Daily Business Report-Sept. 25, 2009
San Diego County economy takes upward tick in August
USD’s Index of Leading Economic Indicators for San Diego County rose 0.6 percent in August. A sharp gain in local consumer confidence led the advance. Also advancing solidly were local stock prices and the outlook for the national economy. These gains outpaced big negative moves in building permits and initial claims for unemployment insurance and a smaller drop in help wanted advertising to push the USD Index to its fifth straight increase, said Alan Gin, economics professor and author of the Index.
August’s gain was the biggest monthly gain in the USD Index since March 2004. “It reinforces the view projected since the Index first turned positive that the local economy is approaching a bottom,” said Gin. “The breadth of the advance remains mixed, with the number of rising components matched by the number of decliners. This month’s numbers are encouraging in that the components that were negative were down by smaller amounts than have recently been this case.”
Gin said a key in the coming months will be whether the local economy can stabilize as the summer ends and the slower fall and winter months approach. Back-to-school sales have already been classified as weak, and not much improvement is expected in the holiday buying season. “As was indicated in previous reports, it looks like a bottom is more likely in the first half of 2010 than in the latter part of 2009,” said Gin.
August’s decrease puts the USD Index of Leading Economic Indicators for San Diego County at 102.4, up from July’s revised reading of 101.8.
Press Club sponsors panel on the swine flu pandemic
The San Diego Press Club will sponsor an Oct. 13 presentation on “Emergency Preparedness for the Swine Flu Pandemic” featuring local experts on the subject. It will be held at 6 p.m. at the offices of Morrison & Foerster, 12531 High Bluff Drive, San Diego. Panelists will be Wilma Wooten, public health officer for the county; Robert L. Bray, deputy commander with the National Medical Disaster System; and Nick Manchione, director of the San Diego County Health Department. Admission is free for Press Club members and $10 for nonmembers. To make reservations, visit email@example.com.
Oceanside apartment complex listed for sale
Trigild, a San Diego-based receivership and loan recovery specialist, announced that Bethany Summit, an Oceanside apartment complex once owned by The Bethany Group, an Irvine-based real estate and investment firm, has been listed for sale. The two story, 114-unit property is situated on 6.04 acres at 3634 College Blvd. It is part of a portfolio of residential complexes abandoned by the financially troubled Bethany Group last spring. As the court-appointed receiver, Trigild has been working to prepare the property for sale, and enlisted Cushman & Wakefield’s San Diego office to help market the complex, which encompasses one and two-bedroom apartment homes, a heated pool, spa, clubhouse, barbecue area and fitness center. Last March, Trigild was appointed receiver to restore order, repair deferred maintenance items and ensure efficient operations for 13 Bethany assets across California, Colorado, Arizona and Florida.
Randall Int’l acquired by Orange County cosmetics company
Randall International, a cosmetics manufacturer in Carlsbad, has been acquired by LUJC International, an Orange County cosmetics company, for an undisclosed price. Marc Brutten, chairman and CEO of Randall, said the acquisition will allow Randall to expand its customer base and offer new services not previously available to its customers. The principal in LUJC International is Julio Liberal, a 40-year veteran of the cosmetics industry. Radnor Capital, the parent company of Randall International, will provide debt financing for the acquiring company’s acquisition activity, according to Brutten.
Davidson Communities reports its best month of the year
Eleven sales at its three new home neighborhoods in San Diego in August gave Davidson Communities its best month to date in 2009, according to the Del Mar-based homebuilder. “There’s more urgency in the market right now, and our neighborhoods are offering excellent home sites, amenities and value,” said Bill Davidson, president. Davidson’s 11 new home sales in August were recorded at Viridian at La Costa Greens in Carlsbad (5), Kensington at Del Sur in San Diego (3), and Clearstory at Rolling Hills Ranch in Chula Vista (3).
Richard Rosenberg named to state racing board
Richard Rosenberg, 70, of Solana Beach, has been appointed to the California Horse Racing Board. Prior to his retirement, he was the executive v.p. of the William Morris Agency from 1992 to 2005. Rosenberg worked for Triad Artists as partner from 1984 to 1988 and president from 1988 to 1992. He was a founding partner of Regency Artists from 1974 to 1984. This position requires Senate confirmation and the compensation is $100 per diem. Rosenberg is a Republican.
NASSCO starts building another T-AKE ship
NASSCO has begun construction of the future USNS William McLean, the 12th ship of the U.S. Navy’s T-AKE program. The William McLean is named in honor of the Navy physicist who conceived and developed the heat-seeking Sidewinder missile. The ship is scheduled to be delivered to the Navy in the third quarter of 2011. The primary mission of T-AKE ships is to deliver as much as 10,000 tons of food, ammunition, fuel and other provisions to combat ships at sea. NASSCO has delivered the first eight T-AKEs, which are also known as Lewis and Clark-class ships. The shipyard also has construction contracts for four additional T-AKEs and long-lead material contracts for two more ships for a total class of 14 ships.
Dept. of Homeland Security awards $1 million to Port of S.D.
