Stories for May 2016

Tuesday, May 31

Opus Bank Wins Design Award

Irvine-based Opus Bank has received the International Interior Design Association’s 2016 Calibre Design award in the small workspace category.

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Report: OC Hotel Rates on Rise

The Orange County Visitor Association’s quarterly market report on local lodging project 5% growth in both average daily rates and revenue per available room through the rest of 2016 followed by a similar gain for 2017.

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Midday Stock Roundup

The S&P 500 was down 0.1% in midday trading to 2,096.34.

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Windjammer Sells Electronics Supplier

Windjammer Capital Investors, a private equity firm in Newport Beach, sold Irvine-based electronics components supplier Infinite RF Holdings, Inc. on undisclosed terms to San Francisco-based private equity firm Genstar Capital.

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Monday, May 30

Abbott Medical Optics’ Santa Ana HQ Sells for $37M

SF-Based Investor Pays $216/SF for 10-Acre Site

The Santa Ana headquarters of Abbott Medical Optics has been sold to a San Francisco-based investor.

Manufacturing, Warehouse Sector Tightens in Q1

The vacancy rate in Orange County’s manufacturing and warehouse market dropped from 1.8% to 1.7% in the first quarter from the fourth quarter. Year-over-year, the vacancy has dropped 22.7% in the sector.

Real Estate Deals

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

Third Biggest Chipmaker in OC Now Led from Irvine

TECHNOLOGY: Skyworks banks on region as power source

Skyworks Solutions Inc.’s new chief executive, Liam Griffin, will run the chipmaker from Irvine, swinging the pendulum of corporate influence from Woburn, Mass., in the Boston metro area to Orange County.

Edwards Talks up Victories in and out of Test Lab

Unit Wins in Court As Valves Get Good Results

Edwards Lifesciences Corp. has scored wins in the trial court and clinical trial arenas.

Vacation Home Sales Second Highest in Decade-Plus

16% of Luxury Sales Last Year, All-Cash Sales Up

Orange County, with its 42 miles of beaches, average year-round temperature of 70, and ready access to a wide range of recreational activities, is a perennial vacation destination. The California Travel and Tourism Commission says 47.4 million people visited here last year, up 2.6% over 2014. International travelers are the fastest-growing segment of visitors, reaching 13.8 million last year, according to the commission.

ADDENDUM

Disneyland visitation was up 9% last year, when 18.2 million people walked through the Anaheim park’s gates, according to Burbank-based Themed Entertainment Association.

Mission Viejo Mall Makeover Stirs Flurry of Activity

RETAIL: Kaleidoscope seeks ‘experiential’ stores for bare spots

A recent visit to Kaleidoscope in Mission Viejo felt like showing up to a party two days early.

Mexican Chain Plans to Take ‘Tasty’ Tacos Bicoastal

RESTAURANTS: Started with Boston, targets 20 more

San Clemente-based fish taco restaurant chain Pedro’s Tacos will franchise and plans to open new stores on the East Coast within the next three years.

Medical Business Services Firm Aspires

HEALTHCARE: Advantmed grows beyond records collection

Santa Ana-based Advantmed LLC aims to help doctors get paid in the wake of reform-fueled changes in payment processes.

Apria Healthcare’s Lake Forest HQ Sells for $19M

REAL ESTATE: PRES Cos. buys South OC complex

The Lake Forest headquarters of healthcare provider Apria Healthcare Group Inc. has been sold to a local real estate investor for $19 million.

Meritage Homes Buys West CM Infill Site

REAL ESTATE: Roughly $35M sale of 135-home portion of site

A portion of a former industrial facility in Costa Mesa’s Westside that’s slated for an infill housing project has sold in one of the larger land deals in the city in recent years.

Ahmansons’ Eclectic Salon; Moorlach Is No Mr. Big Shot

Howard and Roberta Ahmanson wrapped several pleasant surprises into the salon they hosted recently at Fieldstead & Co. Inc. It’s their family office, which looks after a fortune that started with Howard Ahmanson Sr., the late founder of Home Savings of America and a giant in the development of Southern California as a powerhouse fueled by a middle class that had room to grow in nearly every sense of the word in the decades after World War II.

Package Locker Company Gets $15M for Expansion

Parcel Pending Handles Online Delivery Surge

A startup that provides digital “smart” lockers to apartment complexes to absorb the surge of packages from online shopping just received a $15 million investment from an undisclosed investor.

Toshiba Electronics Unit Abandons Segment That Helped Get It Off Ground

TECHNOLOGY: Plans pivot to business, education PC market

Toshiba Corp.’s U.S. electronics unit, headquartered in Irvine, has exited the consumer PC business in a major strategic shift that underscores the changing habits of end-users and lingering challenges facing legacy manufacturers in Japan and across the world.

OC’s Fight Guy

How Englebrecht Makes Bucks on Boxing

2Pac’s “California Love” bumps over the loudspeakers as Gennady Golovkin begins his walk to the ring, sending the sold-out crowd at the Forum in Inglewood into a frenzy.

REIT and Repeat

Healthcare Real Estate Investment Trusts Multiply In Favorable Climate

Orange County, while primarily known as a center of medical device companies, is also home to several sizable companies that are in the business of owning and investing in real estate where healthcare is delivered, and they aim to grow by focusing on private-pay properties to achieve more reliable rents.

