Daily Business Report: Thursday, March 31, 2022
East Village’s 295-unit IDEA1 mid-rise
housing project sells for $106 million
IDEA1, a 295-unit Class A mid-rise housing project in the East Village neighborhood of Downtown San Diego, has been sold to Fairfield, a national property management company, for $106 million.
Built in 2017 by Lowe, LaSalle Investment Management and I.D.E.A. Partners, the building has a mix of studios, one- and two-bedroom units with 12-foot ceilings. full-size washers and dryers, stainless steel appliances, quartz countertops and an average size of 739 square feet. Community amenities include a glass IDEA Box that serves as a business center, co-working space and conference room that can transform into a giant screen for movies and concerts in the courtyard, along with a rooftop clubroom, a sundeck with outdoor barbecues and firepits, a rooftop spa, a 24-hour fitness center, the HUB flexible event space, on-site restaurants and an art gallery. The property also offers 5,533 square feet of retail space and 7,717 square feet of office space
The JLL Capital Markets Sales and Advisory team representing the seller was led by Managing Director Darcy Miramontes and Director Kip Malo.
Top Photo: The IDEA1 housing development in East Village. (Credit: Lowe)
Stos Partners acquires rare ‘Ten-Plex’
housing community in Rolando Village
Stos Partners, in partnership with Apartment Worth and a high net worth family office, has acquired a 9,500 square-foot “ten-plex” multifamily community in the Rolando Village neighborhood of San Diego for $4.26 million. This is the firm’s fourth multifamily acquisition since entering the sector, with this initial portfolio serving as a foundation for future investments in the sector, according to CJ Stos, president at Stos Partners.
The 10 units within the property consist of three bedroom and two bath stand-alone cottages, which are rare for the area. The garden-style dwellings are freestanding with no common walls, adding a layer of luxury and privacy for the tenants and prospective tenants. Each unit has its own private patio.
The property is located at 6752 Solita Ave.
Peter Scepanovic and Corey McHenry from Colliers International represented Stos Partners as the buyer in the transaction.
UC San Diego biology lab receives
$1.4 million grant to fight malaria spread
by Emerson Dameron
Scientists at the University of California San Diego are working on new genetic technologies intended for use in curbing mosquito populations, fighting the spread of malaria and mitigating the hazards associated with the deployment of gene-editing systems in the wild. That work is now being bolstered by a $1.4 million grant from the Bill & Melinda Gates Foundation.
“My lab, historically, was a fruit fly lab,” said Ethan Bier, distinguished professor of developmental biology at UC San Diego and science director for the Tata Institute for Genetics and Society.
“About five years ago in collaboration with the laboratory of Anthony James at UC Irvine, we started transferring some of our genetic strategies into mosquitoes. We’re very fortunate that the Gates Foundation is supporting the continuation of that work.”
Bier and his colleagues, at UC San Diego and beyond, have been working on next-generation gene drive systems based on CRISPR technology. When deployed, these breakthrough technologies could potentially spread through mosquito populations in one season, either by immunizing mosquitoes against malarial parasites or acting as genetic insecticides to reduce mosquito numbers.
Former National University president heads
National Laboratory for Education Transformation
David Andrews, former president of National University in San Diego, has joined the National Laboratory for Education Transformation as its second president. He replaces founder Gordon Freedman, who established the organization as an education nonprofit focused on improving promising innovations in teaching and learning.
Andrews also serves as the chief academic officer for Versidi, a Bertelsmann Education Group company. Prior to his recent appointment with Versidi, he spent the last five years as president of National University.
At National University, Andrews established the Precision Institute, which pioneered the personalization of competency-based education through an innovative culture-changing technology and data platform. “Our goal was to reach every learner where they are and to support those learners personally to achieve their goals,” says Andrews.
Prior to National University, Andrews was dean of education at Johns Hopkins University and before that dean of education and human ecology at Ohio State University.
The National Laboratory for Education Transformation sees an important role to be played post-COVID-19 by providing students and adult learners with multiple pathways through their various educational and employment opportunities.
