Daily Business Report: June 7, 2024
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Decron Properties acquires Mira Mesa Market
West Shopping Center for $99 million
Mira Mesa Market West Shopping Center, a 238,747-square-foot property at 10604 Westview Parkway in Mira Mesa, has been acquired for $99 million by Decron Properties
The seller was Stockbridge Capital Group.
The center is anchored by Home Depot, Smart & Final, and CVS. Each of the store’s rank within the top 10 percent of their chain, nationwide. The remaining tenants are a mix of high-performing credit tenants that include Dave’s Hot Chicken, Rubio’s Baja Grill, Starbucks, Jersey Mikes, Verizon Wireless, PNC, and Lazy Dog restaurant.
Mira Mesa Market West is the second significant real estate acquisition for Decron in the San Diego market in the last six months. In December, the firm acquired Margo at The Society, a 240-unit, luxury multifamily community located just off Hotel Circle in San Diego for $125.5 million.
Mira Mesa Market West is the second significant real estate acquisition for Decron in the San Diego market in the last six months. In December, the firm acquired Margo at The Society, a 240-unit, luxury multifamily community located just off Hotel Circle in San Diego for $125.5 million.
Top photo: Mira Mesa Market West Shopping Center
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The Mission mixed-use property on
Mission Boulevard acquired by Olson Steel
Olson Steel has purchased The Mission, a 4,284-square-foot mixed use property at 3795 Mission Blvd. in San Diego, for $3.8 million, or $935 per square foot. Pacifica Companies was the seller.
The landmark building is known for its extremely popular Mission Café. The property offers one (1) three-bedroom/two-bath apartments, two (2) one-bedroom/one-bath apartments and one commercial space. The property has fully renovated residential units and building exterior and also benefits from annual leases and a 10-year restaurant lease.
“The seller had a two-year rehabilitation and exit plan successfully executed. Six offers were generated, all of which were out-of-town 1031 exchange investors,” shared Conor Brennan, senior vice president investments in Marcus & Millichap’s San Diego Downtown office. “The buyer exchanged into the building from a building in San Francisco.
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Commentary
California seeks more resilient water
supply as familiar sides battle for access
By Dan Walters | CalMatters
California is a semi-arid state in which the availability of water determines land use, and in turn shapes the economy.
That, in a nutshell, explains why Californians have been jousting over water for the state’s entire 174-year history.
The decades of what some have dubbed “water wars” may be approaching a climactic point as climate change, economic evolution, stagnant population growth and environmental consciousness compel decisions on California’s water future.
A new study, conducted by researchers at three University of California campuses, projects that a combination of factors will reduce California’s water supply by up to 9 million acre-feet a year – roughly the equivalent of all non-agricultural human use. They include effects of climate change, new regulations to stem the overdraft of underground water, reducing Colorado River diversions and increasing environmental flows, especially those through the Sacramento-San Joaquin Delta.
In an average year, around 200 million acre-feet of water fall on the state as rain or snow. Evaporation and percolation take most of it, leaving about 80 million acre-feet to be divvied up among three major uses. Agricultural irrigation and environmental flows to the ocean are roughly equal at around 35 million acre-feet while residential, commercial and industrial users take the remainder.
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Jenny Cho appointed to a top post in California
Department of Housing and Community Development
Jenny Cho, of Carlsbad, has been appointed Deputy Director, Division of Financial Assistance, Federal Programs, in the California Department of Housing and Community Development by Gov. Gavin Newsom. Cho has been Assistant Deputy Director of Federal Relief and Recovery at the California Department of Housing and Community Development since 2022. She was Director of Real Estate Division Administration and Optimization at the San Diego Housing Commission from 2020 to 2022. Cho was a Real Estate Optimization and Special Initiatives Manager at the San Diego Housing Commission from 2018 to 2020 and a Housing Programs Analyst there in 2018. Cho was a Data Analyst for the City of Hamilton on the Early Years Research Team, Performance Planning and Evaluation from 2015 to 2016. She was a Coordinator of Immigration Strategy for the City of Hamilton from 2013 to 2015. This position does not require Senate confirmation and the compensation is $170,400. Cho is a Democrat.
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Old Point Loma Lighthouse was closed Wednesday for restoration work
The Old Point Loma Lighthouse at Cabrillo National Monument will close June 5 through the end of August for restoration work. The exterior restoration, including removing failing paint, repairing masonry and metal features, and fabricating and installing replacement window sashes, will protect the structural integrity of the building and preserve it for future visitors.
Constructed in 1855, the Old Point Loma Lighthouse is an icon of local maritime history. It gives visitors a glimpse into the life of a lighthouse keeper as well as the workings of the light. The National Park Service’s Historic Preservation Crew will carry out the project to preserve the lighthouse.
