SDBJ WEEKLY EDITION
FINANCE: Not All Agree Policy Exists or Is Needed
As of the end of September, the nation’s four largest banks held nearly $8 trillion — that’s trillion with a T — in combined assets.
Property: Long-Range Plan to Add 2,850 Hotel Rooms
Work has begun on a Chula Vista street extension deemed a key first step toward long-envisioned commercial development of the city’s waterfront, where up to $2 billion in new residential and commercial projects are anticipated over the next 20 years.
BIOTECH: Growth Plan Calls For In-House Development
San Diego-based CareFusion Corp. will acquire the Vital Signs division of GE Healthcare for $500 million.
PROPERTY: Active Industry Builds Momentum for Project
BioMed Realty Trust Inc. is betting that rising financial interest in the life-sciences sector — in the form of increased venture funding, public stock offerings and high-profile acquisitions — will translate into tenants seeking to occupy its new campus planned for University Towne Center.
DEFENSE: Companies’ Realistic Simulations Bring Home the Lessons of War
The blood and the chaos seem very real during a morning spent training sailors to be U.S. Navy corpsmen on the grounds of Strategic Operations Inc. in Kearny Mesa.
News from the police blotter. Local dietary supplement retailer Ultimate Fitness Nutrition Inc. pleaded guilty to four misdemeanors, including the selling of dietary supplements stuffed with steroids and caffeine and questionable advertising practices, according to a news release from the city attorney’s office.
SPORT: Torrey Pines Golf Tournament Brings Company, County Exposure
Farmers Insurance was hailed as a white knight coming to rescue when agreed to be the title sponsor for San Diego’s biggest golf tournament in 2010.
Software: MacPhun Bringing High-End Photo Editing to Pros, Hobbyists
A Del Mar-based software company focused on Mac-based applications for photo editing is hoping its latest, modestly priced product will tap into a growing desire among consumers to improve and share their digital photographs and give professionals a powerful tool for less cost.
BIOPHARMA: Latest Deal Gives Company Way to Fight Cancer with Targeted Toxin
San Diego-based Sorrento Therapeutics Inc., with the $12 million acquisition of Concortis Biosystems Inc., is rounding out what has been a pivotal year for the company.
TOURISM: Plan Calls for Establishing $30M Reserve To Deal With Litigation
The city of San Diego and the Tourism Marketing District leaders have agreed on a plan to free up at least $6 million and jump-start regional visitor-promotion efforts that have been stalled by political and legal disputes over funding.
Biotech/Health Care Column
I’m starting this column with a request: I’m looking to speak with small business owners who have plans to join Covered California’s Small Business Health Options Program, or SHOP, as it’s scheduled to go online Nov. 25.
CYBERCRIME: Identity Thieves Are Flourishing In This ‘Connected’ World
Banks and other financial entities that handle customers’ money through online websites are always trying to improve their security protection systems — and they’d better be, longtime security expert and San Diegan Jim Stickley said.
Rick Bregman joined Bank of America in 1992 via the Security Pacific Bank merger. He was named San Diego market president in 2008.
Consumer lending will likely be extinct at many community banks thanks to the implementation of the Dodd-Frank comprehensive banking reform law, one local bank executive said.
The Helen Woodward Animal Center invites the public to support orphaned pets by shopping at the Orphaned Object Resale Store and newly revitalized pet supply boutique, Paws in the Ranch — now open at the center in Rancho Santa Fe.
Biotech: Researchers, Investors Still Waiting for Effective Therapies
San Diego is a beacon nationally for its advances in regenerative medicine and stem cell research, but the field has faltered in its transition from the bench to the bedside.
RETAIL: North Castle Adds Buy To Portfolio That Includes Curves
An iconic name in San Diego County business is changing hands, again. Swiss multinational company Nestlé SA is selling weight-loss industry competitor Jenny Craig to North Castle Partners LLC, a small-cap consumer private equity firm focused on health, wellness and active living.
PROPERTY: Irvine Co. Is Self-Financing $100M Project
Irvine Co., San Diego County’s largest office landlord, recently began work on La Jolla Centre III, a 15-story office tower at University Towne Center. The tower, being built largely on spec, will be Irvine Co.’s first new-construction high-rise project since it entered the local market 30 years ago.
DEFENSE: Foreign Sale Could Give Northrop New, Key Client
A defense contractor with a large San Diego workforce may get a key overseas military sale next year.
The San Diego Venture Group released the names of the 10 startups that will battle for $25,000 in cash at its annual PitchFest set for Dec. 12 in La Jolla. The semifinalists were chosen from more than 90 applications.
PHARMA: Zogenix Raises Funds and Bolsters Sales Force
San Diego-based Zogenix Inc. plans to use most of the proceeds from a recent $60 million public offering to triple its sales force and commercialize its newly approved narcotic painkiller, Zohydro.
MANUFACTURING: Co. Meets Variety of Needs for Containment, Transport
Body bags are hardly a pleasant topic of conversation, but someone has to make them to serve a niche market need.
HEALTH: Acquisition Would Bring More Services To Rural Area Residents
Scripps Health could acquire El Centro Regional Medical Center, a 161-bed hospital that’s been shopping for a buyer since May.
North County Health Services will begin a $7.5 million overhaul of its Mission Mesa campus in Oceanside, which it said will more than quadruple the size of the community clinic. It plans to break ground in early December.
RETAIL: Upgrades, Openings and Even Free Charging Offered
San Diego-area mall operators are looking to tear shoppers away from their computers and mobile devices as much as possible this holiday season — or give them a reason to bring those devices with them.
PROPERTY: Science, Military Realignment Part of Region’s Pluses
Fueled by continued technology-oriented job growth, San Diego retains its place as the nation’s 15th-best metro market for commercial real estate investment, according to the latest annual trends report by consulting firm PwC and the Urban Land Institute.
FINANCE: Firm’s 429 Members to Vote On Proposed Merger
Ketema Federal Credit Union, one of the smallest in the county with about $1.3 million in assets, obtained preliminary approval from federal and state regulators to merge with California Coast Credit Union, San Diego’s third largest.
Real Estate Column
It’s a great time to be an apartment complex owner in San Diego County, judging by the late-year numbers.
The U.S. Navy has a to-do list longer than Point Loma: The world is getting more complicated, there’s a fleet to maintain, infrastructure to tend, and only so many bodies. Now, the defense budget is shrinking.
A group of community organizations, led by the California Reinvestment Coalition, is asking bank regulators to take a closer look and hold public hearings on PacWest Bancorp’s proposed acquisition of CapitalSource Inc., parent of CapitalSource Bank.