Daily Business Report-March 15, 2021
Rolando neighborhood apartments sold for $49.3 million
Villa Del Sol, a 203-unit multifamily community in San Diego, has been sold for $49.3 million to 29th Street Capital, a Chicago-based multifamily investment firm. The seller was a local family who owned the property for more then 45 years.
Located at 5474 Reservoir Drive, Villa Del Sol is one mile from San Diego State University in the Rolando neighborhood of San Diego. Community amenities include a clubhouse, fitness center, laundry facility, swimming pools, tennis court and yoga studio.
Kevin Mulhern and Allen Chitayat represented the seller. Scott Peterson, Bill Chiles and Brian Cruz of CBRE’s debt and structured finance team in San Diego arranged a $40.3 million acquisition loan on behalf of the buyer.
Alaska Airlines adds new seasonal nonstop routes to San Diego International Airport
Alaska Airlines has announced it will begin seasonal nonstop service from two Montana cities to San Diego International Airport beginning May 20. Alaska Airlines will provide flights between San Diego and Kalispell, Mont. via Glacier Park International Airport and Bozeman, Mont. via Bozeman Yellowstone International Airport until Sept./ 7.
Kalispell is in Montana’s Flathead Valley and is a gateway to Glacier National Park, Whitefish Mountain Resort, and Flathead Lake. Bozeman is 90 miles north of Yellowstone National Park and features plentiful fishing, hiking, and other outdoor recreation options. Alaska Airlines will begin nonstop service to Missoula, Montana on March 18. To view schedules, fares, and flight times, visit alaskaair.com.
Native Oyster Living Shoreline Project awarded $960,533
The Native Oyster Living Shoreline Project, a partnership of the Port of San Diego and California Coastal Conservancy, has been awarded a $960,533 grant from the U.S. Fish and Wildlife Service.
The objectives of the living shoreline, to be installed adjacent to the Chula Vista Wildlife Reserve in San Diego Bay, are to demonstrate the ability of a native oyster reef to increase biodiversity and resiliency to future sea level rise impacts. The grant is one of eight Coastal Wetlands Conservation Projects selected as part of the Service’s National Coastal Wetlands Conservation Grants Program for 2021.
The total estimated project cost is $1,384,625. The $424,092 not covered by the grant will be funded by the Conservancy.
City of San Diego updates interactive map showcasing arts and culture impact in neighborhoods
The City of San Diego’s Commission for Arts and Culture has updated its online, interactive map of San Diego that identifies the unique characteristics, venues and reach of city-funded nonprofit arts and culture organizations. New features include a landing page that will house maps and annual data, and a side-by-side comparative mapping tool that illustrates data differences between fiscal years, beginning with 2019 and 2020.
The maps illustrate the meaningful impact arts and culture organizations have in the city. As the data is updated annually it can measure impacts over time and help drive informed decision-making to strengthen the creative life of all San Diego neighborhoods.
“The maps highlight the reach of arts and culture organizations across the city and the value they bring to the communities we serve,” said Jonathon Glus, executive director of the Commission for Arts and Culture. “It shows how vital these organizations are to a strong and dynamic San Diego centered on culture and creativity.”
City of San Diego names new director for Real Estate Assets Department
Penny Maus has been hired as the new director of the City of San Diego Real Estate Assets Department. Maus comes to the city with more than 19 years of public and private real estate experience, most recently as the Real Estate Department manager for the Port of San Diego.
During her 13 years with the Port of San Diego, Maus worked on a number of large projects from inception through completion including the development of permanent locations for the Port’s Bay Tour Operators, the $200 million redevelopment of the Marriott Marquis and the $25 million redevelopment of the Portside Pier dining complex. Maus’ extensive resume also includes time in the commercial real estate industry, at the local corporate offices of Jack in the Box Inc. and Petco Animal Supplies, Inc.
As the new director, Maus will oversee the city’s real estate portfolio of more than 500 leased properties. In addition to handling the city’s facility needs and acquiring new properties for sites such as fire stations, parks and libraries, the department provides direction for the operations of the city’s Airports Division and the City Concourse. It also manages the city’s role in the Joint Use Management Agreement for Petco Park.
Alice Zandpour joins Bank of Southern California
Bank of Southern California N.A. announced the appointment of Alice N. Zandpour as senior vice president, director of human resources. In this role, she will oversee business partnerships, workforce planning, employee relations, compensation, benefits, payroll and safety.
Zandpour brings over 20 years of human resources experience in the financial services industry with a focus on organizational development, employee engagement, talent management and succession planning. Most recently, she served as senior vice president, human resources for GBC International Bank where she responsible for providing HR solutions to support the company’s overall strategies in alignment with plans for future expansion.
Zandpour earned a bachelor’s degree from the University of Phoenix.
Port Commission approves permits for roadway construction on Chula Vista Bayfront
The Port of San Diego Board of Port Commissioners has authorized issuance of a Coastal Development Permit to Pacifica Companies for its Amara Bay Roadway Construction and Improvements Project within the Chula Vista Bayfront. The project is another significant step forward in transforming the bayfront as envisioned by the Port, City of Chula Vista and Pacifica in the Chula Vista Bayfront Master Plan. Specifically, it will improve public access to the bayfront and various utilities and make way for Pacifica’s Amara Bay residential and commercial development.
SpineZone raises $12 million in VC funding
San Diego-based SpineZone, which helps patients reduce back and neck pain without undergoing surgery, has raised $12 million in a Series A round. The company will use money to expand its geographic footprint — currently concentrated in San Diego and Orange counties — into other cities in the West.
Quidel gets FDA authorization for at-home COVID-19 test
San Diego’s Quidel Corp. recently received FDA Emergency Use Authorization for its home-use COVID-19 diagnostic test with a prescription. Quidel aims to make more than 50 million at-home tests per month at its new Carlsbad facility.
SDSU and UCSD researchers pinpoint key factor that allows cancer cells to spread
A cancer diagnosis is a dreaded event, but finding out the cancer has spread to a different part of the body, which indicates it’s a late stage metastatic cancer, is exponentially scary and stressful.
A team of bioengineers at San Diego State University and the University of California San Diego have discovered an important mechanism that prompts cancer cells to break away from stiff tissues in a tumor and spread to softer tissue. This discovery could help inform research into future therapeutics to treat metastatic cancer.
SDSU graduate research assistant Benjamin Yeoman is part of the joint SDSU-UC San Diego doctoral program and worked in the labs of mentors Parag Katira (SDSU Department of Mechanical Engineering) and Adam Engler (UC San Diego Jacobs School of Engineering) during this key discovery.
