Stories for January 2016

Friday, January 29

Windjammer Buys in Canada

Windjammer Capital Investors added two Canadian companies to its portfolio Thursday.

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Banc of Cali Posts $19M Q4 Profit

Share prices in Irvine-based Banc of California Inc. continued to rise on Friday after the bank on Thursday reported quarterly profits of $19 million.

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Midday Stock Roundup

Indices were up on an interest rate cut today by the Bank of Japan that followed one last week by the European Central Bank, which, along with U.S. economic growth of 0.7% in the last quarter of 2015, could signal slower interest rate hikes by the U.S. Federal Reserve Board of Governors.

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Thursday, January 28

OC Auto Sales Up 8.7% in 2015

Sales at Orange County auto dealers rose 8.7% last year and are expected to increase 2.5% this year, according to the Orange County Automobile Dealers Association in Newport Beach.

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FDA Approves Avanir Migraine Drug

Aliso Viejo-based Avanir Pharmaceuticals Inc. said today that the Food and Drug Administration approved its Onzetra Xsail drug for treating adults’ acute migraine headache.

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WDC In-line in Q2 Amid PC Decline, Plant Closure

Irvine-based storage products maker Western Digital Corp. after the close of trading reported December quarter revenue in line with Wall Street expectations and adjusted profits that narrowly beat estimates.

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Quality Systems Reports Results, Names CTO

Irvine-based Quality Systems Inc. reported financial results that missed Wall Street expectations for the three months ended Dec. 31.

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Software Maker Gets $10M

Irvine-based security software maker SecureAuth Corp. has raised another $10 million and expanded operations to the Beltway.

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Midday Stock Roundup

The S&P 500 was up 0.6% in midday trading to 1,894.17.

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Wednesday, January 27

CHOC Expanding Neonatal Unit

Children’s Hospital of Orange County will expand its neonatal intensive care unit.

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Chapman Taps Law Dean

Chapman University announced today that Matthew J. Parlow will be the next dean of its Fowler School of Law

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Midday Stock Roundup

The S&P 500 was up 0.3% in midday trading to 1,908.68.

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Breakers Tennis Back in Play in NB

The Orange County Breakers tennis club has a new home at the Newport Beach Tennis Club.

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Montage Investor to Provide Up to $200M for Growth

Montage Hotels & Resorts LLC in Irvine said a real estate fund affiliated with Ares Management LP in Los Angeles will buy up to 20% of the hospitality manager and, in addition, commit “up to $200 million” to acquire and develop properties which Montage would operate.

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Tuesday, January 26

St. Joseph Heritage Health Names New Chief Executive

Irvine-based St. Joseph Health said today that Kevin Manemann is the new chief executive of its St. Joseph Heritage Healthcare physician practice management organization.

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Mall Announces New Stores

The Shops at Mission Viejo is adding six tenants over the next few months, including apparel retailer Madewell, which is holding its grand opening celebration from 7 p.m. to 9 p.m. today on the upper level near Forever 21.

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Quiksilver Names Post BK Board

Huntington Beach-based Quiksilver Inc. selected a new board of directors to take over after bankruptcy proceedings end, according to documents filed with the U.S. Bankruptcy Court for the District of Delaware.

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Midday Stock Roundup

The S&P 500 was up 1.47% in midday trading to 1,904.72.

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Monday, January 25

Kingston Notches Firsts With Microsoft Deal

TECHNOLOGY: To make Xbox One headsets, bigger gaming name

Kingston Technology Inc.’s new licensing deal with Microsoft Corp. highlights how far the Fountain Valley company has come since introducing its first gaming accessory less than two years ago.

Q4 VC Deals About Half of 2015 Total

Orange County entrepreneurs received more than $529 million in venture capital in 12 deals in the fourth quarter, said Dow Jones VentureSource.

Pacifica Hotels Buys in DTLA

Pacifica Hotels bought the Milner Hotel in downtown Los Angeles from Milner Hotels Inc.

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Opus Bank to Buy Trust Company

Irvine-based Opus Bank will buy San Francisco-based PENSCO Trust Co.

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Midday Stock Roundup

The S&P 500 was down 0.7% to 1.894.32.

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$3M Grant for CSUF

Cal State Fullerton has been awarded a $3 million grant from the California Institute for Regenerative Medicine to continue its scholar program in stem cell research and regenerative medicine.

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Industrial Leases

Largest OC deals in Q4

Largest OC deals in Q4

OCBJ Calendar

Jan. 25-Feb. 3, 2016

This week's business and other event listings.

ADDENDUM

Other items of interest Orange County Business Journal Vol. 39, No. 4

University of California-Irvine named Dr. Howard Federoff chief executive of UC Irvine Health.

Wanted: Best Places to Work for OCBJ’s List

CALL FOR ENTRIES: Website set to take entries until March 18

Is your workplace great?