Apparel Makers Inch Up Local Employment By 1%

Slow Growth Comes As Biggest Tweak Leadership

A lot can happen in a year, and the past 12 months were no exception for the 53 largest apparel companies based in Orange County. The top three on this week’s Business Journal list are under new leadership, one emerged from bankruptcy, and several others have traded hands. A few firms also notched significant local staffing changes, the metric the list is based on.

Vizio Settles Lawsuit With Incentive to Watch More TV

Class-Action Deal Comes As It Battles Another Case

The $2.3 million settlement Irvine-based Vizio Inc. recently reached to stave off a proposed class-action lawsuit regarding false advertising carried an interesting payment mechanism.

Source at Beach Enlists Help to Fill Shopping Center

Hires Real Estate Firm To Rustle Up the Right Mix

Lynwood-based M+D Properties, developer of the Source at Beach in Buena Park, hired the Los Angeles office of Madison Marquette real estate investment management firm to help identify additional tenants for its 428,000-square-foot shopping center.

Friday, May 27

Knott’s Hires Disneyland Vet as VP

Jon Storbeck is the new vice president and general manager of Knott’s Berry Farm in Buena Park, effective Monday.

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Midday Stock Roundup

The S&P 500 was up 0.2% in midday trading to 2,095.02.

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Thursday, May 26

Chapman Creates VP for Research

Chapman University named Thomas Piechota its first vice president of research, effective Sept. 1.

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JWA Traffic Up 8% in April

John Wayne Airport passenger traffic increased about 8% in April compared with the same month last year.

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Carbon-Capture Co. Gets $29M

Costa Mesa-based Newlight Technologies LLC, founded to make technology that captures and converts carbon and methane into plastics, received $29.2 million in “Form D” venture funding, according to a regulatory filing Tuesday.

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More Job Cuts at WD

Irvine-based storage products maker Western Digital Corp. is cutting nearly 100 more jobs in Orange County as the company begins to integrate its $17 billion buy of SanDisk Corp. that closed two weeks ago.

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Midday Stock Roundup

The S&P 500 was flat in midday trading at 2,090.00.

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Wednesday, May 25

Tilly’s Shares Up

Shares of Tilly’s Inc. in Irvine were up 12% in midday trading Thursday following a first quarter report that exceeded Wall Street expectations on revenue and despite a higher-than-expected loss.

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Midday Stock Roundup

The S&P 500 was up 0.8% in midday trading to 2,092.66.

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Alphaeon CEO Steps Down

Robert Grant is no longer the chief executive of Irvine-based Alphaeon Corp., a lifestyle healthcare company he founded three years ago.

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Tuesday, May 24

UCI Law School PR Manager Dies

The University of California-Irvine School of Law community is mourning the loss of Rizza Barnes, who died May 21.

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Midday Stock Roundup

Indices rose in midday trading on gains in financial and technology stocks.

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Monday, May 23

Women-Owned Businesses Wanted for Annual List

Special Report: Focus of July 4 edition

Is your company women-owned? The Business Journal wants to hear from you.

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Midday Stock Roundup

The S&P 500 was flat in midday trading to 2,051.74.

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Newport Sports Museum Office Sells for Top Price

Museum Closed in 2014, Sells for Nearly $1,500/SF

An office near Fashion Island shopping center that previously held the Newport Sports Museum has sold for what looks to be one of the highest recent prices for an office deal in Orange County per square foot.

Irvine Co. Provides Free Space to Incubator - Which Provides Free Space to Startups

Bennett Washabaugh and Mike Zei launched their commercial real estate startup, TenantBase, with Irvine Company in mind as an innovator that leases space to startups around the country.

Moro-San’s Mission

Globetrotting Exec Wants to Redefine Mazda

Masahiro Moro—or Moro-san as employees at Mazda North American Operations call him—reclined at his office in Irvine, where a picture of a red RX-Vision concept sports car Mazda Motor Corp. introduced in October at the Tokyo Motor Show hung on the wall directly across from his desk.

UCI Hopes Campus Collaboration Leads To Cybersecurity Institute

TECHNOLOGY: Computer science, law, engineering schools drive effort

University of California-Irvine is in the early stages of establishing a cybersecurity research institute that will become the first of its kind in the state with a national scope and profile.

Deal Signal of Irvine Co. Shopping Spree?

REAL ESTATE: $1B CMBS offering could precede some big property buys

A new billion-dollar funding deal involving a portion of Irvine Company’s apartment portfolio raises the prospect that Orange County’s dominant real estate company could soon be on the lookout for acquisitions.

KBS Lands SF Tower, Redmond Business Parks

REAL ESTATE: $300M spree follows bond deal in Israel

A real estate investment trust run by Newport Beach-based KBS Realty Advisors, fresh off a $250 million bond offering in Israel, has made plans to spend nearly $300 million on an office property in downtown San Francisco and a portfolio of business parks in the Seattle suburbs.

Details of Pending Abbott-St. Jude Merger Unclear

HEALTHCARE: Combo to make both more competitive

It’s not yet clear how Abbott Laboratories’ pending $25 billion buy of St. Jude Medical Inc. will impact the latter’s Orange County operations.

