Daily Business Report-Feb. 10, 2017
Three-bedroom, two-bath house at 2818 Columbine St. in San Diego is on the market for $469,000. (Zillow). View details
Winter Blues Hit January Home Sales
30 Percent Drop in Single-Family Homes;
27 Percent Drop in Condos and Townhomes
Resale home transactions in San Diego County fell significantly in January compared to December — a common seasonal trend, according to housing statistics from the Greater San Diego Association of Realtors.
The desire to close on home sales by Dec. 31 factored into the drop of 30 percent in single-family home sales, and a drop of 27 percent in attached properties (condominiums and townhomes) in January 2017. Compared to the same month a year ago, sold listings were down less than 1 percent for single-family homes, but nearly 4 percent for condos and townhomes.
The median price of resale single-family homes in January dipped by about 2 percent compared to December, standing at nearly $560,000. The attached property median price was $378,750, posting almost a 4 percent increase from the prior month. Together, prices for all sale properties are up 7.5 percent from a year ago.
The supply of resale properties on the market held at 1.5 months. (Five to six months is considered a healthy level.) Homes were on the market for an average of 39 days in January.
“January is most often a slow month for home sales following the holidays and the end of the tax year,” said SDAR President Bob Kevane, “not to mention the welcome and ample rain may have kept people from venturing out to open houses. Spring will be here soon enough, and that’s when the market tends to heat up.”
In January, the ZIP codes in San Diego County with the most single-family home sales were:
92028 (Fallbrook) with 39
92127 (Rancho Bernardo West) with 37
92027 (Escondido East) with 36
92009 (Carlsbad Southeast) with 36
92065 (Ramona) with 35
The most expensive property sold in the county last month was a 12,000-square-foot, seven-bedroom, 10-bath, Rancho Santa Fe estate, built in 1994, with a price of just over $6 million.
SDAR’s housing statistics are compiled monthly from the Multiple Listing Service (MLS). Click here for a look at the numbers.
Hillcrest’s Structure Lofts
Sold for $14.75 Million
Structure Lofts, an award-winning, four-story apartment building on Upas Street in Hillcrest that once served as the city’s Blood Bank office building, has been sold for $14.75 million to San Diego-based Structure LP. Balboa Phase I LLC, a local real estate development firm, was the seller.
The apartment building at 440 Upas St. includes 2,475 square feet of ground-floor retail. There are 25 units in a mixture of studios and one- and two-bedroom apartments. Units include 13-foot ceilings, floor-to-ceiling glass, quartz countertops, stainless steel appliances, oversized bathtubs and in-unit washer/dryers.
The building was converted in 2014 and originally constructed in 1973. The property has won numerous awards for its re-design and architecture, including the Builder’s Choice Award for best adaptive reuse project in the nation, the Orchid Award for architecture, as well as the Golden Nugget Award, which recognizes properties that have improved the community through exceptional concepts in design, planning and development.
Separately, Hammer Commercial Ventures LLC sold an affiliated parking lot with 17 spots, located across the street from Structure Lofts, for $2.1 million to an undisclosed buyer. The parking spots will continue to be associated with the Structure Lofts.
The combined purchase price for Structure Lofts Apartments and the affiliated parking lot equates to $674,000 per unit, which is one of the highest in the county for an asset of this size, according CBRE Group, which represented the seller in the sale.
USD Establishes Center for Ethics,
Economics and Public Policy
The University of San Diego announced the creation of the Center for Ethics, Economics and Public Policy — a center designed to promote research and teaching that bridges the gap between philosophy, economics and political science. One of its first events will be a March 16 debate on immigration policy.
The center was established with $1.8 million in gifts from seven donors. It is
a collaborative effort between the College of Arts and Sciences and School of Business.
As part of its vision, the center will host a series of public events featuring national experts speaking on issues, including the March 16 debate on immigration policy. In addition, it will facilitate the development of a new undergraduate curriculum integrating the study of politics, philosophy and economics.
“We are honored that so many donors are joining us in the effort to promote a vibrant exchange of ideas,” said James T. Harris, III, University of San Diego president. “Centers like this will help us fulfill our strategic vision of educating students who are dedicated changemakers, actively engaged in their education and caring for our common home.”
Professor of Philosophy Matt Zwolinski will serve as director of the center. A member of USD’s faculty since 2003, Zwolinski has a longstanding interest in the intersection of ethics, economics and public policy.
“We are pleased that the university’s vision for the center will inspire debate and discovery both inside and outside the classroom,” said Malin Burnham, vice-chairman of Cushman & Wakefield on behalf of his fellow donors to the center. “This exciting exchange of ideas will benefit students, the San Diego community and our region for many years to come.”