Rare Run on PCH

‘Entirely New Type of Investor’ for Commercial Properties Along NB Stretch

It’s rarely a bad time to sell a waterfront commercial property in Newport Beach, home to some of the most desirable—and expensive—real estate in California.

DC Shoes, Retailer Rev Up Supercross Sponsorship

Brand Teams With Journeys for ‘16 Contests

Quiksilver Inc.’s DC Shoes brand has partnered with the Journeys retail chain as the exclusive footwear sponsor of the 2016 American Motorcyclist Association Supercross season.

Business Journal Honors CFOs

Orange County’s top financial professionals were honored in five categories on Jan. 21 at the ninth annual Business Journal CFO of the Year awards dinner, which drew a crowd of about 600 to Hotel Irvine.

Another New Staffer for Business Journal

Lisa de los Reyes has joined the Business Journal as copy editor, filling a position left open with the departure of Samuel Richard, who has joined investment manager Capital Group Cos.

Device Maker Axonics Gets $38 Million

Irvine-based Axonics Modulation Technologies Inc. raised $38.5 million in Series B financing.

Silicon Beach Media Shop for Hyundai, Kia

MARKETING: Joint venture includes HB creative agency

The recently formed agency that handles nearly $700 million in U.S. media buying for Fountain Valley-based Hyundai Motor America Inc. and Kia Motors America Inc. in Irvine has settled in Playa Vista—or Silicon Beach, as the area and surrounding environs on the Westside of Los Angeles are called these days.

Developer Would Raze Los Al City Hall for Retail

REAL ESTATE: Lincoln owns 10-acre parcel next door

Lincoln Properties Co. is in talks to buy the Los Alamitos City Hall and municipal center, a 3.1-acre site on Katella Avenue where the developer plans to build a shopping center.

Drugmaker Lifts COO to CEO Position

Avanir Pharmaceuticals Inc., an Aliso Viejo-based drugmaker, named Rohan Palekar its chief executive.

Foreign-Owned Companies Stay Employment Course

36 Biggest Still Employ 27,000-Plus in County

The biggest foreign-owned companies with regional headquarters or significant operations in Orange County employ more than 27,000 here, about the same as a year earlier.

Hines Adds to Local Portfolio With Former Fisker HQ

REAL ESTATE: Plans makeover to stand out in Anaheim Canyon

Hines Interests LP has bought the former headquarters of Fisker Automotive and Technologies Group LLC in Anaheim, adding another office to its already sizeable base of buildings in North Orange County.

Early Sales Show Luxury Market Off to Strong Start

Five Move in First Ten Days, Four on Coast

Five Orange County luxury homes sold during the first 10 days of the year, and four of those are ocean-view homes in OC’s priciest communities. The other is an expansive estate on an acre-plus spread in Coto de Caza that once graced the cover of Unique Homes magazine.

Koreatown South: LA Investor Buys Into Buena Park Downtown

REAL ESTATE: Adds 535,000 SF of retail in wake of sale of LA mall

A Los Angeles-based investor with ties to that city’s Korean-American community has bought a majority stake in Buena Park’s largest mall.

Platinum Triangle Pendulum Swings Back

For-Sale Project Follows Nearly 10 Years of Rental Developments

A Newport Beach-based homebuilder is planning the first dedicated for-sale housing project in Anaheim’s Platinum Triangle district in nearly a decade.

400 Spectrum Tower on Track After Nearby Leases

WeWork, Curse Inc. Join Mazda in 21-Story Office

The Irvine Co.’s plans for a sister tower for its 200 Spectrum office building appear to be on the fast track after a flurry of leasing activity for the developer’s speculative office tower, which is nearing completion.

Activists Urge St. Joseph-Providence Combo Scrutiny

Fear Possible Faith-Based Access Restrictions

Some advocacy groups are urging regulators not to waive a merger review of Irvine-based St. Joseph Health and Renton, Wash.-based Providence Health and Services’ proposed mega-affiliation.

Soft PC Sales Put Damper on Western Digital’s 2015

Storm of Issues Precipitates 45.8% Share-Price Drop

Another sobering report on PC shipment sales underscores the lumps Irvine-based disk drive maker Western Digital Corp. took on Wall Street last year.

Real Estate Deals

Sales and leases of offices, industrial buildings, retail space and apartments

CT Realty Investors, New York State Common Retirement Fund and Artemis Real Estate Partners sold an industrial building in Huntington Beach to Rexford Industrial for $17.1 million, or about $149 per square foot.

‘Creative’ Offices Go Big With Latest Wave of Projects

Multistory Office Sites Get Developer Attention

Area office owners are super-sizing the latest crop of creative-office redevelopment projects on tap in Orange County.