Q&A

Orange County is known for drawing visitors from across California and the rest of the country—and from many points around the world. Less attention goes to day-trippers, or those who come to Orange County without staying overnight, yet make a significant contribution to the tourism industry. The Business Journal’s Paul Hughes asked some local tourism and hotel executives about the value of what turns out to be a big segment of their business, and how they work to attract day-trippers to the county. Here are edited excerpts of their responses:

Cities, Hoteliers Dig Data When It Comes to Business

Destination Marketers, Others Hunt for Ways to Stand Out

More local cities, marketing groups and hotel companies are using data to decide how to reel in new business.

Coast Magazine Names Top Editor

Samantha Dunn was named editor of Coast magazine, according to the Southern California News Group, which oversees 11 daily newspapers, several magazines and other entities in Southern California, including the Orange County Register.

Knife Maker Sold to Beverly Hills Firm

American Capital Ltd. sold PHC Sharp Holdings Inc. to Beverly Hills-based investment manager Levine Lechtman Capital Partners on undisclosed terms.

Augmented Reality Product Picked for China Pitch

CandyBAR Delivers Images to Mobile Devices

Irvine-based Candy Lab, which has developed an augmented reality product intended to help businesses attract consumers, is one of eight companies selected by the Plug and Play Tech Center in Sunnyvale to pitch to venture capitalists, angel investors, and government officials in China.

Pyott Slated to Return to Spotlight at Eye Conference

Will Be Interviewed By Another Company Veteran

David Pyott, retired chief executive and chairman of Allergan Inc., now Allergan PLC, will be the headliner next month at the annual Ophthalmology Technology Summit put on by OCTANe, an Aliso Viejo-based booster group for life sciences and other forms of technology.

Vietnamese Style, Heritage Celebrated at Fashion Week

Event Showcased SoCal, Vietnam-Based Designers

Viet Fashion Week, showcasing designers of Vietnamese heritage, was held over the weekend outside the Westminster Mall.

Momentum Continues in Mid-Counties Market

New businesses continued to migrate to the Mid-Counties industrial market at the border of Los Angeles and Orange counties in the first quarter as existing businesses expanded, resulting in 256,044 square feet of positive net absorption.

Clean Energy Founder Savors Idea of First Profits

Otherwise Laments State Of Overall Fuel Market

Count Clean Energy Fuels Corp. co-founder and corporate raider T. Boone Pickens among the throngs of company backers who thought a profitable quarter would come years ago.

calendar

May 23-June 1; June 3, 2016

ADDENDUM

Addendum for May 23, 2016

PHILANTHROPY

Philanthropy for May 23, 2016

Device Maker Plans Summer Intro of Weight-Loss Aid

Transplant Startup from Ariz. Sees Breath Tool as Innovator

A startup company that recently relocated to Aliso Viejo is aiming to introduce breath analysis as a tool for weight management.

Split Decision on Trump Smell Test; Doti Goes Solo

Reports from the Lincoln Club’s recent annual dinner at the Island Hotel indicate Al Frink captured the mood of many of the assembled GOP stalwarts with a turn as a prop comic.

New Hotel, a Few Room Tweaks, Shuffle Ranks

HOSPITALITY: Great Wolf raises top 50 to 21,508 rooms

There have been a few changes on a list that rarely sees them.

Dallas Biotech to Costa Mesa

Dallas-based Cerebain Biotech Corp. has moved its corporate headquarters from Dallas to Costa Mesa.

HB Luxury Hotel Adds to Developer’s High-End Tilt

Pacific Hospitality Walks Line Between Resorts and Chains

This week’s opening of Paséa Hotel & Spa in Huntington Beach marks the seventh high-end property out of 10 in owner-operator Pacific Hospitality Group’s stable.

AI Developer Secures Sony Investment

Anaheim-based artificial intelligence developer Cogitai received a strategic investment on undisclosed terms from Sony Corp., the multinational conglomerate headquartered in Tokyo, Japan.

Theme Park Company Buys NY Property

Apex Parks Group LLC in Aliso Viejo bought Martin’s Fantasy Island theme park in Grand Island, N.Y., on undisclosed terms.

Friday, May 20

OC Unemployment Down

Orange County’s unemployment rate was down to 3.9% in April as employers added 9,600 jobs.

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Midday Stock Roundup

The S&P 500 was up 0.5% in midday trading to 2,051.10.

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Thursday, May 19

UCI Eye Institute Gets $2M

University of California-Irvine’s Gavin Herbert Eye Institute received a $2 million gift from the Discovery Eye Foundation in Los Angeles.

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New Editor for Coast

Samantha Dunn will be the new editor of Coast magazine, according to the Southern California News Group.

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Midday Stock Roundup

The S&P 500 was down 0.6% in midday trading to 2,034.49.

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Wednesday, May 18

Midday Stock Roundup

The S&P 500 was up 0.5% in midday trading to 2,057.45.

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Sony Invests in AI Developer

Anaheim-based artificial intelligence developer Cogitai received a strategic investment on undisclosed terms from Sony Corp.

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Tuesday, May 17

Midday Stock Roundup

The S&P 500 was down 0.5% in midday trading to 2,056.56.

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Knife Maker Sold

American Capital Ltd. sold PHC Sharp Holdings Inc. to Levine Lechtman Capital Partners on undisclosed terms.

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Monday, May 16

Midday Stock Roundup

Indices were up in midday trading on higher oil prices and Berkshire Hathaway’s $1 billion investment in Apple.

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Mission Hospital Names CAO

Mission Hospital today named Michael Beck chief administrative officer, a new position, for its Laguna Beach campus.

