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Daily Business Report-Nov. 2, 2017

Daily Business Report-Nov. 2, 2017

The new Endeavor Bank is headquartered in Symphony Towers at 750 B St. in Downtown San Diego.

New Bank Forming in San Diego;

Endeavor Begins Common Stock Offering

A new independent bank is forming in San Diego — the first to receive FDIC approval in the county in nine years. It’s officers and directors are men and women well known in San Diego’s banking industry.

Dan Yates, chief executive officer

Dan Yates, chief executive officer

Steven Sefton, president

Steven Sefton, president

Endeavor Bank has been granted preliminary approval of its application for deposit insurance from the FDIC. This is the final application in the regulatory process and follows Endeavor’s receipt of preliminary approval to organize from the California Department of Business Oversight in March of 2017.

Endeavor is the first to receive such approvals in San Diego County since 2007, and one of the few in the country to receive permission from state and federal regulators to organize since the financial crisis in 2008.

Endeavor’s management team: Dan Yates, chief executive officer; Steven Sefton, president; Scott Parker, chief credit officer; Robert Horsman, chief banking officer; Robert Lampert, chief financial officer; and Nasrin Rostami, chief operations/risk officer. Each member of the management team is well known in San Diego County and has extensive banking experience.

Robert Horsman, chief banking officer

Robert Horsman, chief banking officer

A group of successful San Diego business leaders have helped coordinate the organization of the new bank and now serve on its board of directors and advisory board

A group of successful San Diego business leaders have helped coordinate the organization of the new bank and now serve on its board of directors and advisory board.

Endeavor has now received the regulatory approvals needed to begin its common stock offering. It is anticipated that the offering will close in December and that the bank will open before the end of this year. Endeavor has a minimum capital requirement of $25 million and is permitted by its approval to raise more than that sum, up to a maximum of $27.5 million, plus an additional 10 percent for oversubscriptions.

Nasrin Rostami, chief operations/risk officer

Nasrin Rostami, chief operations/risk officer

This month Endeavor will host several investor meetings to introduce the bank’s management, present the bank’s business plan and explain the investment opportunity.

“We are pleased we have been approved to begin our offering, and we believe we will receive strong investor support from the San Diego community. Being the first bank to organize in San Diego in years, we are able to offer investors an opportunity to participate in the ownership of a local community bank, which has not been available since 2008,” said Yates. “We hope to close the offering by mid-December, so we encourage those investors who are interested in investing in our new bank to contact us as soon as possible.”

Endeavor Bank will be headquartered in Downtown San Diego, in the Symphony Towers high-rise at 750 B St., with an administrative and loan production office in Carlsbad.

Endeavor will focus on serving local companies and their owners throughout San Diego County, in all industries. It will offer a full menu of banking services to San Diego businesses, including depository and treasury management, business loans and lines of credit, commercial real estate loans, investment property and multifamily housing loans and owner-occupied SBA 504 loans.

“Endeavor is poised for success,” stated Sefton. “We live in one of the most vibrant economies in the country, we have a strong business plan, we have the best management team I have ever been part of, with deep local banking experience, and we have a board of directors and advisors with a multitude of local business relationships.”

Endeavor’s Board of Directors includes:

  • Matt Rattner (Chairman of the Board), Co-Founder of Karl Strauss Brewing Company, investor and mentor.
  • Julie Dubick, attorney, consultant, H. G. Consulting Group.
  • Lorne Polger, Co-Founder Pathfinder Partners, 2015 finalist Ernst & Young Entrepreneur of the Year.
  • Gina Champion-Cain, restaurateur, CEO American National Investments, Founder of LuvSurf, commercial real estate developer.
  • Joyce Glazer, founding director San Diego Private Bank, former member US Bank’s San Diego Advisory Board.
  • James Ledwith, CPA, outside auditor Peninsula Bank, founding director of San Diego Trust Bank, director Novatel Wireless.
  • Christopher Woolley, Founder of Square 1 Bank, CPA.
  • Dan Yates, Founder and CEO of Regents Bank 2001-2012; CEO of Neighborhood National Bank 2013 – 2017; Regional VP of 1st Business Bank 1988 – 2001.
  • Steven Sefton, President and CEO of Regents Bank 2012-2017; Sr. VP and regional manager of Citizens Business Bank 2008-2012; Regional VP of 1st Business Bank 1994-2008.