Office Sales

Largest OC transactions in Q4

Largest OC transactions in Q4

Office Leases

Largest OC deals in Q4

Largest OC deals in Q4

Office Construction

Largest OC projects in Q4

Largest OC projects in Q4

Industrial Sales

Largest OC transactions in Q4

Largest OC transactions in Q4

Lease Rates Rise In Tight Office Market

The Orange County office market’s asking lease rates continued to jump in the fourth quarter as owners responded to the lack of availability.

Industrial Construction

Largest OC projects in Q4

Largest OC projects in Q4

OC-LB Ties Displayed at ‘State of Port;’ CFOs & Shakespeare

Score a hit for the Port of Long Beach and a tally of ties to OC at the State of the Port last week, a first-class affair from the decor of the hall at the city’s convention center to the impressive talks by Harbor Commission President Lori Ann Guzmán and CEO John Slangerup …

Friday, January 22

Midday Stock Roundup

Indices were up in midday trading. Stock recovered ground lost this week as oil prices rebounded on news of winter storms in the Eastern U.S.

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OC Unemployment Drops

Orange County’s unemployment rate ticked down to 4.1% in December from 4.2%

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Business Journal Honors CFOs

Orange County’s top financial professionals were honored in five categories on Jan. 21 at the Ninth Annual Business Journal CFO of the Year awards dinner, which drew a crowd of about 600 to Hotel Irvine.

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Thursday, January 21

Roth Staffing Founder’s Son Succeeds Him

Roth Staffing Cos. in Orange promoted Adam Roth from president and chief operating officer to chief executive as successor to Ben Roth, Adam’s father and founder of the 21-year-old employment services company.

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Recyclable Foam Maker Gets Investors

PLUSfoam Compound Technologies LLC in Newport Beach received an undisclosed investment from Acorn Innovestments and the Noël Group.

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Software Maker Plans to Hire 200

Smart Utility Systems today announced plans to add 200 workers this year at its new headquarters in Irvine and an international expansion plan with new offices in Asia.

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St. Regis to Get Miraval Spa

The St. Regis Monarch Beach Resort is set to get a Miraval Life in Balance Spa, according to a hotel trade journal.

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Federoff Permanent UCI Health CEO

University of California-Irvine today named Dr. Howard Federoff chief executive of UC Irvine Health.

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Midday Stock Roundup

The S&P 500 was up 0.7% in midday trading to 1,871.99.

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Device Maker Gets $38 Million

Irvine-based Axonics Modulation Technologies Inc. raised $38.5 million in Series B financing.

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Wednesday, January 20

OC Deals Hit $500M in Q4

Orange County entrepreneurs received more than $529 million in venture capital spread across 12 deals in the fourth quarter, said Dow Jones VentureSource.

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Avanir Names New Chief

Avanir Pharmaceuticals Inc., an Aliso Viejo-based drugmaker, said today that Rohan Palekar is its new chief executive.

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More NB Restaurants for Annual Fest

Newport Beach Restaurant Week launched this week with a slight increase to 61 restaurants compared with last year.

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PBS SoCal Gets Foster Kids Project Grant

PBS SoCal in Costa Mesa received a three-year, $1.7 million grant from the Conrad N. Hilton Foundation to produce documentaries about real-life issues faced by foster youth in Southern California.

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Midday Stock Roundup

Indices were down on a decline in oil prices.

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Tuesday, January 19

Pieology Gets Investment

Rancho Santa Margarita-based fast casual operator Pieology Pizzeria said it received an investment from Andrew and Peggy Cherng, who founded Panda Restaurant Group.

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Midday Stock Roundup

The S&P 500 was up 0.1% in midday trading to 1,881.10.

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Monday, January 18

Midday Stock Roundup

Markets are closed today for the Martin Luther King Jr. Day holiday.

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Irvine Restaurant Group Adds Brand in OC

American Restaurant Holdings Inc. in Irvine will open two company-owned Muscle Maker Grill restaurants in Orange County

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Time, Place Drive Meeting Spaces’ Marketing Moves

Changes Focused on Youth, Food, Local Flavor

Orange County hoteliers said their meetings and events marketing is heavy with the local “flavor”—from surf to sand to entertainment—and new food offerings.

Edwards Pursues Bigger Heart Market

Year of Deals Enhances Position to Gain More Overseas Business

Edwards Lifesciences Corp. wants to move its popular less-invasive replacement heart valves into a wider range of heart disease treatment after further padding its portfolio of mitral heart valves last month with the latest in a string of deals.

NAMM Big Show

Music Conclave Tight for Now; Sells Out Anaheim Restaurants, Drives Hotel Guests to Coast

The Anaheim Convention Center is expanding its exhibit halls to 1 million square feet.

OC Entries Grab Share of CES Spotlight

TECHNOLOGY: More than 100 companies join frenzy in Vegas

Orange County companies did their part to cut through the clutter at the world’s largest technology trade show, competing with more than 3,600 product makers from around the world in an effort to grab headlines, distributors and new customers.

