Daily Business Report-July 7, 2015
The properties include retail space within Pacific Coast Plaza in Oceanside.
Commercial Real Estate
Out-Of-Town Investors Pay $183.25 Million
For Nine Retail Properties in San Diego County
Nine retail properties in San Diego County have been acquired for $183.25 million by AGC SD Retail Holdings, a joint venture of Newport Beach-based Citivest Commercial Investments and New York-based Angelo, Gordon & Company.
The properties total more than 520,000 square feet, and the average occupancy rate was above 92 percent at the time of the sale.
“All nine of these retail properties are positioned in strong locations within their submarkets and feature historically high occupancy with either strong anchor tenants or shadow-anchors that drive consumer traffic to the centers,” said Larry Weese, Citivest president.
The properties include retail space within Pacific Coast Plaza and Town Center North in Oceanside; Palm Promenade and Stonecrest Plaza in San Diego; East County Square and East County Village in El Cajon; and EastLake Terraces, Eastlake Village Center East and Southbay Marketplace in Chula Vista.
• Pacific Coast Plaza is located at 2110-2191 Vista Way in the city of Oceanside. The center was built in 1997 and is shadow-anchored by Walmart. The acquisition includes a total of 312,313 square feet of net rentable space within the center, including current tenants such as Best Buy, Stater Brothers, Bed Bath & Beyond, a Chevron station, Starbucks and Sprint. The center boasts 86 percent of the tenants occupying their spaces for more than 15 years.
• Town Center North is located 805, 815, 825, 835 College Blvd. in Oceanside. The center was developed in 1995, is anchored by Walmart and Vons and is currently 100 percent occupied. Current tenants GNC, Supercuts, Payless Shoes and Starbucks.
• Palm Promenade is located at 640, 650, 662 Dennery Road in San Diego. Built in 1995, the center is one of the largest retail centers in San Diego, currently anchored by Walmart, Vons, AMC Theatres- 24 plex and Home Depot.
• Stonecrest Plaza is located at 3460, 3462, 6464 Murphy Canyon Road in San Diego. Built in 1995, the center is anchored by Walmart, Fry’s Electronics, Vons, PetSmart and Dollar Tree. Stonecrest Plaza is currently 100 percent occupied and has been for almost 20 years.
• East County Square is located at 13465 Camino Canada in El Cajon. The center was built in 1996 and is currently anchored by Walmart and Vons.
• East County Village is located at 13687, 13727 Camino Canada in El Cajon. Built in 1996 as an outparcel to East County Square, the center totals 12,300 square feet of net rentable space and is shadow-anchored by East County Square’s Walmart and Vons.
• EastLake Terraces is located at 1320-1480 Eastlake Parkway, in Chula Vista. Built in 2004, the center includes national credit tenants Walmart, Home Depot and Chevron.
• Eastlake Village Center East is located at 2305, 2315 Otay Lakes Road in Chula Vista. Built in 2004, the center is anchored by Kohl’s.
• Southbay Marketplace is located at 57, 67 N. Broadway, in Chula Vista. Built in 1995, Southbay Marketplace is anchored by Walmart and Best Buy.
First of 1,000 Miles of Road
Repairs Begins in Mission Valley
The city of San Diego launched a street repair program on Monday designed to fix 1,000 miles of bumpy roadways over the next five years.
Mayor Kevin Faulconer designated a stretch of Rio San Diego as the first mile in the effort. City officials are spending $74 million during this fiscal year in hopes of repairing 300 miles of streets between now and next June 30.
“Every journey begins with a first step, and this first mile on the road to fixing 1,000 is the latest step we’re taking to make sure City Hall is putting our neighborhoods first,” Faulconer said.
“We’re increasing the amount of street repair we do because this is what San Diegans are asking for,” the mayor said. “Every community needs better streets, and my goal is to make sure they get them.”
The repairs will be financed with a combination of sources, including the Transnet sales tax increase, the gas tax and bond financing.
“Mission Valley is one of the most heavily traveled communities in San Diego where thousands of residents and tourists come to live, work and play,” said Councilman Scott Sherman, who represents the area. “It is important to our local economy and to Mission Valley residents that our roads and infrastructure are maintained at the highest levels.”
According to data provided by the city, around 175 miles of roads were repaved or slurry-sealed in five of the previous seven fiscal years.
An assessment of road conditions in the city is currently underway. A 2011 report found that 25 percent of city streets were in poor condition. Results of the new study are due in December.