Endeavor’s Management Team:

  • Dan Yates: Chief Executive Officer. Yates has over 38 years of banking experience, most recently as President and CEO of Neighborhood National Bank in San Diego, a community development bank focused on low- to moderate-income communities. Previously, Yates was a founder and president/CEO of Regents Bank in La Jolla. Yates grew Regents to over $620 million in assets in 12 years before he left following that bank’s acquisition by Grandpoint Capital.
  • Steven Sefton: President. Sefton has over 35 years of banking experience in Southern California. He most recently served as President and past CEO of Regents Bank, the $650 million in assets San Diego division of Los Angeles-based Grandpoint Bank, a title he held from May of 2012 until joining the Endeavor team in June of 2017. While with Regents, Sefton bought a bank and merged it into Regents and kept Regents growing at a healthy, double-digit clip for both loans and deposits, the key metrics in banking. In prior assignments in his career, Sefton has opened two regional offices and each time grew the region to over $100 million in loans and deposits, the size of a small bank.
  • Robert Horsman: Chief Banking Officer. A 44-year San Diego banker, Horsman co-founded and was president/CEO of San Diego National Bank.
  • Robert Lampert: Chief Financial Officer, a 30-year banking, financial services and accounting veteran who co-founded Escondido-based California Community Bank.
  • Nasrin Rostami: Chief Operations/Risk Officer. Rostami has over 23 years of banking experience with an emphasis in operations and risk management, most recently with Pacific Premier Bank. She was a co-founder of San Diego Trust Bank.

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Kilroy Realty Plans New Office

Building in Little Italy

Kilroy Realty has acquired a full city block at Kettner Boulevard and Hawthorn Street in Downtown’s Little Italy neighborhood for $19.4 million and plans to build a Class A, 172,000-square-foot mixed-use office and retail building on the property. It would be the first new office building developed in Little Italy in more than 20 years.

Colliers International San Diego Region handled the transaction on behalf of the sellers and Kilroy Realty. The 52,500-square foot site is comprised of three separate parcels which have been owned by three private families since the early 1920s. Colliers worked with the three property owners to market the parcels for sale together.

The three parcels are located at 2100-2174 Kettner Blvd. and 946 W Hawthorn St.

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Search Engine Created for the Medical

and Recreational Marijuana Users

After securing $1.7 million in seed funding, Weedguide has unveiled its new search platform for the medical and recreational marijuana community. Weedguide gives personalized recommendations from millions of articles, videos, products, dispensary locations, recipes and strains across the web.

“General purpose search engines are fine for most things. But when it comes to answering specific questions about cannabis, you need something that’s laser focused,” said CEO Claudio Cañive. “Ever tried searching for ‘weed’ in Google? You’ll get 922 million results, from tips on gardening to rolling a joint and everything in between. Weedguide gives cannabis consumers a simpler way to browse through vast amounts of data and find exactly what they need.”

Like other search engines, Weedguide allows for semantic input and natural language processing. Weedguide said its unique classification system makes it easier to navigate through information and get more relevant results. Weedguide also employs real world subject matter experts to ensure the most useful and relevant content is displayed.

San Diego businessman Doug Cerri is a first-time industry investor as well as cannabis consumer himself.  “As a newcomer to marijuana, Weedguide is a one-stop-shop that gives me all the answers I need. Whatever I type in the search bar, it’s going to take me there. The depth of knowledge is very impressive.”

Weedguide is available for download on the App Store  for iOS and Google Play for Android.

