Daily Business Report: Monday, April 3, 2023
Salk Institute receives $50 million from Hess Corporation
to mitigate climate change through plant science
Hess Corporation is donating $50 million to the Salk Institute’s Campaign for Discovery: The Power of Science, a seven-year, $750 million comprehensive fundraising campaign to attract the people and build the technology and space necessary to accelerate critical research.
The gift will specifically advance Salk’s Harnessing Plants Initiative — an effort to mitigate climate change by optimizing plants and supporting wetlands to increase capture of excess atmospheric carbon — and provide vital infrastructure for this work by establishing the new Hess Center for Plant Science.
The Hess Corporation gift will be dispersed over five years to support faculty recruitment and laboratory and research operations for the Harnessing Plants Initiative, as well as to create and endow the Hess Center for Plant Science, where Harnessing Plants Initiative scientists will work within the future Joan and Irwin Jacobs Science and Technology Center building.
Salk’s Harnessing Plants Initiative is led by Professor Joanne Chory, founding director, Howard H. and Maryam R. Newman Chair in Plant Biology and Howard Hughes Medical Institute investigator, and Professor Wolfgang Busch, executive director and Hess Chair in Plant Science.
Photo credit: Paul Orr/Shutterstock.com, via Salk Institute
San Diegans David Ruben and Lilys McCoy
named to judicial posts by Gov. Gavin Newsom
San Diego Superior Court Judge David Ruben has been nominated by Gov. Gavin Newsom to serve as an associate justice on the Fourth District Court of Appeal, Division One. In a separate judicial move, Newsom appointed Lilys McCoy, a deputy city attorney in San Diego, to serve as a judge on the San Diego Superior Court.
Ruben has been a Superior Court judge since 2007. Before that he was a deputy district attorney in San Diego beginning in 1987. A Democrat, Ruben fills a vacancy created by the retirement of Justice Cynthia G. Aaron. His nomination must be approved by the Commission on Judicial Appointments. The annual compensation is $264,542,
McCoy served as a deputy city attorney since 2020. She was a program director and adjunct professor at the Thomas Jefferson School of Law from 2012 to 2019, and of counsel at Bravo Law Group from 2014 to 2019. McCoy was a shareholder and Partner at McCoy, Turnage & Robertson LLP from 2003 to 2012, an associate at Rosner, Law & Mansfield LLP from 1999 to 2003, and a sole practitioner from 1996 to 1999 and from 1992 to 1994. She fills the vacancy created by the retirement of Judge Jay M. Bloom. She is a Democrat.
San Diego’s DMJ Capital Partners acquires
Spring Valley apartments for $11.65 million
San Diego-based DMJ Capital Partners LLC has purchased an apartment project consisting of 44 units for $11.65 million. The project is located at 3827 Conrad Drive in the Casa de Oro-Mount Helix neighborhood of Spring Valley.
The apartments were built 1971 and have1 & 2-bedroom/1 & 2-bath units. The units offer open floor plans, in-unit washer and dryers, outdoor pool and BBQ area and onsite parking. 22 of the 44 units have been fully remodeled and DMJ plans to renovate the remaining units and complete a comprehensive modernization of the exterior to enhance the overall quality of the property.
DMJ Capital Partners was not represented in the transaction and the seller was represented by Taylor Kettlewell of Endeavor. Marc Iacono, wit Real Estate Capital Advisors, advised DMJ Capital Partners in sourcing the debt. Grandview Management Partners will handle the property management.
Carlsbad Village building sold for $3 million
Urban Property Group, a real estate services firm specializing in urban and coastal commercial property, managed the sale of a multi-tenant office and retail building located at 861-869 Grand Avenue in Carlsbad for $3 million. The Carlsbad Village building features a demisable commercial space on a 9,588-square-foot lot located about six blocks from the beach.
This is the first time in 40 years the building has been on the market. The buyer, a local family, plans to lease out the vacant suites and develop the property in the future.
Amy McNamara and Joe Brady of Urban Property Group represented both the seller and buyer in this transaction.
Jack McGrory reappointed to the California
State University Board of Trustees
Jack McGrory, former city manager of the City of San Diego,has been reappointed to the California State University Board of Trustees by Gov. Gavin Newsom. He has served on the board since 2018.
McGrory has been chief executive officer of La Jolla MJ Management LLC since 2009.
He was manager at the Price Group from 2001 to 2009, and was chairman and chief executive officer of the Price Legacy Corporation from 2003 to 2004.
He was San Diego city manager from 1991 to 1974.
McGrory is chairman of the Veterans Advisory Council at San Diego State University and chairman of the San Diego State University School of Public Affairs. He earned a Bachelor of Arts degree in Classics from Colgate University, a Juris Doctor degree from the University of San Diego School of Law and a Master of Public Administration degree from San Diego State University.
