Daily Business Report: Friday, June 4, 2021
San Diego real estate company acquires
231,878 square feet of office and
industrial properties for $47 million
Protea Properties LLC, a San Diego-based privately held real estate investment, development and management group, has purchased five office and industrial properties in Chula Vista and Mission Valley for a combined price of $47 million.
The portfolio has been owned and managed by the seller, Carleton Management Company, for over 20 years. Tenants include: Cox Communications, National University, Fresenius Medical, Bayfront Charter School and West Marine. The four Chula Vista properties are located west of Interstate 5, adjacent to the new Chula Vista Bayfront Development.
The Chula Vista properties:
• 630 Bay Blvd. — 100 percent leased freeway visible industrial/showroom building totaling 48,828 square feet, situated on 2.79 acres.
• 660 Bay Blvd. — 100 percent leased two-story multi-tenant office building totaling 32,601 square feet, situated on 1.53 acres.
• 780-784 Bay Blvd. — 100 percent leased office/industrial building totaling 99,584 square feet, situated on 5.44 acres.
• 830 Bay Blvd. — single tenant flex/office building totaling 30,046 square feet, situated on 3.63 acres
Mission Valley property:
• 5920 Friars Road — 92 percent leased multi-tenant office building totaling 20, 819 square feet, situated on .74 acre
The seller was represented by Randy LaChance, senior vice president and partner in Voit’s San Diego office. The buyer represented themselves.
PHOTO: Building at 830 Bay Blvd. in Chula Vista. (Photo courtesy of Voit Real Estate Services)
Pomerado Outpatient Pavilion in Poway sold
in transaction valued in excess of $100 million
Pomerado Outpatient Pavilion, a 160,000-square-foot medical office building in Poway, has been acquired by Real Estate Investment Trust. Although the purchase price and terms of the transaction are confidential, the total transaction value was in excess of $100 million. The building is mostly occupied by Palomar Health and its associated medical groups and is adjacent to its Palomar Medical Center Poway hospital.
Travis Ives with Cushman & Wakefield’s Healthcare Capital Markets Team represented Palomar Health in the transaction.
Hyatt Regency La Jolla at Aventine
introduces completed $10 million renovation
Hyatt Regency La Jolla at Aventine announced the completion of its property-wide, multiphase $10 million dollar renovation. The San Diego property introduces a remodeled exterior and interior with a transformed lobby, social and event spaces.
The renovation of Hyatt Regency La Jolla was led by interior design firmLooney & Associates and preserves the original design by Michael Graves, paying homage to the world-renowned architect, while adding fresh, elevated touches throughout.
Hyatt Regency La Jolla features 416 refreshed guest accommodations with sweeping views, including 16 suites. Four VIP suites range from 1,000-1,400 square feet with a whirlpool tub, dining area, wet bar and lounge area while 12 Studio suites offer spacious 650 square feet spaces with a separate lounge area.
Sundt Construction ranks No. 58 on Engineering
News Record’s Top 400 Contractors list
Sundt Construction Inc., ranked No. 58 on Engineering News Record’s 2021 Top 400 Contractors list. ENR, the construction industry’s principal trade publication, generates its list of Top 400 Contractors based on the prior year’s construction revenue. Sundt has consistently placed within the top 100 on the list for the past decade.
Sundt reported over $1.5 billion in construction revenue during 2020. More than $1.3 billion came from new projects, landing the company on ENR’s Top 100 Contractors by New Contracts for the second consecutive year. In addition, the company appeared on the Top 50 Domestic Heavy Contractors at No. 41 for the fourth straight year with nearly $497 million in 2020 revenue.
These San Diego-area projects contributed to the company’s 2020 revenue figures: San Diego International Airport’s support facilities, Emerson-Bandini Elementary School and Morse High School’s modernizations.
Commentary:
California’s tribal casinos now want sports betting
By Dan Walters | CalMatters
When retired lobbyist Jay Michael and I wrote a book about political power shifts two decades ago, we devoted one chapter to the dramatic evolution of California’s Indian tribes from repression and abject poverty to having a legal monopoly on casino gambling. Within a few years, the tribes became “perhaps the most powerful political force in the nation’s most populous state.”
There are now more than 80 tribal casinos in California that haul in an estimated $8 billion a year in revenues, virtually equal to Nevada’s storied gambling industry. As substantial as tribal gaming has become, however, its leaders now want California voters to sanction wagering on sports and additional casino games such as roulette and the dice game of craps.
The secretary of state’s office announced last month that an 18-tribe coalition had gathered enough signatures on initiative petitions to place their expansion measure on the November 2022 ballot.
UC San Diego Health begins treating
multiple myeloma with T-cell therapy
Following the Food and Drug Administration’s approval, UC San Diego Health is the first designated medical center in San Diego certified to offer a new immunotherapy treatment of multiple myeloma outside of a clinical trial.