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Apex Parks Buys in NY

Apex Parks Group LLC in Aliso Viejo bought Martin’s Fantasy Island theme park in Grand Island, N.Y., on undisclosed terms.

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Q1 Tech VC Funding Down

Orange County High-tech venture capital investment dollars declined in the first quarter of 2016 compared with the same time last year.

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Allergan Does Business Realignment

Allergan PLC reorganized its business segments as it prepares to divest its generic drug unit.

Naugles Plans to Kick-Start Comeback on HB Shore

DINING: Novice operator won name from Del Taco

A long-dormant fast food brand anticipates a revival with its first full-time location in two decades, in Huntington Beach.

PacSun Set for BK Auction in June

RETAIL: SF-based private equity firm lined up as stalking horse

The fate of Pacific Sunwear of California Inc. could be decided in a bankruptcy auction that’s scheduled for next month, with a stalking-horse bid in place and the possibility of additional interest in the Anaheim-based teen apparel and accessories retailer on the horizon.

Her Healthy Ecosystem

Exec Sees Firm Father Founded As Community Game Changer

It’s been a hectic 18 months for Kelly Vlahakis-Hanks, president of Cypress-based cleaning goods maker Earth Friendly Products, who was one of the honorees at the Business Journal’s Women in Business awards ceremony on May 4 at Hotel Irvine (see related stories, pages 1, 6, 8 and 11).

‘Singing CEO’

Helms Family Firm That Prides Itself on Service, Quality

The female business leader who’s known as Orange County’s “singing CEO” was honored at the Business Journal’s 22nd annual Women in Business Awards on May 4 at Hotel Irvine (see profiles of the other winners, pages 1, 4, 8 and 11).

Role Model for OC’s Business Women

Webster O’Grady Saw Need For Female Mentors

When Nella Webster O’Grady, principal at Newport Beach-based investment adviser Palo Capital Inc., was honored at the Business Journal’s Women in Business awards luncheon at Hotel Irvine on May 4, she immediately reflected on her career in finance in Orange County. (See profiles of other winners, pages 1, 4, 6 and 11.)

Seeing Pink

Breast Cancer Nonprofit Head Values Its Business Connections

Lisa Wolter credits passion and a variety of other factors for her long-running career in the nonprofit sector that’s been sewn “with the thread of women’s health.”

Broadcom Sells Wireless Backhaul Unit

Broadcom Ltd. agreed to sell its wireless infrastructure backhaul business for $80 million to MaxLinear Inc. in the latest divestiture led by Chief Executive Hock Tan.

Real Estate Investor Spins Off REIT

Irvine-based healthcare real estate owner and investor HCP Inc. will spin off its HCR ManorCare skilled nursing and assisted living businesses into a separate, publicly traded real estate investment trust.

OCVA Expands China Initiative

The Orange County Visitors Association in Irvine added a “Meetings, Incentives, Conventions and Exhibitions” effort to its Beijing office.

Average Luxury Home Price Per SF Reaches Milestone

$1K-Plus; Highwater Marks in Laguna, CDM

The luxury homes market—defined by real estate experts as the most expensive 5% of homes sold in a given quarter—has reached a new milestone in Orange County this year.

ADDENDUM

Other items of interest Orange County Business Journal Vol. 39, No. 20

Newport Beach-based Palace Entertainment Holdings LLC’s $430 million in debt is expected to be repaid as a result of its parent company’s recent initial public offering.

OCBJ Calendar

May 16-25, 2016

This week's business and other event listings.

Teva Edges Closer to Allergan Generic Deal Wrap

To Bring Estimated $34B, Windfall Could Fuel Deals

Dublin-based Allergan PLC, which has a Botox, medical aesthetics, dermatology and ophthalmology hub in Irvine, is getting close to divesting its generic drug portfolio to Israel-based Teva Pharmaceutical Industries Ltd.

Kia Motors Speeds Up ‘Parent Media’ Ties With Event

Was Premier Sponsor Of Recent Mom 2.0 Summit

Kia Motors America Inc. in Irvine was the presenting sponsor and official transportation sponsor of the Mom 2.0 Summit at The Ritz-Carlton, Laguna Niguel in Dana Point last month.

Government Office in Orange Gets Top Dollar in Sale

$61 Million for Building Near Mall, Leased to FBI

The 4000 Metropolitan Drive office in Orange, a 183,000-square-foot building just off the Garden Grove (22) Freeway near the Outlets at Orange shopping center, has traded hands for the third time in six years in one of the largest local office sales so far this year.

Inter-City Tesla Ride Service Wins Pitch Competition

Teenager, Dad Leverage Car’s Semi-Autonomy

A startup that provides intercity travel via shared rides in a Tesla “semi-autonomous” electric car won first place in a startup pitch competition at The Vine on May 3.

Real Estate Deals

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

An industrial building in Orange was sold for $4.7 million, or about $154 per square foot.

Thriving Spectrum Office Market Braces for Changes

Broadcom, Toshiba Sites Among Offices in Play

The Irvine Spectrum office market is by most measures the best-performing submarket in Orange County these days: Empty space is scarce, a flock of new and expanding companies call the area home, rents are rising, and new development is in full bloom.

Office Sales

Largest OC transactions in Q1

Largest OC transactions in Q1

Office Leases

Largest OC deals in Q1

Largest OC deals in Q1

Office Construction

Largest OC projects in Q1

Largest OC projects in Q1

Office Sector Is Landlords’ Market

The Orange County office market is currently characterized as a landlord market due to low availability. Strong employment growth in Orange County has been the primary driver of improving fundamentals up until this point in the cycle.

