DOWNTOWN
La Jolla Car Wash, a San Diego-based automotive services and repair company, has purchased a 34,000-square-foot Class B office building at 1060 Eighth Ave. for $7.6 million. The company plans to occupy one of the floors and lease the remainder of the space. The building is currently occupied by Woodbury University, which plans to vacate the property in the summer. Brian Mulvaney and Jon Boland of Voit Commercial Brokerage represented the seller, Pacific View Properties, in the transaction. Jeff Hoffman and Hans Strom of Strom Commercial represented the buyer.
REAL ESTATE
A 254-unit apartment home project is being built by H.G. Fenton Development Co. on a 19-acre site in Mission Valley that used to be a quarry. The project, called Aquatera, is scheduled for completion early next year. The apartment homes will include one-, two- and three-bedroom plans ranging in size from 729 square feet to 1,394 square feet. Interiors will feature granite countertops, ceramic tile entry ways, nine-foot ceilings and stainless steel appliances including refrigerators with ice makers, microwaves and dishwashers. Every home will have a washer-dryer, air conditioning, walk-in closet and private patio or balcony. All residences are to be pre-wired for high speed Internet connection and first floor residences will feature intrusion alarms. Architects Orange designed the California Craftsman-style community. The general contractor is Crane Development Corp.
Amenities will include a fully-equipped sports club offering weight and cardio stations, free weights and personal television monitors. There will be a cyber café with beverage bar as well as a 10,000-square-foot club room with a professional gourmet kitchen, pool table, and media center with Nintendo Wii and Sony Playstations.
"Aquatera is the result of a thoughtful and multi-faceted planning process as to how we could best serve the needs of residents who now more than ever before want quality, for-rent housing options with a full-spectrum of on-site and nearby lifestyle amenities," says Mike Neal, president and CEO of H.G. Fenton.
With Aquatera’s completion, H.G. Fenton will own and manage 12 communities totaling 3,054 units inlocations throughout the county.
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Community Housing Works’ Solara project in Poway, the state’s first affordable housing project designed to be fully independent of the power grid, has been selected as one of 10 national winners of the Urban Land Institute’s Awards for Excellence. ULI’s Awards for Excellence recognize the full development process of a project, not just its architecture or design. The criteria for the awards include leadership, contribution to the community, innovations, public/private partnership, environmental protection and enhancement, response to societal needs, and financial success.
Solara’s photovoltaic panels provide 90 percent of electrical needs to 56 units of rental multi-family apartments in two-story wood buildings and a small community center.Located on 2.5 ground-leased acres adjacent to a floodway that has a recreational relationship to the development, Solara overcame a myriad of entitlement, financing, technical, and community challenges to become a fully-leased community of households committed to a green program.
The 2008 winners were selected from 81 entries, which were narrowed to 18 finalists. Projects were evaluated on the basis of financial viability, the resourceful use of land, design, relevance to contemporary issues, and sensitivity to the community and environment. Each contributes to a live-work-play environment and is designed to complement and enhance the greater community.
The other winners: Adidas Village, Portland, Ore. (adidas-Salomon North America; Winkler Development Corp.); Army Residential Communities Initiative, U.S.A.-wide (U.S. Department of the Army); Atelier/505, Boston, Mass. (The Druker Co. Ltd.); Canada’s National Ballet School/Radio City, Toronto, Canada (Context Development Inc.); Clipper Mill, Baltimore, Maryland (Struever Bros. Eccles & Rouse); Eleven 80, Newark, N.J.(Cogswell Realty Group); General Motors Renaissance Center, Detroit, Mich. (Hines); Medinah Temple-Tree Studios, Chicago, Ill. (Friedman Properties Ltd.); Overture Center for the Arts, Madison, Wis. (Overture Development Corp.)
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Pacific Realty Advisors, a San Diego-based real estate investment company, has acquired a 2.98-acre property for $8.8 million in Chula Vista. The property, located at 340 to 342 4th Ave., is comprised of 35,000 square feet of office space. Tracy Clark, senior v.p. of Voit Commercial Brokerage, and Jeff Wells, v.p. of Voit’s San Diego office, represented the seller, Doctor’s Park LLC. The buyer represented itself in the transaction
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Westcore Properties, a private, entrepreneurial commercial real estate investment firm, has expanded and diversified its European operations with the opening of Airport Development Partners SA (ADP), an affiliate focused on the acquisition, operation and development of regional airports in Europe. Westcore has allocated $100 million of capital to provide for the rapid development of the company’s business plan throughout Europe. Thomas Frankl will serve as the new company’s CEO. He has 20 years of senior-level airport industry experience. Airport Development Partners’ main office is in Lausanne, Switzerland. It has a project office in Poland.
