Daily Business Report-April 26, 2019
New Connect leaders are Mike Krenn, chief executive officer, and Silvia Mah, president and chief operating officer. (Photo by Nicole Leandra, Connect)
Connect and San Diego Venture Group merger
lifts up entrepreneurial startup community
Connect and San Diego Venture Group (SDVG), leaders in supporting innovation and entrepreneurs in San Diego, announced Thursday they have completed a merger to become a joint organization under the Connect name. Mike Krenn has taken the role of chief executive officer, with Dr. Silvia Mah, Ph.D., expanding her role to president and chief operating officer. The merger is effective immediately and the organizations will combine operations in the coming months.
“We’re very fired up and happy about this merger,” Krenn said. “It’s all about lifting up the entrepreneurial startup community. Connect has been a leader in entrepreneurism and early-stage educational workshops as part of the Springboard Accelerator Program, while SDVG has been on the other end of the spectrum with providing access to capital and raising money, so it all fits in super nicely. It is a big honor and a privilege, as well as a huge responsibility being asked to lead Connect. Silvia and I take it very seriously.”
“Mike and I share the same value system and know that it takes a village to start and scale a successful startup,” says Mah. “We’re bringing our villages together to make San Diego better. There’s no shortage of entrepreneurs and startups that can use help, so we are looking forward to supporting them in all aspects of their growth.”
For more than 30 years, both Connect and SDVG have focused on supporting and elevating entrepreneurs in the San Diego region. Combining the deep histories and wide successes of each organization creates a powerhouse of resources such as mentorship, education, and capital for innovators. Connect will be able to serve entrepreneurs and startups throughout their growth journey, from early stage to capital raise, under one roof.
“We are ecstatic about the combined leadership of Mike Krenn and Silvia Mah,” says Connect Executive Chairman Tim Scott. “Connect has traditionally focused on helping those promising entrepreneurs to be investment ready and grow in ways that benefit the regional economy. San Diego Venture Group has done a superb job of facilitating entrepreneurs on their journey to securing capital and as a combined team, Connect with SDVG will be focused on supporting the entrepreneurial journey from idea to a successful enterprise.”
The combined leadership of Krenn and Mah continues a legacy of engaged, passionate advocates for entrepreneurs at the helm of Connect. Mah is an angel investor and venture capitalist, founding partner of Ad Astra Ventures, founder of Hera Labs, and champion for diverse, women-led startups. Krenn’s stewardship of SDVG has made it one of the most successful vehicles for bringing capital to San Diego in recent years, contributing significantly to the $2.5 billion in venture capital that San Diego companies received in 2018. Krenn also has deep ties to Connect through his many years supporting San Diego’s entrepreneurial community. He previously served on the board of directors, worked closely with both Bill Otterson and Barbara Bry early in his career, and was an early supporter of Connect’s Most Innovative New Product Awards. During his career, Krenn has directly helped more than 50 companies raise startup capital, in excess of $200M. He also has direct experience with startups, having worked previously as a COO and vice president at a privately-funded technology startup. Krenn was also a founder of both the Tech Coast Angels and CommNexus.
All programming and events that currently exist under each organization will continue as scheduled for the immediate future, beginning with Cool Companies on April 30 at the Belly Up in Solana Beach. The boards of directors for each organization will combine, with Tim Scott remaining as executive chairman, and Eric Otterson and James Mackay serving as co-vice chairmen.
An interim website, www.connectsd.org, provides more detail on the merger and will provide updates on events and programming.
The merged organization has relocated to a new office building located at 4110 Campus Point Court.
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Sunroad gets $145 million in financing
from HFF for apartment project
Sunroad Enterprises has obtained $145 million in construction financing from HFF for the development of Centrum Apartments Phase 6, a 442-unit, Class A apartment project in Kearny Mesa. HFF worked on behalf of Sunroad Enterprises to arrange the floating-rate construction loan through PCCP, LLC.
Centrum Apartments Phase 6 will be the final phase of the 232-acre Centrum Master Plan that encompasses some of San Diego’s newest development and numerous employers. Due for completion in late 2020, the five-story, Type 3A residential building will be situated over a three-story, Type 1A parking structure with one subterranean level. The property is situated on 4.5 acres directly west of Phase 5 at the corner of Kearny Villa Road and Lightwave Avenue in Kearny Mesa. Planned amenities include a pool and spa area, sky deck with grilling and lounge space, fitness center, club room with indoor/outdoor billiards tables and bar, wine room, business center with conference space and pet grooming center. Units will range from studio through three-bedroom layouts averaging 895 square feet.
The HFF debt placement team representing Sunroad was led by senior managing directors Aldon Cole and Tim Wright and associate Bharat Madan.
“This sixth and final phase within the Centrum master plan will complete the transformation of this project that has been in the works for nearly 20 years,” Cole said.
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Academic All-Stars honored by
SD Community College District
One is a San Diego City College scholar who once had to move to Mexico because of the high cost of housing in California; she’s transferring to a University of California campus this fall. Another is a Mesa College leader from southeastern San Diego who studied abroad in Spain and Costa Rica and is aiming for a career with the U.S. Department of State; he, too, will be transferring to a UC campus this fall. A third is a 40-year-old single mom who enrolled at Miramar College and is graduating with a 4.0 grade point average; she’s moving on to San Diego State University for a master’s degree in geography and a career in geospatial intelligence.
Meet Mia Zedukes, Harley Sobreo, and Christina George, who are among the best and the brightest students in the San Diego Community College District (SDCCD) being recognized May 1 at the SDCCD’s 32st Annual Honors Reception at The Prado in Balboa Park from 11:30 a.m. to 1:30 p.m. All are part of the SDCCD’s Honors Program, and all say they owe much of their success to the camaraderie and support it provides.
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MiraCosta Community College District awards
construction contract for new monument sign
Construction of a new monument sign and campus entryway for the MiraCosta Community College District’s (MCCCD) Community Learning Center in north Oceanside is scheduled to start later this month, following action by the district’s board of trustees in awarding a construction contract for the project. Trustees approved a $773,000 contract with Conan Construction. The firm, founded 20 years ago, has offices in Encinitas and National City, and is certified as a Small Business Enterprise.
The $1.2 million project is funded through MiraCosta’s capital improvement program, using funds from Measure MM, the $455 million general obligation bond approved by voters in 2016.
The project architect is WLC Architects Inc., with offices in Carlsbad and Rancho Cucamonga. WLC is one of 39 design firms included in the pool of architects for the first phase of Measure MM projects. Other project partners include Kitchell, providing overall management of the capital improvement program, as well as construction management services; Alliance Engineering, providing project inspection; and MTGL, Inc., providing special inspection services.
The monument sign will be an iconic stand-alone structure intended to provide a clear sense of entry to the campus and improve student and visitor wayfinding on campus.
Construction for the new Student Services facility could start as early as this fall and be completed in September 2020.
