San Diego Business Journal

SD BUSINESS JOURNAL DAILY ENEWS

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City Approves Lease for Expansion of Sheraton Carlsbad Resort

The Carlsbad City Council has approved a ground lease agreement clearing the way for a 150-room expansion of the 250-room Sheraton Carlsbad Resort & Spa on city-owned property adjacent to the municipal golf course.

Cisco Agrees to Provide Funding to Koriist

Koriist, a high-tech company in residence at EvoNexus’ downtown technology incubator, has been chosen for funding by Cisco Systems Inc., according to Rory Moore, CEO of EvoNexus.

Apartment Vacancy Rate Falls to 2.3 Percent

The apartment vacancy rate in San Diego County fell to 2.3 percent this fall, nearly halving the 4.1 percent vacancy rate from one year earlier, according to the San Diego County Apartment Association’s semi-annual survey of landlords.

MEI Pharma Inc. Announces $45 Million Proposed Public Offering

MEI Pharma Inc., a San Diego-based oncology company focused on clinical development of cancer therapies, announced that it plans to offer up to $45 million in shares of its common stock in an underwritten public offering.

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Jack in the Box Opening at San Diego International Airport

San Diego-based Jack in the Box and Pacifica Breeze Café of Del Mar have Dec. 17 openings slated at San Diego International Airport.

Sempra Energy's Directors Declare Quarterly Dividend

Sempra Energy, the holding company for San Diego Gas & Electric and other subsidiaries, said its board of directors declared a quarterly dividend of 66 cents per share of common stock.

Qualcomm Plans to Lay Off or Transfer 600 Workers

Chipmaker Qualcomm Inc. acknowledged on Dec. 10 that it plans to transfer or lay off about 600 workers, with half in California and half outside the country.

Security Firm DB Networks Obtains $17 Million in Financing

DB Networks, a Carlsbad provider of cyber security for computer networks, said it obtained $17 million in new financing led by Grotech Ventures of Vienna, Va.

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Target Planning Store in San Diego’s Del Sur Neighborhood

Minneapolis-based Target Corp. recently made a $10 million purchase of land in San Diego’s Del Sur neighborhood for a proposed new retail store, according to CoStar Group and public data.

3E Co. Announces Opening of Office in Tokyo

Looking to grow its business in the Asia Pacific region, Carlsbad-based 3E Co. has opened a new office in Tokyo.

Cubic Corp. Receives $12 Million Contract From Canadian Government

Kearny Mesa defense contractor Cubic Corp. said on Dec. 9 that it received a $12 million contract amendment to provide urban warfare training aids for the government of Canada.

La Jolla Pharmaceutical, George Washington University Sign Agreement

La Jolla Pharmaceutical Co., a business developing therapies for life-threatening diseases, and George Washington University announced that they have entered into an exclusive worldwide license agreement.

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Oceanside Jiffy Lube Sold for $2.95 Million

Cali Oceanside LLC has purchased an Oceanside property housing a Jiffy Lube Plus auto care facility for approximately $2.95 million, according to brokerage company CBRE Group Inc., which represented the seller.

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Kearny Mesa Office Building Sells for $3 Million

The operator of locally based Lars Remodeling & Design has purchased a Kearny Mesa office building for approximately $3 million, with plans to occupy the first floor as its new headquarters, according to Colliers International, which represented the seller.

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US Airways Relocating at San Diego International Airport

US Airways is moving its local operations from Terminal 2 West to Terminal 2 East at San Diego International Airport, effective Dec. 11.

Desert Green Solar Farm Begins Commercial Operation

Chicago-based Invenergy Clean Power LLC announced the successful close of financing and the start of commercial operation of its Desert Green Solar Farm in Borrego Springs.

Housing Sales Down Nearly 22 Percent in November

Sales of single-family houses in San Diego County fell nearly 22 percent in November from the prior month, and were down about 14 percent year over year, according to the Greater San Diego Association of Realtors.

Kratos Subsidiary Receives Contract for Company in Qatar

Kratos Defense & Security Solutions Inc. said on Dec. 8 that one of its subsidiaries received a contract to provide ground electronics to a satellite company in Qatar.

Three Radio Stations Sold to Entercom Communications

Entercom Communications Corp., a Pennsylvania-based operator of radio stations, said it agreed to acquire Lincoln Financial Media and its 15 radio stations, including three in San Diego, for $105 million plus working capital.

Cubic Corp. Receives Potential $1.3 Million Navy Contract

Cubic Corp. said on Dec. 8 that it received a contract to improve U.S. Navy electronics, specifically a data link system that handles video among other types of data. The work could be worth as much as $1.3 million.