Industrial Sales

Largest OC transactions in Q1

Largest OC transactions in Q1

CalAmp Move from Oxnard Adds to Tech Sector Here

‘Center of Gravity’ Draws Wireless Products Maker

CalAmp Corp.’s recent headquarters move from Oxnard to Irvine provides a boost in the middle market for Orange County’s roster of publicly traded tech companies.

Industrial Leases

Largest OC deals in Q1

Largest OC deals in Q1

Industrial Market Starts Year Off Strong

The industrial market continued to build on last year’s robust trends.

Retail Market Marks Healthy Q1

The retail market’s favorable start to the year included multiple positive changes to its market fundamentals.

Whole 9 for Anaheim Resort Hotel Market

Nexus’ Plan for 350-Room Entry on Katella Latest on Drawing Board

Nexus Development Corp. is the latest in a growing list of companies looking to build a hotel in the Anaheim Resort Area.

FivePoint’s Next Step: Commercial Landlord

REAL ESTATE: New structure takes in projects from here to Bay Area

Aliso Viejo-based master developer FivePoint Holdings LLC is planning the next step in its evolution: becoming one of Orange County’s largest commercial real estate landlords.

Her Piece of the Pie

Gymboree Exec Divides Time, Conquers Challenges

Kimberly Sentovich looks at every day as a pie, slicing each as she sees fit, and almost never coming up with equal pieces for her work duties and personal life.

Smartphone Case Maker Spigen Plans Spectrum Buy

Irvine Unit of Korean Firm To Pay $13.2M for Office

Spigen Inc., an Irvine-based maker of smartphone cases, screen protectors and related accessories, appears to be expanding its local operations after entering into a deal to buy an office in the Spectrum area.

Will Haddad Re-Up With Navy? Locals on Publicity Blitz

Expect to hear more from various sources around the state about the growing stature of Emile Haddad and Aliso Viejo-based FivePoint Holdings Inc.

Software Maker Jobs Up Slightly as Newer Firms Join

TECHNOLOGY: 39 Largest Combine For 8,000-Plus Jobs

The county’s largest software makers grew employment by 5.1% in the 12 months through April as several emerging companies joined the ranks of the largely mature local industry.

Consumer Electronics Hub Sees Cuts at Top On Larger Concerns

ECONOMY: WD, Toshiba react to external, internal factors, trim staff

Orange County is home to a vibrant sector of companies that make and market consumer electronics, the largest among them accounting for more than 4,500 jobs, even with a recent rough patch for local employment at the top.

Friday, May 13

Q1 Tech VC Funding Down

Orange County High-tech venture capital investment dollars declined in the first quarter of 2016 compared with the same time last year.

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Midday Stock Roundup

The S&P 500 was down 0.3% in midday trading to 2,057.49.

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Thursday, May 12

Spanish-Language Papers Editor Exits

Sandra Baltazar Martínez, managing editor of Spanish-language weeklies La Prensa in Riverside and Excélsior in Orange County, left her post to be a writer and editor for University of California-Riverside’s internal communications department, according to news reports

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Skyworks Names Local Exec CEO

Liam Griffin, who served as president of Skyworks Solutions Inc. from the company’s Irvine office, has been named chief executive of the Woburn, Mass.-based chipmaker.

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Nissan Takes $2.2B Mitsubishi Stake

Nissan Motor Co. Ltd. said it will take a controlling stake in Mitsubishi Motors Corp., the parent company of Cypress-based Mitsubishi Motors North America Inc., for about $2.2 billion.

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New Civil Justice Institute Gets Cash

New York-based litigation funder Bentham IMF committed $300,000 over the next three years to the newly launched Civil Justice Research Institute at the University of California-Irvine School of Law.

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Palace Parent Goes Public

Newport Beach-based Palace Entertainment Holdings LLC’s $430 million in debt is expected to be repaid as a result of its parent company’s recent initial public offering.

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Midday Stock Roundup

The S&P 500 was down 0.4% in midday trading to 2,056.71.

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Wednesday, May 11

OCVA to Nab China MICE

The Orange County Visitors Association in Irvine has added a “Meetings, Incentives, Conventions and Exhibitions” effort to its Beijing office.

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New Managing Partner at EY

Kim Letch will become the Managing Partner for Ernst & Young’s Orange County office on July 1.

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Allergan Realigns Businesses

Allergan PLC has reorganized its business segments as it prepares to divest its generic drug unit.

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Midday Stock Roundup

The S&P 500 was down 0.5% in midday trading to 2,073.35.

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Tuesday, May 10

Theme Park Owners Report Results

Burbank-based Walt Disney Co. said revenue at its parks and resorts—a division that includes Disneyland Resort in Anaheim—grew 4% in the company’s most recent quarter to $3.92 billion, up from $3.76 billion in the same period last year.

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Online Law School Graduates 1st Class

Newport Beach-based St. Francis School of Law has graduated its first class, with three law students.

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Midday Stock Roundup

Stock indices were higher in midday trading on strength in the energy and financial sectors and a report showing the number of job openings in the U.S. stood at an 8-month high at the end of the 1st quarter.