— City News Service
Illumina to Market, Sell Neogen GeneSeek
Arrays for Genotyping Livestock
Neogen of Lansing, Mich., said today that San Diego-based Illumina will market and sell microarrays developed by Neogen’s GeneSeek genomics laboratory for the agrigenomics market.
Under the agreement, customers will be able to purchase GeneSeek Genomic Profiler SNP arrays from Illumina, initially for genotyping cattle, pigs, and horses. The arrays, which use Illumina’s Infinium BeadArray technology, are available in high- and low-density versions.
Lincoln, Neb.-based GeneSeek, which Neogen acquired five years ago, provides SNP genotyping and next-gen sequencing services for a number of animal and plant species and is one of Illumina’s largest agrigenomics customers.
The agreement, terms of which are undisclosed, is an extension of an existing 2008 strategic relationship between the companies and “will provide other laboratories an ability to run the same highly researched chips we use in our lab,” said Neogen Vice President of Corporate Development Jason Lilly in a statement.
Lilly said he expects customers of the arrays to be primarily international genotyping service labs that are unable to ship samples to its Nebraska or Scotland facilities but still want to use Neogen’s arrays.
RJS Law Group Purchases
Office Building for $3.7 Million
Ronson Shamoun of the RJS Law Group has purchased the office building at 2044 First Ave. in San Diego for $3.7 million. The building will be occupied by the law firm. The San Diego Credit Association was the seller.
The office building was built in 1986 and consists of approximately 19,685 square feet over two levels of parking. The building also boasts panoramic views of the San Diego Bay.
The transaction was arranged by the NAI San Diego | Office Property Group.
AT&T Boosting Cell Capacity
For Comic-Con Attendees
By Times of San Diego
AT&T is increasing its cellular communications capacity in Downtown San Diego to serve the tens of thousands of people expected to arrive later this week for Comic-Con International.
The wireless company is setting up portable cellular base stations and offering free Wi-Fi to handle some of the load:
• A “Super COLT” (Cell on Light Truck) at the San Diego Convention Center.
• A “Super COW” (Cell on Wheels) in the Gaslamp Quarter.
• Free Wi-Fi for AT&T customers inside the convention center.
AT&T said innovative, multi-beam antenna technology gives the portable cell sites their “super” status — with each cell site providing network capacity double that of traditional, single beam antennas. As a result, the company will have double the 4G LTE capacity in the area compared to last year.
“Events like Comic-Con International are full of memorable moments that our customers want to share through text messages, pictures, status updates on social media and phone calls,” said Tammi Terrell, At&T vice president and general manager for the southwest and Hawaii. “We’ve been hard at work to help provide great coverage and fast speeds at Comic-Con International.”
SDSU Downtown Gallery Presents
‘Word Balloons: Comics at San Diego State University
Timed to coincide with Comic-Con — but without the cost of that big event — The SDSU Downtown Gallery will present an opening reception for the exhibition, “Word Balloons: Comics at San Diego State University,” on Thursday from 6 to 9 p.m. The gallery is at 725 West Broadway.
During the reception, artist and SDSU alumnus Hugo Crosthwaite will complete the design and painting of a wall-sized mural that illustrates the importance and impact of story-telling. Crosthwaite is a native of Tijuana, who currently lives and works between Tijuana, Los Angeles and Brooklyn. The exhibition ruls through July 27 and is free of charge.
SDSU Grad Pledges $2.5 Million
Legacy Gift to the University
By City News Service
Businessman Fred Pierce and his wife, Christine, pledged a $2.5 million legacy gift to San Diego State University, the school announced Monday.
Pierce, a 1988 SDSU finance and real estate graduate, designated the funds to benefit the College of Business Administration, Aztec athletics, the SDSU Alumni Association, Greek life and student scholarships. A legacy gift is a pledge of a future donation, such as through a will.
The Pierces will also provide five years of current funding for their priority areas at an unspecified level, according to SDSU.
“We’re creating several alumni scholarships to underscore the value of this university’s alumni and volunteerism,” said Pierce, whose company owns and manages student housing across the United States. “We’re supporting Greek life with scholarships for fraternity and sorority members who don’t qualify for federal grants, but whose families can’t afford to finance their education. We’re giving to entrepreneurship, finance and real estate scholarships, and we’re supporting athletics because it’s a gateway to a continuing relationship between SDSU and its alumni.”
