Daily Business Report-Nov. 7, 2018
Parallel Inspire building at 11750 Sorrento Valley Road.
Parallel Capital Partners sells 12-building
Sorrento Valley portfolio for $112 million
Parallel Capital Partners Inc., a San Diego-based real estate investment firm, announced the $112 million sale of a 12-building, 318,969-square-foot commercial office and lab portfolio known as the Inspire Portfolio — located in the Sorrento Valley area of San Diego — to Boston-based Longfellow Real Estate Partners.
Currently 95 percent leased to a roster of 81 life science, technology and research and development tenants, the new owners plan to continue the life science conversion plan started by Parallel Capital Partners, adding value by repositioning the remaining 50 percent of the portfolio. Over a period of six years, Parallel infused more than $10 million in renovations and upgrades to the Inspire Collection, meeting the growing demand for creative office and life science space.
According to Matt Root, CEO of Parallel Capital Partners, the firm purchased the Inspire assets as part of a larger portfolio acquired from Collins Development Company in 2012. That $63 million acquisition included the Sorrento Valley assets as well as the 31,250-square-foot Herschel Building in La Jolla and the nine-building, 152,730-square-foot One Technology Place in Rancho Bernardo.
Parallel sold One Technology Place to Menlo Equities for $22 million in December 2014 and the Herschel building to the McCarthy family (McCarthy Family Vineyards) for $15.2 million in February 2015. All told, the Parallel group bought the Collins portfolio for $63.4 million and sold it for $149.2 million.
HFF was the listed broker for the 12-building transaction.
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General Atomics receives $263 million
Air Force UAV production contract
GovCon Wire
A General Atomics business unit has secured a potential three-year, $263.4 million contract to produce MQ-9 Reaper unmanned aerial vehicles for the U.S. Air Force.
General Atomics Aeronautical Systems Inc. will build the UAVs in accordance with fiscal 2018 production configuration requirements, the Defense Department said.
The Air Force will obligate the full contract amount from its FY 2017 and FY 2018 aircraft procurement funds at the time of award.
Work will occur at a company facility in Poway hrough Nov. 30, 2021.
MQ-9 is an armed, medium-altitude, long-endurance system designed to support terminal air guidance, target development, precision-strike, close air support, combat search-and-rescue, intelligence, surveillance and reconnaissance missions. The UAV’s baseline employs a multispectral targeting technology composed of multiple visual sensors.
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USD symposium to make sense
of cyber security laws and risks
As firms and organizations face cyber threats on a daily basis, the University of San Diego will host a Cyber Law, Risk and Policy Symposium to help leaders successfully address these business challenges on Nov. 15 and 16.
Microsoft Vice President for Security Policy Scott Charney will give one of the keynote addresses for the event on Nov. 15. Charney will discuss the forces of change and future of cybersecurity.
The symposium also includes sessions on the latest in cyber insurance, risk assessment, and strategy.
“We invite executives, chief information security officers, lawyers and other leaders to take part in this dialogue that will make sense of the risks and challenges they face in the cyber security environment,” said Gordon Romney, director of USD’s Center for Cyber Security Engineering and Technology in the Shiley-Marcos School of Engineering.
Other topics to be addressed include a spotlight on the California Consumer Protection Act and emerging technology and the law regarding artificial intelligence, the Internet of Things, and Blockchain.
University of Michigan Computer Science Professor J. Alex Halderman, one of the nation’s leaders on voting machine vulnerability and election interference, also will speak at the symposium.
For registration and more information go to www.sandiego.edu/engineering or call (619) 260-4231.
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Pardee Homes opens four new
Pacific Highlands Ranch neighborhoods
Pardee Homes has opened four new neighborhoods in its Pacific Highlands Ranch master-planned community: Carmel, Sendero, Terraza and Vista Del Mar.
Carmel buyers can select floor plans ranging from 4-5 bedrooms, and 4.5-5.5 baths. Sendero offers three two-story floor plans ranging from 2,946 to 3,426 square feet. Terraza will feature 81 homes, with floor plans ranging from 3,164 to 3,707 square feet, and offer 4-5 bedrooms and 4.5-5.5 baths.
Vista Del Mar offers residents floor plans ranging from 4-7 bedrooms and 4.5-6.5+ baths. Homes in Vista Del Mar range in size from 3,903 to 4,508 square feet.
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Interpreters Unlimited acquisition aims to
meet language demand in immigration rise
Interpreters Unlimited Inc. of San Diego ( IU) has acquired GlobeLink Foreign Language Center in Colorado Springs, Colo., a foreign language service provider since 1978, offering interpretation, translation, classes and training, cultural competency workshops, and language proficiency testing.
With the acquisition IU not only expands with an office in Colorado, but also diversifies its service portfolio.
This makes the fourth state in which IU has opened an office in the 11 years since owner Sayed Ali acquired the company. It is the latest step in a continued effort to meet the growing demand for foreign language services due in large part to the rise of immigration in the United States.
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NASA awards three fellowships
to support SDSU student research
They will spend time each year working alongside NASA scientists
By Coleen L. Geraghty | SDSU News Center
Three San Diego State University students have received multi-year fellowships from NASA to support their graduate research and education. Adrian Rivera and Sergio Sandoval are studying aerospace engineering, and Haley Swanson is studying analytical chemistry.
Swanson and Rivera were two of only seven recipients nationwide to receive NASA Minority University Research and Education Project (MUREP) Fellowships this year. Their research will contribute directly to NASA’s work and mission, said Mike Kincaid, associate administrator for NASA’S Office of STEM Engagement.
Rivera is pursuing a joint doctoral degree in structural engineering mentored by professor Satchi Venkataraman. His research uses models to predict damage on space vehicle components and their residual strength after impact in order to prevent a catastrophic event during launch. Rivera will also conduct research alongside NASA scientists each year at the Langley Research Center in Virginia or the Glenn Research Center in Ohio.
Swanson’s research explores possible chemical reactions that may have led to increasing the complexity of life. Working with professor Gregory Holland, she hopes to gain a better understanding of how life on Earth began and evolved in order to aid scientists in “making better predictions regarding the habitability of other planets.” Swanson will spend 10 weeks each summer conducting research at NASA’s Ames Research Center in California and will seek a postdoctoral position after completing her joint Ph.D.
Sandoval is a graduate student on track to enter a Ph.D. program in aerospace engineering. He received a highly competitive NASA Space Technology Research Fellowship and is also part of the NASA Pathways Program at the Johnson Space Center, which which puts him on track to become a permanent employee.
Working with professor Ping Lu, chair of aerospace engineering, Sandoval is researching algorithms for advanced entry and powered descent guidance for human missions to Mars. The results have potential implications for the design of spacecraft guidance control for deep space exploration and may help reduce the cost of space exploration, enabling longer and more complex missions. Sandoval will do research at NASA’s Johnson Space Center in Houston, the Jet Propulsion Laboratory near Los Angeles and the Langley Research Center.
