San Diego Business Journal


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Carlsbad Apartment Building Sold for $10 Million

Property West Residential of San Diego has purchased the 45-unit Laguna Palms apartment property in Carlsbad for $10 million, according to commercial brokerage company Marcus & Millichap Inc.

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Ocean Beach Apartments Sell for $7.5 Million

An entity recorded as VKS 4th Avenue LLC, with Bob Smith as managing member, recently acquired the 22-unit Playa Apartments in Ocean Beach for $7.5 million, according to brokerage company ACRE Investment Real Estate Services.

Qualcomm Confirms: More than 4,500 Jobs to be Cut

Wireless communications giant Qualcomm Inc. plans to lay off 15 percent of its staff as part of what it calls a “strategic realignment.” The company laid out its plan on July 22.

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Navy, Notre Dame to Play at Qualcomm in 2018

The U.S. Naval Academy and the University of Notre Dame will face off in a regular season football game at Qualcomm stadium in 2018, the San Diego Bowl Game Association said Wednesday.

The Daily Transcript to Cease Publication on Sept. 1

The Daily Transcript, San Diego’s daily business newspaper, will print its last edition on Sept. 1 and shutter operations later that month, the nearly 130-year-old publication announced Wednesday.

Navy Awards BAE Systems Contract Worth $38.3 Million

The U.S. Navy awarded BAE Systems San Diego Ship Repair a contract to perform depot-level maintenance and alterations to the USS Bunker Hill, the oldest Ticonderoga-class cruiser in the fleet. The deal is not to exceed $38.3 million. Work is expected to be complete by May of 2016.

Forge Therapeutics, Janssen to Conduct Pilot Study

Forge Therapeutics Inc., a biotechnology startup in San Diego, announced Tuesday that it has entered into a pilot study with Janssen Research & Development LLC.

Grandpoint Bank Reports Q2 Net Income of $7.3 Million

Grandpoint Bank and its three divisions, including La Jolla-based Regents Bank, reported on Tuesday a second-quarter net income of $7.3 million, up 62 percent from the $4.5 million during the same period last year.

Speculation Abounds Preceeding Qualcomm's Q3 Earnings Call

The days before wireless giant Qualcomm’s third quarter earnings call have turned into a media circus, with outlets speculating on possible layoffs and whether the company might entertain a suggestion to break itself up.

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Vista Office Property Sells for $2.8 Million

An affiliate of San Diego-based Banyan Road Capital has purchased a Vista office and industrial building for $2.8 million, according to brokerage company Lee & Associates.

Biopharmaceutical Startup Dauntless Announces $12M Series A Financing

Dauntless Pharmaceuticals Inc., a new biopharmaceutical company focused on the development of specialty drugs, announced Tuesday the closing of a $12 million Series A financing.

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Manchester Buys 49 Percent Stake in Former Sempra Building

Manchester Financial Group, led by longtime local developer Douglas Manchester, has acquired a 49 percent stake in the downtown San Diego building that formerly housed Sempra Energy’s headquarters for $20 million, the company announced.

Audrey Geisel Donates $3 Million to UC San Diego to Renovate Library

Audrey Geisel donated $3 million to the University of California, San Diego to renovate the Geisel Library, named after her and her husband, popular children's book author Theodor Seuss Geisel, the university announced Monday.

Genomatica to Collaborate with Food-Processing Giant Cargill

San Diego-based Genomatica and Cargill have entered into a collaboration agreement to accelerate the production of renewable chemicals for industrial applications.

Cubic Corp. Wins Contract From Emirates Airlines

San Diego-based Cubic Corp. announced on July 20 that it won a commercial client — Emirates Airlines — for what had previously been a military training product.

Navy Awards Boeing Contract For Support Services

The U.S. Navy awarded the Boeing Co.’s Oklahoma City office a one-year contract modification to provide one year of support services for the U.S. Navy C-40A aircraft, including depot maintenance and operational site support.

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Marketing Firm Buys Kearny Mesa Building to House New Headquarters

San Diego-based InnoVision Marketing Group recently purchased a Kearny Mesa building, which will serve as its new headquarters.

George Uy Leaving Sorrento Therapeutics for New Startup

Sorrento Therapeutics Inc., a late-stage clinical oncology company developing new treatments for cancer and its associated pain, announced that George Uy, executive vice president and chief commercial officer, will leave the company at the end of July to join a startup as its chief executive officer.

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Cohn Plans Mid-August Opening for New Harbor Island Restaurant

Cohn Restaurant Group of San Diego has a mid-August opening planned for Coasterra, its new waterfront restaurant at Harbor Island.

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Chula Vista Apartment Complex Purchased for $49 Million

An affiliate of Philadelphia-based Resource Real Estate has purchased the 295-unit Villages at Bonita Glen apartment complex in Chula Vista for approximately $49 million, according to CoStar Group and public data.