Kimberly Plummer appointed to California
Global Education Project Advisory Board
Kimberly Plummer, 59, of Lemon Grove, has been appointed to the California Global Education Project Advisory Board by Gov. Gavin Newsom. Plummer has been director of Product Marketing EL, ELD and Spanish for Benchmark Education Company since 2021. She held several positions at Houghton Mifflin Harcourt from 2003 to 2020, including sales strategy director and consultant manager.
Plummer was English language learner and intervention specialist at Savvas Learning Company from 2009 to 2014. She was a consultant and curriculum specialist for Language Arts and Social Studies at McGraw Hill from 2001 to 2003.
Plummer was a teacher for the San Diego Unified School District from 1984 to 2001. She earned a Master of Arts degree in Teaching and Learning from Point Loma Nazarene College. The position does not require Senate confirmation and the compensation is $100 per diem. Plummer is a Democrat.
Brett Tande named corporate senior vice
president and CFO at Scripps Health
Scripps Health has named Brett Tande as its corporate senior vice president and chief financial officer. Tande is responsible for financial planning and financial operations, which includes corporate finance, treasury, hospital and ambulatory financial operations, real estate operations, payroll, revenue cycle and all affiliated functions.
Tande will take over the role from Richard Rothberger, who will retire from Scripps May 6 after 20 years of service.
Tande comes to Scripps from Cottage Health in Santa Barbara, where he served as senior vice president of finance and chief financial officer since 2016, responsible for the core financial functions of the 125-year-old, multi-hospital system.
Prior to his work at Cottage Health, Tande served in lead finance roles at Northwestern Medicine in Chicago and Cadence Health in Winfield, Ill. Earlier in his career, Tande specialized in not-for-profit health care practices as an executive director at Morgan Stanley.
He earned a master’s degree in business administration from Northwestern University’s Kellogg School of Management as well as a bachelor’s degree in business administration from Washington University.
Greg Bisconti named life science tenant rep lead
and executive managing director at JLL
JLL announced that 28-year industry veteran Greg Bisconti has joined the firm as San Diego life science tenant rep lead and executive managing director.
Based in JLL’s San Diego office, he will specialize exclusively in working with life sciences companies on their real estate and facility needs, both regionally and globally.
He will also work with JLL leadership in expanding and enhancing a National Life Sciences Tenant Representation Group.
Bisconti joins JLL San Diego’s life sciences experts Chad Urie and Grant Schoneman, who rank among the top producing brokers in the country for the firm.
This partnership builds upon JLL’s best-in-class team focused exclusively on life sciences occupier and investor clients’ unique needs.
Prior to joining JLL, Bisconti served as vice chairman and National Life Sciences Practice Group leader at an international commercial real estate firm. He has been a regular top producer throughout his career, finishing his last year in the Top 10 globally for his prior company, and #1 in its San Diego office.
SoCalGas to start construction of electric
vehicle chargers at company locations
Southern California Gas Co., a subsidiary of San Diego-based Sempra, announced plans
to install more than 240 electric vehicle (EV) chargers this year at nine company locations. SoCalGas also pledged to install EV chargers at 67 company facilities by the end of 2024, for a total of 1,500 new chargers over the next three years.
A year ago, SoCalGas became the largest gas distribution utility in North America to set a net zero emissions target, consistent with California’s climate goals and the Paris Agreement. To help reach that goal, the company aims to replace 50 percent of its over-the-road fleet with clean fuel vehicles by 2025 and operate a 100 percent zero-emission fleet by 2035.
The company plans to purchase Ford F-150 Lightning electric trucks to be serviced by the new chargers. A full charge on one of the trucks provides a driving range of up to 300 miles. Since fleet charging typically occurs overnight, employees can charge their personal vehicles during the day to support a clean commute.
Blue Shield of California Promise
Health Plan to help build El Cajon clinic
Blue Shield of California Promise Health Plan announced a $1 million community investment to help build a new state-of-the-art cardiac care clinic in El Cajon.
The nonprofit health plan’s support will help Family Health Centers of San Diego (FHCSD) build a new urgent care and cardiac care clinic that’s expected to open by the end of the year. Family Health Centers of San Diego is the county’s largest health center system serving the region’s low-income residents.
