Daily Business Report-Tuesday, May 17, 2021
Northrop Grumman solar arrays to power
Airvus OneSat spacecraft
Northrop Grumman Corporation was awarded a contract by Airbus Defence and Space for the design, development and production of 24 ship sets of solar arrays to support the OneSat satellite product line. The solar arrays will power the OneSat communication satellites in geosynchronous orbit.
The solar array technology features the Northrop Grumman Compact Telescoping Array (CTA) design that utilizes a telescoping boom system to deploy an accordion-folded flexible solar array blanket. The solar arrays are a 20kW-class system that deploys over 18 meters in order to provide energy to OneSat.
“The technology used for our solar arrays allows for an efficient launch and is one of our many company-designed advanced components that enable satellites of all classes to perform their missions,” said Frank Bernas, vice president, space components and strategic businesses, Northrop Grumman.
Northrop Grumman’s CTA system was developed for missions like OneSat that require extremely compact stowage volume for spacecraft launch while remaining lightweight. Northrop Grumman’s CTA creates enough space to allow for three full spacecraft to be launched aboard a single rocket.
PHOTO courtesy of Airbus
Zephyr Partners obtains $56.5 million loan to finance
construction of mixed-use development in Solana Beach
Zephyr Partners has secured a $56.5 million construction loan for the development of a Solana Beach project that will include 55,000 square feet of office space, 9,000 square feet of retail/food and beverage space and 25 apartments. The Davies Group at George Smith Partners secured the financing.
Located one block from the beach and the Cedros Design District and proximate to the Solana Beach train station, the two-story development will be the largest mixed-use project along Highway 101 in the past three decades.
Construction is underway for the mixed-use project, with an expected completion date in spring of 2023. Bank OZK and Barings Real Estate provided the financing.
Malcolm Davies, along with other Davies Group members, Senior Vice Presidents Zachary Streit and Alexander Rossinsky; Vice President Drew Sandler; Assistant Vice Presidents Aiden Moran and Brandon Asherian; and Analyst Ben Tracy sourced the financing on behalf of the sponsor.
Sacramento Report:
Learning Loss bill stuck in limbo
By Sara Libby | Voice of San Diego
Assemblywoman Lorena Gonzalez’s bill to address learning loss suffered by students learning virtually during the COVID-19 pandemic has had some ups and downs: When she first introduced the measure, she told Voice of San Diego, “No one wants me to do this bill.” But by April, it had passed the Assembly unanimously. Since then, it’s been stuck in limbo in the Senate, and hasn’t yet been referred to a policy committee for a hearing. It would still likely need three to four more votes before it makes it to the governor’s desk. And Gonzalez is worried the bill is running out of time to have a meaningful impact.
Why the rush?
The bill has an urgency clause, meaning it would take effect immediately upon being signed by the governor. That’s important because it also has provisions that would require school districts to notify parents by June 15 that they can request their child be retained in their current grade level for the 2021-2022 school year, and requires those districts to decide on the requests by July 15.
Some school districts, including Sweetwater Union High School District in Gonzalez’s district, will begin the 2021-2022 school year as early as July – so decisions must be made soon.
North County Transit District receives $4 million
grant to support transition to zero-emission buses
The California Energy Commission has awarded the North County Transit District a $4 million grant to construct a hydrogen fueling station at the agency’s West Division BREEZE Facility in Oceanside. Once constructed, this station will have the capacity to support up to 50 hydrogen fuel-cell electric buses, bringing the district closer toward achieving its goal of transitioning its entire fleet to zero-emission buses by 2042.
The CEC grant advances NCTD’s transition from compressed natural gas to zero-emissions bus operations by approximately four years, allowing the agency to rapidly scale up and leverage an initial purchase of 25 hydrogen-powered buses, set to be put into service by spring 2025. The construction of the fueling station and anticipated deployment of new zero-emission buses puts the agency ahead of local, state, and federal goals for greenhouse gas emissions reductions.
Cannabis workers vote to ratify first union contract
Cannabis workers at March and Ash locations in San Diego and Imperial Counties voted on May 12, 2021 to ratify their first-ever union contract, and the first cannabis industry union contract originating in these two counties.
The locations include retail outlets in the City Heights community of San Diego, the City of Vista, and the City of Imperial. The City Heights and City of Imperial locations offer recreational cannabis products, while the Vista location is medicinal only.
Collective Bargaining came to a conclusion after two years of organizing and negotiating among UFCW Local 135 and the ownership group of March and Ash. Although the pandemic presented delays and hurdles, the parties made the decision in late 2020 to continue to work in earnest to develop a framework that worked for the local industry and its employees.
With three of March and Ash’s locations unionized, UFCW Local 135 now has three cannabis companies with a total of six locations under its jurisdiction.
Classical Academy purchases Vista
office building for new school location
Classical Academy has purchased a 51,807-square-foot office building in Vista for $10.1 million and will use the space for a new school location. It is located at 2022 University Drive, Vista.
