San Diego Business Journal

SD BUSINESS JOURNAL DAILY ENEWS

PowerGenix to Sell Equity Stake to Nevada Company

PowerGenix, a San Diego developer and maker of nickel-zinc rechargeable batteries, entered into an agreement to sell an undisclosed equity stake to Nevada-based Blue Earth Inc. for $10 million, the latter firm announced.

Median Household Income Falls to $61,426 in County

If you think you’re coming up short in the never-ending effort to make ends meet, you’re not alone, looking at a recent report from the U.S. Census Bureau.

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Poway Medical Office Condos Sell for $6 Million

Aranguren Family Trust of Palos Verdes Estates has purchased five medical office condominium units in Poway for $6 million, according to CoStar Group and public data.

Minimum Wage Opponents Gather 56,000 Petition Signatures

Opponents of a planned hike in San Diego’s minimum wage said they have collected more than 56,000 petition signatures, well above the 34,000 required to place the issue before voters.

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Lionstone Investments Acquires San Diego Tech Center

Houston-based Lionstone Investments, on behalf of an institutional client, has acquired the nine-building San Diego Tech Center office park in Sorrento Mesa for an undisclosed price.

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Isis Pharmaceuticals Earns $4 Million Milestone

Isis Pharmaceuticals Inc. announced that it has earned a $4 million milestone payment from San Fransisco-based Achaogen Inc. associated with the initiation of a Phase 3 study of plazomicin in patients with serious multi-drug resistant bacterial infections.

Entropic Communications Hires Bank to Help Evaluate 'Strategic Options'

San Diego chipmaker Entropic Communications Inc. said on Sept. 16 that it hired an investment bank to help it evaluate “strategic options to enhance shareholder value.”

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El Cajon Apartment Building Sells for $8.2 Million

Heritage Group Partners of Newport Beach has acquired The Heritage Apartments, a 56-unit apartment building in El Cajon, for $8.2 million, according to CoStar Group and public data.

Huntington Capital Sells One of Its Portfolio Companies

Huntington Capital, a San Diego private equity firm, said one of its portfolio companies, Residential Design Services, Inc., an outsourced interior designer, was acquired by another private equity firm, resulting in “a high return on investment.”

Imagenetix Inc. Emerges From Bankruptcy

Imagenetix Inc., a San Diego-based company developing over-the-counter topical creams, skincare products and nutritional supplements, announced that its post-bankruptcy Plan of Reorganization was confirmed and all provisions of the plan were approved by Judge Margaret Mann of the United States Bankruptcy Court for the Southern District of California with an effective date of September 16, 2014, enabling the company to emerge from bankruptcy.

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Kratos Subsidiary Receives $4.8 Million Order From Navy

Kratos Defense & Security Solutions Inc. said on Sept. 16 that its Micro Systems subsidiary received a $4.8 million delivery order from the U.S. Navy for unmanned aerial drone system command-and-control systems and services.

Research Grant Helps Texas Take One More Local Company

San Diego-based Curtana Pharmaceuticals Inc. has announced that it will be relocating to Austin, Texas, following a $7.6 million grant from the Cancer Prevention and Research Institute of Texas (CPRIT) to fund the company’s lead cancer therapy.

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California Bank & Trust Expands Nixon's Role to Include Northern California

Tory Nixon, who heads up the San Diego division for California Bank & Trust, was named to oversee the bank’s Northern California division as well.

Denovo Acquires Oncology Drug From Eli Lilly

San Diego-based Denovo Biopharma LLC announced that it has acquired enzastaurin, a late-stage oncology drug, from Eli Lilly and Co.

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San Diego Firm Buys Lake Elsinore Retail Center for $33.5 Million

HELF Investments LP of San Diego has purchased Canyon Hills Marketplace, a retail center in Lake Elsinore, for $33.5 million, according to brokerage company CBRE Group Inc., which represented the buyer and seller.

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Target Plans to Open Small-Format Store in South Park

Target Corp. plans to open a location of its new small-format TargetExpress in San Diego’s South Park neighborhood in July 2015.

RQ Construction Gets $6.7 Million Navy Deal

The U.S. Navy said on Sept. 16 that it awarded Carlsbad-based RQ Construction LLC a $6.7 million task order to renovate the sterile processing department at Naval Medical Center San Diego in Balboa Park.

AT&T Makes Gains With U-Verse

AT&T said it expanded its U-verse customer base in the San Diego region by about 4,200 in July, part of an increase of 187,000 customers nationwide during the same month.

Pure Financial Advisors Passes $1 Billion Mark in Assets Managed

Pure Financial Advisors Inc., a Mission Valley based wealth management firm, said it surpassed the $1 billion mark in assets under management this year while increasing its client base to 1,200.

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Where the Catcher's Mask Meets the Wrestling Masks: Fiesta Padres

The San Diego Padres will mark Mexican Independence Day and Hispanic Heritage Month at Tuesday’s game against the Philadelphia Phillies with some Mexican-themed spectacle and celebration.