Daily Business Report: May 20, 2021
Muse at Torrey Pines, a new life sciences campus,
takes its place in San Diego’s growing tech sector
Torrey Pines has a new life sciences campus, the first to come online in the area in two years. Muse at Torrey Pinesis a redeveloped 186,000-square-foot flexible and collaborative life science property developed by The RMR Group. The three-building campus, located at 3030, 3040 and 3050 Science Park Road, is currently 85 percent leased.
The property is owned by Diversified Healthcare Trust and managed by RMR.
Notable tenants include:
• Surgalign Spine Technologies, a global medical technology company focused on elevating the standard of care by driving the evolution of digital surgery, which signed a 94,500 square foot lease, occupying the entirety of 3030 Science Park.
• Organogenesis Inc., a regenerative medicine company, which signed a 23,000-square-foot lease in 3040 Science Park.
• Aegis Life, a next-generation biotechnology company, which signed a 9,600-square-foot lease in 3040 Science Park.
A local farm fresh eatery concept inspired by the Urban Kitchen Group will be located in the restaurant space, offering a variety of seasonal food pairings for both tenants and the general public.
Grant Schoneman and Chad Urie of JLL are leading the leasing efforts for Muse at Torrey Pines. Surgalign Spine Technologies was represented by Michael Labelle and Bridget Garwitz of Savills. Organogenesis Inc. was represented by Glenn Friedrich of Cresa. Aegis Life was represented by Shane Poppen of Hughes Marino.
PHOTO: View of one of the life sciences buildings at Muse at Torrey Pines. (Photo courtesy of The RMR Group)
San Diego Council approves extension of
temporary outdoor business operations
The San Diego City Council unanimously approved on May 18 an extension of interim urgency ordinances to allow the city’s Temporary Outdoor Business Operation (TOBO) TApermit program to continue.
Without the extension, permits for all restaurants were set to expire on July 13, and permits for other business services on Aug. 3. Now, the approval extends the expiration date for all permitted outdoor operations through July 13, 2022. In addition, the extension allows businesses and restaurants to continue outdoor operations even if COVID-19 health orders are rescinded.
The City has issued 427 TOBO permits since the program started. Each permit outlines the location where canopies, umbrellas, or furniture can be placed in the street or sidewalk. In addition, business and restaurant owners must submit for a separate permit to install platforms, specifying the design and materials for construction.
Cisterra Development secures Target store
for Radian high-rise tower in Downtown San Diego
Cisterra Development, a San Diego-based office, technology, residential and mixed-use real estate development firm, has secured a Target location in Downtown San Diego at Radian. Radian is a planned 255,000-square foot, 22-story retail and residential high-rise tower featuring 241 apartment units in the Ballpark District of the East Village neighborhood.
“Radian will add new housing and provide a long-awaited Target store in a centrally located and highly accessible area of Downtown San Diego,” said Steven Black, chairman of Cisterra Development. “We look forward to expeditiously delivering Radian with a planned groundbreaking this summer and estimated completion of construction in 2023.”
Located along G Street between 9th and 10th Avenues, the ground floor and a lower level of Radian will feature an approximately 36,000-square-foot Target. The exterior of the existing, historic Farkas Store Fixtures building on the site today will be enhanced, preserved and incorporated into the new exterior design of Radian. Cisterra’s plan for the Farkas Store Fixtures façade was unanimously approved by both the Save Our Heritage Organisation and the City of San Diego’s Historical Resources Board last year.
Radian residents will be able to enjoy a premium indoor/outdoor fitness center, game room, event/dining room, business center/lounge, dog park/wash, outdoor theater and fully amenitized rooftop pool/hot tub area with views of Petco Park, the Pacific Ocean, San Diego Bay and Coronado.
Vivian Lin named president of the San Diego Strike Force
The San Diego Strike Force announced the appointment of Vivian Lin as president of the Indoor Football League’s (IFL) San Diego franchise. She will be the first Asian American women to assume the highest position in professional football history.
Lin previously served as the team’s vice president of business development. As a serial entrepreneur and sports business consultant based in San Diego, she’s led digital transformations to promote sustainable innovative revenue verticals for sports leagues, teams, sports industry leaders and professional athletes. Clients and partners have included professional athletes and executive management from the NFL, MLB, NBA, WNBA, USSF, and ISA.
Lin also serves as director of corporate partnerships and co-chair of programming for the Asian American Journalist Association Sports Task Force and is a 2021 candidate for an EMBA in global sports business from University of East London.
San Diego Community College District students
earning a record 12,500 degrees and certificates
Students at San Diego City, Mesa, and Miramar Colleges, and the San Diego College of Continuing Education will earn more than 12,500 degrees and certificates this year while celebrating their accomplishments with virtual and drive-thru commencements beginning May 21.
City College and Miramar College kick off the Class of 2021 celebrations with drive-thru events beginning at 10 a.m. on Friday, May 21. The San Diego College of Continuing Education is holding its drive-thru ceremony at 2 p.m. on Friday, May 28, and Mesa College will hold its drive-thru commencement on Friday, June 4, at 11 a.m.
Mesa College is adding a twist this year with a “cart-mencement” offering students who don’t have a car to instead celebrate in style by riding in a golf cart.
In addition, virtual commencements for City, Mesa, and Miramar colleges and the College of Continuing Education are being held on May 28, beginning with SDCCE’s at 11 a.m. followed by Miramar College at 1 p.m., Mesa College at 3 p.m., and City College at 5 p.m.