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Marijuana Risks for Landlords

The Pacific Southwest Association of Realtors (PSAR), a trade group for San Diego-area Realtors, will present “Staying Out of Trouble, Facts about Marijuana Liability for Landlords and Property Managers,” from 10 a.m. to noon, Thursday, Nov. 9, at the PSAR South County Service Center, 8809 Canarios Court, Chula Vista. Cost to attend is free for members and nonmembers. Topics discussed will include identifying illegal marijuana dispensaries and how to cooperate with the city and law enforcement. Speaker will be Glen Goggins, Chula Vista city attorney. Goggins has served as Chula Vista’s first elected city attorney since 2010. For more event information, call PSAR at (619) 421-7811 or visit www.psar.org/liability.

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‘These fully operational water and wastewater systems will be used to replicate many of the entry-level tasks employees perform as they begin their careers in the water and wastewater industry,’ said Don Jones, the National Science Foundation grant manager who has helped spearhead the creation of Center for Water Studies.

‘These fully operational water and wastewater systems will be used to replicate many of the entry-level tasks employees perform as they begin their careers in the water and wastewater industry,’ said Don Jones, the National Science Foundation grant manager who has helped spearhead the creation of Center for Water Studies.

Cuyamaca College to Begin Construction

on New Center for Water Studies

Cuyamaca College is set to begin construction on a state-of-the-art Center for Water Studies aimed at training the next generation of industry professionals to manage and operate California’s complex water and wastewater systems.

A groundbreaking ceremony for the first component of the project — the Field Operations Skills Yard — is scheduled for Nov. 9 at 9:30 a.m. next to the “L” Building at the Cuyamaca College campus, 900 Rancho San Diego Parkway, in Rancho San Diego. When completed, the Field Operations Skills Yard will include a fully operational, above-ground water distribution and an underground wastewater collection system that will enable students to apply their science, technology, engineering and mathematics knowledge in a learning-by-doing, career-preparation environment.

“Cuyamaca College is a leader in workforce training for the water and wastewater industry, and the Center for Water Studies will further strengthen our status as a trailblazer in the profession,” said Cuyamaca College President Julianna Barnes.

A California Community College Strong Workforce grant is providing $192,000 for the Field Operations Skills Yard. Additional contributions for the above-ground network of pipes, pumps, valves, meters and other equipment is being provided by donations from the waterworks industry. A National Science Foundation grant is providing $72,000.

The Field Operations Skills Yard is projected to be completed in time for spring semester classes.

“These fully operational water and wastewater systems will be used to replicate many of the entry-level tasks employees perform as they begin their careers in the water and wastewater industry,” said Don Jones, the National Science Foundation grant manager who has helped spearhead the creation of Center for Water Studies. “It’s the culmination of a many years long pipe dream.”

The second component of the Center for Water Studies involves relocating Cuyamaca College’s Water & Wastewater Technology program to a renovated L Building, which sits next to the Field Operations Skill Yard and which will be transformed to house, among other things, a water quality analysis classroom and a shop area for backflow prevention and cross-connection control training. In addition, two other classrooms will be remodeled to accommodate approximately 40 water and wastewater technology students each.

Renovating the L Building will cost approximately $1 million and will be funded through the Grossmont-Cuyamaca Community College District’s Proposition V, which voters approved in 2012. Renovation is set to begin in the early spring, and facilities should be available next fall.

The National Science Foundation grant, which totals almost $900,000, will cover the cost of Cuyamaca College working with the Grossmont Union High School District and water industry experts to develop contextualized lesson plans related to water and wastewater management skills for local high school science teachers to use in their classrooms. High school instructors will be able to participate in water-related activities at the Center for Water Studies as early as next summer. The grant also will help develop career pathways that recruit veterans, women and students from underrepresented communities into water and wastewater management careers.

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Villa Alta Vista Apartments

Villa Alta Vista Apartments

Villa Alta Vista Apartments Acquired for $4.3 Million

The Villa Alta Vista Apartments, a 24-unit property at 7575 El Cajon Blvd. in La Mesa, has been sold for $4.3 million to WVI Investors LLC. The seller was Vista International Inc.

