Daily Business Report-Jan. 18, 2017
The garden-style apartment complex consists of 20 four-plex buildings with spacious two- and three-bedroom units that average 1,100 square feet.
La Mesa Palms Sold to L.A.
Investor for $18.97 Million
Vista Investment Group LLC has acquired the 80-unit La Mesa Palms multifamily community at 4300 Echo Court for $18.97 million, marking the Los Angeles-based real estate investment firm’s entry into the San Diego market. The seller was a private family investor that had owned the property for more than 40 years.
The garden-style apartment complex consists of 20 four-plex buildings with spacious two- and three-bedroom units that average 1,100 square feet. The property was 92.5 percent occupied at the time of closing.
Vista Investment Group will implement a multimillion-dollar capital improvement program that will begin with upgrading the buildings’ exteriors and grounds, as well as the interior renovation of vacant units. Unit upgrades will include quartz countertops, vinyl wood plank flooring, and stainless steel appliances. Other units will be renovated as turnover permits, according to Barach, according to Vista President Jonathan Barach
Vista’s acquisition was leveraged with a $13.05 million, 30-year loan from Chase Commercial Mortgage Lending arranged by HFF’s debt placement team.
_____________________
France Orders 4th MQ-9 Reaper
Drone Built by General Atomics
France’s defense agency has ordered a fourth MQ-9 Reaper unmanned aircraft from San Diego-based General Atomics Aeronautical Systems, the maker of the aircraft. General Atomics’
The medium altitude, long-endurance drone is expected to be delivered to the French Ministry of Defence by 2019.
“Drones are essential tools in modern conflict zones, offering a major capability in terms of knowledge and anticipation,” the French Defence Procurement Agency (DGA) said. “They are capable of missions of intelligence gathering, surveillance, reconnaissance and target designation while operating, thanks to their endurance, over large areas, long distance and long periods.”
So far, two Reaper UAS have been delivered to France, with a third expected to be delivered to the Cognac air base. Upon its arrival, the air force and DGA will test the system to validate its air-transportability onboard French transport aircraft, as well as its technical conditions while operating in the electromagnetic environment of the air base.
Some of the features of the Reaper UAS include an endurance of more than 27 hours, operational heights of up to 50,000 feet, and the ability to carry a variety of mission payloads including electro-optical/infrared, multi-mode maritime surveillance radar and a variety of weapons packages.
The third Reaper UAS will be used to train members of the 1/33 Belfort squadron.
_____________________
Roundtable to Offer Insight
Into 2017 Economic Outlook
What does the San Diego County economy look like for 2017 and beyond? Join the 33rd Annual San Diego County Economic Roundtable on Thursday for a discussion with a panel of experts on the future of the local economy, workforce development, real estate market, startups and innovation in education.
The forum is at the University of San Diego’s Joan B. Kroc Institute for Peace and Justice and kicks off at 8:30 a.m. with opening remarks from county Board of Supervisors Chairwoman Dianne Jacob.
“The annual Roundtable has become the go-to event for insight and analysis about our economy,” said Jacob. “It offers something for everyone, whether you’re with business or government or just trying to sort out where your pocketbook may be headed.”
The roundtable is the longest-running free economic forecasting event for San Diego County.
This year’s panelists are:
- Gina Champion-Cain, CEO, American National Investment
- Matt Doyle, assistant superintendent, innovation, Vista Unified School District
- Alan Gin, associate professor of economics, USD School of Business Administration
- Tina Ngo Bartel, director of business programs and research, San Diego Workforce Partnership
- Ray Major, chief economist, SANDAG
- Deborah Ruane, executive vice president, chief strategy officer, San Diego Housing Commission
Attendance is free. Registration is required.
_____________________
Models Open Saturday for
The Estates at San Elijo Hills
Davidson Communities on Saturday will open three model homes in the Estates at San Elijo Hills, a San Marcos development that will eventually contain 58 single-family homes. The models are located at 956 Pearl Drive, San Marcos.
The company is starting sales on the first two phases of the development consisting of eight homes.
The Estates offer residences in variety of flexible floorplans, ranging from 4,581 to 6,322 square feet with up to seven bedrooms. The gated neighborhood showcases architecture in Spanish-, Tuscan-, Monterey- and French Country-inspired styles. Homes are priced from $1 millions.
_____________________
San Diego Continuing Education Takes
1st Place in Martin Luther King Jr. Parade
The welding program at San Diego Continuing Education’s (SDCE’s) Educational Cultural Complex received first place in the float division for the entry, “Let Freedom Ring,” for this year’s Martin Luther King Jr. Parade on Sunday at the Embarcadero.
Welding students created a float that showcased the skills and artistry they have gained from participating in various welding classes. This year’s float featured a massive die-cut steel sign that reads “Let Freedom Ring” and a pressed metal impression of Martin Luther King Jr.’s likeness. More than 6,000 holes punched through the sheet metal helped to re-create the well-known photo of the civil rights leader. Both pieces were attached to a rotating column so that parade patrons could see both works as the float went by.