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Laciport Inc., doing business as Tropical Smoothie, has pre-leased 1,600 square feet of retail space at the planned shopping center at South Melrose Drive and Sycamore Avenue in Vista from Tmack/Melrose LLC. The five-year lease is valued at $305,805. Joel Wilson of CB Richard Ellis represented the lessor. Karly Kavane of Flocke & Avoyer represented the lessee.
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Spicy Pickle has pre-leased 1,800 square feet of retail space at the planned shopping center at South Melrose and Sycamore in Vista from Tmack/Melrose LLC. The 10-year lease is valued at $666,644. Joel Wilson of CB Richard Ellis represented the lessor. Karly Kavane of Flocke & Avoyer represented Spicy Pickle.
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Farmers Insurance has leased 2,745 square feet of office space at 1011 El Camino Real South, Suite 100, in San Diego from Plaza Associates. The seven-year lease is valued at $469,724. Jill Morton and Ryan Egli of CB Richard Ellis represented the lessee. Plaza Associates represented itself.
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Boucher Photography has subleased 4,123 square foot office suite at 10025 Huennekens St Suite C, in San Diego from Kovin Corp. The property was subleased for 36 months at $106,572. Tim Gosselin and Ben Acree of AWS Commercial Real represented the sublessee and sublessor.
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The Corky McMillin Cos. has promoted Gregory Schulte to chief accounting officer. Schulte, who joined the company in 2004, was previously the v.p. and corporate controller for the organization. In his new position, Schulte will oversee financial reporting and external reporting requirements. Schulte holds a degree in business economics from UC Santa Barbara.
CONSTRUCTION
The Port of San Diego has started a $2.8 million construction project to reconfigure the Palm Avenue street end in Imperial Beach. The project will enhance the existing street end by making roadway improvements, adding a storm water diversion system, enhancing access to the beach, incorporating public art and adding landscape design elements. Palm Avenue runs toward Ocean Lane on the Imperial Beach waterfront. A semi-circular public overlook area will be created, providing a park-like setting for ocean viewing. The area will have colored concrete pavers, benches, landscaping and lighting. It also will be the site for the installation of an 18-foot-tall sculpture titled "The Spirit of Imperial Beach." The large bronze artwork by artist A. Wasil epitomizes the surf culture of Imperial Beach with a seven-foot-tall surfer and his longboard. It also includes two children creating a sand castle, evoking the image of the popular "Sandcastle Days" event held on the beach each summer. The sculpture will be installed when the street end project is completed.
Traffic improvements resulting from the street end project will include a new turnaround at Ocean Lane to allow for two-way traffic and the addition of perpendicular parking along both sides of the street. A primary goal of this project is to prevent or reduce beach postings and closures by diverting the urban runoff from the Palm Avenue storm drain to the sewer system. This will be accomplished by installing a storm water pump station with a built-in pollution diversion system, which will help prevent runoff from flowing onto the beach.
SMALL BUSINESS
The San Diego Supplier Development Council’s 34th annual Operation Opportunity 2008 Networking Event will be from 7:30 a.m. to 2 p.m. today (May 13) at the Handlery Hotel in Mission Valley. The conference provides opportunities for small businesses to meet with representatives from government agencies and local prime contractors. Throughout the day educational workshops will be presented in the areas of contracting with federal, state, and local government agencies and prime contractors. Mayor Jerry Sanders will speak on "Making the Connection with the San Diego Small Business Community." The cost is $50.
TECHNOLOGY
Cubic Defense Applications has received a potential $9.5 million contract from the 675th/689th Armament Systems Squadron at Eglin Air Force Base in Florida to supply Cubic’s latest air combat training system to the Polish Air Force. The Poland Autonomous Air Combat Maneuvering Instrumentation (AACMI) program represents Cubic’s first foreign military sale of the new P5 system, currently operational at 10 U.S. military bases.
Cubic’s P5 Combat Training System will be delivered to Poland’s Poznan-Krzesiny and Lask air bases by late 2009. Cubic and its teammate, DRS C3 Systems Inc. of Fort Walton Beach will produce the 16 P5 airborne subsystem pods that will be integrated with new Polish F-16 aircraft. Ground stations also will be delivered and will include Cubic’s Individual Combat Aircrew Display System, which allows pilots to monitor, control and debrief training missions. Nearly $8.8 million has been obligated with an option for contractor logistics support.
"The P5CTS being developed for Poland will have capabilities similar to the U.S. P5 system. In addition, several new features have been added, some specifically for the European market," says Don Jacobs, v.p. of development and integrated systems for Cubic’s readiness systems business unit.