The Villa Alta Vista Apartments were constructed in 1949 and are comprised of 12 one-bedroom and 12 two-bedroom units. The property features onsite laundry facilities, off-street and private parking, and upgraded interior finishes.

Colliers International represented the buyer in the transaction.

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$200,000 Pot Shop Judgment

Upheld by Appellate Court

An appellate court has affirmed $200,000 in civil penalties against a San Diego landlord for allowing an illegal marijuana dispensary by the name of “Limitless Care Collective” to operate on his property for nine months in open defiance of a court order. The penalty is based on the San Diego Municipal Code which provides that a court may assess a civil penalty of $2,500 per violation per day.

The unanimous decision by the Fourth District Court of Appeal affirmed the trial court’s granting of summary judgment against property owner Todd Lesser and his business entity 1735 Garnet LLC. Lesser was ordered to pay civil penalties for maintaining the unpermitted use of his property at 1737 Garnet Ave. in Pacific Beach in violation of local zoning laws. Lesser is also permanently enjoined from operating or maintaining a marijuana dispensary anywhere in the city of San Diego without proper permits.

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Coldwell Banker Residential Brokerage

Expands with Del Mar Acquisition

Coldwell Banker Residential Brokerage has acquired the assets of Jelley Properties at 1401 Camino del Mar in Del Mar. Jelley Properties has served clients from its single office throughout San Diego County for 45 years.

The new office increases Coldwell Banker Residential Brokerage’s presence in Del Mar to three offices with nearly 100 affiliated sales professionals.

As part of the acquisition:

  • The single sales office of Joe Jelley Properties will operate as Coldwell Banker Residential Brokerage.
  • Broker owner Joe Jelley will affiliate with Coldwell Banker Residential Brokerage in a sales capacity.
  • Coldwell Banker Residential Brokerage welcomes the 18 independent sales professionals formerly affiliated with Joe Jelley Properties

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Conventions this month

Conventions this month

Major November Events

at the San Diego Convention Center

  • American College Of Rheumatology National Meeting, Nov. 3-8 (16,775 attendees).
  • 2017 AAPS Annual Meeting and Exposition, Nov. 12-15 (8,000 attendees).
  • Southern California Design-2-Part Show, Nov. 15-16 (1,500 attendees).
  • So-Cal Songahm Classic 2017, Nov. 18 (3,000 attendees).
  • Taking Control Of Your Diabetes 2017 Tradeshow, Nov. 18 (1,500 attendees).
  • Zero To Three Annual Conference 2017, Nov. 29-Dec. 1 (3,000 attendees).
  • California School Boards Association, Nov. 30-Dec. 2 (5,000 attendees).

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Personnel Announcements

Mike Smith Promoted at Cushman & Wakefield

Mike Smith has been named managing principal, San Diego and Mexico, for Cushman & Wakefield. Smith will be responsible for recruiting and supporting top talent and continuing to build client relationships in San Diego and Mexico.

A native of San Diego, where he spent 19 years in the business, Smith is qualified to continue building on the firm’s market-leading position. Prior to leading the West Region, Smith was president of CBRE’s Northwest Region, overseeing all operations of 17 corporate offices across five states.

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We Want Your Opinions on San Diego’s Big Issues In the coming months, Probosky Research (one of California’s leading opinion research firms) will continue its partnership with SD METRO to survey San Diego residents about topics of interest to our readers. We’d like to throw open the door for suggestions for topics. What do you want to know? What do you think you know, but aren’t sure? What are you certain you know, but want to prove it beyond doubt? Ideally, we’d like to see questions that have to do with public policy.

Some areas may include Mayor Filner’s first 100 days job performance, should the city be responsible for economic growth and the creation of new jobs, how important are infrastructure improvements to our daily lives (streets and bridges, etc.), how important is water independence, how satisfied are residents with public transit or how do city residents value Balboa Park and other open spaces? Do you believe the City Council should revive the Plaza de Panama plan for Balboa Park?

You can email Probolsky Research directly with your ideas: info@probolskyresearch.com