“It’s awesome to have been a part of this and I’m really proud of the work that my fellow students and I did,” said Mitchell MacPherson, SDCE Welding Certificate program student.
SDCE’s Welding Program is a free, short-term certificate program that helps students gain entry-level employment in the welding industry. The creation of the parade float entry for SDCE is an additional opportunity for hands-on learning in the classroom.
_____________________
Real Estate Circle of Excellence
Awards to be Held Saturday
The San Diego real estate community will come together for an evening to celebrate the top-producing Realtors and brokerage teams at the Real Estate Circle of Excellence on Saturday at the Fairmont Grand Del Mar in Carmel Valley. The reception begins at 5 p.m. followed by a dinner and program. Tickets for SDAR members are $169 per person ($179 for nonmembers).
The evening will feature special guest and co-host Bill Walton.
Realtors will be honored by their peers for their efforts and standards of excellence demonstrated in the past year. The Greater San Diego Association of Realtors will be honoring top-producing teams and individuals at the highest sales levels in a category known as the “Recognition of Excellence.” Teams and individuals will be recognized at the Platinum, Gold, and Silver levels of achievement based on volume of units sold and/or total sales dollars.
_____________________
Personnel Announcements
Susan G. Komen President and CEO
To Step Down After Decade of Service
Susan G. Komen San Diego, the County’s largest funder of free breast cancer services and support, announced that President & CEO Laura Farmer Sherman will retire on Dec. 31, 2017 after a decade-long commitment to the organization and the fight to provide access to breast health care for all San Diegans.
“We want to thank Laura for the 10 years of remarkable leadership she has provided to Komen San Diego,” said Irene Oberbauer, board chair. “Under her nurturing guidance, the organization has raised more than $15 million for local organizations providing everything from breakthrough research funding, and free mammograms and diagnostic services, to financial help, meal delivery, transportation and more to cover every step of the breast cancer treatment journey for uninsured and underinsured people in San Diego. Because of Laura’s many achievements, replacing her will not be an easy feat.”
Komen San Diego’s Board of Directors have begun a nationwide recruitment with the goal to have a successor in place by Sept. 1, 2017 so Laura can help ensure an orderly transition until her last day on Dec. 31, 2017. If needed, she will stay on in an advisory role thereafter.
Laura’s story is not unlike many of the women she has been committed to during her tenure at Komen San Diego. For over two decades, Laura was a corporate communications executive at a major corporation in San Diego. She had a very comfortable salary and had good health insurance, but always felt she was too busy to get to the doctor’s office and regularly missed her annual checkups including her mammograms. In 2003, she found a lump in her left breast and discovered she had Stage III Triple Negative breast cancer. The doctors gave her six months to live. Laura defied the odds and was in remission for 13 years. She began volunteering for Komen San Diego in 2004, one year after she was diagnosed. In 2007, she joined the organization as director of community relations and grants, and in 2009 following an extensive search, she was named president & CEO.
“Komen San Diego has had the most impact in saving lives right here in San Diego; and my passion for the mission will continue until my last breath,” said Laura Farmer Sherman. “My proudest accomplishments have been the bringing a variety of community partners together to help fund lifesaving research as well as help the women and men in our County who rely on Komen San Diego’s free breast cancer services and support for every step of their breast cancer journey.”
_____________________
Manchester Financial Group Names
Director of International Relations
Manchester Financial Group has named Alexandra D. Jameson as director of international relations. Jameson will be managing and leading all of company’s international development opportunities and business interests overseas, real estate development, hotels, investments, business operations, and identifying new business opportunities.
Jameson recently returned to the U.S. after living in Amman, Jordan while working for ARDD- Legal Aid, a local Jordanian NGO. While working in Amman, she assisted with the development and implementation of a program that targeted both local Jordanian and Syrian refugee women and children, empowering marginalized communities by giving them tools to become active members of civil society. Through this, she aided in supplying information on legal rights and enhancing the communities’ ability to be self-sufficient.
Jameson also worked as a project manager to found a for-profit preschool in Kigali, Rwanda which launched in September 2016. She has worked closely with a local Rwandan partner to oversee the development of the school and establish an international framework for the school targeted to the local community.
While pursuing her master’s degree in Cairo, Egypt, Jameson experienced the tumultuous Arab Spring first-hand, through four successive periods of governance from 2011 to 2015. During this time, she worked for Delta Inspire, an Egyptian venture capital firm that serves as an incubator and accelerator for Egyptian start-ups and small to medium-sized businesses while aiming to drive employment. She noted that after the Egyptian revolution, many existing SME’s struggled to maintain operations, making her role important in building their resilience mechanisms. By delving into investment management, Jameson established and strengthened her desire to continue working in development.
