Daily Business Report-Aug. 18, 2017
This Del Mar beach house was listed at $22.9 million in August 2014.
San Diego Metro Area is Home
to 25 $1 Million Neighborhoods
Do you live in a $1 million neighborhood?
According to Zillow, the online real estate database company, a $1 million neighborhood is a ZIP code where at least 10 percent of the homes there are worth seven figures.
The San Diego metropolitan area has 25 $1 million neighborhoods, according to Zillow, eight of them added since 2014.
Nationally, 346 new $1 million neighborhoods have been added since 2014, bringing the total number of these neighborhoods to 1,280. That’s up from 958 in 2014.
Like high-end home values, new million-dollar ZIP codes are concentrated in booming coastal markets. Of the 346 ZIP codes that crossed the million-dollar threshold after 2014, 114 (32.9 percent) are in six West Coast metros: San Diego, Seattle, Portland, Ore., San Francisco, San Jose, and Los Angeles. On the East Coast, four metros (New York, Boston, Miami, and Washington, D.C.) accounted for another 92 new million-dollar ZIPs (26.6 percent of the total).
“U.S. home values are at a record high as the housing market continues its recovery from the Great Recession,” according to the Zillow analysis. “As a result, an increasing number of ZIP codes are finding themselves on the $1 Million Neighborhood list. West Coast metropolitan areas, where home values have bounced back fastest, saw the greatest increase in the number of $1 Million Neighborhoods over the past three years.”
“As home values reach new peaks, $1 million homes are increasingly common, even in neighborhoods once considered middle class,” said Zillow’s chief economist, Dr. Svenja Gudell. “The U.S. median home value is just over $200,000, but in San Francisco, Los Angeles and other expensive cities, homes are worth much more. As home values hit seven figures in many neighborhoods, it’s going to have real impacts on affordability for middle-class homeowners whose incomes haven’t kept up, and this imbalance especially has implications for people on fixed incomes whose property taxes are rising along with their home value.”
Click here for the Zillow report.
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Morena Area Industrial
Complex Sells for $11.5 Million
An entity of Lincoln Property Company has acquired a 72,220-square-foot industrial facility on 2.32 acres at 5260 Anna Ave. in San Diego for $11.5 million. The seller was Bixby SPE Finance 1 LLC. The property is currently leased to a single tenant.
The facility is composed of 66,395 sf of warehouse and 5,825 square feet of office space and can accommodate manufacturing, distribution and warehouse uses. Other facility features include four dock and two grade doors, and secured fenced yard.
Cushman & Wakefield represented the buyer and seller in the transaction.
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Helix Partners With Illumina Accelerator
to Support Consumer-Focused DNA Tech
GenomeWeb
Helix announced that it has partnered with Illumina Accelerator to provide support to new companies developing DNA-based products for the consumer market. Illumina launched its accelerator program in 2014 to assist startups and early-stage companies working on next-generation sequencing applications. Over six-month cycles, it provides participants with funding, instrumentation, technological expertise, and lab space, among other things.
Through the partnership, Helix will now offer resources to certain Illumina Accelerator startups that are working on consumer-focused DNA products. These resources include expertise in next-generation sequencing and bioinformatics, applied genomics, software and product development, regulatory affairs, quality assurance, consumer marketing, and business development.
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Restoring Balboa Park’s
Buildings: $120 Million
San Diego officials estimate Balboa Park’s buildings need repairs and restorations totaling $120 million, an amount that would rise much higher if proposed upgrades and expansions were included. The $120 million could still be called low even without the upgrades and expansions, because it would take $285 million to get the buildings into perfect shape, while the $120 million would only restore them to “good” condition.
— San Diego Union-Tribune
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TSRI Awarded $11 Million Grant
for Study of Immunity, Inflammation
The Scripps Research Institute (TSRI) has been awarded a five-year, $11.2 million grant from the National Institute for Allergic and Infectious Diseases (NIAID), part of the National Institutes of Health. The award is a continuation of support for a long-running, collaborative project to reveal the detailed workings of the mammalian immune system.
