Daily Business Report – Oct. 1, 2009
‘What I Wish I Had Known Before I Sold My Business’
The San Diego chapter of the Association for Corporate Growth (ACG San Diego) will discuss aspects of selling a business at its next breakfast meeting on Oct. 20 from 7 to 9 a.m. at Doubletree Hotel Hazard Center, 7450 Hazard Center Drive, San Diego. The theme: “What I Wish I Had Known Before I Sold My Business.”
Panel members will discuss the consequences of not preparing for a sale, agreeing on a sale price, post-closing trauma with the representations and warranties, indemnities, non-competes and earn-outs and smart investment tips for the profits from the sale. The panel also will discuss the idea of having a “bucket list” to replace one’s prestige of owning and operating a business. Admission is free for ACG San Diego members and sponsors, and $50 for others. To make a reservation, visit www.acteva.com/go/acgsd.org. For more information, call (619) 741-7247.
Affordable apartments added to Barrio Logan
Los Vientos Apartments, an 89-unit affordable housing project built by developer Las Palmas Foundation and partners, will have a grand opening ceremony and tour of the property on Oct. 7, beginning at 11 a.m. The apartments are at 1629 and 1668 National Ave. in the Barrio Logan Redevelopment Project Area near Downtown San Diego. Assemblywoman Mary Salas, Mayor Jerry Sanders and City Council President Ben Hueso will speak. Officials from the development partnership will attend, including Percy Vaz, president and CEO of AMCAL MultiHousing Inc., a real estate developer; and Joseph Michaels, president of Encinitas-based Las Palmas Foundation.
Los Vientos’ contemporary Spanish development is built on two parcels of 1.04 acres. The complex features two U-shaped, four-story structures above a single-level underground garage as well as a 1,400-square-foot community clubhouse featuring a computer learning center with free Internet access. Amenities include two children’s play areas, barbecue area and gated access. Residents will have access to a variety of free on-site services, including after-school programming and computer education.
Los Vientos provides 50 two-bedroom, 35 three-bedroom and four four-bedroom units, ranging from 752 square feet to 1,225 square feet. All apartments are set aside for households earning between 30 percent and 60 percent of the area median income for San Diego County as published by the Department of Housing and Urban Development. Monthly rents range from $450 to $1,374.
The Redevelopment Agency of the city of San Diego provided $8.3 million in financing. The project also received an allocation of $17.6 million in federal low-income housing tax credits and $5.4 million from the California Community Reinvestment Corp. AVRP Studios designed Los Vientos, which includes a mural created by a local artist Ruben Seja, to help pay tribute to nearby Chicano Park. Los Vientos is designed to LEED Silver standards with features that include a rainwater harvesting system and panelized framing to increase construction quality and decrease waste.
GIA Jewelry Career Fair and Open House set for Oct. 16
The Gemological Institute of America will hold the GIA Jewelry Career Fair and Open House — the industry’s largest single recruiting event — on Oct. 16 at its world headquarters in Carlsbad. The event is an opportunity to connect companies with job seekers. It provides a free, open forum for participants to receive advice on what it takes to succeed in the gem and jewelry industry. Panel discussions, one-on-one career coaching sessions and networking with key trade players are additional benefits. Registration begins at 8 a.m. The headquarters are at 5345 Armada Drive, Carlsbad.
Ground floor space at Market Street Village sold for $13.8 million
The 42,973-square-foot ground floor retail space that houses an Albertsons grocery store at Market Street Village, 655 14th St. in Downtown San Diego, has been sold for $13.8 million. The buyer is a limited liability company, LIAD LLC. The seller is EVALBS LLC. Albertsons leases the ground floor retail parcel of Market Street Village, a new mixed-use development including 229 luxury apartments atop the ground floor space, and has 22 years and six options left on its lease.
Chuck Klein, Tim Winslow, Kevin Held and Jason Kimmel of Grubb & Ellis|BRE Commercial represented the seller. Douglas Hamm of Narven Enterprises Inc. represented the buyer.
New Leases
• ROHM Semiconductor USA leased 34,090 square feet of warehouse space at Ocean View Hills Corporate Center, 1424 Corporate Center Drive, San Diego. The five-year lease is valued at $1,381,303. Richard Kwasny, Shane Harmon and Allen Evans of CB Richard Ellis represented the lessor, PPF Sudberry Ocean View Hills LP. Phil Linton of Grubb & Ellis/BRE Commercial represented ROHM. Ocean View Hills Corporate Center is a six-building, 660,000-square-foot industrial project located in Otay Mesa. Available spaces range from 9,964 square feet to 183,695 square feet. Other project tenants include Static Controls, Expeditors, Siliken Renewable Energy and Lightstream.
• Goodwill Industries of San Diego County has signed a 10-year lease for 17,710 square feet of retail space at 9575 Mission Gorge Road in Santee. Financial terms were not disclosed. Goodwill Industries was represented by Bryan Cunningham of Cushman & Wakefield. The lessors, L.A. Machado and Dorthy M. Machado, were represented by Don Moser of Retail Insite. Goodwill plans to open its new location at Mission Gorge and Olive Lane in first quarter 2010.
