Daily Business Report — July 31, 2012
Carsbad’s GLJ Partners Merges With Trammell
Crow Residential to Build Projects in the Pacific
Northwest, the Southwest and California
GLJ Partners of Carlsbad, a multi-family residential developer, and Dallas-based Trammell Crow Residential (TCR) have merged and will operate under the name Trammell Crow Residential, which plans to start construction on three or four major projects each year. The target areas for the multi-family or mixed-use projects include the Pacific Northwest, the Southwest and California. The former GLJ team, now the TCR West team, is led by Senior Managing Director Garth Erdossy, with partners Luke Daniels and Tony Ditteaux. They will maintain headquarters in Carlsbad and lead the expansion of Trammell Crow Residential throughout the Western United States. “The merger gives GLJ Partners the resources to be one of the strongest real estate companies in the Western United States,” said Erdossy. Founded in 2007, GLJ Partners has three multi-family projects under construction that total nearly 1,000 units, and a dual-branded hotel project in Downtown San Diego that is scheduled to break ground in early 2013.
Vibra Bank Reports Second Quarter Financial Results
Chula Vista-based Vibra Bank announced its unaudited financial results for the second quarter ended June 30. The bank reported a net profit of $207,000 for the quarter, compared with a net profit of $329,000 for same period of 2011. The bank earned $675,000 for the first half of 2012, compared with $464,000 for the same period last year.
Highlights for the second quarter of 2012 compared to the second quarter of the prior year include:
Growth in Total Loans of $24 million, or 41 percent, to $81.1 million
Growth in Total Deposits of $34 million, or 53 percent, to $98.2 million
Growth in Total Assets of $34 million, or 44 percent, to $111.8 million
San Diego Central County Drug Court
to Host National Training Program
The San Diego Central County Drug Court will host a national training program for Drug Court teams from around the country on Aug. 2. The five-day Adult Drug Court Planning Initiative training will bring together 90 participants representing 10 jurisdictions. Visiting teams will learn how to develop a Drug Court in their community. As one of 10 mentor courts in the nation, San Diego’s Drug Court is considered a model program. It helps to develop, identify and test national best practices and provides technical assistance to programs interested in starting a Drug Court, including hosting visitors such as court teams participating in training. Mental Health Systems’ San Diego Center for Change is the Drug Court’s treatment provider, funded by the county Health and Human Services Agency.
ConVis Wins Host of Magazine Awards
The San Diego Convention & Visitors Bureau has won a 2012 Pinnacle Award from Successful Meetings magazine, an Achievement Award from Association Convention & Facilities magazine and an Award of Excellence from Corporate & Incentive Travel magazine. ConVis also won a 2012 World Class Award from Insurance & Financial Meetings Management magazine. The awards are for exceptional service to meetings clients.
Small Business Workshops (SCORE San Diego)
For more information, call (619) 557-7272
• Aug. 1 – Legal Issues for Small Business – Organizational Structure – 9 a.m. to noon at SCORE Entrepreneur Center (550 West C St., #550, San Diego 92101; pre-paid registration $49, $59 at the door).
• Aug. 2 – Financial Statements – What They Mean, How to Use Them – 9:30 a.m. to noon at SCORE Entrepreneur Center (550 West C St., #550, San Diego 92101; pre-paid registration $29, $39 at the door).
• Aug. 7 – Financing Your Business – 9 a.m. to noon at SCORE Entrepreneur Center (550 West C St., #550, San Diego 92101; pre-paid registration $29, $39 at the door).
• Aug. 8 – Import / Export – 9 a.m. to 4 p.m. at National University – Kearny Mesa (9388 Lightwave Ave., San Diego 92123; pre-paid registration $69, $79 at the door).
The Daily Business Report is produced by SD METRO. Contact: Manny Cruz (619) 287-1865. manny@sandiegometro.com.
