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 San Diego REAL ESTATE BUSINESS ZipRealty’s survey of San Diego’s hottest and coldest neighborhoods in terms of the asking price versus sales price of a home in the fourth quarter turned up some surprising results. The five neighborhoods (by ZIP code) where the sales prices exceeded the asking price were Lemon Grove (91945) at 101.39 percent of the asking price, Chula Vista (91915) at 101.34 percent, Mira Mesa (92126) at 101.2 percent, Oceanside (92058) at 100.7 percent and Encanto (92114) 100.59 percent. The five neighborhoods where sellers had to come down the most in price were Carmel Valley (92130) where sellers settled on 95.07 percent of the asking price, Valley Center (92082) at 95.03 percent, Pacific Beach (92109) at 94.26 percent, La Jolla (92037) at 93.33 percent and Coronado (92118) at 92.31 percent. The survey by the popular Website -- http://www.ziprealty.com -- showed that in Southern California homes in Chino Hills were selling at the highest premium, 116.79 percent, while those in Calabasas were seeing the biggest discounts, 82.85 percent from asking price. *** Jones Lang LaSalle, a global real estate services company, and KPMG LLP have signed long-term leases for office space in La Jolla Commons, the 13-story, 300,000-square-foot office tower that recently opened in University Towne Centre. Jones Lang La Salle reserved 15,000 square feet and KPMG, an audit, tax and advisory company, reserved 28,710 square feet of office space. The value and length of the leases were not disclosed. La Jolla Commons is owned by a joint venture between Hines and TIAA-CREF, a national financial services company. Jones Lang La Salle will move from its current offices in Del Mar Heights and UTC to La Jolla Commons in June. It will occupy the tower’s fourth floor with U.S. Bank and Paul Hastings. Lynn LaChapelle and Bill Fleck of Jones Lang LaSalle represented their company in lease negotiations. Hines was represented by Rick Reeder, David Odmark and Brett Ward of Grubb & Ellis|BRE Commercial, the leasing team for the project. By the end of July, KPMG will relocate from Downtown offices to La Jolla Commons, where it will occupy the tower’s fifth and sixth floors. Ken Boland, Kevin Bender and Herb Hafter of CB Richard Ellis represented KPMG in lease negotiations. Hines was represented by Reeder, Odmark and Ward. The building is Gold certified in Leadership and Energy and Environmental Design (LEED). It was designed by DMJM Architects. San Diego MERGERS-ACQUISITIONS Kelly Capital, a San Diego-based private equity fund, is acquiring Earl Scheib Inc., the nationwide operator of 85 automotive paint and collision repair shops located in 77 cities throughout the United States. Under a merger agreement, Kelly Capital will acquire all of the issued and outstanding shares of the common stock of Earl Scheib for $2 per share in cash. The agreed acquisition price reflects a 567 percent premium over the last closing price of Earl Scheib’s common stock on Wednesday. The transaction is valued at $8 million. The transaction is expected to close by April 15.
"In March of 2008 we began the formal process of exploring strategic alternatives with the assistance of our financial adviser," Christian Bement, president and CEO of Earl Scheib, said in a statement. "The sole focus of our process was the enhancement of stockholder value. This merger is the culmination of that process in which we explored a wide range of strategic and financial alternatives. It is our firm belief that this transaction provides the best possible alternative for our stockholders, while at the same time preserving the Earl Scheib name and operation." "Earl Scheib is the longest running and largest company owned operator in the automotive painting industry and the most recognized name in the market," says Michael Kelly, CEO of Kelly Capital. "We are excited about the opportunities that this transaction will afford both Kelly Capital as well as Earl Scheib Inc." GOING GREEN WITH THE MILITARY Here is your chance to join with San Diego Metropolitan magazine’s March 2009 COVER STORY celebrating the U.S. Navy and U.S. Marine Corps extraordinary commitment to green and sustainable development. San Diego BIOTECH BUSINESS San Diego-based HUYA Bioscience International announced a partnership agreement with the Beijing Institute of Materia Medica (BIMM), the Chinese Academy of Medical Sciences and Peking Union Medical College that grants it the opportunity to collaborate on pre-clinical afety and clinical trial protocols. The agreement also provides HUYA with the right of first review and negotiation for the licensing and development of certain new compounds owned or controlled by BIMM, including drugs in discovery and development for use in the areas of cardiology, endocrinology, oncology, immunology, hematology, neuroscience and anti-infectives. Mireille Gingras, CEO of HUYA, says the agreement represents one of the first official collaborations between a U.S. and a Chinese institution to co-develop multiple pharmaceuticals on an ongoing basis. "HUYA is highly experienced and uniquely positioned in China to leverage the emerging biotech industry through strong collaborations," says Gingras. "This is the culmination of years of relationship-building and exchange of knowledge between HUYA and BIMM. *** A special screening of "The Accidental Advocate," a 90-minute documentary that addresses the stem cell debate, will be offered Feb. 23 at 7:30 p.m. in the Irwin M. Jacobs Qualcomm Hall. "This is a powerful, provocative film meant to raise awareness and educate about the promise of stem cells. It both inspires and compels change," says Louis Coffman, v.p. of the Sanford Consortium for Regenerative