Apartment Developer Adds Colton Co. Offices to IBC Mix

REAL ESTATE: Site could get 800+ units under Garden Communities

San Diego-based Garden Communities of California has bought a multibuilding portion of the Colton Plaza office campus next to John Wayne Airport where the company plans to build a big multifamily project.

Hotels to Add 100K SF of Event Space to Market by ’17

Land Dearth Limits, Group- Fun Business Inspires

A hot streak of hotel development will bring about 100,000 square feet of event space spread over at least 17 projects in Orange County by the end of 2017.

Q&A

The Business Journal often asks Orange County’s hoteliers to comment on changes we’ve noticed in the industry. This time we wanted to know what they were seeing and how they thought it would play out this year. We asked a sampling of executives, general managers, sales directors, and others in the hospitality and tourism industry here, “What is the most important trend you’ve identified for this year?” Answers focus largely on food and customized experiences, from food trucks to sand castle construction. Edited excerpts of their responses follow:

Simon Hire Points to Larger OC Strength

The silliness of an election season abounds, the stock market has dropped into “correction territory”—and business continues strong in Orange County.

Stem Cell Specialist Cuts Trial, Trims in Irvine

HEALTHCARE: shift in resources to N.J. subsidiary

Caladrius Biosciences Inc. has cut 40 jobs in Irvine and ended a clinical trial of its lead drug candidate.

Hines Gets $65M for Pair of Fully Leased Offices

REAL ESTATE: Moshayedis pony up $34M for IBC property

Real estate owner and developer Hines Interests LP has sold a pair of properties it owned near John Wayne Airport for nearly $65 million.

Trout to Bat for Big Brothers, Big Sisters

Los Angeles Angels of Anaheim star outfielder Mike Trout will encourage his more than 1 million Twitter followers to consider mentoring.

Device Maker Buys In Vitro Specialist

Santa Ana-based device maker Irvine Scientific acquired Rome, Italy-based Biocare Europe S.R.l, a distributor of in vitro fertilization devices, media and equipment, on undisclosed terms.

Ricoh Acquires Printer Maker in Costa Mesa

Tokyo-based Ricoh Co. acquired industrial printer maker AnaJet in Costa Mesa on undisclosed terms.

Packing House Developer Buys 4 Sites

LAB Holding LLC in Costa Mesa will buy four development sites from the city of Anaheim for $10.1 million.

Pacific Hospitality Buys Hawaii Resort

Irvine-based Pacific Hospitality Group bought Ko’a Kea Hotel & Resort on the island of Kauai in Hawaii from CTF Ko’a Kea Hotel LLC on undisclosed terms.

Wanted: Best Places to Work for OCBJ’s List

CALL FOR ENTRIES: Website set to take entries until March 18

Is your workplace great?

New Hire for Finance Beat Arrives From Midwest

De los Reyes Also to Handle Professions, Education, Food & Restaurant Beats

Michael de los Reyes has joined the Business Journal to cover finance and several other segments of the community of business here.

PHILANTHROPY

The Outlets at San Clemente hosted its inaugural Shopping Extravaganza charity fundraiser on Dec. 5, raising $37,465 to benefit 18 local nonprofit groups.

ADDENDUM

Other items of interest Orange County Business Journal Vol. 39, No. 3

Foothill Ranch-based Oakley Inc. filed a patent application for an eyeglasses concept that would project images onto an insert display lens similar to Google Glass, the Orange County Register reported.

OC LEADER BOARD

Will Higher Interest Rates Lead to Bear Market?

Last month’s decision to increase the federal funds rate by 25 basis points was probably the most widely anticipated announcement in the history of the Federal Reserve Board.

OCBJ Calendar

Jan. 18-27, 2016

This week's business and other event listings.

Sabra Hikes Credit Line, Gets Fitch Ratings Affirmed

Rater Shares Caution On Links to Dallas Hospitals

Irvine-based Sabra Health Care REIT Inc. recently said it will boost its borrowing capacity.

Vans at 50: Art, Music to Laud Design, Innovation

Brand Unveils New Logo, ‘Special’ Products, Parties

Vans Inc. in Cypress kicked off its year-long 50th birthday celebration with a new logo to accompany “special product releases” that showcase its “timeless design and innovation.”

Insteon Gets ‘Smarter’ With Home Audio Partnership

Teams With Sonos Speaker Maker In Latest IoT Deal

Irvine-based home automation and control technology provider Insteon continues to beef up its integration with big-name product makers in a new partnership with Sonos Inc.

Real Estate Deals

Sales and leases of offices, industrial buildings, retail space and apartments

Dexter Von Karman LLC sold an industrial building in Irvine to Slip Stick Investments LLC for about $1.5 million, or $205.40 per square foot.

