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Daily Business Report — July 19, 2012

Verenium Corp. Opens New 60,000-Square-Foot
Office and Laboratory Building in Torrey Pines

Verenium Corp., an industrial biotechnology company involved in the development of high-performance enzymes, has opened a new office and laboratory building in the Torrey Pines area of San Diego. The 60,000-square-foot building includes state-of-the-art laboratories, office space and a high-tech fermentation pilot plant for use in enzyme development. The majority of Verenium’s 101 employees are based in San Diego. It said it expects to add several additional positions over the next six months.

ViaSat Wins $35 Million Award for UHF
Satellite Network System in Australia

The Commonwealth of Australia Department of Defence has selected Carlsbad-based ViaSat Inc. to supply the UHF Satellite Communication (Satcom) Mission System for its recently-launched UHF capacity on Intelsat IS-22. The system is designed to provide voice and data military satcom covering a region from the west coast of Africa to the east coast of Australia. The value of the award to ViaSat is $35 million. The IS-22 satellite was launched March 26 with a hosted UHF payload — representing about 30 percent of the satellite’s total capacity. The ability to serve small, mobile terminals used by ground, sea, and air forces in all types of terrain make UHF especially suited to military satcom, the company said.

Two-Story San Marcos Office
Building Sells for $720,000  

A two-story office building at 221 Pawnee in San Marcos has been purchased for $720,000 by Grand Pawnee Holdings LLC. The building is to be used for the operation a computer services company, according to Alan Stanly, managing member of the buyer. The Judd Brown and Mary Anne Brown Trust was the seller. Don Zeck and Nick Zech of CDC Commercial Inc. represented the buyer and seller in the transaction.

Ocean Ranch Plaza Acquired
by Kearny Real Estate Co.

Kearny Real Estate Co. has acquired Ocean Ranch Plaza in Oceanside, a 106,000-square-foot mixed retail and office project that sits at the entrance of the 400-acre Ocean Ranch Corporate Center. The project consists of 40,000 square feet of medical offices, a 40,000-square-foot office building and two 13,000-square-foot retail shop buildings occupied by restaurants and retail establishments. Leasing will be handled by Cushman and Wakefield.

World Trade Center Seeks International
Business Leadership Award Nominations

Nominations are being invited for World Trade Center San Diego’s 2012 International Business Leadership Awards, which recognize companies, people and technologies that embody the best of the international trade community and outstanding achievement in exports and imports. Companies will be recognized in four categories: Importer of the Year, Exporter of the Year, Service Provider of the Year and Essence of World Trade. The awards will be presented Oct. 4 from 5:30 to 9 p.m. at the Sheraton Carlsbad Resort & Spa.l Nomination forms are available at and will be accepted until Aug. 31.

Seacoast Commerce Bank Reports 2nd Quarter Income

Seacoast Commerce Bank of Chula Vista reported net income of $3.9 million for the second quarter of 2012 compared to $545,000 for the second quarter of 2011. Second quarter 2012 results included a $3.8 million tax benefit. Excluding the tax benefit, the bank earned $35,000 for the quarter, managed down to be consistent with the $34,000 earned in the first quarter of 2012. The bank grew its inventory of guaranteed  SBA loans by $8.7 million during the second quarter, versus growth of $4.4 million in the first quarter, which if sold, would have generated an additional $873,000 in net income in the second quarter.


Jack Harris

Jack Harris has joined Cassidy Turley San Diego as an associate vice president in the multi-family investments group. Harris has nearly 10 years of experience in multi-family real estate. He will work out of the company’s Carlsbad office. Harris previously was vice president of transactions at Pacific Living Properties. He holds a bachelor’s degree from Alliant International University.

The Daily Business Report is produced by SD METRO. Contact: Manny Cruz (619) 287-1865.

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