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Monday, May 9

Broadcom Sells Another Unit

Broadcom Ltd. has agreed to sell its wireless infrastructure backhaul business for $80 million to MaxLinear Inc. in the latest divestiture led by Chief Executive Hock Tan.

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Midday Stock Roundup

The S&P 500 was up 0.2% in midday trading to 2,061.73.

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HCP Spinning Off Skilled Nursing, Assisted Living

Irvine-based HCP Inc. will spin off its HCR ManorCare skilled nursing and assisted living businesses into a separate, publicly traded real estate investment trust.

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SCP Plays Carnegie Hall; Vogel Steps Up; Kiani Answers Call

The Insider hears that the “Segerstrom family and South Coast Plaza” intend to build on ties to Carnegie Hall in New York and “other respected arts institutions” in coming months.

Real Estate Startup Exits Incubator to Meet Demand

Reaches Tenants, Landlords In ‘Underserved’ Market

A startup that helps local companies find and lease office space recently graduated from incubator EvoNexus in Irvine and moved into its own office in Newport Beach.

Olen Steps Up in Airport Area, Pays $44.8M for Office Park

Newport Beach-based real estate investor and developer Olen Properties Corp. has made its largest local purchase in nearly three years, buying a 15-building office park near John Wayne Airport.

Office, Industrial Construction Still Lags Demand

Industrial construction in Orange County slowed in the first quarter after 1 million square feet of supply was delivered last year, with just 231,068 square feet under construction during the period.

Vans Takes on Olympian Challenge

Brand Hopes New Skate Circuit Will Lead to Tokyo Games

Vans Inc. is betting its future on what some consider a lifestyle rather than a sport.

Our Annual Inventory of Influence

The OC50—the Business Journal’s annual inventory of influence of the prominent and powerful—owes its 10% turnover rate to factors ranging from the end of an era at a longtime pillar of the local tech industry to the emergence of a startup specialist in San Juan Capistrano.

OC 50 (A-F)

Our Annual Inventory of Influence

Our Annual Inventory of Influence

OC 50 (G-M)

Our Annual Inventory of Influence

OC 50 (O-Y)

Our Annual Inventory of Influence

Greenwave Grows Into Full Floor at Spectrum Showplace

Irvine-based smart technology company Greenwave Systems Inc., Orange County’s biggest recipient of venture capital funding this year to date, has signed a deal to move its headquarters to 200 Spectrum Center, the area’s newest office tower.

Providence-St. Joseph Combo Verdict Soon

HEALTHCARE: Joint control, women’s services part of deal

California Attorney General Kamala Harris will decide by June 13 whether Irvine-based St. Joseph Health will be allowed to affiliate with Providence Health and Services.

New Great Park Home Phase to Start Early 2017

REAL ESTATE: 727-home project to feature six builders

The developer of Great Park Neighborhoods in Irvine is planning to launch its next phase of home development in early 2017.

JWA-Area Office Deal Priciest of Year at $66M

REAL ESTATE: Georgia-based REIT also sells Brea property

Piedmont Office Realty Trust Inc. has sold its two Orange County office properties—in Irvine and Brea—for a combined $100 million.

NextVR Lands Live Concerts Deal

Laguna Beach-based virtual reality content maker NextVR Inc. struck a deal with one of the world’s largest event companies to bring “hundreds” of live concerts to fans across the world through virtual reality.

UCI Lab Tapped for Disease Training

University of California-Irvine’s high-containment, biosafety level 3, training laboratory has been selected as the third facility in the country designated by the National Institutes of Health’s National Biosafety & Biocontainment Training Program to provide continuing education to professionals in a simulated setting.

Sock Maker Secures $30M for Growth

San Clemente-based Stance Inc. received $30 million in Series D funding led by Mercato Partners in Salt Lake City. Other returning investors include August Capital, Kleiner Perkins Caufield Byers, Menlo Ventures, Shasta Ventures, and Sherpa Capital.

Private Companies Wanted for Annual List

SPECIAL ISSUE: list will be centerpiece of June 20 edition

The Business Journal is preparing its annual list of privately owned companies for publication in June.

NC Firm Buys Distributor

Osterbauer Compressor Service, a distributor of heating and cooling systems in Buena Park, was acquired on undisclosed terms by Davidson, N.C.-based environmental-systems maker Ingersoll Rand.

B. Riley in $170M Buy

B. Riley Financial Inc., a Los Angeles-based investment firm that maintains an office in Newport Beach, is buying Internet service provider United Online Inc. for $11 a share, or about $170 million.

PHILANTHROPY

Applied Medical, Lugano Diamonds, PIMCO Foundation and Balenciaga were among the major sponsors of Court Appointed Special Advocates’ annual Celebration of Children: Black & White Ball on April 16 at The Ritz-Carlton, Laguna Niguel in Dana Point.

ADDENDUM

Other items of interest Orange County Business Journal Vol. 39, No.19

Personal finance website WalletHub found that Irvine has the workforce with the highest percentage of college-educated workers among the 150 most populous U.S. cities: 66%, almost six times higher than the lowest percentage: 12% in San Bernardino.

OCBJ Calendar

May 9-19, 2016

This week's business and other event listings.

Behr Ads Aim to Inspire Homeowners of All Stripes

Campaign Encourages DIYers’ Self-Expression

Paint maker Behr Process Corp. in Santa Ana released a flight of four TV spots that celebrate self-expression and aim to “inspire DIYers to transform their homes with colors that bring them joy,” according to Jodi Allen, the brand’s chief marketing officer. “This campaign is all about finding a color that’s right for you with paint that will give you a beautiful, lasting finish and a space that is all your own.”

