Daily Business Report: Wednesday, May 11, 2022
San Diego County single-family home
median price hits $1 million mark
For the first time, the median price of a single-family home in San Diego County reached $1 million in April, according to resale housing statistics compiled through the San Diego Multiple Listing Service by the Greater San Diego Association of Realtors.
The significance of the median price is that half of the homes sold in April sold for over $1 million, and half sold for less. The milestone reflects an increase in the price of single-family (detached) homes of about 2-and-a-half percent from March, and more than 19 percent over April of 2021. Attached properties (condominiums and townhomes) saw a nearly 3 percent price increase month to month, and nearly 25 percent over a year ago, setting the median price at $660,500.
Sales of previously owned single-family homes were down in April, just under 3 percent from March, and were 18 percent below the April 2022 sales numbers. Condos and townhomes were about 8 percent lower in April compared to March, and 27 percent lower than sales in April of last year. Overall, the number of resale homes on the market is down about 23 percent from a year ago.
The most expensive single-family property sold in San Diego County in April was a 6-plus-acre estate in Rancho Santa Fe with cascading waterfalls, expansive pool and spa, two guest houses, and volleyball, tennis, and basketball courts. The seven-bedroom, 12-bath home, built in 1998, has more than 18,000 square feet in a gated compound on La Valle Plateada and sold for $16.5 million.
Sorrento Mesa area to host new multiple life science projects
starting with 116,000-square-foot Vista Sorrento Labs
Trammell Crow Company and CBRE Investment Management have announced plans to build a 116,000-square-foot life science development in Sorrento Mesa that will be the first of multiple life science projects that will be added to the area. The partnership plans to begin demolition of the existing building at 10251 Vista Sorrento Parkway and break ground on Vista Sorrento Labs in the fourth quarter of 2022.
Chris Tipre of Trammell Crow said the multiple construction project will add about 700,000 square feet of much needed life science space.
“The life science sector remains a key component of our investment strategy for our client given the intense demand for quality lab and research spaces amid the global pandemic,” said Nathan Zinn, portfolio manager for CBRE Investment Management. “We believe that the location of this development – in one of the top three life science markets in the U.S – combined with our partnership with TCC will generate strong long-term performance.”
Plans for Vista Sorrento Labs include lab, clean room and office space, on-site chemical storage, EV charging stations, a high-end fitness center with showers and locker rooms, indoor and outdoor conference rooms, lounge, bike storage, solar panels, LEED certification, and a combination of surface and structured parking.
Cuyamaca College alum awarded
prestigious aerospace fellowship
A student who once struggled to find her academic footing is now looking toward a Ph.D. and a future in space exploration.
Cuyamaca College alumna and former staff member Monica Namo is one of just 51 recipients worldwide of a prestigious 2022 Brooke Owens Fellowship.
Namo is currently earning her second bachelor’s degree.
The coveted opportunity includes a summer internship and mentorship program for undergraduate women seeking careers in aviation or aerospace technology.
The fellowship was created in 2017 in the memory of Dawn Brooke Owens, an American pilot and space policy expert who worked with NASA, the Federal Aviation Administration and the White House.
Namo was selected out of a pool of more than 1,000 applicants after a rigorous selection process that included interviews with dozens of leading aerospace employers.
Participants in the program, nicknamed “Brookies,” are selected based on their community commitment, creative abilities, record of leadership and desire to pursue a career in aerospace.
Namo will begin a 12-week paid internship at BryceTech, an analytics and engineering firm in Alexandria, Virginia, at the end of the month.
“My aspirations are to continue in my studies toward a Ph.D. in applied mathematics, which I then want to use in the area of research in the aerospace field,” she said.
UC San Diego biological sciences professors
elected to National Academy of Sciences
by Mario Aguilera
Two researchers from the University of California San Diego’s School of Biological Sciences have been elected to the National Academy of Sciences , one of the highest honors bestowed upon U.S. scientists and engineers. They are Neurobiologist Yishi Jin and molecular biologist James T. Kadonaga.
Jin and Kadonaga will be formally inducted next year during NAS’s annual meeting.
Jin is a distinguished professor in the Department of Neurobiology and Department of Cellular and Molecular Medicine. She holds the Junior Seau Foundation Endowed Chair in Traumatic Brain Injury. Her research probes the molecular and cellular mechanisms underlying the development and function of the nervous system.
Kadonaga, a distinguished professor in the Department of Molecular Biology, is the Amylin Endowed Chair in Lifesciences Education and Research. His laboratory explores the mechanisms underlying the expression and regulation of our genes, a vital process at the root of many human diseases. His research includes the study of gene transcription and chromatin dynamics, which remain largely undiscovered areas of biology.
Amelia Sanchez elevated to partner at
Crosbie Gliner Schiffman Southard & Swanson
Amelia Sanchez has been promoted to partner at Crosbie Gliner Schiffman Southard & Swanson LLP, a commercial real estate law firm in San Diego.
She joined the firm as senior counsel in 2015 and will continue to work in its San Diego offices.
The promotion is part of the firm’s new plan for continued strategic growth. “Over the coming weeks, we will be announcing key additions to our existing roster of 20 best-in-class lawyers and paralegals in both our San Diego and LA offices as well as adding expanded practice areas,” said SeanSouthard, a founding partner of the firm. “Amelia is a key part of CGS3’s forward-thinking business model and talented legal team…”
With over 20 years of commercial real estate and transactional experience, Sanchez has successfully represented national, regional and local companies in all asset categories.
Prior to joining CGS3, she was senior legal counsel for Cricket Communications in San Diego.