Preliminary figures show the SDCCD this year is awarding 8,400 certificates, 4,097 associate degrees, 102 high school diplomas, and 25 bachelor’s degrees, the latter through Mesa College’s Health Information Management Baccalaureate Program.
Aswad Allen named chief diversity officer for Cal State San Marcos
Cal State San Marcos President Ellen Neufeldt announced the appointment of Aswad Allen as the university’s next chief diversity officer. Allen currently serves as the inaugural chief diversity officer at Emporia State University in Emporia, Kan.
Reporting directly to the president, he serves as the university’s chief diversity and inclusion adviser and strategist, and works collaboratively with internal and external campus communities to develop an open, diverse, inclusive and supportive learning and working environment, with a specific focus on underrepresented and marginalized populations.
Allen earned a doctorate in educational leadership and human resources and a master’s degree in student affairs in higher education administration from Colorado State University. He has bachelor’s degrees in sociology and psychology from the University of Colorado Boulder.
Stos Partners acquires multi-tenant property in San Marco
Stos Partners, a privately held commercial real estate investment firm, has acquired a 62,000-square-foot multi-tenant industrial property in San Marcos. The property, which is currently 100 percent occupied by six tenants and facilitates a range of light industrial uses, was purchased in an off-market transaction, according to CJ Stos, Principal of Stos Partners.
“By acquiring this asset at a competitive basis and implementing a series of strategic capital enhancements, we will be able to bring rents up to market rate, with the goal of ultimately stabilizing at above-market returns,” says Jason Richards, partner at Stos Partners.
The property, which was purchased for $8.775 million, is located at 1545-1565 La Mirada Drive in San Marcos. Chris Roth and Rusty Williams of Lee & Associates represented Stos Partners as the buyer in this transaction.
Argonaut Manufacturing Services enhances
manufacturing capabilities with investment
Argonaut Manufacturing Services, a contract manufacturing organization (CMO) serving the life sciences, molecular diagnostics, and biopharma industries, announced that it is expanding its cGMP facilities in Carlsbad. This will bring Argonaut’s manufacturing space to over 90,000 square feet and enable Argonaut to accommodate the changing dynamics of its business and the life science industry.
Celebrating its fifth anniversary, Argonaut’s focus is on bringing contract manufacturing services to the broader life science, molecular diagnostics and drug product industries’ innovators and creators.
The new facility will be equipped with upgrades in additional automation to Argonaut’s existing formulation, fill and finish infrastructure. It will also be home to their new Lyophilization Center dedicated to solving the ambient stability needs of Point of Care tests globally. The site will include additional patented enabling technologies and processes that will lower the cost per device and improve quality and flexibility. Argonaut expects additional facility space to be fully operational this year.
Cubic and MTC bring digital fair payments to Android users
Cubic Corporation announced that its Cubic Transportation Systems (CTS) business division and the Metropolitan Transportation Commission (MTC) have launched mobile fare payments on NFC-enabled Android phones. Through the Google Pay app, or the newly launched Clipper app for Android, riders now have the convenience of a contactless fare payment option and account management on Android phones, eliminating multiple touchpoints throughout the transit riding experience.
In the Google Pay app, riders can purchase a Clipper card, top up the value and automatically reload their balance. Riders can also download the Clipper app where they can convert a physical card to mobile and save it into Google Pay. The Clipper app also allows riders to add cash value and purchase transit passes. All available retail tickets and pass types can be purchased via the Clipper mobile app.
Bank of Southern California secures $748.5 million
in Paycheck Protection Program loans for businesses
Bank of Southern California, a commercial bank headquartered in San Diego, announced that as of May 11, 2021, it has funded a total of $748.5 million in Paycheck Protection Program (PPP) loans, providing 4,754 small businesses impacted by the COVID-19 pandemic with vital financing.
These results incorporate this most recent round of government-allocated funding, which include $252 million in the form of First Draw and Second Draw PPP Loans. Together, these round two loans benefited more than 1,900 eligible small businesses.
“As an SBA Preferred Lender, Bank of Southern California was able to offer both First Draw and Second Draw PPP Loans to thousands of small-business applicants across our Southern California footprint,” said Tony DiVita, executive vice president and chief operating officer of Bank of Southern California. “We are proud to have helped so many businesses who are dedicated to supporting their own communities, and we look forward to building long-term relationships with these valued clients,” concluded DiVita.
Tide Rock Holdings acquires Plastics Design & Manufacturing
Tide Rock Holdings, a San Diego-based holding company, has acquired Plastics Design & Manufacturing. Based in Centennial, Colo., PDM has been a leader in custom plastic heavy-gauge thermoforming for more than 40 years.
Expanding within the plastics industry is a strategic move for Tide Rock, which also owns Interconnect Solutions Company, a contract manufacturer and supplier of custom interconnect solutions, including cable assemblies, wire harnesses, and overmolded solutions.
PDM, like ISC, provides its customers with high-quality solutions used in harsh environments, such as commercial and military aircraft, lifesaving medical devices, defense systems, industrial products, and others. Tide Rock expects this acquisition to expand both companies’ capabilities and capacity.
PDM is the western region’s largest plastics thermoforming operation with a 110,000-squarde-foot facility. The company is primed to grow with existing and new customers and, in collaboration with ISC, will be able to offer customers a broader set of solutions.