Greater LA Market Ends 2015 Strong

The Los Angeles office market in the fourth quarter regained the momentum lost in the prior period on net absorption, getting back to high levels seen at midyear.

Irvine Ranch Retains Top Spot for Local Home Sales

Sales Up 17%; FivePoint Project Ranks No. 16 in US

The Irvine Ranch retained its ranking as the second best-selling master-planned community in the country last year, according to a new report by Irvine-based John Burns Real Estate Consulting.

Top 50 Hotels for Meeting Space Delve Into Details

Slight Increase in Current Stock, Several Newcomers in Works

Meeting space is meeting space, right?

Friday, January 15

Midday Stock Roundup

Indices were down heavily in midday trading on oil prices falling below $30 a barrel and economic woes in China.

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Taco Bell Names New CMO

Taco Bell Corp. promoted Marisa Thalberg to chief marketing officer.

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Freedoms Asks Court to OK Auction

Freedom Communications Inc. in Santa Ana is asking the U.S. Bankruptcy Court’s Central District of California to approve its plans to hold an asset auction March 16.

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Thursday, January 14

Device Maker Raises $27M

San Clemente-based VertiFlex Inc. has raised $26.8 million out of a proposed $45.7 million in funding, according to a Securities and Exchange Commission filing.

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Midday Stock Roundup

Indices were up in midday trading as oil prices rebounded.

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Trout Partners with Big Brothers

Big Brothers Big Sisters of Orange County and the Inland Empire now have an angel on their team.

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Pacific Hospitality Makes Hawaii Buy

Irvine-based Pacific Hospitality Group bought Ko'a Kea Hotel & Resort on the island of Kauai in Hawaii from CTF Ko’a Kea Hotel, LLC on undisclosed terms.

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Wednesday, January 13

Sadeghi’s LAB Pays $10M for Anaheim Sites

LAB Holding LLC in Costa Mesa will buy four development sites from the city of Anaheim for $10.1 million.

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Midday Stock Roundup

Stock indices were down on concerns about crude oil prices continuing to decline.

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Strathspey Crown Buys Nevada Firm’s Assets

Newport Beach-based Strathspey Crown Holdings LLC bought the portfolio companies of Incline Village, Nevada-based Novus Via LP on undisclosed terms.

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Del Taco Guides on Q4, Full Year

Lake Forest-based Del Taco Restaurants Inc. said its unaudited revenue was about $133 million for the quarter ended Dec. 29.

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Tuesday, January 12

Strathspey Crown Buys Nevada Firm’s Assets

Newport Beach-based Strathspey Crown Holdings LLC bought the portfolio companies of Incline Village, Nevada-based Novus Via LP on undisclosed terms.

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Midday Stock Roundup

The S&P 500 was flat in midday trading at 1,923.64.

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Gross Foundation Gives $40M for UCI Nursing School

The William and Sue Gross Family Foundation committed $40 million on Tuesday to the University of California-Irvine to establish a nursing school and construct a building needed to enlarge the program.

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CSUF Makes U.S. News & World Report List

California State University-Fullerton’s online master's degree programs in business, education and engineering were among the best in their fields.

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Monday, January 11

Habit Reports Unaudited Q4 Revenue

Shares in Irvine-based Habit Restaurants Inc. were about briefly in after-hours trading Monday to a market cap of about $601 million after the burger chain released preliminary fourth quarter revenue of $60.6 million.

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Banc of California Makes Forbes List

Banc of California was named one of the Best Banks in America by Forbes Magazine.

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Confie Acquires 3 Agencies

Huntington Beach-based insurance provider Confie announced the acquisition of three more insurance agencies on Monday.

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Kia Shows Full-Size SUV Concept

Irvine-based Kia Motors America Inc. showed a full-sized sport utility vehicle concept car called Telluride at the North American International Auto Show in Detroit.

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Opus to cut 10% of Workforce

Irvine-based Opus Bank said it would cut 10% of its workforce.

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Midday Stock Roundup

The S&P 500 was down 0.7% to 1,908.84.

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Ricoh Buys CM Printer Maker

Tokyo-based Ricoh Co. has acquired an industrial printer maker in Costa Mesa.

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Billabong Exec to Retire

Billabong International Ltd.’s top executive for retail operations in the U.S., will retire effective Jan. 31.

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Mission Hospital CEO to Depart

Kenneth McFarland, chief executive of Mission Hospital, said today that he will leave to pursue other opportunities. McFarland’s departure is effective Feb. 5.

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Wanted: Best Places to Work for OCBJ’s List

CALL FOR ENTRIES: Website set to take entries until March 18

Is your workplace great? We want to know.

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Mazda Gives Spectrum Tower New Gear

Takes 5 Floors for HQ as Speculative Project Nears Completion

The Irvine Company has landed Orange County’s largest automaker to anchor its new office tower in the Irvine Spectrum.

