Daily Business Report — July 31, 2014

SD Metro Magazine July 31, 2014 0 Comments

Above: Course catalogs for the University of Phoenix, San Diego are arranged before an audit by the California Department of Veterans Affairs in May.

University of Phoenix Barred From Enrolling

Veterans in 7 Programs on San Diego Campus

California regulators have barred the University of Phoenix from enrolling veterans in seven popular programs at its San Diego campus.

The action came after auditors found the for-profit college had violated a decades-old rule to prevent the improper targeting of veterans. The state order covers four undergraduate programs and three master’s programs, including those in management, Web development and criminology.

A copy of the state inspectors’ report, obtained by The Center for Investigative Reporting through the California Public Records Act, shows the University of Phoenix ran afoul of the 85/15 rule, which prohibits schools from accepting GI Bill funds for academic programs in which more than 85 percent of students are receiving the benefit.

The document is the result of a May 2 inspection of the campus that CIR witnessed during its investigation into for-profit colleges’ use of the GI Bill. CIR revealed that the University of Phoenix’s San Diego campus has received $95 million from the post-9/11 GI Bill since 2009 — more than any other brick-and-mortar campus in America. The school’s overall graduation rate is under 15 percent, according to the U.S. Department of Education, and more than a quarter of students there default on loans within three years of leaving school.

— Center for Investigative Reporting

McMillins to Build Apartment Homes Downtown

Scott and Andy McMillin of The Corky McMillin Companies have purchased property in the Little Italy neighborhood of Downtown San Diego so they can build 100 state-of-the-art apartment homes. The property is located on the corner of State Street and West Elm Street. Escrow closed on July 30. The purchase price was $5.3 million.

The McMillins plan to break ground in the summer of 2015 with move-ins expected in summer of 2016.

The yet-to-be-named Little Italy project will comprise studio, one-bedroom and two-bedroom apartment homes with floor-to-ceiling glass windows, top-of-the-line appliances and fixtures, in a sleek, modern design, according to the McMillins.

Andy McMillin, grandson of Corky McMillin and Scott McMillin’s son, represents the fourth generation of homebuilders in his family.

During the recent housing downturn, Andy and Scott have been performing high-end remodels around San Diego and have built several custom homes in La Jolla.

Westcore Sells Industrial Complex for $11.2 Million

Westcore Properties has sold the Southrail Business Park, an eight-building industrial complex in Chula Vista, for $11.2 million. The buyer is Focus Real Estate LP.

The 128,300-square-foot complex consists of eight single- and multi-tenant industrial and warehouse buildings on Marsat Court and Jayken Way in Chula Vista. Notable tenants include Old Gringo, Servpro of South Chula Vista, and Toleeto Fasteners.

The project was originally constructed in 1987 and was acquired by Westcore Properties in 2002.

CBRE was the broker in the transaction.

Bankers Hill Office Building Sells for $1.35 Million

CWA Holdings LLC has purchased a 3,852-square-foot office building on Fourth Avenue in Bankers Hill for $1.35 million. The seller was the Robert L. and Linda K. Grimes Trust. CWA Holdings is the real estate entity buying the property for Christy White & Associates, an audit and accounting firm, that will occupy the entire building, located at 2664-2668 Fourth Ave.

The building features a Colonial revival and Georgian architecture design with a red brick facade complemented by two-story white pilasters.

Cassidy Turley and Richard Marsh were the brokers.

Qualcomm Acquires EmpoweredU

Qualcomm Inc. announced that its subsidiary, Qualcomm Technologies Inc., has acquired Silicon Valley-based learning technology company EmpoweredU, a pioneer in the development of the intuitive, mobile-centric cloud-based learning environment that is both device and operating system agnostic. This acquisition, along with other education initiatives within Qualcomm, will help the company accelerate mobile innovation and incorporate 24/7 learning into education, company officials said.

SeaPort Airlines to Introduce Nonstop

Flights Between Burbank and San Diego

SeaPort Airlines Inc. will introduce nonstop flights between Burbank Bob Hope Airport and San Diego International Airport beginning on Oct. 1.

The carrier will initially offer four round trips each weekday on the new route, one round trip on Saturday, and two round trips on Sunday. All flights will be operated with SeaPort’s Cessna 208 Caravan aircraft and are scheduled for 65 minutes from gate to gate.

Flights on the Burbank-San Diego route will be timed to allow connections with SeaPort’s proposed new service between San Diego and San Felipe (Baja California, Mexico). Subject to receipt of necessary approvals from the United States and Mexico governments, SeaPort plans to offer four weekly roundtrips on the route beginning on or around Nov. 1.

To introduce the new service, SeaPort Airlines is offering an introductory fare of $77.50 each way, including taxes and fees, for travel during October.

AECOM to Consolidate Offices in Downtown

AECOM, a planning, design and engineering firm, will be moving to a new office in Downtown San Diego in November. The company has leased 48,000 square feet on three floors of the 27-story 1 Columbia Place office tower on West A St.

The 1 Columbia location will unite employees from three current AECOM offices. “This is a great opportunity to connect all our local employees in central location that is close to many of our clients,” said Alberto Vela, an AECOM vice president.

AECOM’s has more than 100 employees in environmental and planning services, including natural and cultural resources professionals, regulatory experts, landscape architects, master planners and economists, will move to the new office from their current location on Kettner Boulevard. The company’s transportation and civil engineering practices will move from Convoy Street. Energy services professionals from AECOM’s Solana Beach will move to the new office as well.

County Signs Feral Pigs’ Death Warrant

A program designed to control the population of wild pigs causing environmental damage by scrounging for food in San Diego’s backcountry was unanimously approved Wednesday by the county Board of Supervisors. According to a staff report, the pigs — numbering about 1,000 — have caused significant damage in and around Lake Morena County Park by rooting for food and wallowing in bodies of water.

The action by the supervisors calls for the state Department of Fish and Wildlife to implement a population control plan for the pigs, which reproduce at a rapid rate. The pigs were first spotted locally around 10 years ago.

— City News Service

U.S. Bank Names Sr. Vice President

Albert Choi has been named senior vice president, senior portfolio manager for the Private Client Reserve of U.S. Bank in San Diego. Choi has more than 20 years of experience in the industry. He previously served as senior portfolio manager with U.S. Trust Company in Newport Beach. He served with U.S. Trust for 18 years.

Choi has a MBA in finance and banking from McLaren School of Business, University of San Francisco and a bachelor’s degree from the University of Southern California.

Lucia Capital Group Names New CEO

Derek Bruton, former managing director of Independent Advisor Services, has been named chief executive officer of San Diego-based Lucia Capital Group, a financial services firm. The company said Bruton’s appointment is a centerpiece of the firm’s future growth, which is focused on aggressive expansion plans.

SDSU VP Gets University of Texas Post

Timothy Quinnan, associate vice president for campus life at San Diego State University, has been appointed vice president of student affairs at the University of Texas at Arlington. Quinnan previously served in leadership roles in student affairs at the University of Michigan, University of Cincinnati and Florida State University.

Quinnan earned his bachelor’s degree in literature and a master’s degree in college student personnel from Miami University in Oxford, Ohio. He earned his doctorate in higher education administration from the Union Institute & University in Cincinnati. He has published two books, “Generations Lost” in 2002 and “Adult Students at Risk” in 1997. He also has authored articles in national publications and peer-reviewed journals, including Academic Leadership, The Chronicle of Higher Education, Journal of College and Character and Black Issues in Higher Education.