Home buyers workshop offered by Opes Advisors
Opes Advisors, a wealth management firm specializing in investment management and residential mortgage banking, will host a free First Time Home Buyer’s Workshop focused on buying foreclosures and short sales. It will be held Oct. 8 from 6:30 to 8 p.m. at the office of Ticor Title, 2827 Camino Del Rio South, Suite 500, San Diego. Reservations are not required. At the workshop, attendees will learn how to: replace their monthly rent payment with a mortgage payment; learn how to buy foreclosures and short sales at low interest rates; take advantage of special government-sponsored first time buyer programs; earn an $8,000 tax credit towards new home purchase; learn about an $18,000 tax credit towards “Brand New” home purchases; take advantage of the tax benefits of owning vs. renting; and how to improve credit scores and eliminate negative marks.
From the campus of San Diego State
• SDSU’s Center for Behavioral and Community Health Studies (BACH) received the award for the top 2009 “Example of Excelencia” at the graduate level for its commitment to improving health through research, application and evaluation related to health promotion, disease prevention, and behavior change. Winning programs receive $5,000 and are profiled in a publication released by Excelencia in Education, a nonprofit that promotes policies and practices that support higher educational achievement for Latino students.
• The university’s College of Extended Studies is partnering with Mitchell International Inc. to prepare Mitchell managers for senior level positions in the company. The Mitchell Advanced Leadership program is a series of courses, customized by Mitchell’s upper management, that focus on critical skills needed for managers to transcend to broader leadership roles with an emphasis on execution in the Mitchell environment. The series started in late June and will culminate in December.
Museum of Man names new board
The San Diego Museum of Man announced its new board of trustees members, 16 community leaders with a mission to expand the museum’s collections and increase its involvement with the community.
Board members are:
• Dr. Hugo Barrera – Medical director of Sharp HealthCare’s Bloodless Medicine and Surgery Program.
• Karen Berger – Veteran community organizer and former member of the museum’s staff with a bachelor’s degree in anthropology and a specialty in museology.
• Mary G. Dawe – Senior appellate court attorney with the Fourth District Court of Appeal and a member in the San Diego Downtown Rotary and San Diego Woman’s Foundation.
• Susan Drake – Civil rights attorney and frequent speaker at national conferences on fair treatment for immigrant families.
• James Forbes – Nonprofit executive who has shared his community-building and fundraising talents with some of the country’s important cultural organizations.
• Dennis Frieden – A San Diego native and real estate agent and developer from Julian with a life-long interest in anthropology and paleontology.
• Kimberly Heller – Native San Diegan and licensed allergy physician assistant who has worked in both the medical and computer science fields.
• Lynn Hijar – CEO of Exclusive Events, an events planning and marketing association, and native of Mexico City.
• Richard Huffman – Associate justice for the Fourth District Court of Appeal and former deputy attorney general, chief deputy district attorney and assistant district attorney.
• Alan Jaffe – Business owner and developer of multi-family communities throughout the West with an interest in cultural anthropology.
• Gordon Kovtun – Honorary consul to Norway, principal of the construction management and consulting firm KCM Group Inc.
• William E. Mayer – Vice president and general counsel for the western region for home builder D.R. Horton.
• Jose Ricardo Rabines – Architect from Peru and lecturer at California State Polytechnic University in Pomona and Woodbury University in San Diego.
• Chi Kim Tran – Assistant vice president of community relations for Citi with strong connection in the local banking industry and service that includes a term as member of San Diego’s Mayor’s Small Business Advisory Board.
TelCentris adds to management team
TelCentris, the creator of VoxOx, has selected Erik Bratt as vice president of corporate communications. Bratt has nearly 20 years of communications experience, including a decade in technology marketing and several years in news reporting. Bratt will oversee all strategic communications at TelCentris, including public relations and analyst relations. He also will lead social media marketing strategy. Bratt recently worked at Microsoft, where he helped lead marketing, public relations and social media initiatives as part of Trustworthy Computing, a division created by founder Bill Gates to promote the company’s security and privacy accomplishments on a corporatewide level. Prior to Microsoft, Bratt served as director of corporate communications at WebSideStory, a Web analytics pioneer acquired by Omniture.
Ordover Gallery showcases Master Photography Award winner
The Ordover Gallery will present “Elizabeth Carmel: Tuscany” Oct. 15 through Jan. 17, 2010, at the gallery’s Solana Beach location at 410 South Cedros Ave. The public is invited to the opening reception on Oct. 15 from 6 to 8:30 p.m. The reception will coincide with the Cedros Design District’s Third Thursdays Gallery Night. Carmel is a recipient of the Hasselblad Master Photographer Award. Each year, only 12 photographers worldwide are honored with the award and with the placement of their work in the Hasselblad collection in Sweden. Carmel, a Sierra-based photographer, specializes in expressive imagery of landscapes, waterscapes and international locales. In addition to imagery by Carmel, photographs by Tom O Scott, Peter Fay, Abe Ordover and Lisa Ross, as well as paintings and monoprints by Saphire, will be on display. Gallery hours are Saturday 10 a.m. to 5 p.m.; Friday and Sunday noon to 5 p.m.; Tuesday-Thursday 11a.m. to 4:30 p.m. (closed Monday). Imagery and further information can be viewed at www.ordovergallery.com. For more information, call (858) 720-1121.
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