Daily Business Report: Dec. 13, 2023
Mission Valley luxury apartments
acquired by Los Angeles firm
sdnews.com
Decron Properties has acquired Margo at The Society, a 240-unit, luxury multifamily community located just off Hotel Circle in San Diego, CA for $125.5 million.
This is Decron’s second acquisition in the San Diego market but its first since 2015 when they acquired The Avenue at Carlsbad, a 450-unit apartment complex in Carlsbad for $112 million. The Los Angeles-based real estate investment, development and management firm is looking to acquire 500 – 1,000 additional units in San Diego County over the course of the next 24 months.
Located at 201 Del Sol Drive, Margo at The Society is part of a mixed-use development that includes four multifamily communities, surrounded by a variety of hotel, retail, restaurant, and entertainment options. It is comprised of one-, two- and three-bedroom floor plans. Community amenities include a resort-style pool area, a state-of-the-art fitness center and common area lounges and meeting rooms. The property sits adjacent to the 8 freeway in Mission Valley.
Photo: Margo at The Society development in Mission Valley.
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UC San Diego Health completes $200 million
acquisition of Alvarado Hospital Medical Center
On Dec.11, UC San Diego Health successfully completed the purchase of Alvarado Hospital Medical Center from Prime Healthcare for $200 million. The acquisition of the 302-bed medical facility greatly expands the university’s growing network of clinics and hospitals.
Re-named UC San Diego Health East Campus Medical Center, the facility is located at 6655 Alvarado Road, and offers a new emergency department, remodeled intensive care unit, and expanded behavioral health services which UC San Diego Health will continue to grow.
One of the first areas of focus at UC San Diego Health East Campus will be the expansion of behavioral health services and a dedicated behavioral health patient care tower, in future collaboration with the County of San Diego.
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Analyst predicts $68 billion California budget deficit
By Alexei Koseff | CalMatters
With tax revenues in a free fall comparable to the Great Recession and the dot-com bust, California faces a projected $68 billion budget deficit next year that will require spending cuts and reserve funds to close, state finance officials said.
The new estimate from the nonpartisan Legislative Analyst’s Office, released as Gov. Gavin Newsom finalizes his January budget proposal, reflects a substantially delayed tax-filing period this fall where collections came in far below what lawmakers expected when they adopted a spending plan over the summer.
This projected deficit would be a record for California. But officials noted that it is partly because the budget has grown so much in recent years — the most recent was more than $300 billion — and that the state has closed similar or worse spending gaps, by percentage, in the past.
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$25 million gift to UC San Diego establishes
the McGrath Outpatient Pavilion
By Jade Griffin | UC San Diego
The San Diego-based McGrath Family Foundation has pledged $25 million to support the new outpatient pavilion at UC San Diego Health – Hillcrest Medical Campus, slated to open in 2025. In recognition of the gift, the facility will be named the McGrath Family Foundation Outpatient Pavilion, commonly known as the McGrath Outpatient Pavilion.
The 6-floor, 250,000-square-foot McGrath Outpatient Pavilion will house specialty clinical programs, including oncology, neurosurgery, urology, ear nose and throat, and orthopedics, as well as outpatient surgery operating rooms, endoscopy procedure rooms, advanced imaging, infusion and radiation oncology.
The McGrath Outpatient Pavilion will address the growing demand for specialized diagnostic, treatment and surgical services. It will offer significant new space for multispecialty cancer clinics and infusion centers, allowing UC San Diego Health, and Moores Cancer Center, to greatly expand access to the region’s only National Cancer Institute-designated Comprehensive Cancer Center.
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Similarity between vitamin B12 loss and multiple sclerosis revealed
For decades, scientists have noted an intriguing similarity between a deficiency in vitamin B12 – an essential nutrient that supports healthy development and functioning of the central nervous system (CNS) – and multiple sclerosis (MS), a chronic disease in which the body’s immune system attacks the CNS and which can produce neurodegeneration.
Both vitamin B12 (also known as cobalamin) deficiency and MS produce similar neurological symptoms, including numbness or tingling in hands and feet, vision loss, difficulty walking or speaking normally and cognitive dysfunction, such as problems with memory.
In a new study, published online December 8, 2023 in Cell Reports, researchers at Sanford Burnham Prebys, with collaborators elsewhere, describe a novel molecular link between vitamin B12 and MS that takes place in astrocytes – important non-neuronal glial cells in the brain.