Edwards CFO Talks Manufacturing Capacity Boost

‘Aggressive Action’ To Leverage Momentum

Irvine-based Edwards Lifesciences Corp. is gearing up to boost its transcatheter replacement heart valve manufacturing capacity, according to its chief financial officer.

Microsemi Makes First of Anticipated Unit Divestitures

Sells Broadband Unit To Carlsbad Firm for $21M

Aliso Viejo-based chipmaker Microsemi Corp. has begun unloading unwanted business units acquired in its $2.5 billion buy of PMC-Sierra Inc. in January.

Real Estate Deals

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

Oke Poke, a local seafood restaurant, has signed a 10-year lease at 23633-23646 Rockfield Blvd. in Lake Forest for $1.2 million.

Office, Industrial Construction Still Lags Demand

Industrial construction in Orange County slowed in the first quarter after 1 million square feet of supply was delivered last year, with just 231,068 square feet under construction during the period.

Women Honored by Business Journal

About 900 people gathered at the Business Journal’s 22nd Annual Women in Business Awards, where Lisa Vogel, co-president of RAJ Swim in Tustin, delivered the keynote address, encouraging women in business to be open, humble and flexible.

Friday, May 6

Register Names New Senior Editor

Todd Harmonson has been named senior editor at the Orange County Register, succeeding managing editor Donna Wares, according to the Southern California News Group, which oversees the Register.

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Midday Stock Roundup

The S&P 500 was flat in midday trading to 2,050.28.

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Thursday, May 5

Autobytel Shares Crater on Q1 Results

Autobytel Inc. in Irvine reported mixed results for its March quarter, exceeding Wall Street expectations on revenue but delivering below forecasts on earnings

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Clean Energy Q1 Beats Wall Street

Newport Beach-based Clean Energy Fuels Corp. after the close of trading reported revenue and adjusted profits in the first quarter that blew away Wall Street expectations.

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Argyros Family Gives $7M for Hoag Nursing Program

Hoag Memorial Hospital Presbyterian today received a $7 million gift from Orange County philanthropists George and Julia Argyros to support its nursing program.

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$40M for AV-Based VR Camera Maker

Aliso Viejo-based 360fly Inc. has raised $40 million in a Series C financing round to boost global sales and marketing efforts for its breakthrough 360-degree 4K camera to be released later this month.

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Santa Ana Lender Names CFO

Santa Ana-based Stearns Lending LLC named Steve Smith chief financial officer.

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Midday Stock Roundup

The S&P 500 was down 0.1% in midday trading to 2,049.01.

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Wednesday, May 4

B Riley in $170M Buy

B. Riley Financial Inc., a Los Angeles-based investment firm that maintains an office in Newport Beach, is buying internet service provider United Online Inc. for $11 a share or about $170 million.

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NextVR Adds Deal with Live Nation

Laguna Beach-based virtual reality content maker NextVR Inc. has struck a deal with one of the world’s largest event companies to bring “hundreds” of live concerts to fans across the globe through virtual reality.

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Ingersoll Rand Buys in OC

Osterbauer Compressor Service, a distributor of heating and cooling systems in Buena Park, has been acquired on undisclosed terms by Davidson, N.C.-based environmental-systems maker Ingersoll Rand.

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Women Feted at Journal Awards

Some 900 attendees gathered at the Business Journal’s 22nd Annual Women in Business Awards, where Lisa Vogel, co-president of RAJ Swim in Tustin, delivered the keynote address encouraging women in business to be open, humble and flexible.

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Masimo Beats Q1 Estimates

Irvine-based patient monitor maker Masimo Corp. today reported first-quarter results that outpaced Wall Street forecasts.

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Glaukos Guides Higher, Shares Up

Shares of Laguna Hills-based Glaukos Corp. rose today on first-quarter results that beat expectations.

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Top Local Editor to Leave Register

Orange County Register Managing Editor Donna Wares will leave the paper Friday to serve as editorial director for a yet-to-launch online travel enterprise, according to the daily newspaper.

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Midday Stock Roundup

The S&P 500 was down 0.6% in midday trading to 2,051.23.

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UCI Lab Gets Federal Designation

University of California-Irvine’s high-containment, biosafety level 3, training laboratory has been selected as the third facility in the country designated by the National Institutes of Health’s National Biosafety & Biocontainment Training Program to provide continuing education to professionals in a simulated setting.

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Gross Gives $2M to Pimco Foundation

Bond fund manager Bill Gross plans to donate $2 million to the Pimco Foundation after he sold a portion of his Swiss stamp collection.

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FivePoint Completes Restructuring

Aliso Viejo-based FivePoint Communities Inc. completed a reorganization that gives it ownership of four of California’s largest master-planned communities, including Irvine’s Great Park Neighborhoods.

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Tuesday, May 3

Working Wardrobes HQ to Irvine

Working Wardrobes, a non-profit that provides career training, job placement assistance and professional wardrobe services, is moving from Costa Mesa to Irvine.

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Orange Coast Magazine Names Editor

Alan Gibbons will take over as editor-in-chief of Orange Coast Magazine on May 16.

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Most OC Carmakers Beat U.S. Pace

Three of four Orange County-based automakers exceeded the national sales pace for new vehicle sales in April, according to New Jersey-based market researcher Autodata Corp.

