at San Diego Office

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

Health Systems Busy Building Up in County

MEDICINE: Seismic Retrofits, More Services Drive Activity

Health systems in San Diego County are facing a deadline to retrofit hospital buildings — or build new ones — to meet the state’s rigorous seismic safety standards by 2030.

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Business Calendar for Week of March 9, 2015

Some of the business events planned in the county for the week of March 9, 2015, and beyond.

Thursday, March 5

Carlsbad-Based Spy Inc. Reports Fourth Quarter Financials

Spy Inc., the Carlsbad company that makes sunglasses and goggles for the youth market, announced its fourth quarter financial results on March 5, reporting a comprehensive loss of $445,000 on net sales of $9.8 million.

BAE Systems, Tapestry Solutions Competing for U.S. Navy Contracts

BAE Systems Information Solutions Inc. and Tapestry Solutions, both of San Diego, are among nine companies that will compete for U.S. Navy software contracts, the Pentagon announced on March 4.

Sequenom Reports Net Loss of $14.4 Million for Fiscal 2014

Sequenom Inc., a life science company providing genetic analysis solutions, reported its net loss for fiscal 2014 ($14.4 million) improved 87 percent from 2013 ($109.6 million).

Mad Catz to Produce Peripherals for Rock Band 4 Video Game

San Diego-based Mad Catz Interactive Inc. announced on March 5 that it will produce peripherals for the Rock Band 4 video game from Harmonix Music Systems Inc.

USD Names Norm Miller to Endowed Chair

Norm Miller has been named the Ernest W. Hahn Chair of Real Estate Finance at the Burnham-Moores Center for Real Estate in the School of Business at the University of San Diego.

Sean Karafin Joins San Diego Regional Chamber of Commerce

Sean Karafin has been named the executive director of public policy and economic research for the San Diego Regional Chamber of Commerce.

San Diego Tourism Authority Aims to Grow International Visitors

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

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Wednesday, March 4

Price of InfoSonics Corp. Shares Rise Almost 60 Percent

Shares of InfoSonics Corp. rose almost 60 percent on March 4, closing at $2.71, on the strength of the company’s earnings report.

Region's Leading Economic Indicators Up Sharply in January

Economic indicators for the San Diego region rose sharply in January, according to the University of San Diego.

San Diego Firm Buys Phoenix Apartments for $36.2 Million

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

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Bank of America Merrill Lynch Appoints Parra to Lead SoCal Commercial Market

Bank of America Merrill Lynch announced it has named Julian Parra as market executive in the West region of Global Commercial Banking.

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R&D Costs Leave Receptos With Q4 Net Loss of $38 Million

Receptos Inc., a biopharmaceutical company developing treatments for immune and metabolic diseases, reported a fourth-quarter net loss of $38 million, up from $15 million in the same quarter the previous year.

Poway Industrial Building Sold for $14.4 Million

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

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Orexigen Therapeutics Shares Rise 50 Percent After Filing Patent

Shares of Orexigen Therapeutics Inc. leapt 50 percent after the San Diego company filed a patent for its recently approved weight loss drug Contrave, claiming it reduced heart disease.

Opponents Start Petition Drive to Repeal One Paseo Approval

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

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Crisi Medical Systems Acquired by Becton, Dickinson and Co.

San Diego-based Crisi Medical Systems Inc., a medical technology company, has been acquired by global firm Becton, Dickinson and Co. (BD).

Tuesday, March 3

Fast Forward to Produce Central Coast Culinary Event

San Diego-based Fast Forward Event Productions has been chosen by Visit San Luis Obispo County to produce “Sunset: Savor the Central Coast,” a culinary and wine event featuring celebrity chefs.

Denovo Biopharma Gets Exclusive Drug License from Eli Lilly

Denovo Biopharma LLC has exclusively licensed a previously failed late-stage neuroscience drug from global pharma firm Eli Lilly and Co., according to a recent news release.

Vibra Earns a Top Ranking for Its SBA Lending in Local District

Vibra Bank said that it has been recognized as the No.1 “small size” SBA 7(a) lender for all of 2014 by the San Diego District Office of the U.S. Small Business Administration.

Sotera Wireless Acquires Reflectance Medical

Sotera Wireless, the Mira Mesa-based medical device company, said on Feb. 25 that it acquired Reflectance Medical Inc. of Westborough, Mass. for undisclosed terms.

Scripps Health Acquires San Diego OB-GYN Medical Group

San Diego OB-GYN Medical Group in Hillcrest has joined Scripps Clinic Medical Group, according to a recent news release. The agreement creates the 14th Scripps Clinic location in San Diego County.