Pierce, a former California State University trustee, has served on the boards of the Alumni Association, the Aztec Club, the College of Business Administration and the Corky McMillin Center for Real Estate. One of his daughters just graduated from SDSU with a theater degree, and another plans to attend the school.
His firm, Pierce Education Properties, ranks among the top 25 private owners of student housing in the country. Half of his workforce of 200 employees are students.
Rady’s Gender-Management Clinic Named
Outreach Partner by Gay Men’s Chorus
The Rady Children’s Hospital-San Diego Gender Management (GeM) Clinic has been named the 2015 San Diego Gay Men’s Chorus summer concert series Outreach Partner. The chorus is celebrating its 30th anniversary with “Imagine — The Music of Lennon & McCartney,” on July 25 and 26 at the Balboa Theatre.
Since opening in 2012, the GeM Clinic has treated more than 80 transgender patients. “There is a lot of stigma, bullying and struggles around these kids,” said Endocrinologist Dr. Maja Marinkovic, who directs the GeM Clinic along with Endocrinologist Dr. Ron Newfield. “We see how much they suffer.”
Helping to raise awareness of the clinic and the available care for transgender children is why the chorus chose the GeM Clinic as its outreach partner for its summer season, according to Chorus President Bob Lehman.
“We’re hoping to raise awareness of the incredible work the GeM Clinic is doing to help our transgender friends and family,” said Lehman. “For too long, these kids have suffered with little to no help in sight. Now, they can see a great future ahead and a chance to live great lives.”
Airport Authority Awards $60 Million Contract
To L.A.’s AECOM for work at Lindbergh Field
The San Diego County Regional Airport Authority has awarded a $60 million contract to AECOM of Los Angeles for on-call program management, staff support and consulting services at San Diego International Airport.
AECOM will provide staff augmentation for project management, design oversight and construction management to deliver the airport’s approximately $814 million Capital Improvement Program, with additional services including construction inspection, safety inspection, project scheduling and controls.
“AECOM has a successful history of partnering with the airport authority, and we are excited to continue our relationship by delivering these critical program management services,” said AECOM’s Global Aviation Market Sector Leader Loren Smith. “After a successful completion of San Diego’s $820 million Green Build expansion of Terminal 2 — the largest improvement project in the airport’s history — we look forward to helping the airport authority accomplish its mission of ‘exceeding customers’ expectations’ by exceeding those of the airport authority.”
AECOM will also assist the airport authority with delivering a variety of capital improvement projects, such as the completion of the rental car center, the Terminal 2 parking plaza as well as numerous airside and terminal projects.
The contract has a three-year term, with two optional one-year extensions. The total contract amount, including option years, will not exceed $60 million.
Richard Miltimore Joins Allen Matkins
Allen Matkins, a real estate and business law firm, has hired real estate and finance attorney Richard J. Miltimore for its San Diego office. As a member of the firm’s Real Estate Department, Miltimore will work on a variety of matters, including those on behalf lenders, borrowers, purchasers, sellers, developers, landlords and tenants in connection with asset acquisitions, dispositions, development and financing, as well as space leases, ground leases and build-to-suit leases.
Prior to joining Allen Matkins, Miltimore was a project finance and real estate associate at Latham & Watkins LLP where he represented clients in transactions routinely exceeding $1 billion in value.
Dan Smith Joins Cavignac & Associates
Cavignac & Associates has hired Dan Smith as its risk control coordinator.
Smith is charged with various administrative duties that support the company’s Risk Control Department. He will serve as the primary contact for clients and team members initiating or following up on risk management services.
Prior to joining Cavignac & Associates, Smith served as the assistant office manager of American Discount Cruises in Englishtown, N.J., where he was employed for six years. There he oversaw a 20-plus-person staff, accounts payable and receivable, employee payments and payroll.
Tri-City Medical Center Appoints Chief of Staff
Tri-City Medical Center in Oceanside has appointed Dr. Gene Ma, a board-certified emergency medicine specialist with 15 years of experience, to the position of chief of staff.
Ma joined Tri-City Emergency Medical Group and WorkPartners in 2000 after graduating from the UC San Francisco School of Medicine and completing his internship at the Stanford School of Medicine and residency at UC San Diego.
In 2012, he became executive director of Tri-City Emergency Medical Group and WorkPartners.
Ma is a Fellow of the American College of Emergency Physicians and a Voluntary Assistant Clinical Professor of Medicine at UC San Diego.