Daily Business Report — Aug. 16, 2011
Join SD Metro and 40 of the region’s top professionals at the 2011 40 Under 40 Awards luncheon on Sept. 13 at the San Diego Convention Center. Registration is at 11:30 a.m. and the luncheon is at noon. Single tickets are available for $75 and reservations can be made for tables of 10. For more information, e-mail Bob Page (email@example.com) or Rebeca Page (firstname.lastname@example.org).
San Diego County home sales in July dropped from June and from July of last year, according to DataQuick, a San Diego-based real estate information service. July sales totaled 3,041 compared to sales of 3,444 in June and 3,070 in July of last year. The median price paid for a home in July was $325,000, down from $330,000 in June and $338,000 in July of last year.
Southern California Totals:
Home sales fell last month to the lowest level for a July in four years, though the decline from a year earlier was the smallest in 13 months. The drop in sales from June was more pronounced, especially for $500,000-plus homes, as the job market sputtered, economic uncertainty intensified and some potential homebuyers got cold feet. A total of 18,090 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in July. That was down 11.9 percent from 20,532 in June and down 4.5 percent from 18,946 in July 2010. “The latest sales figures look a bit worse than they really are, given this July was a fairly short month, but they still suggest some potential homebuyers got spooked,” said John Walsh, DataQuick president. “Reports on the economy became increasingly downbeat and, no doubt, some people fretted over the possibility the country would default on its obligations. The median price paid for all new and resale Southland houses and condos purchased last month was $283,000. That was down 0.7 percent from $285,000 in June and down 4.1 percent from $295,000 in July 2010.
MIG Real Estate Invests $56 Million in San Diego Properties
MIG Real Estate in Newport Beach has acquired four large multi-tenant properties in San Diego — a total of 367,002 square feet — for $56 million. The portfolio includes five Class B office buildings on 17.4 acres of land. The acquisitions brings the company’s total San Diego holdings to 2.5 million square feet.
The San Diego portfolio includes:
• Alta Sorrento, an 88,300-square-foot office building at 9444 Waples St., just south of Mira Mesa Boulevard in the Sorrento Mesa submarket. Built in 1986, the property sits on 3.65 acres of land.
• Cornerstone Court, a 43,200-square-foot office building at 6020 Cornerstone Court West, located west of Pacific Heights Boulevard in Sorrento Mesa. Built in 1987, the property sits on 1.58 acres.
• Kearny Mesa Crossroads, a 126,900-square-foot property consisting of two office buildings at 3750 and 3760 Convoy St., located south of Ostrow Street in Kearny Mesa, on 6.42 acres.
• Rio Vista, a 108,500-square-foot building at 8885 Rio San Diego Drive in Mission Valley. Built in 1984, the building is on 5.73 acres.
Gomez Law Firm Obtains $12.3 Million Verdict
The Gomez Law Firm in San Diego has obtained a $12.3 million verdict against a trucking company that was held responsible for a motorist’s brain injury stemming from a January 2008 accident. A Vista jury delivered the verdict against YRC Inc. According to the law firm, two wheels separated from the rear axle of a YRC tractor-trailer on Interstate 15. A Chevy Metro collided with one of the trailer wheels, causing the driver, who wore a seatbelt, to strike his head on the roof of the car. The motorist suffered a traumatic brain injury and spinal injuries. The law firm said the motorist’s brain injuries impair his memory, attention, and concentration and severely altered his personality. His spinal injuries required neck surgery and triggered lifelong chronic pain throughout his neck and back. The motorist worked as an airline mechanic for over 20 years. Months before the collision, he accepted a position with a defense contractor, where he built, repaired, and tested unmanned military aircraft. He cannot return to work because of his injuries. Robert Hamparyan and Steve Vosseller from The Gomez Law Firm represented the driver and his wife during the 11-day trial. The trucking company admitted responsibility for the collision, but disputed the nature and extent of the injuries. The trucking company argued that the man was lying and fabricating his brain injury. The trucking company also argued that the need for neck surgery was unrelated to the collision. The jury rejected the trucking company’s position. The verdict will help the family pay for more than $235,000 in past medical expenses and future rehabilitation therapies, cognitive therapies, and medical needs as the man ages, which will surpass $1.2 million, the law firm said. The verdict will also compensate the man for income lost because of the collision.
