Daily Business Report — June 28, 2012

San Diego Groups Partner to Grow
More ‘Clean’ Businesses in Region

EvoNexus, an incubator for startup companies, is partnering with CleanTECH San Diego to help develop more environmentally aware businesses to the region. “CleanTECH San Diego has continually worked to help the local cleantech community turn great ideas into viable companies,” said Jim Waring, president of CleanTECH. “We are thrilled to support EvoNexus in providing these entrepreneurs with an amazing pro-bono space to launch their enterprises.” The organization said San Diego is home to hundreds of “cleantech” companies ranging from startups to global brands. Companies housed at EvoNexus are given tools to grow their business and attract investment. Currently, 26 companies are “in incubation.” According to EvoNexus, it has helped create more than 300 jobs and is building on its record of having six graduated companies and more than $82 million raised in venture capital funding since its inception.

Carlsbad’s Pacific Ridge Corporate Centre
Sold to Coast Income Properties for $29 Million

The award-winning Pacific Ridge Corporate Centre in Carlsbad has been sold for $29 million to Coast Income Properties Inc. The two-building, 121,500-square-foot project was 84 percent leased at the time of the sale. The property is at 5780 and 5790 Fleet St. The buildings won the International Office Building of the Year award in 2007 from the Building Owners and Managers Association. It was designed by architect Brian Paul and developed by Spieker Properties in 1999. CBRE represented Coast Income Properties in the transaction. The seller, Brandywine Realty Trust, represented itself.

Extensive Renovations Planned for
Downtown’s 450 B Tower Building

BCL Inc., the real estate investment firm that purchased the 450 B Tower in Downtown San Diego last year, said it plans an extensive interior renovation of the property, including the creation of “creative” office spaces with open ceilings, hard ducting and open collaboration areas to attract high-tech businesses. “We believe that downtown has tremendous opportunity given demographic and economic growth trends occurring,” said Casey Brown, a principal at BCL. “With an expanding education and technology base, both 450 B Tower and Downtown provide the environment that attracts these growing industries.” Renovations will include extending the upgraded Class A lobby finishes to upper floor corridors and restrooms and creating a new, state-of-the-art conference facility. Work also will include updating standard tenant finishes and elevating the building operations to a Class A level of service.

Former Borders Books Building to be Turned Into
Restaurant, Retail and Office Center by New Owner

The former Borders building at 668 Sixth Ave. in Downtown San Diego has been purchased for $8 million by IPG Monro Capital Fund I. The 33,000-square-foot building, currently vacant, was constructed in 2002 and was home to Borders Books until it was closed in 2011. The new owner plans to renovate the building and lease to a combination of restaurant, retail and office tenants, according to Cushman & Wakefield, which represented the buyer in the transaction. The seller was C-III Asset Management.

Major Advance Reported in
Cornea Transplant Program

International Stem Cell Corp. in Carlsbad announced that its research and development team has advanced its program to create a functional and transplantable human cornea by developing a new method to derive corneal endothelium-like cells from human pluripotent stem cells. The work represents a significant step toward the creation of complete cornea tissue that can be used for transplantation, according to the company. “This new method not only brings our cornea program closer to clinical use, but it also gives us additional licensing opportunities,” said Ruslan Semechkin, vice president of research and development.  “We have made good progress towards our goal of creating usable corneas, however the additional work, necessary to prove that these endothelium-like cells can be fully functional, will be done in conjunction with our collaborators.”

Navy Command Wins Award
for Small Business Promotion

The Navy’s Office of Small Business Programs awarded the Secretary’s Cup award to Naval Facilities Engineering Command (NAVFAC) for promoting acquisition opportunities for small businesses during a ceremony held at the Pentagon June 15.  Of 38,659 contracts awarded by NAVFAC last year, 25,296 went to small businesses. NAVFAC exceeded all government-wide program goals and targets, with 44 percent of the total dollars awarded going to small businesses. The command also surpassed all of its goals in contract awards to service-disabled veteran-owned small business, disadvantaged small business, and women-owned small businesses. Veneece McNeley is the small business director at NAVFAC.

PERSONNEL MOVES

San Diego and Irvine — Steven Rosansky has been named division president of Stewart Title of California for Orange and San Diego counties. Rosansky previously served as vice president with Asset Preservation Inc., a Stewart subsidiary. Rosansky received his Juris Doctorate from Pepperdine University School of Law and has an undergraduate degree in accounting. Rosansky will divide his time between the Irvine and San Diego offices.