She also worked at Newland Communities and Sheppard Mullin Richter & Hampton representing commercial real estate clients.
Meb Keflezighi to deliver keynote address
at National University commencement
Boston and New York Marathon winner Meb Keflezighi – who competed for the United States in four separate Olympics – will deliver the keynote address at the May 13 Commencement Ceremony for National City.
The 2022 National University Commencement Ceremony is set for 2 p.m. on Friday, May 13, at Petco Park in Downtown San Diego. More than 5,000 students from throughout the country will earn their degrees, with about 2,300 of them on hand Friday to walk across the stage and receive certificates, bachelor’s, master’s, and doctoral degrees. They will be cheered on by 17,000 friends and family in the stands at the ballpark. Following the ceremony, the graduates, their guests, and the National University community will be treated to a private concert and fireworks show.
Keflezighi, whose story of perseverance resonates with athletes and non-athletes alike, grew up in San Diego after his family escaped war, famine, and drought in Eritrea, Africa.
General Atomics to develop
short takeoff and landing-capable drone
To further extend the versatility of its MQ-9B line of Remotely Piloted Aircraft, General Atomics Aeronautical Systems Inc. said that it will begin developing a short takeoff and landing (STOL)-capable MQ-9B aircraft, which includes the SkyGuardian and SeaGuardian models.
General Atomics said it is taking on this revolutionary engineering effort to meet an evolving operational environment in contested expeditionary environments.
General Atomics began STOL development in 2017 as part of its Mojave initiative. STOL capability was initially flown on a modified Gray Eagle Extended Range platform in 2021, but now the company will begin developing STOL on the MQ-9B, a platform already selected by the Royal Air Force, the Belgium Ministry of Defence and the Japan Coast Guard.
The MQ-9B STOL configuration will consist of an optional wing and tail kit that can be installed in less than a day. The core aircraft and its sub-systems remain the same. Operators can perform the modification in a hangar or on a flight line, delivering a capability that otherwise would require the purchase of a whole new aircraft.
Redesigned Del Mar Beach Hotel to open in June
After undergoing a multimillion-dollar redesign, Del Mar’s only hotel on the beach has been transformed into Del Mar Beach Hotel, set to debut in June 2022. The California coastal boutique hotel boasts 46 guest rooms and suites, as well as two residences, all close to Del Mar Village. The property is managed by Azul Hospitality Group, a San Diego-based hospitality management company. Interior design firm Parisi Portfolio oversaw the redesign.
The rooms feature the hues of warm beiges and sand with blue accent colors, seamlessly blending with the sky and nearby water. The hotel’s art is curated by national artists, paying homage to Del Mar’s storied history and community, as well as the beachfront environment
Del Mar Beach Hotel’s two residences, named The Beach House and The Bungalow, provide guests with all of the comforts of home. The remodeled 1,600-square-foot, three-bedroom Beach House can accommodate up to eight people. The one bedroom Bungalow can accommodate up to six people and features a professional kitchen with a Viking range, SubZero refrigerator; a 40-bottle wine fridge; espresso machine; coffeemaker; microwave; and dishwasher.
SDG&E’s digital tool named a Fast Company
2022 World Changing Idea list
A digital tool developed by San Diego Gas & Electric to help reduce its fleet vehicle emissions in communities disproportionately impacted by pollution and climate change was named to Fast Company’s 2022 World Changing Ideas list, a program honoring technology and innovations that tackle social inequality, climate change and public health crises.
The company’s Community Impact Platform, developed in conjunction with Accenture, received honorable mentions in the categories of Artificial Intelligence & Data, Climate and Large Employer, and was named a finalist in the Enduring Impact business category. It will be featured in the magazine’s May 10 issue.
Recognizing transportation is the single largest source of greenhouse gas emissions, the Community Impact Platform overlays advanced fleet GPS and vehicle data with socioeconomic data to model different scenarios of vehicle replacement to help reduce emissions in vulnerable communities.
ZeaKal and Perdue AgriBusiness partner
to raise more sustainable poultry
Illustrating a shared commitment to improve the value and sustainability of food production, San Diego-based ZeaKal and Perdue AgriBusiness announced a multi-year development agreement to raise more sustainable poultry through improved soy genetics and feed quality.
ZeaKal’s PhotoSeed trait technology increases photosynthetic capacity, converting more carbon dioxide and sunlight into energy for the plant. In soybeans, this has consistently resulted in improved oil and protein content while improving the sustainability index of the crop. As the main protein source in poultry feed, U.S. farmers and food companies have been eager to secure access to higher value soy.
Based on year-over-year results, this novel trait technology continues to uniquely demonstrate improved seed composition without compromising yield. During the 2021 growing season, leading PhotoSeed soybean events increased oil composition by 12 percent while increasing protein by one point.
JMI Equity opens Washington, D.C. office
JMI Equity, a growth equity firm with offices in San Diego and Baltimore, focused on announced the opening of a new office in Washington, D.C. Located in the CityCenter neighborhood, the new office expands JMI’s presence on the East Coast in a vibrant innovation hub and investment community, which is already home to an extensive ecosystem of former and current JMI portfolio companies.
Similar to JMI’s existing offices in Baltimore and San Diego, the D.C. office will focus on identifying and partnering with exceptional management teams of fast-growing software companies to drive sustained long-term growth. With several current portfolio companies in the D.C. metropolitan area – including ChurnZero, Employee Navigator, Level Access, Higher Logic, and Unanet – the JMI team will be able to work even more closely with management teams to create strong, sustainable businesses that provide jobs and other opportunities to people throughout the region and beyond.
