Daily Business Report — Sept. 29, 2010
Vantage Pointe Sold for $200 Million
Chicago-based Equity Residential has acquired Vantage Pointe, a 40-story apartment high-rise at Ninth Avenue and A Street in Downtown San Diego, for $200 million. The building has 679 apartments, 26,425 square feet of retail space and 968 underground parking spaces. The purchase price values the apartments at about $291,000 per unit and $348 per square foot of rentable apartment space. The property was developed as a condominium project and completed in 2009. Amenities include a clubhouse, rooftop pool and sundeck, fitness center and theater. Equity Residential purchased 100 percent of the units, which are being operated as rentals and are currently approximately 22 percent occupied. The company said it has begun a marketing and leasing campaign.
Equity Residential now owns and operates 14 properties, consisting of 4,963 apartment units, in the San Diego market, according to David Neithercut, president and CEO of the company.
Interim CEO Appointed at Cassidy Turley BRE Commercial
Jonathan Freeman has been appointed acting president and CEO of Cassidy Turley BRE Commercial in the wake of the resignation of John Frager, who left the firm to pursue a new opportunity. Freeman joined the firm in 2009 and was the chief operating officer and chief financial officer. He has more than 20 years of corporate and industry experience, including executive positions at Intel Corp. and San Diego firms. Freeman will serve in the new post until a successor to Frager is chosen. Frager had been president and CEO since he joined the firm in 2002.
Samantha Everett Joins Wilson Turner Kosmo Law Firm
Samantha Everett has joined the San Diego law firm of Wilson Turner Kosmo LLP as an employment law and business litigation associate. Everett represents employers in a variety of employment disputes, including wrongful termination, harassment, discrimination, wage and hour matters and trade secret disputes. Previously, Everett was an associate with Stokes Roberts and Wagner ALC, where she practiced labor and employment law. Prior to that, she worked at Cooley LLP, where her practice included business litigation, intellectual property litigation, securities litigation, white collar criminal defense and internal corporate investigations. Everett is a member of the Association of Business Trial Lawyers, Lawyers Club of San Diego and the Federal Bar Association. She also participates in the San Diego Volunteer Lawyer program. She received her undergraduate degree cum laude from San Diego State University and a law degree from the University of San Diego School of Law, where she served as editor for San Diego Law Review and was part of Order of the Coif, an honorary scholastic society.
John Schafer Named Managing Director at Manchester Grand Hyatt
John Schafer has been named vice president managing director at the Manchester Grand Hyatt San Diego. Schafer comes to San Diego from the 2,019-room Hyatt Regency Chicago, where he served as the vice president managing director since October 2008. Prior to Chicago, Schafer spent 19 years in Colorado, including serving as general manager of the 1,100-room Hyatt Regency Denver. Schafer began his career with Hyatt more than 25 years ago and has since served in 10 different cities. He has been on the opening team of seven different Hyatt properties, and in 1997 and again in 2007, was named General Manager of the Year for Hyatt Hotels & Resorts. Schafer graduated from Cornell University with a degree in hotel administration.
LRAD Corp. Receives $1.5 Million Military Order
LRAD Corp., manufacturer of acoustic hailing devices (AHD), has received a $1.5 million order from the U.S. military. The devices enable military forces to communicate and determine the intent of potential threats at safe distances, providing time and distance to employ a measured response. The company’s products are the LRAD 100X, 300X and 500X. “We’re pleased to receive these new orders that further strengthen our position as the AHD of choice for the U.S. military,” said Tom Brown, president and CEO of LRAD Corp. “These orders and others that shipped this quarter ensure a strong fiscal Q4 2010 (ending Sept. 30, 2010) and our first profitable fiscal year.”
Birch Aquarium’s Kelp Forest Tank on Web Cam
Birch Aquarium at Scripps Institution of Oceanography has launched a new, live, high-def Web cam featuring the aquarium’s two-story kelp forest tank. The Web cam gives a diver’s-eye view of leopard sharks, garibaldi, eels, barracuda, giant sea bass and more in the 70,000-gallon tank. During weekly dive shows, viewers can watch divers feed the animals and discuss the kelp forest’s role in the health of the ocean. Dive shows take place at 12:30 p.m. on Tuesdays and Thursdays, 2 p.m. on Saturdays and 10:30 a.m. on Sundays. Birch Aquarium’s kelp forest — one of only a handful displayed at public science centers worldwide — features more than 175 fish and invertebrates, representing 35 species. Viewers are advised to keep an eye out for the 225-pound, 25-year-old giant sea bass as well as three species of sharks and the fiery-orange garibaldi, California’s state marine fish. Visit the live kelp cam at http://aquarium.ucsd.edu. The camera is hosted by HD Relay.
SCORE San Diego Small Business Workshops
Fees range from $29 to $109 depending on the program.
• Oct. 1 – Insurance: What You Need to know – 9 a.m. to noon at SCORE Entrepreneur Center (550 West C St., #550, San Diego 92101; pre-paid registration $49, $59 at the door).
• Oct. 2 – How to Start and Manage Your Own Business – 9 a.m. to 4:15 p.m. at Point Loma Nazarene University in Mission Valley (4007 Camino del Rio South, San Diego 92108; pre-paid registration $69, $79 at the door).
• Oct. 5 – Internet Marketing 302: E-mail strategy – Carlsbad – 9 a.m. to noon at National University in Carlsbad (705 Palomar Airport Road, Carlsbad 92011; pre-paid registration $49, $59 at the door).
• Oct. 5 – Business Basics 101 – 9:30 to 11:30 a.m. at SCORE Entrepreneur Center (550 West C St., #550, San Diego 92101; FREE! Please pre-register).
• Oct. 6 – Financing Your Business – 9:30 a.m. to noon at SCORE Entrepreneur Center (550 West C St., #550, San Diego 92101; pre-paid registration $29, $39 at the door).
• Oct. 7 – Financial Statements – 9:30 to 11:30 a.m. at SCORE Entrepreneur Center (550 West C St., #550, San Diego 92101; pre-paid registration $29, $39 at the door).
• Oct. 8 – Internet Marketing 301: Pay-Per-Click – Carlsbad – 9 a.m. to noon at Point Loma Nazarene University in Mission Valley (4007 Camino del Rio South, San Diego 92108; pre-paid registration $49, $59 at the door).
• Oct. 12 – Tax considerations for Small Businesses – Carlsbad – 9:30-11:30 a.m. at National University in Carlsbad (705 Palomar Airport Road, Carlsbad 92011; pre-paid registration $29, $39 at the door).
• Oct. 13 – Business Plan 101: How to Develop Your Best Competitive Advantage – 9 a.m. to 3 p.m. at Point Loma Nazarene University in Mission Valley (4007 Camino del Rio South, San Diego 92108; pre-paid registration $79, $89 at the door).
• Oct. 14 – Legal Issues: Contracts and Leases – 9 a.m. to noon at SCORE Entrepreneur Center (550 West C St., #550, San Diego 92101; pre-paid registration $49, $59 at the door).
The Daily Business Report is produced by REP Publishing Inc., publisher of San Diego Metropolitan Magazine, the North Park News, Kensington News and the West Coast Craftsman. (619) 906-4104.