Daily Business Report-Dec. 13, 2017
San Marcos Square
Heritage Core Value Fund Acquires
San Marcos Square for $4.25 Million
San Diego-based Heritage Core Value Fund LP has purchased San Marcos Square for $4.25 million. The seller was S&C San Marcos LLC.
The 19,274-square-foot retail property is comprised of three buildings and sits on 37,897 square feet of land. The property, located at 156-190 S. Rancho Santa Fe Road in San Marcos,is anchored by US Bank and includes additional tenants such as Rossi’s Pizza, San Marcos Dental, CTP Computers, Crispy’s Donuts, Cole & Associates, and Adobe Lock & Safe.
Prior to the sale, the same family owned San Marcos Square since its development in 1975. The new owner plans to improve the exterior facade, design new signage, and implement a signature leasing plan, which focuses on demographics and needs of the community.
“This second acquisition in our Fund is perfectly aligned with our value-add strategy,” said Dan Leon, director of acquisitions for the Heritage Core Value Fund. “San Marcos Square is in a great location, has tenants that generate cash flow, and affords the opportunity to renovate and reposition the property to enhance the tenant mix.”
Matt Hardy and Matt LoPiccolo represented the seller.
City Council Fails Yet Again
to Enact Short-Term Rentals
A divided City Council failed Tuesday to reach agreement on the long debated question of how to regulate short-term rentals, leaving in limbo an issue that has dogged elected leaders for nearly three years.
Multiple proposals, some more permissive than others, were floated on the dais in hopes of reaching a consensus, but after more than four hours of debate and hours more of public testimony, the nine-member council could not secure five affirmative votes.
The inability to act seemed to frustrate the council members as much as the community.
“I’m very disappointed today. We’re like a dysfunctional family,” said Councilman Scott Sherman, who had favored a more permissive proposal originally crafted with three of his colleagues — Councilmen Mark Kersey, Chris Ward and David Alvarez. “ We’re back to where it always has been, the wild, wild West.” — San Diego Union Tribune
USD’s Undergraduate Business Program
Ranked 3rd in State, in Top 50 Nationwide
The University of San Diego School of Business undergraduate program is one of the top 50 program in the nation, according to the 2017 ranking by Poets&Quants for Undergrads, a leading news site for business education.
The USD undergraduate program ranks 45th out of 82 schools on the list, the third-highest ranked school in California and the only school in San Diego to make the list. USD School of Business and competing schools represent the top 16 percent of accredited undergraduate business schools in the United States.
USD’s program scored particularly well in career outcomes with 91 percent of undergraduates finding jobs within three months after graduation. The ranking also equally weighs admission standards and alumni satisfaction.
USD School of Business’s accounting program also was recognized in December. The program was ranked 19 out of 607 programs nationwide by Collegefactual.com.
San Diego Employers Association
Hosts Employment Law Update
San Diego Employers Association hosts the 38th annual Employment Law Update on Jan. 25, 2018. Presenting attorneys include Chris Olmsted, Lonny Zilberman, and Rich Paul. The event takes place from 8 a.m. to noon at Crowne Plaza Mission Valley, 2270 Hotel Circle North, San Diego. Tickets are available at the early bird rate of $150 for SDEA members and $175 for nonmembers, through Dec. 31. Tickets go up in price Jan. 1, 2018. To learn more and to purchase a ticket, visit www.sdeahr.org.
San Diego Team Wins $6.9 Million Grant
to Establish Precise Network Clinical Center
A team of physicians, scientists and biostatisticians in San Diego joined forces across institutions to successfully compete for a $6.9 million grant to establish one of only 10 PrecISE Network Clinical Centers nationwide. A collaboration between La Jolla Institute and UC San Diego School of Medicine, the center will connect patients, clinicians and researchers to develop personalized treatments, and find a cure for asthma.
The PrecISE (short for Precision Interventions for Severe and/or Exacerbation Prone Asthma) Network is an initiative funded by the National Institutes of Health/National Heart, Lung and Blood Institute to advance precision medicine for patients with severe and exacerbation-prone asthma.
General Atomics, Starburst Accelerator
Host Aerospace Tech Showcase Event
General Atomics’ aeronautical systems business has collaborated with Starburst Accelerator to administer selection committee program for multiple aerospace startup firms to pitch various technology platforms.
Ten aerospace startups presented technologies to industry representatives and potential investors during “The Future Is Now” event that took place Dec. 1 at GA-ASI’s headquarters in Poway, California, General Atomics said.
“We hosted this event as a way to provide aerospace entrepreneurs with an audience of enthusiastic industry leaders who are interested in investing in new technology that will fill critical capability gaps in support of the warfighter,” said Linden Blue, GA-ASI CEO.
The showcase also offered an opportunity for attendees to learn about new innovation ideas and potential applications of the ideas to business expansion initiatives.
France-based Starburst Accelerator aims to help new aerospace defense and security companies secure seed funds from venture capital firms or business angels through the incubator’s quarterly selection committee programs.
Douglas Wilson Cos. Approved for
218 New Entry-Level Homes in Spring Valley
Douglas Wilson Cos. has received approval from the San Diego County Board of Supervisors for the addition of 218 new entry-level homes on a 52-acre parcel in the unincorporated area of Spring Valley.
When DWC acquired the undeveloped site in 2014, it was approved for a 710-room destination golf resort and commercial office uses. The plan approved on Dec. 6, 2017 includes three town home styles, expected to be priced from the low $400,000s.
Douglas P. Wilson, DWC chairman and CEO, noted that the plan evolved from 266 multi-family units to 218. “We believe this is one of the largest projects of its kind in San Diego County, where multi-family, for-sale homes will be available in the low $400,000s.”
Twenty eight of the 52 acres will be placed in an open space preserve to protect Hansen’s Creek and sensitive plant and animal populations.
“Over 54 percent of the property will be maintained by a nature conservancy in perpetuity as a result of our agreements with the community planning group, County planners and State and Federal Wildlife Agencies,” said Wilson. “ This has been a comprehensive effort to create a win-win for all stakeholders, including San Diegans looking for a reasonably priced new home.”
DWC’s new plan includes solar energy installations and plumbing for grey-water. Future homeowners will not be encumbered by additional Mello Roos taxes.
Pardee Homes to Unveil New Homes in Santee
Pardee Homes on Saturday will celebrate the grand opening of the Weston community located just off of State Route 52 in Santee. On display will be 14 model homes open to the public for tours from 10 a.m. to 2 p.m.
Weston’s four neighborhoods are Lake Ridge, Sandstone, Talus and Prism. All of the 415-homes will be installed with solar panels as well as Pardee’s signature Living Smart package, which includes cutting-edge technologies designed to reduce energy costs and provide comfort and control amenities for homeowners.