Augie’s Other Job: OCMA’s Other Menu; IrvCo.’s Other Plan

How’s Augie Nieto these days?

Second Douglas Park Hotel for Nexus Moves Ahead

Long Beach Project Mix Of Hampton, Homewood

Santa Ana-based Nexus Cos. has gotten the go-ahead for a second hotel project in the Douglas Park development in Long Beach.

Real Estate Deals

Sales and leases of offices, industrial buildings, retail space and apartments

CIM Group LP sold the Civic Center Professional Plaza office building in Santa Ana to an affiliate of Hollencrest Capital Management for $8.1 million, or about $217 per square foot.

2016 Holds Promise for Abundance of New Technology

Fresh Trends Include 5G, VR, ‘Containers,’ Big Data

'Tis the season for looking ahead to emerging innovations, and perhaps no other industry outside fashion presents more fodder than the fast-moving technology sector.

Inland Empire Commercial Markets End Year on High Note

The Inland Empire Industrial market flourished last year as tenant demand and activity propelled it to highs not seen since the early 2000s.

Hyundai Super Bowl Ad to Highlight ‘Core Values’

Carmaker Plans 3 Other Spots for Elantra, Genesis

Hyundai Motor America Inc. in Fountain Valley said one of its four upcoming Super Bowl ads “will use compelling storytelling to highlight the core values of the brand and what Hyundai delivers to its consumers.”

NVision’s LASIK Recruit to Aid Expansion Effort

Entrepreneurial Surgeon’s Worked On 2 Continents

NVision Eye Centers has hired Dr. Jeff Machat to help grow the eye care and cataract surgery chain.

OCBJ Calendar

Jan. 11-20; Jan. 21, 2016

This week's business and other event listings.

Confidence, Stability to Shape 2016 Luxury Market

3 Local Experts Say Year Will Bring Healthy Norm

Orange County’s coastal cities, with their deep beaches and panoramic Pacific views, have long enticed luxury homebuyers.

ADDENDUM

Other items of interest Orange County Business Journal Vol. 39, No. 2

California State University-Long Beach said Brian Jersky will be provost and senior vice president for academic affairs, effective June 1, replacing David Dowell, who is retiring.

Newman Takes on New Startups Beat

Veteran OC Journalist Joins Business Journal Staff

Orange County-based journalist and author Deirdre Newman has joined the Business Journal as a staff writer.

Incipio Sells Minority Stake to PE Firm

Irvine-based Incipio Technologies Inc. agreed to sell a minority stake to New York-based private equity investor Goode Partners LLC on undisclosed terms.

Tech Firm Raises $45M for Expansion

Irvine-based smart technology provider Greenwave Systems Inc. raised $45 million in a Series C round led by the investment arm of the Singapore Economic Development Board and Singapore Technologies Telemedia.

CoreLogic Makes Another Acquisition

Irvine-based CoreLogic Inc. paid Wells Fargo Bank N.A. $65 million for the 49.9% of RELS LLC it didn’t yet own.

NextVR Touts New Moves in Vegas

Laguna Beach startup NextVR Inc. broadcast last week’s Chicago Bulls-Boston Celtics game in virtual reality at a private event at the Cosmopolitan of Las Vegas.

Mazda Dealer Shifts to ‘Open Point’ in San Juan Capistrano

AUTOS: Prior owner plans townhomes on Laguna Hills lot

Phillips Mazda has moved from its longtime home in Laguna Hills and followed its new owner down the freeway to San Juan Capistrano, where Miles Brandon has been selling Volkswagens for nearly two decades.

Performance Lab for Lights Opens in Brea

MANUFACTURING: New UL center joins safety facility there

The growth of the lighting manufacturing industry in Southern California prompted Underwriters Laboratories to open a facility in Brea to test various products for performance.

$87.5M Surf City Rental Flip Points to More Heat

REAL ESTATE: Value of 277 units up nearly 30% since 2012

An estimated $87.5 million sale of an apartment complex in Huntington Beach is the latest indicator that the city’s multifamily market remains hot.

CSUF Index Continues to Mix It Up in Q1

ECONOMY: OC execs register slight dip in sentiment to start 2016

Orange County executives are entering the first quarter of the new year with mixed expectations that combine for a slight dip in overall business outlook, according to the latest quarterly index by California State University-Fullerton’s Mihaylo College of Business and Economics.

Bandai Vacates HQ, Cypress Office in Line for Sale

REAL ESTATE: Toy maker to L.A.; Japan-based investor to buy office

A real estate investor based in Japan is in line to buy the most distinctive office building in Cypress in the recently vacated headquarters of toy company Bandai America Inc.

Talent, Treasure Anchor UCI’s Cove

Research, Donors Combine to Power Startup Efforts

Don’t let chitchat on startups and “ecosystems” at the surfboard-themed tables fool you.