Medicine, one of the sponsors of the screening. "The Accidental Advocate" is a personal journey of a father, who becomes quadriplegic after a bicycle accident, and his daughter, a former Dateline NBC producer, to understand the promise of stem cell research and why a political quagmire is stalling a cure. Together they track down scientists, religious leaders and political proponents and opponents on a wheelchair odyssey which takes them through the laboratories of stem cell researchers all the way to Congress and the White House. The screening is a part of a national campaign to keep the issue fresh in the minds of Americans who hope President Barack Obama and Congress will honor their promise to lift the limitations on federal support for stem cell research. The film’s showing is free and open to the public. Sponsors include Lisa and Steve Altman, the Sanford Consortium, the San Diego chapter of the Juvenile Diabetes Research Foundation and the San Diego Women’s Film Foundation. A panel discussion following the screening will feature the filmmaker as well as scientific experts. Those interested in attending should reserve at (619) 516-2864. San Diego DEFENSE BUSINESS NASSCO has been awarded a $3.5 million design contract for the Navy’s Mobile Landing Ship (MLP) program, a new class of auxiliary ship for the Navy’s Maritime Prepositioning Force of the Future. The ship is intended to serve as a transfer station or "floating pier at sea," improving the military’s ability to deliver equipment and cargo to areas where port access is limited or unavailable. Early requirements of the ship include the ability to land helicopters, a facility for the operation of air cushioned landing crafts and the capability for ship-to-ship transfer of equipment. Under the contract, NASSCO will develop a preliminary ship design based on Navy requirements. A contract for the detail design and construction of up to three ships could be awarded next year. *** SGIS has promoted Adam Larson to the position of CFO from his former post as v.p. of accounting. Larson has more than 15 years of experience in the government contracting, information technology, telecommunications and engineering fields. Larson formerly served as the CFO for a telecommunications carrier and has held several other positions with companies focused on providing technical, information technology and engineering services to the federal government. He holds a master’s degree from SDSU and a bachelor’s degree from the University of Michigan. --------------------------------- SPONSOR REPORT ------------------------------------ San Diego SMALL BUSINESS More than 15 small, advanced technology businesses had the opportunity to share their innovative technologies directly with the Department of Defense Wednesday at Lockheed Martin’s Old Town facility. The Old Town campus is equipped with the same software and hardware used to support requirements for the Navy’s Aegis modernization program and COMBATSS-21, the combat management system on the nation’s first Littoral Combat Ship USS Freedom, which will be homeported in San Diego. "In the simplest terms, this facility is an open door for innovation," said Orlando Carvalho, v.p. and general manager of Lockheed Martin’s Surface-Sea-Based Missile Defense line of business. "It is our ‘greeting area’ for businesses, science and technology agencies and academia, which have technologies that will advance ongoing or planned development. Beyond the technical set up, the campus supports mentorship of third-party developers and cost-effective capability validation." The small businesses represent needed next-generation technologies in the maritime environment. Lockheed Martin invited the businesses to participate based on ongoing or expected programs and customer needs. Businesses participating in the open house included: Arete Associates, Frontier Technology Inc., GCAS Inc., Giftet Inc., Infologic Inc., Intelligent Systems Technology Inc., Irvine Sensors Co., Forell Enterprises, Pacific Science & Engineering Group, Physical Optics Corp., Referentia Inc., Stottler Henke Associates Inc., Toyon Research Co., Trex Enterprises Corp. and Utopia Compression Corp. San Diego TECHNOLOGY Federal and state dignitaries in Grand Forks, N.D., officially opened the U.S. Customs and Border Protection Unmanned Aircraft Operations Center of North Dakota featuring MQ-9 Predator B unmanned aircraft built by General Atomics Aeronautical Systems in San Diego. The center is designed to bring enhanced security operations to the U.S.-Canada border. The MQ-9 Predator B is capable of flying at speeds of up to 260 miles per hour for more than 18 hours at altitudes up to 50,000 feet. The aircraft is equipped with the state-of-the-art Raytheon electro-optical sensors. The advanced aircraft is also equipped with Synthetic Aperture Radar, helpful in documenting changes, for example due to floods or hurricanes. Grand Forks provides a strategic, central location for air operations in support of law enforcement personnel throughout the northern region. LEGAL Casa Cornelia Law Center, a nonprofit organization providing legal services to victims of human and civil rights violations, has launched a new Website at http://www.casacornelia.org. Resources for the site were donated by local Web development team WebJuris. Casa Cornelia is a public interest law firm in San Diego County which serves indigent immigrants in need of pro bono legal services. WebJuris, at http://www.webjuris.com, is a section of RosArt Multimedia Inc., also based in San Diego, which continues to host and maintain the new Casa Cornelia site free of charge. San Diego CAR BUSINESS Frank Hyundai on the National City Mile of Cars has emerged as the top Hyundai dealer in San Diego in 2008 