San Diego Business Journal

SD BUSINESS JOURNAL DAILY ENEWS

PICO Holdings Reports Q1 Net Loss of $16.8 Million

PICO Holdings Inc., a diversified holding company based in La Jolla, reported a first quarter net loss of $16.8 million on revenue of $84.7 million. The same quarter last year produced a net loss of $13.2 million on revenue of $61.3 million.

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Carlsbad Office Building Sold for $2.65 Million

Arch Investments LLC has purchased a Carlsbad office building housing Grant General Contractors for $2.65 million, according to brokerage company Marcus & Millichap Inc.

San Diego County Credit Union Reports $6.9B in Assets

San Diego County Credit Union’s total assets grew to $6.9 billion in the quarter ending March 31, a 6 percent increase from the same period last year, the credit union said Thursday in its earnings report.

Cubic Corp. Receives $1.7 Million Contract

Cubic Corp. has a buyer for some of its next-generation military communications gear.

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Wilson Cos. Gets Approvals for $190 Million Arizona Development

Douglas Wilson Cos. of San Diego and Hensel Phelps Development LLC have received city entitlement approvals for a $190 million mixed-use project planned for downtown Tempe, Ariz.

Sanford-Burnham, Eli Lilly Announce Collaboration

San Diego’s research community has attracted a new Big Pharma partner. Sanford-Burnham Medical Research Institute will collaborate with Eli Lilly and Company to develop immunological therapies, the companies announced Thursday.

Jack in the Box Reports Q2 Net Earnings of $23 Million

Jack in the Box Inc., parent company to its namesake quick-service chain and to the Qdoba Mexican Grill chain, reported net earnings of $23.0 million or 60 cents per diluted share on revenue of $358.1 million during the company’s second quarter, ended April 12.

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Local Investment Firm Buys 12 Apartment Properties from Blackstone Group

Strata Equity Group Inc. of San Diego has purchased a 12-property, three-state apartment portfolio from an affiliate of New York-based Blackstone Group, after obtaining approximately $494.8 million in acquisition financing.

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Kearny Mesa Office Campus Sells for $61 Million

Drawbridge Realty LLC of San Francisco has purchased the three-building Spectrum Corporate Center office campus in Kearny Mesa for $61 million, the company announced.

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Lisa Johnson Named General Manager of NTC Arts & Culture District

The NTC Foundation has named Lisa Johnson to be general manager of the NTC Arts & Culture District at Liberty Station.

Scripps, Sharp to Join Health Information Exchange

Scripps Health and Sharp Healthcare are joining San Diego Health Connect, a substantial boost for the region’s health information exchange that soon will give clinicians access to medical data covering 2.7 million county residents.

Moody's Gives Qualcomm's Proposed Bond Issue Top Rating

Moody’s Investors Service said that it assigned one of its top ratings to Qualcomm Inc.’s proposed bond issue.

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Kearny Mesa Industrial Building Purchased for $4.4 Million

A buyer recorded as Winchester Temecula LLC of Anaheim has acquired a Kearny Mesa industrial building for approximately $4.4 million, according to CoStar Group and public data.

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Barrio Logan Buildings Sold for $6.3 Million

Barriohaus LLC of San Diego has purchased three office and warehouse properties in the city’s Barrio Logan neighborhood for a total of $6.3 million, according to CoStar Group and public data.

ResMed Says Phase 3 Clinical Trial Falls Short

Medical device maker ResMed announced that a major clinical trial that sought to show its sleep therapy products protected heart failure patients actually slightly increased the risk of death.

LRAD Receives $700,000 in Follow-On Orders

LRAD Corp. of Rancho Bernardo said on May 12 that it received $700,000 in follow-on orders for its model 360X mass notification systems.

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Alan Clopine Promoted to CEO at Pure Financial

Pure Financial Advisors Inc., a Mission Valley-based investment managing firm, promoted its CFO and tax planning director Alan Clopine on Tuesday to CEO. The company's founder and current CEO Michael Fenison will step away from most executive responsibilities to work on the firm’s expansion efforts.

RQ Construction Awarded $45.1 Million Army Contract

Carlsbad-based RQ Construction LLC received a $45.1 million U.S. Army contract for a building project at a base south of Seattle.

Orexigen, Takeda Halt Study of Obesity Drug

San Diego’s Orexigen Therapeutics Inc. and its marketing partner Takeda Pharmaceutical Co. Ltd. on Tuesday abruptly terminated a study into how Orexigen’s Contrave obesity drug might affect the cardiovascular system.

Grocer Haggen Plans More Local Store Openings

Northwest grocery chain Haggen Inc. has scheduled several more openings as it converts and reopens 25 San Diego County locations that formerly housed Albertsons and Vons.