The position requires Senate confirmation and the compensation is $100 per diem. McGrory is a Democrat.
City of La Mesa offering DIY Energy
Saving & Sustainability Toolkits
The City of La Mesa is offering DIY Energy Saving & Sustainability Toolkits for residents to rent for free. Residents can join city officials on Wednesday, April 12, 10 a.m. to 11 a.m. for a presentation of the toolkits. The event will be held at the La Mesa Adult Enrichment Center, 8450 La Mesa Blvd.
The toolkit includes tools, free giveaways, and step-by-step instructions on adding to household energy efficiency, lowering water usage, and proper waste sorting, which contributes to the City of La Mesa’s Climate Action Plan goals. Those interested in attending the event should register online at: Cityoflamesa.us/classes or call (619) 667-1322.
Record-breaking 99.6 percent scholarship
funds awarded this year at SDSU
San Diego State University disbursed nearly every scholarship dollar available to students during the 2022-23 cycle, an accomplishment that has university officials looking to repeat during the upcoming school year when $6 million in aid will be available to enrolled students. The Aztec Scholarship portal, launched three years ago to streamline the once-arduous process of searching and applying for scholarships, is credited with helping with the disbursement of the record 99.6 percent of available scholarship funds. The portal allows students to fill out a single application to apply for all SDSU scholarships.
Realty Income publishes third
annual sustainability report
SAN DIEGO —Realty Income Corporation has published its third annual Sustainability Report which covers its 2022 environmental, social and governance initiatives and progress. The report is prepared in accordance with the GRI Standards and built to align with other disclosure efforts, investor feedback, annual ratings and rankings submissions, and the United Nations Sustainable Development Goals. The 2022 Sustainability report is available on Realty Income’s website at: esg.realtyincom.com.
MedImpact earns URAC accreditation
SAN DIEGO — MedImpact, the independent pharmacy benefit manager and health solutions company, has earned URAC accreditation for pharmacy benefit management — scoring 100 percent across all 10 modules of quality standards. URAC is known in the industry as the independent leader in promoting health care quality by setting high standards for clinical practice, consumer protections, performance measurement, operations infrastructure, and risk management. According to URAC, the accreditation demonstrates MedImpact’s commitment to quality care, enhanced processes, patient safety, and improved outcomes.
USD awarded pro-bono consulting
in support of campus climate efforts
The University of San Diego is one of nine colleges and universities recently awarded pro bono consulting in support of its sustainability efforts on campus. Second Nature, a nonprofit focused on accelerating climate action in higher education, announced the award winners last week. Through this initiative, advisory support worth up to $20,000 will be given to winning campuses at no cost. Consulting will center on three specific topics: climate action planning, shifting to renewable power and water resiliency strategy. USD was one of three schools granted the award in the water resiliency strategy.
The Forum Carlsbad stages Spring Art & Wine Walk
CARLSBAD — The Forum Carlsbad, an outdoor lifestyle shopping center operated by Northwood Retail, will stage the Art & Wine Walk on Saturday, April 15, from 3 to 7 p.m. Throughout the free event, guests can stroll the center to view artwork from visiting and local artists in participating shops and restaurants. Attendees are also welcome to stop in the Garden Area near YETI and allbirds for a special wine tasting presented by Jimbo’s and live acoustic music from Paul Lemire.
ICW Group receives 2023 Celent Model Insurer Award
SAN DIEGO — ICW Group Insurance Companies, a leading group of property and casualty carriers, has been awarded the prestigious 2023 Celent Model Insurer Award for its digital foundation through data modernization project, which transformed the company’s legacy systems to reduce costs, increase efficiencies and support business expansion and diversification. The project set out to achieve a series of objectives, including building the framework that supports ICW Group’s growth as a multi-line carrier.
Wounded Warrior Homes opens first house
for female veterans in North County
ESCONDIDO —Local nonprofit Wounded Warrior Homes has opened its first house for female veterans in North County as a pilot program. WWH has been serving male veterans with transitional housing for 11 years in San Diego County; now they have begun a pilot program to also serve women veterans with post-traumatic stress (PTS) and traumatic brain injury. Currently, they have one female veteran already moved in and are looking to house an additional two to three women veterans as soon as needed repairs are completed. The nonprofit is seeking the community’s support to help them fully open the house by making needed repairs. Specific requests include a need for fence repair, irrigation repair, landscaping, and interior painting.
J. Walcher Communications adds three new clients
SAN DIEGO — J. Walcher Communications announced the addition of three new clients — Comic-Con Museum, San Diego Regional Policy & Innovation Center and Monarch School Project. The Comic-Con Museum showcases comics and popular arts. Monarch School is the only comprehensive public K-12 school in the country devoted to homelessness. The Regional Policy & Innovation Center is a partnership between San Diego Foundation, County of San Diego, and the Brookings Institution.
