San Diego Business Journal

SD BUSINESS JOURNAL DAILY ENEWS

Pratt & Whitney May Close Kearny Mesa Plant

Pratt & Whitney AeroPower, part of Connecticut’s United Technologies Corp., told its 535 San Diego employees last week that it’s considering integrating the operations into other Pratt & Whitney units, and may close the Kearny Mesa plant.

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Rancho Bernardo Retail Buildings Sold for $4.6 Million

Fairbanks Trail LLC of San Diego has purchased two Rancho Bernardo retail buildings for a total of approximately $4.6 million, according to CoStar Group and public data.

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Newly Completed Bike Trail Segment Links to Oceanside Transit Center

Regional officials have completed a new 2,000-foot Oceanside segment of the Coastal Rail Trail, a bikeway that will eventually span 44 miles from Oceanside to San Diego.

PriceSmart Reports Q2 Revenue of $674.4M

PriceSmart Inc., the San Diego-based operator of club warehouse stores in Latin America and the Caribbean, reported fiscal 2014 second quarter revenue of $674.4 million, compared with $607.4 million for the like quarter of its 2013 fiscal year

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Oceanside Apartment Complex Sells for $14.2 Million

An investment entity recorded as 42nd Street Apartments LLC has purchased the 88-unit Forest Glen Condominiums in Oceanside for $14.2 million, according to brokerage company Marcus & Millichap Inc., which represented the buyer and seller.

Business Calendar for Week of April 14, 2014

Some of the business events happening in the county for the week of April 14, 2014.

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Petco Plans New Headquarters Site in Rancho Bernardo

Petco Animal Supplies Inc. plans to establish a new headquarters and support center in Rancho Bernardo, as the San Diego-based retailer consolidates operations currently located at sites in Miramar and Scripps Ranch.

BofI Federal to Buy H&R Block Bank

BofI Federal Bank, formerly Bank of Internet USA, said it’s agreed to buy H&R Block’s bank business for an undisclosed price.

NuVasive Ordered to Pay $30M in Trademark Case

A jury has ordered medical device maker NuVasive Inc. to pay $30 million to Ventura-based NeuroVision Medical Products Inc. for infringing on the trademark “NeuroVision.”

Tech and Biotech Stocks Slump

Biotech and tech stocks have been in a slump for the past three weeks, evidenced in part by the 3.1 percent drop in the Nasdaq Composite — the worst one day percentage decline, according to MarketWatch, since November 2011.

EcoATM Names Stipp President

EcoATM, the maker of automated kiosks for trading in unwanted cellphones which was acquired by Outerwall for $350 million last year, named Maria Stipp as new president.

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El Cajon Store Will be Ninth Locally for Grocery Outlet

Discount retailer Grocery Outlet plans an April 17 opening for its new store at 350 N. 2nd Street in El Cajon. It will be the ninth San Diego County location for the Berkeley-based company.

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General Atomics ASI Gets $141.4M Air Force Deal

General Atomics Aeronautical Systems Inc. of Poway received a four-year, $141.4 million U.S. Air Force delivery order for work on the Block 50 ground control station for unmanned aircraft.

Former Exec Pleads Guilty to Bilking Investors, Tax Evasion

Sven Erik Ulsteen, pleaded guilty to using forged and counterfeit securities to fleece more than $2 million from California investors, according to the U.S. Attorney’s Office.

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California Legislative Panel Tables Bill Banning Orca Shows

A state legislative committee has tabled a bill that would have banned the use of performing orcas at SeaWorld San Diego.

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Airport Green Build Project Earns LEED Platinum Status

The newly expanded terminal and related upgrades at San Diego International Airport, completed last year in the $907 million Green Build project, have received Platinum certification in the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) program.

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New PepsiCo Deal Boosts Senomyx Inc.’s Stock

Stock for San Diego flavor maker Senomyx Inc. rose after the company signed a new deal with PepsiCo to develop chemicals that will “restore the desired salty taste in products with reduced salt.”

'Best of the Bar' Nominations Being Accepted

The San Diego Business Journal has opened nominations for its inaugural supplement — Best of the Bar 2014 — which will showcase the top San Diego attorneys in private practice who are chosen by their peers.

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FDA Puts Clinical Hold on Halozyme’s Pancreatic Cancer Treatment Trial

The Food and Drug Administration has halted the study of Halozyme Therapeutics Inc.’s pancreatic cancer treatment trial, just few days after the company voluntary stopped patient enrollment in the drug’s clinical trials.

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La Jolla Retail Building Housing CVS Sells for $8 Million

Investor QWN Ltd. of Hong Kong has purchased the leasehold on a La Jolla retail building housing CVS Pharmacy for approximately $8 million, according to brokerage company Lee & Associates, which represented the seller.