Daily Business Report-Sept. 4, 2013
County Supervisor Ron Roberts intends to run for re-election and won’t run for mayor of San Diego.
Fletcher, Faulconer to Battle in Mayor’s Race –
Ron Roberts, Todd Gloria and Carl DeMaio Out
The field for the November special election for mayor of San Diego has cleared somewhat, as three potential major candidates — including Interim Mayor Todd Gloria, county Supervisor Ron Roberts and former Councilman Carl DeMaio — announced they would not run. “In the few days since I assumed the duties of mayor, it has become clear to me that the problems left by Bob Filner are substantial and serious,” Gloria said. “The enormous task of cleaning up City Hall while ensuring District 3 is represented requires me to lead a focused team effort that produces quick results for San Diego.” Filner, who resigned in disgrace after nine months as the city’s chief executive.
“Much remains to be accomplished,” Roberts wrote of his decision to stay with the county. “I look forward to completion of our waterfront park, our new Registrar of Voters building and the Mid Coast Trolly line.” Roberts, who has no announced opposition in his bid for re-election to the Board of Supervisors, also served on the City Council in the 1990s.
DeMaio, 38, said he would renew his attention on previously announced plans to challenge Rep. Scott Peters, D-San Diego, in a congressional race next year. Councilman Kevin Faulconer is set to announce his candidacy today. Former Assemblyman Nathan Fletcher, who previously said he would make a second run for the mayor’s office, released a video as his “official announcement.”
Several others have announced their intention to run, including former City Attorney Mike Aguirre.
— City News Service report
Parallel Capital Partners Acquires Two High-Rise Towers in Texas
San Diego-based Parallel Capital Partners Inc. has acquired Urban Towers in Irving, Texas — two Class AA high-rise office towers — from CB Richard Ellis Strategic Partners U.S. The concrete and steel mirrored glass complex totals more than 850,000 square feet and sits on 11.2 acres in Las Colinas, an Irving business district and master planned community. The acquiring entity was a partnership between Parallel Capital Partners and Angelo, Gordon & Co. The buildings, a 22-story North Tower and 17-story East Tower, have been owned by CBRE since 2006.
Capstone Advisors Acquires Three Retail Centers
Carlsbad-based Capstone Advisors, a real estate investment, and development firm, has completed three retail center acquisitions in three states. The centers, located in California, Arizona and Virginia, were acquired in separate transactions totaling $16 million. The company has now acquired seven shopping centers over the last 28 months. The acquisitions are: Hurley Plaza, a retail center near downtown Phoenix; 73-930 El Paseo, a street front retail property in Palm Desert; and The Shops at Wellesley in Richmond, Va.
Hannah-Shmouni Properties Acquisition
Hannah-Shmouni Properties LLC has purchased a 20-unit condominium project, located at 512 June Way and 513 La Rue Way in El Cajon, from Res-CA SDCH, LLC for $3 million. Built in 1962 and completely renovated in 2007, the property consists of 20 two-bedroom, one-bath townhome units ranging in size from 896-1,067 square feet. CBRE represented the seller. IQ Realty & Lending represented the buyer.
Sony to Introduce New Music Video Recorder
Sony has announced a new camcorder concept designed and engineered specifically for musicians — the HDR-MV1 Music Video Recorder. From stage to web, the video camera lets artists shoot and share every performance with full HD image quality and dynamic studio-quality sound, according to a company announcement. “Marrying Sony’s industry-leading audio and digital imaging technology, HDR-MV1 is the perfect video capture solution when audio is key,” said Hidenori Toyoda, director of the camcorder business at Sony Electronics. “With the web being a major hub for established and budding music talent, the camcorder’s ability to easily upload high-quality content sets it apart from other devices.” The new video recorder from Sony will be available in December for a suggested retail price of $299.99.
Triton Algae Innovations Receives $5 Million Investment
San Diego-based Triton Algae Innovations Ltd, a leader in the field of synthetic biology, has received a $5 million investment from Heliae Technology Holdings Inc. The funding will be used to support Triton’s ongoing research and development programs, expansion of Triton’s PhycoLogix platform, and commercialization of Triton’s first product, PhycoShield.
Foundation for Change and Interfaith Committee for Worker Justice Link Up
The San Diego Foundation for Change and the Interfaith Committee for Worker Justice (ICWJ) — longtime allies — have decided to blend their immigrant advocacy programs with ICWJ taking up residence in the foundation’s North Park offices. The two organizations will celebrate their new joint program endeavors and the transition of the office to the ICWJ on Thursday, Oct. 17 when they will jointly host an open house in the from 2:30 to 6 p.m.
For 30 years the Foundation for Change has supported organizations in the San Diego/Tijuana region working for social and economic justice. Over its 30 years, it has awarded more than $1.5 million in grants. It will work with ICWJ in support of immigrant worker health initiatives and seek future funding for related programs.
State Releases Millions to Schools for Common Core Standards
School districts around San Diego County will receive millions of dollars to help with the transition to the newly adopted Common Core Standards, state Superintendent of Public Instruction Tom Torlakson announced Tuesday, City News Service reports. The new standards are designed to provide students with the “deeper learning, critical thinking and other skills they need to prepare for college and a career,” according to the state Department of Education. The San Diego Unified School District, the state’s second-largest, will receive nearly $22.5 million, according to a spreadsheet provided by department.
Among other districts, the Chula Vista Elementary School District will get more than $4.6 million; the Escondido Union High School District, around $3.5 million; the Grossmont Union High School District, nearly $3.7 million; the Oceanside Unified School District, $4 million; the Poway Unified School District, $7 million; the San Marcos Unified School District, almost $3.9 million; the Sweetwater Union High School District, $8.1 million; and the Vista Unified School District, almost $4.5 million.
Attorney Frederick Kosmo to Federal Magistrate Selection Panel
Frederick Kosmo, a partner with Wilson Turner Kosmo LLP in San Diego, has been appointed chair of the Federal Magistrate Judge Selection Committee for the United States District Court for the Southern Distri
ct of California. The panel, composed of attorneys and other members of the community, will assist in the selection of a new federal magistrate judge to replace Magistrate Judge William McCurine Jr. who will retire in February 2014. Kosmo has practiced law for 25 years and joined Wilson Turner Kosmo in 1992. His practice focuses primarily on business, product liability, employment, contract, real estate, health care and trust litigation.
Other members of the Merit Selection Panel include Karen Hewitt, Michele McKenzie, Knut Johnson, John Gomez, Janice Brown, Peter Quon Jr., Kevin Green, Patricia Guerrero, Jay Campbell, Jessie Knight and Cheryl Walker.
Cavignac & Associates Selected for National Honor
For the seventh consecutive year, San Diego-based insurance brokerage firm Cavignac & Associates has been selected by the Independent Insurance Agents & Brokers of America (IIABA) as part of its elite “Best Practices” study group, comprised of independent insurance agencies across the United States. Cavignac & Associates, founded in 1992, has been a “Best Practices” agency since 2007. “Cavignac & Associates’ inclusion with these outstanding agents and brokers clearly recognizes them as an industry leader,” said Bobby Bramlett, chairman of the IIABA. “We commend the company and individual members of their organization.”