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County signs agreement to transition families in hotels to long-term solutions
The County of San Diego, the City of San Diego’s Housing Commission, and the National City Housing Authority have agreed on plans to help residents affected by the January storms to transition out of the County’s Emergency Temporary Lodging Program to longer-term housing solutions. The Emergency Temporary Lodging program was created to bridge the gap for those affected by the January floods to receive federal support and help those residents return to their homes. Nearly 500 households, or more than 1,500 people, are currently supported by the county program.
Cymbiotika introduces Nootropic Creamer
Cymbiotika, a leading wellness brand known for its innovative and high-quality supplements, announced the launch of its latest product: the Nootropic Creamer. This groundbreaking addition to Cymbiotika’s product line is designed to support cognitive function, boost mental clarity, and nourish the brain with every sip. Cymbiotika’s Nootropic Creamer is a unique blend of carefully selected ingredients, including nootropics and essential nutrients. This powerful combination works synergistically to support brain health, improve focus, and provide sustained energy throughout the day.
Halozyme announces issuance of new European patent for ENHANZE
Halozyme Therapeutics Inc. announced the grant of European Patent No. 4269578, covering the ENHANZE rHuPH20 product obtained from Halozyme’s ENHANZE manufacturing methods that the company provides to its current and future licensees. The new patent is licensed under all of Halozyme’s ENHANZE licenses. It will be validated in 37 European countries and expires on March 6, 2029. Halozyme is headquartered in San Diego and has offices in Ewing, NJ and Minnetonka, MN.
The Retirement Planning Group acquires $225 million Lee Financial Group Hawaii
Cetera Holdings, the holding company of Cetera Financial Group, the premier financial advisor Wealth Hub, announced that Cetera’s employee-based RIA, The Retirement Planning Group (TRPG), has acquired Lee Financial Group Hawaii (Lee Financial). With approximately $225 million in assets under management, as of March 31, 2024, Lee Financial delivers wide-ranging investment management and financial planning services to clients in Hawaii and beyond.
SeaWorld celebrates World Oceans Day with a free gift for park guests
SeaWorld is celebrating World Oceans Day with a free gift for parks guests while supplies last. Celebrating at SeaWorld lets guests become part of the cause for marine life conservation all year long as a portion of proceeds from the parks goes toward animal rescue and conservation. To honor the importance of conserving the world’s oceans and animals, SeaWorld is offering free reusable, wheat-based utensil sets to the first 1,000 guests who enter each of its Orlando, San Antonio and San Diegoparks on June 8.
Syngene launches platform for rapid, enhanced protein production
Syngene International Ltd., a leading global contract research, development and manufacturing organization (CRDMO), announced the launch of its new protein production platform. The platform, using a cell line and transposon-based technology in-licensed from Swiss biotech services company, ExcellGene, coupled with Syngene’s clone selection and development processes, promises significant improvement in efficiency and precision.
New headache medicine research to be presented at Headache Society meeting
The American Headache Society (AHS) will host its 2024 Annual Scientific Meeting on June 13-16. Attendees can participate in-person or virtually, gaining evidence-based information on diagnosing, managing, and treating headache disorders. Register for the meeting here.
The keynote session will be on Artificial Intelligence (AI) in research and its clinical applications to headache medicine. More than 300 abstracts will be presented in preclinical science, epidemiology, diagnosis, and treatment.
Pickleball fundraiser set for June 29
Pickleball enthusiasts, from beginners to advanced, are invited to “Paddle with a Purpose” Saturday, June 29, 5 to 8 p.m. at The HUB Pickleball Club (9545 Campo Road) in Spring Valley. Tickets to the event are $75 per person. The fundraising event is hosted by Resounding Joy, a San Diego-based nonprofit, uniting the community through sport to further the cause of healing through music therapy. From children facing health challenges, to veterans transitioning to civilian life, to seniors with memory issues – Resounding Joy’s music therapy programs make a difference.
NOAA Fisheries to protect turtles
NOAA Fisheries announced that they’re closing the Pacific Loggerhead Conservation Area in Southern California to drift gillnet fishing this season, to protect loggerhead sea turtles. “I’m so relieved endangered loggerhead sea turtles will get this crucial reprieve from entangling fishing nets while they search for food off Southern California,” said Catherine Kilduff, a senior attorney at the Center for Biological Diversity. “Loggerheads already face warming waters and changing habitat in their struggle to survive, and they don’t need the added threat of a deadly fishing net maze.”
Liberty Station’s new festival: Anchored in Wellness Day on June 29
Introducing Liberty Station’s new festival: Anchored in Wellness, a day of movement and mindfulness. The event will take place in Ingram Plaza, 2640 Cushing Road, on Saturday, June 29 from 9 a.m.-3 p.m. There will be an area for movement (Pilates, yoga, and, boot camp classes) and an area for mindfulness (meditation, a sound bath, and breathwork). Cost is $30. There will be a vendor booth area with two stages for classes, ice baths, contest giveaways, a wine and beer garden, and experiential activations throughout the event.
