Daily Business Report — Dec. 3, 2009
Escondido Office-Retail Building Sells for $1.85 Million
A two-story office and retail building at 941 E. Valley Parkway in Escondido has been sold for $1,845,000 to Ross Industrial Co. I, LP, which intends to occupy a portion of the property. A $1.4 million loan with Community Commerce Bank was assumed by the buyer. The Behic Family Trust was the seller of the 14,000-square-foot property. Don Zech and Nancy Murphy of CDC Commercial Inc. represented both the buyer and seller
HSBC Bank USA Leases Suite in 225 Broadway
HSBC Bank USA has signed a 10-year lease for 2,527 square feet of ground floor retail space at 225 Broadway, Suite 140, in Downtown San Diego. Financial terms were not disclosed. HSBC Bank USA was represented by Matt Moser and Jeff Drew of Retail Insite. The lessor, The Irvine Co., was represented by Corinna Gattasso and David Maxwell of the Cushman & Wakefield Urban Property Group. The building, a 22-story, 346,340-square-foot office tower located between Second Avenue and Third Avenue, near Horton Plaza, offers 8,001 square feet of ground floor retail space and underground parking. Additional retail tenants at 225 Broadway include Panera Bread, which is scheduled to open by the end of the year.
RAM Laboratories Signs Lease in Vista View Plaza
RAM Laboratories has signed a 38-month, $90,500 lease with Westcore Properties for 1,962 square feet of office space at Vista View Plaza, 6725 Mesa Ridge Road, in San Diego. The company, which will move into its new space by year end 2009, is relocating from its current location at 6225 Lusk Blvd. RAM Laboratories was represented by Jon Hamby of Voit. Westcore Properties was represented by Mike Hoeck and Michael Alessio of CB Richard Ellis.
Acquired by Westcore Properties in 2007, Vista View Plaza is a 31,000-square-foot office building which is now 63 percent leased. Additional tenants of the building include Adventrx Pharmaceuticals, Chuck Latham & Associates, Zip Realty and Ameriprise.
Women’s Clothing Boutique to Open Downtown
Appreciated Property Holdings has purchased a 2,500-square-foot retail building in the Gaslamp Quarter at 520 Fifth Ave. in Downtown San Diego for $1.6 million and plans to open a women’s clothing boutique. Appreciated Property Holdings and the seller, the Joseph Filippi Jr. Trust, were represented by Mike Morgan of Cushman & Wakefield.
Credit Union Offers Reduced Auto Loan Rates
California Coast Credit Union is offering reduced auto loan rates for members who purchase or refinance “SmartWay” vehicles that are considered by the U.S. Environmental Protection Agency to be easier on the environment. The credit union said it is the only one in California and among only six financial institutions in the nation that have partnered with the EPA to provide loan rate discounts for the SmartWay program. That designation signifies the vehicle has greater fuel efficiency and lower greenhouse gas emissions and other air pollutants.
Rene McKee, California Coast’s vice president of marketing, said the program has been popular with members. Many, she said, are surprised to find their vehicles qualify under the guidelines. “When you think of environmentally friendly vehicles, you usually think of hybrids,” said McKee. “But our members are pleasantly surprised the loan discounts are not just for hybrids and that actually hundreds of foreign and domestic models qualify.” Prospective buyers can visit the government’s Website (epa.gov/smartway/consumer/vehicles.htm) to see if their vehicle qualifies, or go to calcoastcu.org.
APPOINTMENTS . . .
Jed Stirnkorb, a senior vice president with CB Richard Ellis, has been appointed to the San Diego Partnership Council for the American Cancer Society. He will assist in fundraising efforts. Stirnkorb has been in the commercial real estate industry for more than 22 years and specializes in the leasing and sales of flex and office properties.
Gail Jensen-Bigknife, chief credit officer and executive vice president of Security Business Bank, has been appointed to the Risk Management Association’s Community Bank Council. Jensen-Bigknife is among the few female chief credit officers in the region. A cofounder of Security Business Bank, she has worked at California First Bank (now Union Bank of California), San Diego National Bank which she cofounded, Peninsula Bank of San Diego and U.S. Bank.
