Daily Business Report: Thursday, Dec. 2, 2021
Beverly Hills developer to turn Escondido
market-rate apartments into a rent-restricted
community for middle-income families
CalMatters — Ascenda Capital, a Beverly Hills real estate and development company, has acquired Latitude33 Apartments in Escondido for $97 million with the intent to convert the property from a market-rate community to a rent-restricted community for middle-income families.
The transaction was approved by the Escondido City Council with a unanimous 5-0 vote during the City Council Meeting on Oct. 27. The acquisition marks just the second acquisition in San Diego County through California’s Essential Housing Program.
The property, located at 515 Meander Glen, is situated just a block from Escondido City Hall and the California Center for the Arts, Escondido. The majority of the units are 3-level townhomes with attached garages and private entrances.
“As we transition the property from market rate to affordable housing, we will be reducing rents at the property by an average of 26.5 percenr when compared to market rents in Escondido,” said Matt Avital, principal and founder of Ascenda Capital. “We are very passionate about affordable housing and look forward to giving hundreds of middle-income families in Escondido the opportunity to live in high quality housing directly within the community that they serve.”
TOP PHOTO: Escondido’s Latitude33 Apartments.
Frank Würthwein named director
of San Diego Supercomputer Center
The San Diego Supercomputer Center (SDSC) has a new director. He is Frank Würthwein, leader of SDSC’s Distributed High-Throughput Computing Group, executive director of the Open Science Grid (OSG), a physics professor and a founding faculty member of the Halıcıoğlu Data Science Institute at UC San Diego.
Würthwein has been serving as interim director of SDSC since July 2021 when long-time director Michael Norman, also a professor of physics, resumed his role as a full-time faculty member. Würthwein also has served as a member of the SDSC Executive Team since 2015.
As SDSC director, Würthwein will be responsible for the strategic direction and operational management of the center, leading its more than 260 employees and volunteers, and managing the center’s more than $50 million annual budget.
Crime crackdown continues in California
As California tries to crack down on crime, it secured a sizable victory for its strict gun control laws on Tuesday. That’s when a federal appeals court reinstated California’s ban on the sale and possession of high-capacity magazines that can funnel more than 10 rounds of ammunition into a single firearm.
The 7-4 ruling from the U.S. 9th Circuit Court of Appeals — which gun rights activists plan to appeal to the U.S. Supreme Court — overturns a prior ruling from U.S. District Judge Roger Benitez that declared Californi’s large-capacity magazine ban unconstitutional. It also suggests that the appeals court will likely uphold the Golden State’s ban on assault weapons, which Benitez deemed unconstitutional in a controversial June ruling that likened an AR-15 rifle to a Swiss Army knife.
SDSU dedicated its newly renamed Lamden Hall in a ceremony Wednesday. From left, family members Randy Corby, Carol Lamden-Corby, Bill Lamden and Evelyn Lamden. (Photo: Carol Sonstein)
Dedication of Lamden Hall
at SDSU honors lasting legacy
Lamden Hall, the newly renamed home of San Diego State University’s Fowler College of Business and College of Education, was the site of a special evening of celebration. On Wednesday, the university paid tribute to the Lamden family and the continuing legacy of their support for students and faculty in the accounting profession.
Formerly the Education and Business Administration building, the four-story structure received its new identity in September. The renaming honors Charles W. Lamden, former chair of the accountancy department and dean of the School of Business Administration from 1954 to 1965, and his wife, Gertrude “Trudy” Lamden, a philanthropic supporter.
A gift to SDSU from Trudy Lamden in June 2008 led to the naming of the School of Accountancy in memory of Charles Lamden, who died in 1992.
KKR acquires Vista industrial warehouse from Westcore
San Diego-based Westcore, an industrial real estate acquisition, development and asset management firm, has sold a 197,000-square-foot industrial warehouse in Vista to KKR, an investment firm. Sale price was not disclosed.
Vista Commerce, the warehouse, is located on an all-concrete site and features 14 dock-high doors, six grade-level doors, 27-foot clear height and ample power. The property is 100 percent leased to a publicly listed health care diagnostic testing company.
CBRE represented Westcore in the sale. Westcore acquired Vista Commerce in early 2020 with assistance from CBRE, who also helped secure the lease to the current tenant.
KKR acquired Vista Commerce through its KKR Real Estate Partners Americas III fund.