Holiday, Poinsettia Bowls Generated Over $35 Million for Region, Study Finds

San Diego’s two postseason college football games combined to produce an economic impact of $35.3 million for the local region in 2014, up nearly $5 million from the previous year, according to a study conducted by the San Diego State University Center for Hospitality and Tourism Research. The annual games are organized by the San Diego Bowl Game Association.

LPL Financial Appoints Dan Arnold President

LPL Financial LLC, a custodian for registered investment advisors, and a wholly owned subsidiary of LPL Financial Holdings Inc., announced that it has named current chief financial officer Dan Arnold to the role of president effective March 13.

General Dynamics Nassco to Start Work on First of Five Tankers

General Dynamics Nassco plans to lay the keel of its first ECO tanker for American Petroleum Tankers with a ceremony Friday at its Barrio Logan shipyard.

San Diego Office and Industrial Building Sells for $2.45 Million

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

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El Cajon Apartment Property Sold for $2.6 Million

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

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Carlsbad Land for Potential Residential Project Sells for $4.15 Million

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

Qualcomm Unveils Snapdragon 820 Processor

Qualcomm Inc. unveiled its newest top-of-the-line processor, the Snapdragon 820, at Mobile World Congress in Barcelona, Spain, saying that samples of the chip will be available to device manufacturers during the second half of 2015.

West Consultants Awarded Army Contract Worth Up to $9.5 Million

The U.S. Army said on March 2 that it awarded a five-year engineering contract to West Consultants Inc., a small business in San Diego.

General Atomics Teaming With Spanish Engineering Firm

Opening the door to potential sales to Spain, General Atomics Aeronautical Systems Inc. announced on March 2 that it is teaming up with SENER, a Spanish engineering firm, to make its Predator B unmanned aircraft available to the government of that European country.

Monday, March 2

Alpine Medical and Office Building Sells for $6 Million

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

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Downtown Sheraton Suites Hotel Sells for $50 Million

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

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Isis Receives $15 Million Milestone Payment from GlaxoSmithKline

Isis Pharmaceuticals Inc. announced Monday that it has earned a $15 million milestone payment from GlaxoSmithKline Plc.

Mast Therapeutics Releases Results of Heart Failure Treatment

Mast Therapeutics Inc., a clinical stage biopharma company, has released results from a nonclinical study testing the drug vepoloxamer for the treatment of heart failure.

Marketing Agency Piston Acquired by LEWIS PR

LEWIS PR, a global communications agency, has acquired Piston, a full-service digital agency based in San Diego.

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Sunday, March 1

Downtown Residence Inn Sells for $90 Million

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

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Who’s Your IT Superhero?

The San Diego Business Journal is proud to be the media sponsor for the 2015 Top Tech Exec Awards. This is your chance to focus some well-deserved recognition on one of your information technology colleagues with a nomination for a Top Tech Exec Award.

Isis Pharmaceuticals Reports Net Income of $31M for Q4

Isis Pharmaceuticals Inc. reported a significantly improved fourth quarter net income of $31 million, up from a net loss of $24.3 million in the same quarter last year.

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Hot Tub Maker Watkins Manufacturing Acquires Endless Pools

Vista-based Watkins Manufacturing Corp., the world’s largest manufacturer of hot tubs, has acquired Endless Pools Inc. through Watkins' parent company, Masco Corp.

3D Robotics Secures $50M Series C Funding Round

3D Robotics, a maker of small unmanned aircraft which it hopes to sell to businesses, said that it received $50 million in a series C funding round led by Qualcomm Inc. (Nasdaq: QCOM).

The Business Calendar for the Week of March 2, 2015

Some of the business events planned in the county for the week of March 2, 2015, and beyond.

Imperial Beach Apartments Purchased for $20.2 Million

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

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Otonomy Submits Pediatric Drug for FDA Approval

Otonomy Inc., a company that makes treatments for the middle and inner ear, has submitted a drug candidate for regulatory approval following encouraging Phase 3 data.

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Two Local Farmers Insurance Agencies Merge

Marie Milliman Farmers Insurance announced its merger with Keith Roby Farmers Insurance.

Sempra Energy Reports 2014 Earnings of $1.16 Billion

Sempra Energy, the San Diego-based energy holding company and parent to San Diego Gas & Electric Co., unveiled its 2014 financial results Feb. 26, reporting earnings of $1.16 billion on total revenue of $11.04 billion.

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ResortCom International Chairman John Small Steps Down

John E. Small, chairman of San Diego-based ResortCom International for the last 16 years, announced that he is stepping down effective May 1.

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