The Department of Homeland Security has awarded the Port of San Diego $1 million for security improvements. The funding is from the American Recovery and Reinvestment Act. Money from the grant will go towards the ongoing effort to provide a fiber optics communications network that will ultimately ring the entire harbor of San Diego Bay. In the past seven years, the Port of San Diego has received more than $30 million in security grant funding. The money has been used to enhance physical security, improve surveillance capabilities, expand communications and strengthen security infrastructure throughout the Port.
Federal contracts awarded to San Diego County companies
Tetra Tech EC Inc. in San Diego was awarded a $13,070,672 federal contract by the U.S. Naval Facilities Engineering Command Southwest, San Diego, for the Crisp Road sanitary sewer systems/storm drain removal; radiological remediation; and support at Hunters Point Shipyard. Place of performance will be in San Francisco.
(Source: Targeted News Service: www.targetednews.com)
Commercial real estate sales and leases
Grubb & Ellis|BRE Commercial announced three commercial real estate sales and 11 retail leases around the county.
• Capricorn Realty purchased 1,824 square feet of retail space at 704 N. Coast Highway 101, in Encinitas from ARV Trust for $838,000. Miguel Ma of Grubb & Ellis|BRE Commercial represented the seller in the transaction. Matt Campbell and Peter Curry of Grubb & Ellis|BRE Commercial represented the buyer.
• Benamel Development Inc. purchased a two-unit property at 226 Washington St in Vista from Wells Fargo Bank for $180,000. Ray Adams of Grubb & Ellis|BRE Commercial represented the buyer in the transaction. Loree Nichols of Red Crown Realty represented the seller.
• Dr. Jeff L. Muehl purchased 2,584 square feet of office space at 11199 Sorrento Valley Road, Suite 208, from VCC-Sorrento DE LLC for $710,600. Phil Linton of Grubb & Ellis|BRE Commercial represented the seller in the transaction. Keith Roby of The Roby Co. represented the buyer.
• La Versailles Fragrances LLC leased 5,295 square feet of retail space for five years, four months at 4440 Camino de la Plaza, Suite A-2, in San Ysidro, from FS San Ysidro LLC for $561,693. Mike Clark, Joe Yetter and Brent Williams of Grubb & Ellis|BRE Commercial represented both the lessor and the lessee in the transaction.
• GSAHTC Inc. dba Jersey Mike’s Subs, leased 1,280 square feet of retail space for 10 years at 3570 Sports Arena Blvd. from Sports Arena Shopping Center LLC for $514,211. Danny Fitzgerald, Michael Burton and Robb Frye of Grubb & Ellis|BRE Commercial represented the lessee in the transaction. Matt Moser of Retail Insite represented the lessor.
• Omnipoint Communications Inc., dba T-Mobile, leased 2,185 square feet of retail space for five years at 1811 University Drive in Vista from ValVista South LLC for $483,000. Phil Lyons, Bruce Schiff and Chad Iafrate of Grubb & Ellis|BRE Commercial represented the lessor in the transaction. Jeff Drew of Retail Insite represented the lessee.
• Delsen & Company leased 2,799 square feet of office space for five years, five months at 9740 Scranton Road, Suite 310, from AZNL-Centrewest LLC for $334,021. Brad Tecca and Brett Ward of Grubb & Ellis|BRE Commercial represented the lessee in the transaction. Steve Wolf and Brunson Howard of Cushman & Wakefield represented the lessor.
• New Vista Asset Management leased 2,289 square feet of office space for three years at 12265 El Camino Real, Suite 230 from Lazard Asset Management for $232,905. Rick Reeder, Brian Driscoll, Justin Halenza and Josh Bernstein of Grubb & Ellis|BRE Commercial represented the lessee in the transaction. Craig Sanders of C.E. Sanders & Co. represented the lessor.
• Brew Chiropractic Inc. leased 770 square feet of office space for five years, two months at 3900 Fifth Ave., Suite 230, from Fifth & University Partners LP for $93,418. Duncan Dodd and Phil Linton of Grubb & Ellis|BRE Commercial represented the lessor in the transaction. Jennifer Elia of NAI San Diego represented the lessee.
• Law Offices of David Gittelman leased 1,040 square feet of office space for three years at 12396 World Trade Drive, Suite 111, from Hines for $72,540. Tom van Betten and Andrew Sexton of Grubb & Ellis|BRE Commercial represented the lessee in the transaction. Ryan Egli of CB Richard Ellis represented the lessor.
• Andrew Paul leased 2,652 square feet of office space for two years, one month at 3636 Camino del Rio North, Suite 215, from Capital Growth Properties for $64,682. Jack Kruger of Grubb & Ellis|BRE Commercial represented both the lessor and lessee in the transaction.
• El Cajon Hobby leased 1,527 square feet of retail space for three years at 1571 N. Magnolia Ave., Suite 206, in El Cajon, from Magnolia Gateway LLC for $52,223. Mike Clark, Joe Yetter and Brent Williams of Grubb & Ellis|BRE Commercial represented both the lessor and the lessee in the transaction.
• B Per Electronics Inc., dba My Wireless, leased 1,296 square feet of office space for two years, two months at 5665 Oberlin Drive, Suite 103, from Fenway Properties II LLC for $51,480. Randee Stratton of Grubb & Ellis|BRE Commercial represented the lessee in the transaction. The lessor’s representation was not disclosed.
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