Pathfinder Partners sells Colorado
apartments for $38.5 million
Pathfinder Partners, a San Diego-based private equity firm specializing in multifamily real estate investments, announced the sale of Hadley Apartments in Thornton, Colo., to an undisclosed buyer for $38.5 million.
Hadley is a 140-unit multifamily community located just nine miles north of downtown Denver, with a mix of one and two-bedroom apartments averaging 760 square feet. Since acquiring the property in 2017, Pathfinder has added value through renovating and rebranding the property. Renovations included new flooring, cabinets, stainless steel appliances, quartz countertops, and new paint, finishes, and fixtures.
GE Appliances gives 31 washer and dryers
to San Diego Zoo and Safari Park
GE Appliance said it is outfitting the San Diego Zoo and the San Diego Zoo Safari Park with 31 commercial washers and dryers to help the organization tackle its extensive laundry cleaning needs.
Installed in various locations, including the Queenslander House in the Conrad Prebys Australia Outback habitat, the neonatal assisted care unit (NACU) and the Harter Hospital, the laundry units will clean everything from towels to surgical linens in the daily care of more than 12,000 animals at the San Diego Zoo and San Diego Zoo Safari Park.
Wildlife care specialists do more than 300 loads of laundry per week of some of the most difficult materials to wash, including bed pads, towels and blankets. On top of that, laundry is stained with everything from eucalyptus oil to animal waste, all of which is difficult to clean.
General Atomics completes system-level
tests for UK’s remotely piloted aircraft
General Atomics Aeronautical Systems Inc. said it has successfully completed key system-level tests for the new Protector RG Mk1 Remotely Piloted Aircraft (RPA). The Protector is the UK Royal Air Force’s version of the MQ-9B SkyGuardian, which is General Atomics’ latest model of RPA and is on track to become the world’s first certified Medium-altitude, Long-endurance (MALE) RPA.
The first Protector is expected to complete its test and evaluation program late 2022 and arrive in the UK in 2023.
The recently completed tests include Full-Scale Static Strength, High-Intensity Radiated Frequency (HIRF) and Environmental Testing. Most of the tests were performed by General Atomics using internal research and development funding with the Royal Air Force (RAF) and U.S. Air Force supporting key elements of the HIRF testing.
Cal State San Marcos ranks among
national leaders in social mobility
Cal State San Marcos again stands among the national leaders in the social mobility of its graduates, according to new rankings by the online publication CollegeNET. CSUSM ranks 32nd nationally out of more than 1,500 schools measured in the eighth annual Social Mobility Index (SMI) by CollegeNET. The SMI measures the extent to which a college or university educates more economically disadvantaged students (with family incomes below the national median) at lower tuition and graduates them into good-paying jobs.
CSUSM was included in the top 5 percent of the index for the seventh consecutive year, and it ranks higher on the list than any other institution in San Diego County.
The SMI differs from most other rankings of colleges and universities in that it focuses directly on the factors that enable economic mobility.
Surglogs raises $10.5 million in Series A funding
Surglogs, a health care technology startup that digitizes regulatory compliance processes for ambulatory surgery centers and other health care facilities, announced a $10.5 million Series A financing raise led by OpenOcean.
Surglogs’ digital platform replaces cumbersome regulatory compliance paperwork, and automates clinical workflows for greater efficiency, freeing health care professionals to spend more time caring for patients. The platform enables health care facilities to maintain health and safety compliance standards and remain “survey ready” at all times.
OpenOcean led the investment, with Credo Ventures, 8VC and a group of angel investors from previous rounds.
New Village Arts presents world
premiere of new holiday musical
New Village Arts in Carlsbad, North County’s cultural hub, launches its 20th Anniversary Season with a world premiere — “1222 Oceanfront: A Black Family Christmas” — a new holiday musical, now through Dec. 26.
The production was written by San Diego playwright Dea Hurston and devised by Frankie Alicea-Ford, Kevin “Blax” Burroughs, Milena (Sellers) Phillips, and Dea Hurston, centering on the family holiday experience in a humorous and touching way.
The festive evening features all of the Black family traditions including Italian food, dancing, singing and skits. The evening may also include a bit of drama, because, well it’s family. But seriously, how much drama can there be on Christmas Eve?
New Village Arts is located at 2787 State St., Carlsbad. Phone: 760-433-3245.