The new immunotherapy is a B-cell maturation antigen directed chimeric antigen receptor T-cell therapy, and UC San Diego Health is preparing to treat its first patient this month.
Multiple myeloma is a cancer of blood plasma cells in which the body’s T-cells and B-cells become cancerous and multiply. According to the National Cancer Institute, nearly 35,000 Americans will be diagnosed with multiple myeloma in 2021, and treatment options are limited.
“We believe the future of cancer care is in cellular therapy and this is a huge advancement for patients who have very limited treatment options left,” said Dimitrios Tzachanis, M.D., hematologist and medical oncologist with Moores Cancer Center at UC San Diego Health.
Light-shrinking material lets ordinary
microscope see in super resolution
Electrical engineers at the University of California San Diego developed a technology that improves the resolution of an ordinary light microscope so that it can be used to directly observe finer structures and details in living cells.
The technology turns a conventional light microscope into what’s called a super-resolution microscope. It involves a specially engineered material that shortens the wavelength of light as it illuminates the sample—this shrunken light is what essentially enables the microscope to image in higher resolution.
“This material converts low resolution light to high resolution light,” said Zhaowei Liu, a professor of electrical and computer engineering at UC San Diego. “It’s very simple and easy to use. Just place a sample on the material, then put the whole thing under a normal microscope—no fancy modification needed.”
General Atomics partners with Space
Development Agency to conduct
space-to-air optical communication experiment
General Atomics Electromagnetic Systems (GA-EMS) was awarded a contract by the Space Development Agency to demonstrate space-to-air optical communication using GA-EMS’ Laser Interconnect and Networking Communication System (LINCS) and a General Atomics Aeronautical Systems Inc. MQ-9 Reaper.
The contract is in conjunction with an upcoming experiment where GA-EMS and SDA are partnering to launch the LINCS system and conduct a series of experiments demonstrating space-based optical communication starting later this summer.
“This space-to-air experiment is one of the first steps to validate the use of optical communication to provide low latency, secure data directly to weapons and warfighters operating in theater, a key enabler for Joint All-Domain Command and Control,” said Scott Forney, president of GA-EMS. “This award demonstrates the efficacy of GA-EMS’ optical communication technology to support the full requirements of the National Defense Space Architecture.”
Study in mice suggests a new approach
to treating periodontal disease
Our teeth are extremely tough, but neglectful oral hygiene practices and certain genetic disorders can still massively damage them. If this deterioration becomes bad enough, teeth can be permanently lost. In a recent study co-authored by José Luis Millán, Ph.D., professor at Sanford Burnham Prebys, researchers identified a promising new strategy for helping the body regenerate a part of the tooth that is particularly difficult to repair.
Conrad Prebys Foundation contributes
$1 million to Rady Children’s Heart Institute
The Conrad Prebys Foundation has chosen Rady Children’s Heart Institute to receive a gift of $1 million during its inaugural grant cycle. The donation from one of San Diego’s leading philanthropic organizations will go toward implementing new technology capable of preempting adverse cardiac events in children.
The technology harnesses data to deliver proactive, personalized medicine in the Hospital’s Cardiothoracic Intensive Care Unit, and empowers clinicians to provide the next generation of superior care to patients.
Viasat ramps satellite services in the Middle
East and Western Europe ahead of launch
Carlsbad-based Viasat Inc. announced it signed a Ka-band capacity lease agreement with Avanti Communications Group plc to provide additional coverage and capacity across the Middle East and Western Europe—ahead of its ViaSat-3 global constellation—to support Viasat’s expanding global mobility and enterprise businesses, specifically across aviation, maritime and energy.
Viasat and Avanti have a long-standing relationship, having signed prior Ka-band capacity lease agreements. This new agreement augments Viasat’s KA-SAT satellite coverage and capacity and will initially be leveraged to serve new mobility customers in the region.
Cubic partners with CVEDIA to enhance AI
Cubic Corporation said its Cubic Transportation Systems (CTS) business division has partnered with CVEDIA, an artificial intelligence solutions company to enhance its GRIDSMART products.
CTS will utilize CVEDIA’s synthetic data technology to continue to rapidly scale deep learning models for GRIDSMART omnidirectional cameras and other intelligent transportation systems solutions. The GRIDSMART product pioneered horizon-to-horizon, computer-vision tracking for ITS applications and is installed in nearly 10,000 intersections in more than 1,500 communities globally.
“Safety is the most fundamental need for all drivers and vulnerable road users traveling through intersections. CVEDIA’s AI and synthetic data expertise allow us to both augment our existing AI models and rapidly iterate for new applications,” said Jeff Price, vice president and general manager of Cubic Transportation Systems’ ITS unit.