Three new members have joined the board of directors of CommNexus San Diego: Rick Baldridge, president and COO of ViaSat; Stan Glasgow, president and COO of Sony Electronics Inc.; and Martin Waters, founding managing partner at Wilson Sonsini Goodrich & Rosati San Diego. John Major, president of MTSG and chairman of Broadcom, was re-elected as chairman of CommNexus.
ON THE MOVE . . .
Rich Sulpizio, a former president and chief operating officer at Qualcomm Inc., has been appointed president and CEO of Qualcomm Enterprise Services. He succeeds Bob Walton. Sulpizio rejoins Qualcomm with more than 10 years of leadership experience in the company. In his new role, Sulpizio will provide strategic and operational leadership to grow QES’ market share globally. Sulpizio most recently served as president of MediaFLO USA Inc. (now FLO TV Inc.), a wholly owned subsidiary of Qualcomm, overseeing the development and deployment of MediaFLO technology, and previously as interim president of Qualcomm China. He led Qualcomm as president and COO from 1998 to 2001. During his 10 years with Qualcomm, he also served as president of Qualcomm Wireless Business Solutions (now QES).
Federal Contract Awards
• MDF Technologies Inc. in Encinitas won a $612,300 federal contract from the Defense Logistics Agency’s Defense Supply Center in Richmond, Va., for core assemblies.
• Science Applications International Corp. in San Diego won a $61,000 federal contract modification from the U.S. Department of Health and Human Services National Institutes of Health in Bethesda, Md. for software development services under the American Recovery and Reinvestment Act.
(Source: Targeted News Service)
Meals-on-Wheels Receives December Funding Help
Meals-on-Wheels, Greater San Diego has been awarded a $1,000 grant from Subaru of America Inc. and Meals On Wheels Association of America as part of Subaru’s “Share the Love” campaign. the money will help the San Diego agency serve meals to seniors in need during December. Meals-on-Wheels, Greater San Diego is holding a drive to collect gifts for San Diego seniors. through Dec. 11 at El Cajon Bob Baker Subaru and South Bay Subaru dealerships. Deemed “Share The Love Campaign,” throughout the month San Diegans will be invited to drop off items to seniors in need that will be distributed with their holiday meal delivery. Those suggested new items include lap blankets, knit caps, scarves, mittens, bath and dish towels, wash cloths, placemats and one size non-skid slippers. Monetary contributions will assist in delivering the meals to the seniors throughout the holiday season and beyond. The collection drive will take place through Jan. 4.
SOHO Holds Holiday Open House at Marston House
Save Our Heritage Organisation will host a holiday open house on Dec. 13 at the Marston House Museum & Gardens in Balboa Park. Hours will be from 10 a.m. to 5 p.m. The 1905 Hebbard & Gill carriage house, never before open to the public, is now home to the new Museum Shop, which offers a mix of attractive gift and food items, Arts and Crafts furnishings and books. The festive day will include special one-day discounts, complimentary hot cider and cookies and free gift wrapping service. Proceeds support SOHO’s educational and advocacy programs. The Marston House Museum & Gardens is at 3525 Seventh Ave.
Taylor Gets Her Wish
Ten-year-old Taylor Haye will have the opportunity next Monday night (Dec. 7) to walk the red carpet with the Macy’s Santa at the Hotel del Coronado before sharing her wish come true with friends and family. With the help of the Make-A-Wish Foundation, Taylor met with animators to create her character in “Yes, Virginia,” an animated version of the classic Christmas story. Taylor’s character, which has her voice, shares air time with the voices of Jennifer Love Hewitt and Neil Patrick Harris. The movie is part of the Macy’s holiday “Believe” campaign. The evening’s festivities include a red carpet entrance, an invite-only showing of “Yes, Virginia” before it airs on television, and an opportunity to spend time with the real New York Macy’s Santa.
The celebration is happening in conjunction with “Season of Wishes,” a holiday campaign to help make the wishes of San Diego children with life-threatening medical conditions come true. “Season of Wishes” runs through Dec. 31 and aims to raise awareness and funds to grant wishes of local San Diego children. Monday’s event begins with the red carpet arrival at 6:30 p.m. and the movie at 7 p.m. The Hotel Del is at 1500 Orange Ave.
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