Daily Business Report-July 14, 2020
Pomerado Professional Plaza is located at 15706-15708 Pomerado Road in Poway.
Medical office building in Poway
sells for $17 million to a REIT
ALTO Real Estate Fund and Milan Capital Management have sold Pomerado Professional Plaza – a medical clinic complex in Poway for $17 million, representing a 5.8 percent cap rate.
The property was sold to a US-based REIT investing in medical properties. The sale price resulted in a doubling of the equity invested in the transaction.
The 46,183-square-foot property was purchased in August 2015 for $9.5 million at an occupancy rate of 55 percent. The business plan was to significantly upgrade the property with an extensive renovation, followed by pursuing an aggressive lease-up strategy. The property’s occupancy dramatically increased to around 90 percent prior to its sale, according to ALTO.
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This one California county has zero
coronavirus cases. What’s its secret?
In the far northeastern reaches of California, where Oregon and Nevada meet, lies Modoc County, a place so remote and starkly beautiful that it has long billed itself “the last best place.”
Now, as coronavirus cases are exploding from neighboring Lassen County all the way to the southern tip of San Diego, Modoc County has become the last best place to avoid the deadly virus.
This high desert county of alfalfa fields, wildlife refuges and 9,000 people has not recorded a single case of COVID-19. Not even one. Ever.
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City Council to vote today on placing $900 million
measure on ballot to fund affordable housing
The San Diego Housing Federation and Councilmember Chris Ward are calling on the San Diego City Council today to place the ‘Homes for San Diegans’ bond measure on the November 2020 ballot to raise $900 million to build affordable housing in San Diego.
“Homes for San Diegans” proposes a $900 million housing bond for the construction of up to 7,500 homes for families and individuals who lack secure housing, including veterans, families, seniors, transitional aged youth, and people living with disabilities. This measure would also allow San Diego to gain its fair share of state and federal matching funds.
The need for a real solution to the housing crisis is highlighted by the data released by San Diego Housing Federation recently that show a shortfall of 142,590 affordable homes in San Diego County compared to 137,968 to last year. Additionally, as much as 83 percent of low-income families, including seniors and veterans, in San Diego County are paying more than half of their income toward rent. Passing the measure would also make San Diego eligible for millions of dollars in matching funds from the state annually to build affordable housing.
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Cubic issues white paper on leveraging
technology to thrive post-pandemic
Cubic Corporation’s Cubic Transportation Systems business division has published a white paper discussing how the latest transportation technologies can help cities make transportation networks and services safer, more efficient and resilient in the long term to COVID-19 and other pandemics.
The white paper, titled, “Leveraging Technology to Adapt and Thrive Post-Pandemic,” stems from a global initiative from Cubic called Project Rebound, which aims to rebound and restart cities in the wake of the COVID-19 pandemic. COVID-19 has emphasized weak points within transportation systems and brought new challenges to cities and citizen engagement. It has also provided the industry with a unique time for reflection to learn, adapt and grow to be better positioned to address challenges in the future.
Cubic’s white paper examines the most feasible solutions for cities, transit agencies, tolling authorities and departments of transportation in combating current and potential future challenges.
Click here to download a copy of the white paper.
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UCSD Shiley Eye Institute misspent money,
lacked management oversight
Two audits describe a history of poor financial oversight, misspent gift funds and shoddy recordkeeping at UC San Diego’s Shiley Eye Institute, where researchers develop new cures for eye diseases and doctors provide clinical care for patients.
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Salk scientists discover genetic ‘dial’ to turn
immune function up and down to target cancer
The human immune system is a finely-tuned machine, balancing when to release a cellular army to deal with pathogens, with when to rein in that army, stopping an onslaught from attacking the body itself. Now, Salk researchers have discovered a way to control regulatory T cells, immune cells that act as a cease-fire signal, telling the immune system when to stand down.
“Our ultimate goal is to be able to use these genes that modulate regulatory T cells to interfere with autoimmune diseases and cancers,” says Ye Zheng, an associate professor in Salk’s NOMIS Center for Immunobiology and Microbial Pathogenesis.
“The idea of manipulating this cell type for therapeutic purposes is very exciting,” says Assistant Professor Diana Hargreaves, holder of the Richard Heyman and Anne Daigle Endowed Developmental Chair and the co-corresponding author of the new paper with Zheng. Their study appeared in the journal Immunity on July 7, 2020.
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DSD Business Systems names
Kayley Bell as chief executive officer
DSD Business Systems, a provider of custom software solution suites for small- to medium-sized organizations throughout North America, announced the appointment of Kayley Bell as chief executive officer. Doug Deane, founder and CEO since 1984, will continue in a consultative role as board chairman on DSD’s board of directors.
Bell has more than 20 years senior management experience, including 16 years at DSD where she has been responsible for the strategic and operational leadership of DSD’s sales, marketing, product development, finance and global operations as COO and president of DSD’s Sales & Service Division since 2015.
Bell joined DSD Business Systems in 2004 as controller and is active in the San Diego community. She is the executive secretary and treasurer for the National Mountain Rescue Association, a nationally decorated organization, and has donated her time to search and rescue efforts for over two decades.
Said Bell, “I am thrilled to take the reins from Doug and am committed to helping lead the company toward a new level of growth.”
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SD Women’s Week Leadership Conference Goes Global
New virtual format with no boundaries features Daymond John, Linda Cureton, Ed Smart, Amy Trask
San Diego Women’s Week, celebrating 11 years of inspiring, empowering and connecting women is now virtual with leadership events for all ages and professions. Attendees enjoy virtual networking, keynote speakers, panel discussions, and more, all wrapped around creative solutions to everyday issues affecting leaders in the workplace and in their daily lives.
WHEN: Wednesday, Aug. 26 – Friday, Aug. 28, 2020
WHO: Keynotes for 2020 Leadership conference include:
- Daymond John from Shark Tank: Powershift, Transform Any Situation, Close Any Deal, and Achieve Any Outcome.
- Linda Cureton, Former CIO – NASA: Managing and Leading in a Tough Environment.
- Ed Smart, Father of Elizabeth Smart: Two Miracles, and Standing up for Yourself.
- Amy Trask, Former NFL Team Executive – Los Angeles Raiders: Leadership Vulnerabilities.
WHERE: Wednesday – Virtual Women and Wine 6-7:30 p.m.
Friday – Virtual Leadership Conference 8:30 a.m. – 6:30 p.m.
Click here for complete list of speakers and additional details.
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Chatham wins auction to buy McClatchy,
nation’s 2nd largest local news company
Chatham Asset Management, the New Jersey hedge fund that is McClatchy Co.’s largest creditor, has won an auction to buy the bankrupt local news company.
McClatchy was controlled by the McClatchy family for 163 years. The company owns 30 media titles in 14 states and Washington, D.C., including the Miami Herald, the Kansas City Star, the Sacramento Bee, the Charlotte Observer, the (Raleigh) News & Observer and the Fort Worth Star-Telegram.