The goal of the new clinic is to increase area residents’ access to urgent medical and cardiac care services within their community instead of relying on local hospital emergency departments.
The new urgent care clinic will expand the services already offered by Family Health Centers of San Diego’s El Cajon Family Health Center, which currently offers comprehensive primary and preventive care including complete well child and acute care, adult medicine, women’s health care, integrated behavioral health care, vision services, dental care, and physical rehabilitation.
SCORE San Diego holds tax workshop
Tax Considerations for Small Business, a SCORE San Diego workshop, will be presented on April 6 at 9 a.m. Attendance is either live, at 8825 Aero Drive, San Diego 92123, or on Zoom.
The workshop will explain federal and state income taxes for businesses, sales tax and payroll taxes. It will also explain the different income tax implications for a sole proprietorship, LLC, S Corp and C Corp. Other areas covered: business license, AB5, various income tax deductions and retirement plan options.
There are several types of taxes that businesses must pay during the calendar year. Understanding each one of these tax liabilities, being certain to meet the time requirements (and save penalty dollars!) and using all the appropriate information to determine the amount owed is critical to successfully managing your small business.
The presenter is Harry Duffield, a SCORE mentor who offers clients his experience in accounting and finance.
San Diego Housing Commission report
receives National Award of Excellence
A San Diego Housing Commission (SDHC) report that analyzed affordable housing in the City of San Diego and provided strategies to preserve affordability has been honored with a prestigious national Award of Excellence from the National Association of Housing and Redevelopment Officials (NAHRO).
“This report was an essential step toward the City Council’s adoption of strategies to preserve affordability for existing housing units throughout the City of San Diego,” SDHC President & CEO Richard C. Gentry said.
NAHRO Awards of Excellence recognize “outstanding innovation and achievement in housing and community development programs throughout the country.” Only 18 programs or projects nationwide received the award this year.
SDHC created a comprehensive database of deed-restricted affordable rental housing units citywide. With this database established, it commissioned a study to analyze the data, identify the City of San Diego’s housing preservation needs, estimate costs for addressing the challenges, and recommend a framework with strategies for policymakers to consider to achieve the necessary affordable housing preservation objectives.
San Diego Naval Base Pier 8 replacement
named one of best construction projects of 2021
San Diego Naval Base P-440 Pier 8 replacement was named one of the most significant construction projects of 2021, the Associated General Contractors of America announced. As a result, the project’s contractor, Manson Construction Co., received the association’s Construction Risk Partners Build America Award for the best new federal and heavy project and merit award for partnering excellence.
The P-440 Pier 8 Replacement project was a design-build construction contract to build a new single-deck general purpose berthing pier to replace an existing pier at Naval Base San Diego. This complex project involved concurrent demolition and reconstruction of the piers and included concrete pile driving, reinforced cast-in-place concrete, civil site work and utilities. The Manson team completed the project four and a half months ahead of schedule with minimal impact on the port or base operations, all while staying within the original budget.
Mission Hills Garden Walk set for Saturday, May 7
Inaugurated in 1999, the Mission Hills Garden Walk is an annual community event and it’s coming again on Saturday, May 7, from 10 a.m. to 4 p.m.
Each year a number of Mission Hills homeowners agree to open their beautiful yards to the community. This year, the group will be featuring nine beautiful edible gardens that align with the 2022 Garden Walk theme of homegrown.
Tickets ($30 each, kids under 10 free) will be sold in half-hour increments to assure social distancing. The money raised is used to continue the club’s Community College scholarship program and help fund neighborhood beautification projects.
Among the other details:
• Walk hours are 10 a.m. to 4 p.m. Tickets will be sold for specified start times every 30 minutes
• $30 in advance, timed entry tickets not guaranteed day of event
• Garden addresses and a map to the gardens will be provided on the day of the event at the Mission Hills Nursery
• This is a self-guided tour and is at your own pace. No pets, strollers, or walkers are allowed in the gardens. Walk is held rain or shine.
For more information, visit: missionhillsgardenclub.org/event-4732013.