The principal investigator for the project is Richard J. Ulevitch, a professor in TSRI’s Department of Immunology. The chief research collaborators are Alan A. Aderem of the Center for Infectious Disease Research in Seattle, Garry P. Nolan of Stanford University, and Bruce A. Beutler, who helped co-found the project while at TSRI but is now at the University of Texas Southwestern.
The project has been supported by NIAID since its inception in 2002, and by the end of the new grant cycle will have run for two decades. Its long run and high level of funding reflect the resources and effort needed to realize its ambitious goals—and have been justified by a steady production of seminal findings.
“It is one of the most productive large-scale science grants that NIAID funds,” said Ulevitch.
The project’s major aim has been to map the molecular and cellular interactions that underlie immunity and inflammation in health and disease. That in turn should enable the invention of better drugs and vaccines for infections, inflammatory diseases, and other immune-related ailments.
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Rotary Names Mel and Linda Katz
‘Mr. and Mrs. San Diego’ for 2017
San Diego Rotary has named community leaders Mel and Linda Katz as the 2017 “Mr. and Mrs. San Diego.”
“Their success in business is eclipsed only by their collective devotion to both economic development and civic improvement,” the club said in its anouncement.
Mel Katz has been one of San Diego’s most respected business and civic leaders since 1977 when he purchased the local Manpower franchise with Phil Blair. Today they have franchises in six states, and are the largest Manpower franchise in the U.S.
Linda is the Founding President of The San Diego Women’s Foundation. She is also a Co-Founder of Women Give San Diego. Having been involved with Planned Parenthood of the Pacific Southwest for more than 35 years, Linda is committed to protecting access to safe and legal reproductive health care for women and men.
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USD Chemistry Professor to be Honored
University of San Diego Chemistry Professor Tammy Dwyer will be honored on Aug. 21 in Washington, D.C., by the American Chemical Society for outstanding accomplishments and contributions to science, the profession and the society. Dwyer led efforts to make her department and the University of San Diego a leader in undergraduate research and has done extensive work herself on the structure of DNA.
Dwyer is one of 65 fellows, including scientists from the Los Alamos National Laboratory and the Massachusetts Institute of Technology, who will be honored at the ACS ceremony.
As chair of the Chemistry and Biochemistry Department for 13 of the past 16 years, Dwyer’s “signature achievement” was spearheading the department’s successful application for a prestigious $500,000 Department Development Award from the Tucson-based Research Corporation for Science Advancement.Matched with funds from USD, the award resulted in $1.1 million to build capacity and infrastructure in support of undergraduate research and allowed the department to institute a research requirement for each undergraduate student while maintaining excellence in teaching.
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Personnel Announcements
Wilson Turner Kosmo Adds 3 Attorneys to Staff
Hali Anderson has joined Wilson Turner Kosmo LLP as a senior associate and Nicole Ambrosetti and Alexandra Preece have joined the firm as associates.
Anderson joins the firm’s Employment Practice Group. Her practice includes various types of labor and employment litigation, including wage and hour class action lawsuits; discrimination, wrongful termination, retaliation and harassment lawsuits; and administrative litigation and collective bargaining matters. Prior to joining Wilson Turner Kosmo, Anderson was a labor and employment associate at Sheppard Mullin Richter & Hampton LLP.
Ambrosetti joins the firm’s Business, Product Liability and Warranty Practice Groups. She represents manufacturers and other corporate clients in business disputes, product liability and other complex litigation. Prior to joining Wilson Turner Kosmo, Ambrosetti was an associate at Crowell & Moring LLP in Orange County.
Preece joins the firm’s Product Liability and Warranty Practice Groups. She represents businesses in a variety of matters involving product liability, personal injury, wrongful death and breach of warranty. Prior to joining Wilson Turner Kosmo, Preece was an associate at Gordon and Rees LLP representing clients in commercial litigation matters.