Friday, January 8

Mission Hospital CEO to Depart

Kenneth McFarland, chief executive of Mission Hospital, said today that he will leave to pursue other opportunities. McFarland’s departure is effective Feb. 5.

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Midday Stock Roundup

The S&P 500 was down 0.1% in midday trading to 1,940.69.

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CHOC Pays $44M for Orange Office

Children’s Hospital of Orange County has bought an eight-story medical and office building next to its main campus in Orange.

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UCI Law Admitted to AALS

University of California-Irvine School of Law was admitted to the American Association of Law Schools. Membership in the 116-year-old group requires screening and a vote by the association.

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Thursday, January 7

Midday Stock Roundup

Stock indices were down on continuing woes in China’s stock market and its currency, the yuan.

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Lender Gets Credit Line

Santa-Ana based LoanNow started the new year by securing a $50 million line of credit to expand its loan portfolio nationwide, according to president and Chief Operating Officer Miron Lulic.

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NextVR NBA Broadcast Tonight

Laguna Beach startup NextVR Inc. will broadcast the Chicago Bulls-Boston Celtics game tonight in virtual reality at a private event at the Cosmopolitan of Las Vegas.

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Wednesday, January 6

Midday Stock Roundup

Indices were down at midday on a decline in oil prices.

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7 New Restaurants at Market Place

The Market Place in Tustin and Irvine has signed seven new restaurants to its lineup at the 165-acre shopping center.

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Taco Bell Parent’s Chairman to Retire

Yum Brands Inc. Chairman and former chief executive David Novak will retire in May.

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Franchisee Seeks Up to 20 Smoothie Sites

Newport Beach-based RanaKaran Investments LLC said it will franchise 10 to 20 locations of Atlanta-based Tropical Smoothie Café in Orange County over the next five years, plus 10 to 20 in San Diego County.

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Kia Plans Self-Driving Car

Kia Motors Corp. aims to bring an autonomous vehicle to market by 2030 built on its newly launched Drive Wise technology that includes advanced driver assistance systems and intelligent safety features.

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Tuesday, January 5

CoreLogic Buys Again

CoreLogic Inc. paid Wells Fargo Bank N.A. $65 million for the 49.9% of RELS LLC it didn’t yet own.

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CSULB Chooses New Provost

California State University-Long Beach said Brian Jersky will be provost and senior vice president for academic affairs, effective June 1. He replaces David Dowell, who is retiring.

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Gibson Dunn Gets New Managing Partners

Gibson, Dunn & Crutcher LLP named corporate partner Michael Flynn and litigation partner Meryl Young to manage its office in Irvine, replacing Jeffrey Reeves, who had run the international law firm’s location here since 2008.

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Kaiser Aluminum Adds COO

Kaiser Aluminum Corp. in Foothill Ranch appointed Keith Harvey chief operating officer—a newly created position.

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Device Maker Ellipse in $410M Sale

Aliso Viejo-based medical device maker Ellipse Technologies Inc. will be sold to San Diego-based NuVasive Inc. in a deal worth up to $410 million.

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Care Facility Operator Names President

Irvine-based healthcare facilities operator Silverado named Shamim Wu president and chief operating officer, a new position.

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Carmakers’ Year-End Numbers Mixed

Orange County-based automakers were split on sales performance in December, even as most notched gains for the year, according to New Jersey-based market researcher Autodata Corp.

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Midday Stock Roundup

The S&P 500 was up 0.2% in midday trading to 2,016.16.

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Greenwave Raises $45M

Irvine-based smart technology provider Greenwave Systems Inc. raised $45 million in a Series C round led by the investment arm of the Singapore Economic Development Board and Singapore Technologies Telemedia.

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High-Rise Market Has Mixed Third Quarter

The high-rise market in Orange County ended the third quarter with steady demand, although it experienced negative net absorption of 132,380 square feet, the majority of which took place in the Greater Airport Area, where 76 high-rises are located.

Masimo Considers $8M Spend, Thanks to Tax Stay

Research, Development, Distribution on the Table

Joe Kiani said Masimo Corp. has “about $8 million” to spend now that Congress and the president agreed at the end of last year on a bill that included a two-year moratorium on a 2.3% medical device tax.

Kawasaki Motorcycle Gets Props in Popular Science

Magazine Lauds ‘Ninja’ Supercharger as Innovator

The Kawasaki Ninja H2 motorcycle by Kawasaki Motors Corp. U.S.A. in Irvine landed on Popular Science magazine’s Best of What’s New 2015 list, which usually is a rundown of innovations, such as smartphone apps, electric race cars, aerospace developments, and advancements in wireless technology.

Monday, January 4

Midday Stock Roundup

Major indices were down in midday trading on economic concerns in mainland China.