by outselling all Hyundai dealers in the region. Mark Moore attained the top position as the No.1 car salesman for last year. His favorite is the Genesis, which last month was named the North American Car of the Year by a panel of 50 of the country’s automotive journalists. Frank Motors Group owns and operates Frank Toyota, Frank Scion and Frank Hyundai at the Mile of Cars. The first store, Frank Toyota, was established in 1965 by brothers Frank and Felice Fornaca. Today, Frank Motors Group is operated by the second generation of Fornacas, including Jim Fornaca, Ron Fornaca and Gary Fenelli. San Diego CITY HALL The city is experimenting with 51 new, high-tech, solar-powered parking meters in the Uptown and Downtown areas to evaluate their effectiveness and convenience. The new meters could eventually be used throughout the city. The new meters, designed and developed by the IPS Group Inc., a San Diego engineering and manufacturing company, run on solar-generated electrical power. They accept credit cards, pre-paid parking value cards or coins and are easily installed on existing meter poles. The solar-powered mechanisms are more environmentally friendly than existing single-space meters because they reduce battery usage and disposal needs when compared to existing mechanisms. Real-time communication capabilities provide more complete and timely information and statistics for the city’s parking management effort. The new meters also allow greater flexibility and control of parking meter rates and include more robust displays with better information and instructions for users. During the four-month pilot effort Jan. 20 through April 20, the city also will be testing new parking sensors designed for compatibility with the solar meters. The special sensors can track parking activity at individual spaces. When the two systems are combined, the high-tech meters can automatically record the number of arrivals and departures and whether parkers are paying the right amount for the time they use. That information can help the city improve the efficiency and effectiveness of its parking management and planning efforts. The test block areas are at 3800 Fourth Ave., 600 West G St., 600 Sixth Ave., 500 Market St., and 600 Fifth Ave. San Diego HEALTH CARE Officials at Sharp Memorial Outpatient Imaging say it now provides a new product that dramatically eases the discomfort many women feel when they get a mammogram. The FDA-cleared foam cushion, called MammoPad, creates a warmer, softer and more comfortable mammogram experience. Mammography technologists say the MammoPad cushion makes it easier to help patients relax and position the breast, allowing them to acquire more tissue and even compression for the image.
The discomfort many women feel during mammography compression is widely known to be a reason that some don’t get regular screenings, as the cold surfaces and hard edges of the mammography machine make the experience uncomfortable for some women. Sharp Memorial Outpatient Imaging says the MammoPad answers this problem and, because women are more relaxed during the exam, anxiety and muscle tension are reduced, often making it easier to position the breast and get the best possible image during the exam. San Diego BUSINESS FORUM Local business leaders Susan Nowakowski, Irene Stillings and Gail Naughton will share their insights into pathways to leadership at a Feb. 25 forum sponsored by the SDSU Business Alumni Network. It will be held from 5:30 to 8:30 p.m. at the McMillin Event Center, NTC Promenade at Liberty Station, 2875 Dewey Road, Point Loma. Nowakowski is CEO, president and a director of AMN Healthcare Services Inc., the largest health care staffing company in the U.S. Stillings is the executive director of the nonprofit California Center for Sustainable Energy, an organization devoted to creating a sustainable energy future. Naughton is a biotech entrepreneur and has been the dean of the College of Business Administration at SDSU since 2002. Gayle Falkenthal, president of Falcon Valley Group, will moderate the panel discussion. Cost to attend is $35 for members, $40 for nonmembers and $25 for students. Register online by Feb. 20 at http://chapters.sdsu.edu/business. For more, call (619) 594-2586. San Diego NONPROFITS Meals-on-Wheels, Greater San Diego has been awarded a $100,000 grant from the California Wellness Foundation to support operational services such as volunteer coordination, client services and logistics. Specifically, the funds will be used for the formulation, preparation and packaging of meals designed to address differing nutritional needs among the senior population; transportation of prepared meals, primarily by volunteers, and by paid staff; and volunteer driver recruitment, training and management. The California Wellness Foundation also is granting $225,000 to Senior Community Centers over a three-year period to support its health and wellness program. An additional $40,000 will go to the centers to fund a technology upgrade. And the S. Mark Taper Foundation is giving $40,000 to the centers to help fund its nutrition program. ABOUT US San Diego Metropolitan Magazine and the Daily Business Report are your choice for San Diego business news. If you are a new business in San Diego and need to figure out who's who or a long standing business in San Diego that has something to be proud of; you have a home in San Diego’s original business magazine. For $4 a day (21 day minimum) we’ll put a button link to you at the top of the Daily Business Report and leave it in the archives. For $10 a day (21-day minimum) we’ll put a text ad with a link in the middle of the report. E-mail info@sandiegometro.com if you are interested.
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