Daily Business Report-March 10, 2017
Torrey Hills Corporate Center (top) and Scripps Collection.
New York Investment Firm Sells Torrey Hills
Corporate Center and the Scripps Collection
Torrey Hills Corporate Center in Del Mar Heights and the Scripps Collection in Scripps Ranch have been sold for a total of nearly $20 million in separate transactions.
Torrey Hills Corporate Center is a multi-tenant office project developed in 1998 and totals 23,595 square feet. It was acquired by Retail Opportunity Investments Corp. for $9.85 million or $417 per square foot. It is located on a three-acre site at 11250 El Camino Real and is about two-thirds vacant.
The Scripps Collection is a 100 percent leased, multi-tenant office project totaling 47,302 square feet. It was acquired by the Kashani family for $10 million, or $211 per square foot. Situated on 3.68 acres, Scripps Collection consists of two buildings located at 9775 Businesspark Ave. and 10021 Willow Creek Road that were separately developed in the mid-late 1980s.
The properties were sold by New York-based investment firm HighBrook Investors.
Brokers from Cushman & Wakefield represented the buyers and sellers in both transactions.
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Urban Land Institute Council to Examine
$1 Billion Mission Valley Redevelopment Plan
A panel program examining FS Investors’ $1 billion redevelopment plan for the Mission Valley property housing San Diego Stadium will be held March 14 by the Urban Land Institute San Diego-Tijuana District Council.
It will be held at 7:30 a.m/ at the University Club atop Symphony Towers, 750 B St. in Downtown San Diego.
FS Investors’ proposal is to redevelop 166 acres to include a privately funded, mixed-use sports stadium, a 55-acre public park and up to 4,800 new housing units.
ULI’s breakfast program will provide a presentation and discussion about FS Investors’ proposed plan and how the city’s elected leadership is balancing the voice of the constituents with the proposedredevelopment plan.
The program will be moderated by Marjorie Burchett of Withers Bergman LLP. Panelists include San Diego Councilmember Scott Sherman and Nick Stone of FS Investors. Tickets for the program range from $40 to $70. Registration will be handled at the door and include a $10 fee.
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Helping people transition into a healthier lifestyle
At the age of 78, Mimi Kirk keeps a very energetic schedule. She is a visionary and advocate for health and longevity. As an
internationally respected speaker, certified raw-food, plant-based chef, health and life coach, she is devoted to teaching women and men how to experience vibrant health and happiness through diet and transformational thinking. Her outlook, mindset and natural approach about what it means to grow older and slow down the aging process have inspired many.
A vegetarian and vegan for the better part of 40 years, she has had an amazingly interesting and fantastic life and tells many stories in her best-selling books: “Live Raw, Raw Food Recipes for Good Health and Timeless Beauty,” “Live Raw Around the World,” and her latest book, “The Ultimate Book of Modern Juicing and Raw-vitalize.”
Kirk will be one of the speakers on opening day of San Diego Women’s Week March 20. The event lasts from noon to 7 p.m. at the Wyland Center Del Mar Fairgrounds, 2260 Jimmy Durante Blvd., Del Mar.
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San Diego County Credit Union Becomes
Title Sponsor of the Holiday Bowl
San Diego County Credit Union, which served as the title sponsor of the now-discontinued Poinsettia Bowl, has become the new sponsor of San Diego’s Holiday Bowl. It will now officially be called the San Diego County Credit Union Holiday Bowl.
National Funding was the Holiday Bowl sponsor for the past two years.
“SDCCU was the proud title sponsor of the San Diego County Credit Union Poinsettia Bowl since its inception in 2005. We are especially proud of the enormous impact the bowl game had on San Diego during that time. It became a holiday tradition, created memorable experiences, gave tens of thousands of dollars to charities and generated more than $100 million for the local economy,” said Teresa Halleck, SDCCU president and CEO. “We look forward to seeing the impact of our support of the San Diego County Credit Union Holiday Bowl.”