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Anaheim Buyer for $12M SD Hotel

Anaheim-based Fortune Hospitality LLC has acquired the 78-room Best Western Plus hotel in La Mesa for $12.4 million, according to CoStar Group and brokerage company Atlas Hospitality Group.

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Incipio Sells Stake

Irvine-based Incipio Technologies Inc. has agreed to sell a minority stake to New York-based private equity investor Goode Partners LLC on undisclosed terms.

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Real Estate: Scott Stowell

Change in Standard Operating Procedure Puts Homebuilder Among Top 5 in Nation

The largest homebuilder based in Orange County got a lot larger on Scott Stowell’s watch last year.

Technology: Scott McGregor

Chipmaker’s $37B Price Represents Premium After Decade at Helm

It’s a bit of an understatement to say Broadcom Corp. Chief Executive Scott McGregor is leaving on a high note.

Healthcare: Joe Randolph

Vision of Innovation Institute Comes Into Focus

Joe Randolph is known as a risk taker.

Favorite Dining Choices to Help Start 2016 Off Right

Plus Fifi’s Rundown Of Departures, Newcomers

As I start the new year, I think back on good food I’ve had and what I look forward to now.

PHILANTHROPY

Seven hundred Pacific Investment Management Co. employee volunteers, friends and family members gathered at the OC Fair & Event Center in Costa Mesa on Dec. 12 to pack 16,000 holiday meals for Southern California families in need.

ADDENDUM

La Jolla Group LLC in Irvine acquired an equity stake in Laguna Beach-based apparel maker Roark Revival for an undisclosed amount.

Hospitality: Michael Colglazier

Disney’s Man With Expansion Plan

Michael Colglazier joined Walt Disney Co. fresh out of Stanford University.

MetroCenter in Line for Big Renovation

REAL ESTATE: Sale likely biggest office deal of 2015

The new owners of MetroCenter at South Coast are planning a major renovation project of the office complex, with an expectation of turning the Costa Mesa site into one of Orange County’s most unique office campuses.

Fantasy Sports Startup in Lineup for Sacramento Lobby

FantasyAces Teams With Rivals to Press Lawmakers

Aliso Viejo startup FantasyAces LLC is working with the sector’s biggest players to press state legislators to enact regulations in California on the booming daily fantasy sports segment.

Doti Did It

Continued Quarter-Century Growth Drive for Chapman; Laid Groundwork for August Succession

Chapman University President James Doti is our 2015 Business Person of the Year.

OCBJ Calendar

Jan. 4-13; Jan. 21, 2016

This week's business and other event listings.

Buena Park-Based Grocer to East Coast

RETAIL: 99 Ranch picks up pair of New Jersey locations from A&P

Asian-themed grocery store chain 99 Ranch Market has landed in the Garden State for its East Coast expansion, according to documents filed with the U.S. Bankruptcy Court for the Southern District of New York.

OC to Show Range of Emerging Tech at CES

TECHNOLOGY: Startups leverage convention to gain notice in industry

A startup backed by Tech Coast Angels, a clandestine chipmaker, and a spinoff from one of Orange County’s largest publicly traded companies will be among the locals to debut this week at CES, the world’s biggest technology trade show.

Real Estate Deals

Sales and leases of offices, industrial buildings, retail space and apartments

Cal Receivers sold an apartment building in Tustin to Nisson Road LLC for $3.5 million, or approximately $150,000 per unit.

KBS Eyes Charlotte Market With $147M Tower Buy

Deal Would Be First Office In City for NB Investor

An affiliate of Newport Beach-based KBS Realty Advisors is under contract to buy a 24-story office tower in Charlotte, N.C.

Another Case of Select Company for Ueberroth

Thoughts turn to baseball when Peter Ueberroth’s name comes up—logical enough, since the fellow who now runs the Contrarian Group in Newport Center made a big mark as commissioner of the game. He ran the L.A. Olympics before MLB, of course, so he’s got ties to just about any sporting endeavor. Need more?

Medical Apparel Brand Grows in Laguna Hills

MARKETING: Counts on style, performance to claim niche

Think of Medelita LLC as a Patagonia Inc. for lab coats and scrubs—its products are pricier but come with better style and performance than the average stuff from a uniform supply shop.

Invesco Buys Into Fluor Campus in Aliso Viejo

REAL ESTATE: No indicators engineering firm plans to vacate

Dallas-based institutional investor Invesco Real Estate has completed its second big office purchase in Aliso Viejo in the past year.

$157M for Fullerton Ingredients Supplier

Stauber Performance Ingredients in Fullerton sold for $157 million to Hawkins Inc. in Roseville, Minn.

Services: Tanya Domier

Why Advantage Solutions’ Boss Chose to Lean In

Advantage Solutions’ Tanya Domier nearly turned down a job leading one of Orange County’s largest private companies.