San Diego Business Journal

SD BUSINESS JOURNAL DAILY ENEWS

Region's Economy Continues Upswing, USD Index Shows

The University of San Diego economic index rose for the ninth straight month in February, with six out of six components advancing for the second month in a row.

Rhombus Energy Solutions Acquires Michigan-based Company

San Diego-based Rhombus Energy Solutions Inc., an energy technology company designing and deploying power conversion, control, and distributed energy management solutions, announced the acquisition of Energy Development Associates LLC.

SmartDrive Systems Raises $50 Million in Venture Funding

SmartDrive Systems said on March 30 that it raised $50 million of additional venture funding.

IPOs Down Significantly for Q1 2015

The number of initial public offerings (IPOs) in the first quarter of 2015 dropped significantly from the same period a year ago, according to reports from the accounting firm Ernst & Young and fund manager Renaissance Capital.

Naming Rights Agreement Extended for Valley View Casino Center

Valley View Casino & Hotel and AEG announced a multiyear extension of the naming rights agreement for Valley View Casino Center at 3500 Sports Arena Blvd.

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Little Italy Parcel Sells for $2 Million

San Diego-based developer H.G. Fenton Co. has purchased a 10,000-square-foot lot in downtown’s Little Italy for $2 million, according to real estate services firm ACI Commercial, which represented the sellers.

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Pacific Beach Retail Properties Sold for $4.6 Million

Dayani Partners has purchased a portfolio of Pacific Beach retail buildings for $4.6 million, according to Voit Real Estate Services, which handled the transaction.

Black Mountain Systems Acquired by Stone Point Capital

Black Mountain Systems, a San Diego-based software company that caters to asset managers and financial institutions, has been acquired by Stone Point Capital, a private equity firm.

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Developer Completes $13 Million Renovation of Escondido Apartments

Affirmed Housing Group of San Diego has completed a $13 million renovation of Sonoma Court Apartments, a 61-unit affordable housing community in Escondido.

Jensen Meat Co. Appoints Abel Olivera CEO

Abel Olivera has been named chief executive officer of The Jensen Meat Co. in Otay Mesa, company co-owner Jeff Hamann announced.

SDG&E Gets FAA Approval to Fly Drones

The Federal Aviation Administration (FAA) has granted San Diego Gas & Electric permission to use unmanned aircraft systems (UAS) to conduct aerial inspections of the public utility's electric and gas facilities, including emergency response damage assessments throughout its service territory.

Novatel Wireless Acquires Oregon-Based Feeney Wireless

Novatel Wireless Inc. said on March 30 that it acquired Feeney Wireless, an Oregon company that specializes in electronics for the Internet of Things.

Nominations for the 2015 General Counsel Awards Now Open

The San Diego Business Journal is now accepting nominations for the 2015 General Counsel Awards, which recognizes excellence in the In-House counsel community.

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Carlsbad Office Park Acquired for $16.4 Million

Davlyn Investments Inc. of San Diego has purchased the two-building Paseo Summit office property in Carlsbad for approximately $16.4 million, the company announced.

Tom Cannell Joins Orexigen as Chief Commercial Officer

Orexigen Therapeutics Inc. has hired Tom Cannell has as its chief commercial officer, according to a recent news release.

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Coronado Office Property Sold for $19.7 Million

Island Terraces LP of Los Angeles has purchased Island Terraces, an office property in Coronado, for approximately $19.7 million, according to CoStar Group and public data.

Teva Acquiring Auspex Pharmaceuticals for $3.2 Billion

Teva Pharmaceutical Industries Ltd. is buying San Diego-based Auspex Pharmaceuticals Inc. for about $3.2 billion in a move to strengthen its position on treatments for central nervous system conditions, according to a recent news release.

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Realty Income Joining S&P 500 Index

Realty Income Corp. will be added to the S&P 500 index after the close of trading on April 6, the Escondido-based company announced.

Opponents of One Paseo Project Submit Signatures for Possible Referendum

The San Diego County Registrar of Voters is reviewing more than 60,000 signatures submitted by opponents of the mixed-used One Paseo project in Carmel Valley, aimed at rescinding San Diego City Council’s recent approval or placing the measure on a future election ballot.

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Manchester Sells Majority Stake in Grand Del Mar Resort

Private equity firm Blum Capital and the parent of Fairmont Hotels & Resorts are acquiring a majority stake in Carmel Valley’s Grand Del Mar resort for a reported $230 million.