BIOTECH
Diane S. Goostree resigned Monday as president and CEO of Artes Medical Inc., a company whose lead product is an injectable dermal filler for wrinkles. Christopher Reinhard, executive chairman, will assume her responsibilities while an executive search is conducted for Goostree’s replacement. She also resigned her position on the company’s board. John F. Kay, the company’s v.p of engineering and development, will assume responsibilities for the coordination of product development and manufacturing activities, working with Larry J. Braga, v.p. of manufacturing. Karon J. Morell, v.p. of regulatory and quality affairs, also will be responsible for the management and coordination of the company’s ongoing clinical studies working with Greg J. Kricorian, chief medical officer. Michael K. Green, CFO, will assume responsibility for the company’s overall day-to-day administrative activities.
The company reported that revenues for the first quarter of this year were down slightly from the same period of 2007 "due to rapid patient enrollment in the clinical trial, expected quarterly seasonality and economic conditions within the aesthetic market." Net loss for the quarter ended March 31, 2008 was $12.3 million, an increase of $5.7 million over the net loss of $6.6 million for the quarter ended March 31, 2007. Cash and cash equivalents were $22.0 million as of March 31, 2008.
LEGAL
Retired Superior Court Judge Patricia A. Yim Cowett will be presented with the Joan Dempsey Klein Distinguished Jurist Award during the California Women Lawyers’ 20th annual Southern California Judicial Council Reception Friday (May 16). Luce, Forward, Hamilton and Scripps is sponsoring the event at its Downtown offices at 600 West Broadway, Suite 2600. The event is from 5:30 to 7:30 p.m.
Recipients of the Joan Dempsey Klein Award are selected for their excellence as jurists and for longstanding and vigorous service and inspiration to the women lawyers of California. Cowett was appointed to the Municipal Court in 1979 and later was elevated to the Superior Court in 1999. In 1976-77, she served as the District 9 Governor for the California Women Lawyers and the president of the Lawyers Club of San Diego. She served on the Lawyers Club Fund for Justice and the Lawyers Club Diverse Women’s Task Force as well as the Mayor’s Advisory Board on Women and as co-chair of the International Outreach Committee for the National Association of Women Judges.
For more information or to RSVP, call (916) 646-3114
FINANCIAL
Golden Eagle Insurance, a Liberty Mutual Agency Markets regional company, has appointed Pete McPartland president and CEO. McPartland previously was with General Casualty in Sun Prairie, Wisc., where he led insurance operations for QBE Regional Insurance as chief operating officer. He succeeds Frank Kotarba, who announced his retirement last week. McPartland joined General Casualty in 1994 and has served in several senior executive capacities. He has extensive experience in underwriting, marketing and field management.
TRANSPORTATION
Sandag will be able to buy land now to serve as mitigation for transportation projects that will be built in the future under terms of an agreement it reached with the U.S. Fish and Wildlife Service and the California Departmen of Fish and Game. "The agreement provides this group of agencies with a joint opportunity to fund the early acquisition of land for future transportation projects -- reducing future costs and accelerating project delivery," says Lemon Grove Mayor Mary Teresa Sessom, chair of Sandag’s board.
The agreement signed in March spells out conditions under which Sandag will purchase land through the TransNet Environmental Mitigation Program (EMP). The $850 million EMP provides funds from the TransNet half-cent sales tax to purchase, restore, and preserve habitat to mitigate for potential damage caused by future transportation projects built with TransNet funds.
In January, the EMP allowed Sandag to purchase 282 acres of land in Bonsall to help offset the biological impacts of future State Route 76 construction. This was the first habitat mitigation purchase made with TransNet Extension funds. Of the 282 acres, 14 of the most southern acres will be used during a portion of the SR 76 construction project, and 262 acres will be preserved in perpetuity as wildlife habitat. An additional 136 acres of wetland habitat also was recently acquired with EMP funds along the San Luis Rey River for mitigation associated with the expansion of SR 76.
FUNDRAISERS
Residents, businesses and members of churches and service organization are invited to participate in the American Cancer Society’s Uptown/North Park 2008 Relay For Life. The 24-hour event will bring local residents together to celebrate cancer survivors, honor those who have lost their battles, raise money for cancer research and educate attendees on how to prevent cancer from invading their lives. An "Interested Parties" meeting will be held at 6 p.m. on June 19 at the American Cancer Society office, 2655 Camino del Rio North, Suite 100, in San Diego. Volunteers can serve on a variety of committees such as set-up, registration, sponsorship, food, entertainment, survivor celebration and Luminaria. The Uptown/North Park Relay is scheduled for Aug. 9-10 at Morley Field.