Poseidon Resources Names CEO
Carlos A. Riva has been named chief executive officer of Poseidon Resources, which is developing a number of seawater desalination projects, including one in Carlsbad. Riva has been president or CEO of a number of infrastructure companies over the years, including J. Makowski Co., Intergen, Amec Group Ltd, and most recently as CEO of Verenium Corp., a San Diego-based leader in the fields of advanced biofuels and industrial enzymes. He holds engineering degrees from M.I.T. and Stanford University and a master’s degree from Harvard Business School. The 50-million-gallon-per-day Carlsbad project, the first large-scale seawater desalination project permitted in California, is set to close project financing later this year. Another project in Huntington Beach is in the final permitting stage and is expected to reach financial close in 2012. The company’s development pipeline includes additional seawater desalination projects in California, Texas and Florida.
San Diego History Center Begins Lighting Retrofit Project
The San Diego History Center in Balboa Park has begun work on an extensive lighting retrofit project aimed at reducing its energy consumption and aiding in the preservation of its historic artifacts. It is the first institution in the park to implement light emitting diodes throughout its gallery space. Nicholas Vega, director of exhibitions, said the retrofit was made possible by funds from the American Recovery and Reinvestment Act dispersed to the city of San Diego, which then granted it to various institutions throughout Balboa Park. The History Center is expected to save 80,000 kilowatt-hours of electricity annually or roughly the equivalent of removing eight to 10 single-family homes from the grid. All materials used in the project are mandated to be American made. “This lighting project is going to be a great enhancement to our museum,” said Vega. “The addition of the new LED lighting system will have an immediate impact on our exhibitions; artifacts will now be displayed in a brighter, crisper light without compromising the physical condition of the featured object.” Absolutely Electric and Nixon Lighting Design, firms owned by Travis Nixon, were selected to author the design/build lighting proposal as well as undertake the retrofit process.mThe project began on Aug. 10 and is expected to conclude in early October.
Partner Engineering and Science Principal Heads Group
Mark Lambson, a principal of Partner Engineering and Science Inc., has been named national director of the firm’s Equity Advisory Group. Lambson, who is based in the firm’s San Diego office, will lead a national team of professionals that will be responsible for the engineering and environmental investigation, reporting and remediation of commercial real estate assets for the firm’s clients. Other members of the Equity Advisory Group are Bruce Dalton, a senior project manager and principal in Charlotte, N.C.; Gavin Jones, a national client manager in Los Angeles; Michael Gaumond, a principal in Irvine; and Rick Richter, a director of building science in El Segundo.
Small Business Workshops
• Aug. 17 Internet Marketing 304: Cost-Effective Internet Marketing Tools 9 a.m. to noon at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; pre-paid registration $49, $59 at the door).
• Aug. 18 Good Governance for Nonprofits: Effective Board Performance 9 to 11:30 a.m. at The San Diego Foundation in Point Loma (2508 Historic Decatur Rd., #200, San Diego 92106; pre-paid registration $39, $49 at the door).
• Aug. 19 Financial Statements: What They Mean, How to Use Them 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).
• Aug. 20 Business Plan 201: How to Write a Winning Business Plan 9 a.m. to 3:30 p.m. at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; pre-paid registration $99, $109 at the door).
• Aug. 20 Introduction to Starting Your Own Business 9 a.m. to 4:15 p.m. at National University in Carlsbad (705 Palomar Airport Road, Carlsbad 92011; pre-paid registration $69, $79 at the door).
• Aug. 23 Financing Your Business 9:30 a.m. to 12:30 p.m. at National University in Carlsbad (705 Palomar Airport Road, Carlsbad 92011; pre-paid registration $29, $39 at the door)
• Aug. 24 QuickBooks Advanced 9 a.m. to 4 p.m. at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; pre-paid registration $69, $79 at the door).
• Aug. 25 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).
• Aug. 26 Leading Strategies 9 to 11:30 a.m. at SCORE Entrepreneur Center (550 West C St., #550, San Diego 92101; pre-paid registration $39, $49 at the door).
• Aug. 29 Restaurant 201 9 a.m. to noon at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; pre-paid registration $49, $59 at the door).
• Aug. 30 Business Basics 101 9 a.m. to noon at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; no charge please pre-register).
• Aug. 31 Buying and Selling a Business 9 a.m. to 3 p.m. at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; pre-paid registration $69, $79 at the door).
The Daily Business Report is produced by REP Publishing Inc., publisher of SD METRO, the North Park News, Kensington News and the West Coast Craftsman. Contact: Manny Cruz (619) 287-1865.