According to the San Diego Bowl Game Association, the nonprofit entity that produces the game, the Holiday Bowl generates millions of dollars into the San Diego economy during a week when the region’s tourism industry is at one of its slowest times of the year. Officials report that since its inception in 1978, the association has generated more than $750 million of revenue into the local economy.
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San Diego’s ‘Smart’ Traffic
Signals Shrinking Commute Times
The installation of 12 “adapted” traffic signals along Rosecrans Street in the Point Loma and Midway neighborhoods have significantly reduced driving times by up to 25 percent and cut down vehicle stops, city officials announced Thursday.
The city used a $600,000 state grant to install 12 “Adaptive Traffic Systems” along the Rosecrans Street corridor from Hancock Street to Nimitz Boulevard as a quality-of-life improvement for neighborhood residents. These smart traffic signals communicate with each other and adjust signals, memorize traffic patterns, improve traffic flow and reduce vehicle stops.
Since being installed last fall, the new traffic signals have reduced travel time by as much as 25 percent and decreased the number of vehicle stops by up to 53 percent during rush hour periods, offiicials said. For example, data from January shows the morning commute on southbound Rosecrans Street decreased from seven minutes to five minutes on average.
“We’ve made a concerted effort over the past few years to improve neighborhoods by installing smart infrastructure along some of San Diego’s most congested roadways,” Mayor Faulconer said. “Everybody hates sitting in traffic so we’re turning to new technology to solve this age-old problem. These smart signals adjust traffic lights to keep cars moving rather than sitting at stoplights.”
Nationally, only about 1 percent of traffic signals use this technology. The city has installed adaptive traffic signals along several heavily-trafficked roadways in recent years, including Friars Road, La Jolla Parkway, Lusk Boulevard, Mira Mesa Boulevard and Vista Sorrento Parkway.
The Mira Mesa project, which was installed last summer, won an award from Save California Streets.
The smart traffic signals along Rosecrans Street mark the largest installation in the City so far.
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Illumina, IMPLAD Partner
To Sequence Medicinal Plants
San Diego-based Illumina announced Wednesday that it has partnered with China’s Institute of Medicinal Plant Development (IMPLAD) to create a genomic reference catalog for medicinal plants used in traditional Chinese medicine.
Under the terms of the collaboration, Illumina will perform next-generation sequencing on DNA samples from roughly 500 medicinal plants identified by IMPLAD. The institute will then assemble and annotate the chloroplast genomes with help from Illumina. Pending a review of this work, the two may negotiate a second agreement to sequence an additional 500 medicinal plants to complete IMPLAD’s One Thousand Medicinal Plant Genome initiative.
Additional terms were not disclosed.
“With the rapid development of traditional Chinese medicine markets around the world, a genomic reference for the plant species used in Chinese medicine would ensure the quality, safety, and effectiveness of traditional Chinese medicine products,” Shilin Chen, director of the Institute of Materia Medica and IMPLAD adviser, said in a statement.
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Personnel Announcements
Lee & Associates Names 2 New Associates
The North San Diego County office of Lee & Associates has named Daniel Knoke and Peter Merz as the newest company principals and shareholders.
Knoke and Merz specialize in the representation of sellers, buyers, landlords and tenants in the purchase and sale of industrial properties throughout San Diego County. Prior to joining Lee & Associates, the team was part of the industrial division at Colliers International.
Knoke, a Hawaii native, holds a Bachelor of Business Administration from the University of San Diego. He is an active youth sports coach in North County San Diego and a member of NAIOP.
Merz, holds a Masters of Business Administration from Arizona State University and a Bachelor of Science from the University of Idaho. He is an active swimmer and involved with several community organizations including the Carlsbad Citizens Academy.
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SoCalPulse San Diego Weekend Roundup
The best things to do this weekend
St. Patrick’s Day Parade and Festival
March 11 | Celebrate the holiday early at the parade that features more than 120 floats, community groups and musicians. The event also features an Irish festival that offers craft and food vendors, a beer garden, live music, dancing and kids’ activities