Matt Pourcho, Matt Harris, Anthony DeLorenzo, and Gary Stache with CBRE’s Investment Properties Group, along with CBRE’s Caitlin Little, represented the seller, National University, in the transaction.
Classical Academy was represented by Jon Walters and Jim Bensen from Kidder Matthews.
Jack in the Box names Tony Darden
as its new chief operating officer
Jack in the Box Inc. has named Tony Darden as its new senior vice president and chief operating officer, who brings more than 25 years of experience in the industry.
Darden joins Jack in the Box from MOOYAH Burgers Fries and Shake, where he served as president for the past two years. He has also held chief operating officer titles at Taco Bueno and Sun Holdings, the fourth largest franchisee in the U.S. with a portfolio of more than 1,000 restaurants for brands including Burger King, Popeyes, Krispy Kreme and Arby’s. Additionally, Darden held operations leadership roles at Panera Bread and Metromedia Restaurant Group/Bennigan’s.
Darden’s first day on the job is planned for June 7, 2021.
“I’ve known Tony professionally through the years and I know he is the right person to lead operations at Jack in the Box by partnering with our franchisees to focus on operations excellence and restaurant profits,” said Jack in the Box CEO Darin Harris.
The company last week reported strong Q2 earnings and revenue, which included total revenue growth of 19 percent over Q2 2020 and 20.6 percent growth in system same-store sales.
Justin Long joins Brixton Capital as
vice president of development
Commercial real estate investment firm Brixton Capital has brought on retail redevelopment veteran Justin Long as vice president of development. Long will be responsible for identifying, pursuing and managing development opportunities in U.S. markets, as well as assisting with underwriting, design and construction phases.
Long has an extensive background in the redevelopment of shopping centers, including roles with two nationally traded mall REITs. In his previous positions, he was responsible for envisioning, planning and analyzing real estate, and leading the redevelopment of elite regional mall projects throughout the Southwest with total project values approaching $1 billion.
In addition to leading several mall densification and redevelopment projects in Arizona and Colorado, Long managed project teams and a number of large development deals working with communities, cities and joint-venture partnerships. Long also has experience managing the leasing and development of an expansive West Coast commercial real estate portfolio.
He is a member of the Urban Land Institute (ULI), International Council of Shopping Centers (ICSC) and ICSC Next Gen Leadership Network and Valley Partnership.
PSAR collecting donations for ‘Red Shoe Day’
Pacific Southwest Association of Realtors (PSAR) has formed “Team PSAR” to collect donations online until June 3 as part of the annual Red Shoe Day fundraiser benefiting Ronald McDonald House, a home-away-from-home for families with a critically ill or injured child being treated at a San Diego hospital.
Proceeds from Red Shoe Day help give families access to free services including meals, lodging and emotional support during their child’s hospital stay. In addition, donations will assist with operating expenses for Ronald McDonald House, 56-room lodge and day-use center in Serra Mesa.
Typically, Red Shoe Day features volunteers carrying iconic red shoes stationed at major intersections to collect cash donations during the morning commute. However, the fundraiser is virtual for the second consecutive year. For more information, call PSAR at (619) 421-7811 or visit www.psar.org.
California median home price breaks $800,000 in April
Heated market conditions and a shortage of homes for sale continued to put upward pressure on home prices in California, driving the state’s median price above the $800,000 benchmark for the first time ever in April, as home sales soared from last year’s pandemic-level lows, the California Association of Realtors said Monday.
April home sales increased on a monthly basis for the third consecutive month, rising 2.6 percent from 446,410 in in March and up 65.1 percent from a year ago, when 277,440 homes were sold on an annualized basis. The sharp yearly sales jump was expected as the housing market was hit hard by the pandemic shutdown last year, when home sales dropped more than 30 percent over the previous April.
“California continues to experience one of the hottest housing markets as homes sell at the fastest pace ever, with the share of homes sold above asking price, the price per square foot and the sales-to-list price all at record highs, while active listings remain at historic lows,” said C.A.R. President Dave Walsh, vice president and manager of the Compass San Jose office.
Nation’s first Center for Civility launched by
National Conflict Resolution Center and UC San Diego
The National Conflict Resolution Center (NCRC) and University of California San Diego have jointly launched the nation’s first-ever center for research on civility. The Applied Research Center for Civility at UC San Diego, which officially opened on May 1, 2021, draws from NCRC’s groundbreaking work in this area to conduct cutting-edge research into the dynamics of society’s most pressing issues, including racial injustice and mass incarceration, workplace harassment, and freedom of expression on college campuses.
“Civility in our public life as we know it is on life support,” said Steven Dinkin, president of the National Conflict Resolution Center. “The breakdown of civil discourse has exacerbated our country’s deep political polarization and incited violence. We care less about our neighbors today, even as the pandemic continues, literally costing people their lives. The collaboration with UC San Diego will look at best practices for navigating entrenched divides, synthesizing them into comprehensive models for national distribution and discussion.”
Dinkin will serve as co-chair of the new Center for Civility, along with UC San Diego Executive Vice Chancellor Elizabeth Simmons.