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Wildfire Systems’ rewards platform drives
nearly $600 million online purchases in 2023
Wildfire Systems Inc., an innovative financial technology platform that powers white label loyalty programs, announced that consumers initiated more than 50 million online shopping journeys on its platform in 2023, leading to nearly $600 million in e-commerce sales. Wildfire exceeded company growth projections, attributing its rapid expansion to establishing new partnerships with financial services providers looking to add new revenue streams and additional value added services and benefits for their customers as they seek relief from rising prices.
Redfin extends new agent pay plan in Southern California
Redfin announced it is expanding its new agent compensation plan to San Diego and Orange County. Under the new plan, rebranded to Redfin Next, agents earn competitive splits as high as 75 percent, have virtually all business expenses covered, and get technology, support, benefits and customer introductions from Redfin.com, the #1 brokerage site in the United States. Redfin originally announced the plan in San Francisco and Los Angeles in late October.
Zafrens launches with $23 million in financing
Zafrens, a multi-modality drug discovery company, announced the close of $23 million in financing led by Prime Movers Lab with participation from BlueYard Capital, KOFA Healthcare, Global Brains, FoundersX Ventures, Alix Ventures, Possible Ventures, Iaso Ventures, Hawktail, and other investors. The financing will be used to optimize breakthrough applications of the company’s Z-Screen platform and advance an internal pipeline.
Poll workers needed for March 5 Presidential Primary
Poll workers, especially those who are bilingual in any one of 10 specific languages, are needed for the March 5 Presidential Primary Election. The Registrar’s office is required by federal law to provide bilingual speakers and voting materials to voters who speak Spanish, Filipino, Vietnamese and Chinese. In addition, state and county requirements show a need for Arabic, Japanese, Korean, Laotian, Somali and Persian (Farsi and Dari) speakers at select vote centers across the county.
S.D. Zoo Wildlife Alliance adds Adam Day and Kenji Price to board of trustees
San Diego Zoo Wildlife Alliance will welcome two new members to its Board of Trustees next month with the appointment of Adam Day, chief administrative officer for the Sycuan Band of the Kumeyaay Nation, and Kenji M. Price, managing counsel at Epic Games Inc. Starting their tenure on Jan. 1, Day and Price aim to add extensive expertise to the board and further the nonprofit conservation organization’s mission of global wildlife conservation.
My Point Credit Union named Corporate Philanthropy of the Year
MyPoint Credit Union, a leading financial institution dedicated to serving the community, announced its receipt of the Corporate Philanthropy Award from the North County Philanthropy Council on Nov. 3. This prestigious recognition reflects the organization’s exceptional commitment to community development and financial literacy education. The award underscores the collective efforts of the dedicated team at MyPoint Credit Union, highlighting its success in making a meaningful impact in our community.
The NAMM Foundation announces $477,500 in grants
The NAMM Foundation in Carlsbad has awarded a total of $477,500 to 24 music organizations from around the world. The annual grants from NAMM Foundation reflect the generosity of all NAMM members and private donors and their ongoing support for the industry’s annual gathering at The NAMM Show. Since 1994, The NAMM Foundation and the NAMM market development department have reinvested well over $200 million.
Nuvve continues scaling effort
in Japanese stationary battery segment
Nuvve Holding Corp., a global cleantech company electrifying the planet through its intelligent energy platform, along with Toyota Tsusho Corporation and Japans Chubu Electric Power Miraiz Company are expanding their existing commercial agreement with the addition of a new stationary, vehicle-to-grid capable lithium-ion batteries located in Japan to provide additional capacity, ancillary power and stabilizing services to the grid.
CV Sciences acquires Cultured Foods
CV Sciences Inc., a consumer wellness company specializing in hemp extracts and other natural ingredients and products, has purchased Cultured Foods, a leading manufacturer and distributor of alternative plant-based vegan foods. Cultured Foods produces a variety of curated plant-based products, currently sold in 15 different European countries, with its base of operations in Warsaw, Poland.
CIBC Innovation Banking provides growth finanding to CourseKey
CIBC Innovation Banking announced that it has provided Senior Credit Facilities to CourseKey, a leading student success and retention platform for trade and vocational education programs. CourseKey’s student-driven, mobile-first approach helps more students get from day one to graduation day. The platform supports both students and vocational educators by collecting timely and accurate data from every learning environment.