The center is funded by contributions from a variety of sources. Supporters include James Brennan (Enlightened Brand Ventures), Malin Burnham (Cushman & Wakefield), Charles Koch Foundation, Peter Farrell (ResMed, Inc.), Kevin Washington (Aviation Partners) and Charles Wax (Waxie).
Mesa College Opens Food and
Clothing Pantry for Students in Need
San Diego Mesa College on Thursday celebrated the grand opening of “The Stand,” a food pantry and clothing closet designed to assist students impacted by a lack of food and clothing resources.
The goal of The Stand is to provide emergency food resources to increase students’ ability to concentrate in school and be successful in classes, and to provide access to free professional and business casual attire appropriate for career fairs, interviews, daily life and the workplace, thereby increasing self-esteem and success.
Mesa College Associated Student Government established the Homeless Outreach Student Transition (HOST) program for food and hygiene drives and made supplies available to students in need on a no questions asked basis.
The Stand is located on the second floor of the Student Services building where Mesa College students in need of food, toiletries and business attire can get their needs met. A point system is used to track items received.
Opening of Pendry Launches
New Luxury Hotel Brand
America’s newest luxury hotel brand was officially launched on Thursday with a ribbon cutting outside the new Pendry hotel on J Street in the Gaslamp.
The 317-room Pendry San Diego features a luxury spa, rooftop pool, state-of-the-art meeting rooms, and six restaurants and bars, including one dedicated to craft beer.
Alan Fuerstman, founder and CEO of luxury hotel operator Montage International, said the new hotel will “redefine what cultured luxury means” by combining contemporary design with a high level of service. He said San Diego was a perfect city to launch the brand. “A great hotel starts with a great community,” he said.
The hotel opens Saturday. A second Pendry hotel in Baltimore will open in March.
Isabel Rivera-Collazo Joins
Scripps Institution of Oceanography
Isabel Rivera-Collazo, an environmental archaeologist specializing in geoarchaeology, archaeomalacology, coastal and marine processes, maritime culture, and climate change, has joined faculty at UC San Diego’s Scripps Institution of Oceanography and the Department of Anthropology.
Rivera-Collazo, a native of Puerto Rico, is an assistant professor of biological, ecological and human adaptations to climate change. Her research focuses on the effect that human activity has on island ecosystems through time, as well as how people have responded to climatic and environmental change in the past.
“When I got here and saw the environmental research and passion for research within Scripps and UC San Diego, it was very inspiring,” said Rivera-Collazo. “Actually, after the interview I went back home to Puerto Rico and finished a paper that had been sitting on my desk forever — so it was very productive!”
As a coastal and marine archaeologist, Rivera-Collazo focuses on Puerto Rico and the Caribbean region, Israel, and the eastern Mediterranean. Her work highlights resilience and adaptation, investigating decisions that enhance or reduce adaptive success. She also takes an applied approach to research, working with local communities in the quest for understanding the current and expected impacts of climate change, including threats to coastal heritage.
Zander Therapeutics Makes Key
Additions to Management Team
Zander Therapeutics, a subsidiary of Entest BioMedical Inc. in San Diego, has added Harry Lander as its president and chief scientific officer and Todd S. Caven as its chief financial officer. Thomas Ichim will assist the company as its senior scientific consultant, and Debbie Dorsee will serve as director of business development.
Zander Therapeutics Inc. is focused on the rapidly-growing veterinary medicine market niche, developing small molecule therapies for treating cancers and autoimmune disorders. In 2016, the U.S. pet market was estimated to be $62.75 billion dollars in size, which is up from $38.5 billion in 2006 and $48.53 billion in 2010. Out of $62.75 billion, $16 billion was spent on veterinary care alone.
Lander has over 25 years of professional scientific, business and financial management experience related to biomedical research. He has served as research chief / administration for Sidra Medical and Research Center (Doha, Qatar), assistant provost for Weill Cornell Medical College (Cornell University) and served as assistant dean for research administration at Weill Cornell Medical College (Cornell University).
Caven has 30 years of experience in corporate finance, taxation, mergers & acquisitions, corporate valuations and financing activities for various types of transactions. He co-founded Saguaro Capital Partners, an Arizona-based firm that raises growth capital for medical device, pharmacology and technology based companies throughout the western United States.
Ichim has 20 years of biotechnology experience, including founding Immune Advisors LLC, a biotechnology consulting group focused on accelerating commercialization of companies in the regenerative medicine and immune-oncology space. Ichim previously served as chief scientific officer and chief executive officer of Medistem Inc.
Dorsee is the founder and principal executive of The Dorsee Company, a leader in public relations for businesses and individuals both regionally and nationally. She has an integrated focus on community relations, marketing, fundraising / capital raising and business development.