Daily Business Report-May 7, 2021
350-unit Mission Valley apartment complex
sells for $155.7 million to Griffis Residential
Griffis Residential, a real estate investment and management firm, has purchased Presidio View, a 350-unit apartment community in Mission Valley, or $155.7 million.
Presidio View is situated on 6.96 acres at 1440 Hotel Circle North and includes a mix of one-, two- and three-bedroom floorplans averaging 928 square feet. The property was built in 2007 by Archstone and features nine-foot ceilings, walk-in closets, in-unit washer/dryers, storage and private balconies.
Community amenities include a fitness center, resort-inspired swimming pool, clubhouse, resident lounge and business center, and electric car charging stations.
Kevin Mulhern, Stewart Weston and Dean Zander of CBRE’s San Diego office represented the seller, Boston-based AEW Capital Management.
“It’s very rare to be able to acquire a well maintained 2007 vintage asset of this scale in a primary San Diego location like Mission Valley,” said CBRE’s Kevin Mulhern. “There were more than 40 investor tours and 25 offers and the competition to acquire the property was very intense.”
UC San Diego to receive $5 million
to establish new Center for Taiwan Studies
Longtime UC San Diego supporters Chiu-Shan Chen and Rufina Chen have committed $5 million to the university, one of the largest individual gifts to the Division of Arts and Humanities.
Contributing to the Campaign for UC San Diego, the gift will establish a new Center for Taiwan Studies within the division, and highlights the alum’s commitment to both giving back, and supporting programs that expand cultural understanding of Taiwan and Taiwanese Americans.
The Center for Taiwan Studies will be under the leadership of Department of Literature professor Ping-hui Liao, the inaugural Chuan Lyu Endowed Chair in Taiwan Studies in the Division of Arts and Humanities. The $5 million commitment will create an endowment over time that will provide a sustainable platform to grow comprehensive collaboration and exchange between the U.S. and Taiwan, coordinate the university’s Taiwan-centered projects for greater visibility, and offer grant support to faculty and graduate students in their research.
SBA receives more than 186,000 applications
for Restaurant Revitalization Fund monies
The Small Business Administration has received more than 186,000 applications for money from the Restaurant Revitalization Fund from restaurants and other food and beverage businesses in all 50 states and the District of Columbia, the SBA reported.
The $28.6 billion program, signed into law by President Joe Biden as part of the American Rescue Plan, provides economic aid to restaurants and other establishments struggling to make ends meet as a result of the pandemic.
In the first two days of the RRF application window, the SBA has received:
• 186,200 applications from restaurants, bars, and other eligible businesses in all 50 states, Washington, D.C., and five U.S. Territories.
• 97,600 applications of which came from restaurants, bars, and other eligible businesses owned and controlled by women (46,400), veterans (4,200), socially and economically disadvantaged individuals (30,800), or some combination of the three (16,200).
Convoy Village in Kearny Mesa sells for $16.2 million
A partnership controlled by San Diego-based CEG Capital Partners has purchased Convoy Village, a retail center in Kearny Mesa, for $16.2 million.
Located at 4344 Convoy St., the 42,338 square-foot property was originally constructed in 1974 on a 3.25-acre site. It is 100 percent occupied by a mix of 20 retail, restaurant and service tenants. The center was recently remodeled at a cost of over $1 million and features 135 parking spaces.
Reg Kobzi, Joel Wilson and Michael Peterson of CBRE represented the seller, Harbaugh Convo LLC, and the buyer, in the transaction.
Ocean Beach Pier could reopen by summer after repairs
The City of San Diego will reopen the Ocean Beach Pier after repairs are completed. City engineers say a portion of the pier can safely reopen after the railing and other parts of the pier are fixed.
A specific timeline for the reopening cannot be guaranteed but engineers believe it could open by summer. When it reopens the following restrictions will be implemented:
• The western part of the pier beyond the Café, but before the expansion joint will remain closed for safety reasons;
• No vehicle traffic will be allowed on the pier except emergency vehicles and only when necessary;
• The pier will close during very high tides.
