San Diego Business Journal


County Unemployment Rate Drops to 4.8%

San Diego’s unemployment rate fell to 4.8 percent in April, the lowest since December 2007, according to California Employment Development Department figures released on April 22, below the California unemployment rate of 6.3 percent and the national rate of 5.1 percent.

Tribune Publishing Announces Completion of The San Diego Union-Tribune Acquisition

Tribune Publishing Co. recently announced that it has completed the acquisition of MLIM LLC, owner of the San Diego Union-Tribune, as well as nine community weeklies and related digital properties in San Diego County.

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Bankers Hill Office Building Sells for $2.97M

Penhun Limited Partnership and the Cohen Family Trust recently purchased the Park West Square office property in Bankers Hill for approximately $2.97 million, according to brokerage company Marcus & Millichap Inc.

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Hillcrest Retail Building Sells for $2.38M

Ohio Street Villas Group LLC has purchased a Hillcrest retail building for approximately $2.38 million, with plans to renovate it for retail, restaurant and office uses, according to brokerage company Colliers International.

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Poway Hotel Property Sells for $4.5M

MNC Hospitality Inc. of Los Angeles has purchased the 43-room Best Western Country Inn hotel in Poway for $4.5 million, according to CoStar Group and public data.

Business Calendar for the Week of May 25, 2015

Some of the business events planned in the county for the week of May 25, 2015, and beyond.

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City Council Repeals Approval of One Paseo Project

San Diego City Council has voted unanimously to repeal its February approval of the controversial One Paseo mixed-use project in Carmel Valley, as developer Kilroy Realty Corp. and community opponents work out details on a scaled-down version that officials can review at a later date.

San Diego County Employee Retirement Association Names Sexauer to Chief Investment Officer Role

The San Diego County Employee Retirement Association, which oversees a $10.6 billion pension fund for about 40,000 members, said May 21 it was appointing a chief investment officer to take over from Salient Partners, the group’s current portfolio manager.

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Foundry Medical Innovations Merging With Zeis to Become Toolbox Medical Innovations

Foundry Medical Innovations, a medical and diagnostic device development company in Carlsbad, has merged with Zeis Consulting Group, an IVD clinical research firm.

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Ballpark Village Development Site sold for $32.3 Million

An affiliate of Charleston, S.C.-based Greystar Real Estate Partners recently paid approximately $32.3 million for a 1.4-acre land parcel where work is currently underway on the first phase of the mixed-use Ballpark Village apartment project, in downtown San Diego’s East Village.

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Little Italy Apartment Site Sells for $12.8 Million

Lennar Multifamily Communities LLC has acquired a site in downtown San Diego’s Little Italy for $12.8 million, with plans to develop a high-rise apartment project, according to brokerage company Colliers International.

Cidara Therapeutics Reports Q1 Results

Cidara Therapeutics Inc. reported May 21 a net loss of $6.7 million for the first quarter of 2015, up from a net loss of $707,000 in the same quarter of last year.

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Pacific Beach Apartments Purchased for $7.8 Million

Investor Yuan Shen of San Diego has acquired a 32-unit Pacific Beach apartment property for approximately $7.8 million, according to brokerage company South Coast Commercial Inc.

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GA ASI Receives $23.1 Million Air Force Contract

The U.S. Air Force has awarded General Atomics Aeronautical Systems Inc. a second contract in as many days, this time to help improve sensor systems on its Reaper unmanned aircraft.

Mission Fed CEO Debra Schwartz to Serve Additional Term on Board of National Association of Federal Credit Unions

Mission Federal Credit Union CEO Debra Schwartz will serve an additional three-year term on the board of directors for the national credit union trade group, the association said.

UCSD's Rady School to Offer Course on on Fostering Workplace Compassion, Improving Mental Intelligence

The University of California San Diego said its management school will offer a “Mindful Executive” program, a nondegree course series to mentor business leaders on fostering workplace compassion, improving mental intelligence and dealing with difficult conversations.

ViaSat Reports Q4 Net Income of $7.5 Million

ViaSat Inc. reported net income of $7.5 million on revenues of $364.8 million during the last quarter of its 2015 fiscal year, which ended April 3.

San Diego County Credit Unions Report $9.65B in Loans

San Diego County credit unions reported a collective $9.65 billion worth of loans, a 20 percent jump between April 2014 and March 2015, according to a new survey from the California Credit Union League.

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Encinitas Office Property Sold for $8.5 Million

SR Commercial of Solana Beach has purchased an Encinitas office property for $8.5 million, according to the seller, San Diego-based Westcore Properties.

La Jolla-based Casual Apparel Brand Acquired LA Company

La Jolla-based Everyday California, a casual apparel lifestyle brand, has been acquired by Cherokee Global Brands which is making an effort to expand its portfolio.