Read more…
CaseyGerry law firm elevates Srinivas Hanumadass to partner
Expanding its partnership, CaseyGerry – a San Diego-based personal injury and complex litigation law firm – has promoted Srinivas Hanumadass to partner.
Hanumadass, who concentrates his practice on serious personal injury, is a “much-welcomed addition to our growing partnership,” said CaseyGerry’s managing partner, David S. Casey, Jr. “Since joining our firm as an associate attorney in 2015, he has demonstrated an unwavering dedication to his clients and our firm, attaining numerous multi-million results. He is also a proactive community leader and has focused his efforts on promoting diversity in the legal profession.”
He served two terms as president of the South Asian Bar Association, one term as vice president of the San Diego County Bar Association and was past scholarship committee chair of the Lawyers Club of San Diego. Currently, he is a member of the board of directors and a PAC board member for the Consumer Attorneys of California and is a member of the American Association of Justice’s diversity, minority caucus and membership oversight committees.
A graduate of the American Association for Justice’s Leadership Academy, he is also a recent recipient of the “Outstanding Service to Community Award” from the Thomas Jefferson School of Law (TJSL).
KB Home announces grand opening
of Sundance at Park Circle in Valley Center
KB Home announced the grand opening of Sundance at Park Circle, a community of new ranch-style homes in a master planned community in Valley Center.
KB Home will be offering a selection of single-story homes at Sundance at Park Circle. The homes are also situated on the largest homesites in the master plan, providing homeowners with exceptionally large backyards. The community’s new floor plans feature up to four bedrooms and two-and-a-half baths, and range in size from approximately 2,000 to 2,600 square feet. Sundance at Park Circle will also offer the KB Home Office, a dedicated room that homebuyers can personalize for the way they work.
National University taps artificial intelligence to boost student success
National University announced initial results from its launch of a new behaviorally intelligent chatbot that was designed to boost persistence and retention among its student population. Designed in partnership with AdmitHub, the conversational artificial intelligence chatbot, called NUton, offers proactive, personalized guidance to help all enrolled students navigate their way to and through college.
The chatbot offers 24/7 communication via text message and directs students in need of additional support to targeted academic and student support resources designed to support the needs of the highly-diverse student population at National University. The average age of National students is 33 years old, and students from underrepresented communities make up about half of enrolled students.
Daisy Stall named executive VP and entertainment
finance director for California Bank & Trust
Daisy Stall, a financial executive with more than 25 years of experience in the banking and entertainment industries, has been named the new executive vice president and entertainment finance director for San Diego-based California Bank & Trust.
She currently resides in Manhattan Beach, and will conduct business out of California Bank & Trust’s Century City office.
Tower 16 Capital Partners acquires Arizona property
San Diego-based Tower 16 Capital Partners has acquired a two-property multifamily portfolio consisting of 332 units in the greater Phoenix area for $55 million. Summerhill Place Apartments is in Glendale, Ariz., and consists of 232 units built in 1986. The Villas at Montebella Apartments, located in Peoria, Ariz., includes 100 units built in 1974. The properties were acquired from a private seller in an off-market transaction.
San Diego council upholds historical designation
of house at 540 Thorn St.
The San Diego City Council has upheld the historical designation of 540 Thorn Street at its April 20, 2021 hearing. It was the first designation appeal to come to the council.
The home is exemplary of a Tudor Revival style house with both Richardsonian Romanesque and Arts and Crafts era influences. Character-defining features include the asymmetrical facade and cross-gable, first-floor rough-faced sandstone including the round-topped arches, prominent chimneys, and windows of varying shape and size. 540 Thorn is also the high-quality design of a young San Diego architect, Elmer Bayless, whose architectural legacy is unfortunately brief due to his passing shortly before the house’s completion.