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Midday Stock Roundup

The S&P 500 was down 0.8% in midday trading to 2,064.27.

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Universal Services to Merge

Santa Ana-based commercial security and janitorial services company Universal Services of America will merge on undisclosed terms with AlliedBarton Security Services in Conshohocken, Pa. to create a company named AlliedUniversal.

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Monday, May 2

Del Taco Swings to Q1 Profit

Lake Forest-based Del Taco Restaurants Inc. reported net income of about $3.1 million for the first quarter of 2016 compared with a $4.9 million loss year-over-year.

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Midday Stock Roundup

The S&P 500 was up 0.7% in midday trading to 2,078.85.

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Sock Maker Raises $30M

San Clemente-based Stance Inc. received $30 million in Series D funding led by Mercato Partners in Salt Lake City.

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Private Companies Wanted for Annual List

SPECIAL ISSUE: list will be centerpiece of June 20 edition

The Business Journal is preparing its annual list of privately owned companies for publication in June.

Drug Distributor Reorganizes in Face of Cash Crunch

HEALTHCARE: New exec, overhead cuts for Praxsyn

Irvine-based drug distributor Praxsyn Corp. is reorganizing its operations as it copes with what it calls “a substantial working capital deficit.”

OC-Based Brands In NBA’s Upper Tier

A couple of big consumer brands based in Irvine were among the top national television advertisers during the National Basketball Association’s 2015-16 regular season.

Real Mex Thinks Pink in Bid to Lure Younger Diners

RESTAURANTS: Mexican specialist adds cheeky brand

A taco-and-tequila specialist with rock ’n’ roll credentials and a spot on the Sunset Strip has joined the ranks of Mexican-themed, casual dining chains run by Cypress-based Real Mex Restaurants Inc.

Anaheim Group in Deal for 500 Subways in Texas

RESTAURANTS: Total to top 1,200 for family venture

Marwaha Group Inc. in Anaheim bought 500 Subway sandwich shops in six counties in the Houston market.

OneOC Luncheon Adds Spice to Nonprofit Menu

Last week’s annual OneOC Spirit of Volunteerism Awards luncheon at the Disneyland Hotel added humor, insight and style to the standard heartwarming fare of the nonprofit circuit, giving the crowd of more than 1,000 a mix that felt fresh as it highlighted the extraordinary levels of support the community of business provides nonprofit organizations that serve Orange County …

Franchise Finance Phase Often Done Nontraditionally

Newer Loan Programs Join Loved Ones’ Help

A.J. Jafrey, founder and owner of Scoops N’ Scoops in Irvine, already had many of the elements needed to operate a franchise. He’d worked in a few franchises that his extended family owns, and he has an entrepreneurial education.

Entrepreneurial Chef Builds Local Culinary Empire

International Fare Draws Clients Wherever He Goes

Chef Azmin Ghahreman, founder and owner of Sapphire Laguna restaurant on Pacific Coast Highway in Laguna Beach, will be spending the next couple of months at patient-monitor maker Masimo Corp., tweaking the new cafeteria-style restaurant he opened at the company’s headquarters in Irvine.

SBA Lending Up By Number of Deals, Dollar Value

$225M Provided, Up 31%, In 440 Loans, Up 16%

Small-business lending in Orange County continued to grow in recent months, based on this week’s Business Journal ranking.

Edison Plugs Into OC Startup Scene

ECONOMY: New unit of SCE parent in search of permanent HQ

Orange County will play a prominent role as the home field of Edison Energy Group, recently established by one of the world’s largest electricity producers as a launch pad of sorts, with specializations in consulting, engineering and solar-energy installations.

Gavin’s Other Big Idea

Environmental Outfit Started By Allergan Founder Wants Global Brand

Scott Wilson says he still suffers from sleepless nights as chief executive of Regenesis, a privately held maker of environmental decontamination products in San Clemente.

$630M Bet Makes Bascom Biggest Landlord in Vegas

REAL ESTATE: Irvine-based investor adds 4,918 units at 15 complexes

Irvine-based apartment investor Bascom Group LLC has made the largest acquisition in its 20-year history, landing a nearly 5,000-unit portfolio of rental properties in and around Las Vegas.

Caltrans to Leave Irvine for New Santa Ana Digs

REAL ESTATE: 130,000-SF lease fills out State Fund building

The California Department of Transportation is moving its local operations from Irvine to Santa Ana after signing one of the largest new office leases reported in Orange County so far this year.

Speedo's Splash

New Line Launches in Time to Catch Buzz of Summer Olympics

It’s not your mother’s aqua aerobics, but both of you are welcome to join in.

Environmental Car Wash Cleans Up Pitch Competition

No-Water Service Now Looks for Headquarters

A Gardena-based startup providing an on-demand car wash service swept the competition at the Get Started OC business pitch competition on April 20, hosted by Irvine-based Cox Business and New York City-based Inc. magazine.

Harrah Eyes Office Conversion, Hotel in Santa Ana

Plans Come Amid $34M Buy Near Register

"Big Mike” Harrah doesn’t do small when it comes to development plans in Santa Ana.

Retail Has 3rd Quarter of Occupancy Gains in a Row

The Orange County retail market had a strong start to the year with improvements recorded in nearly every sector.

Real Estate Deals

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

Newport Beach-based developer and operator of hospitality-related assets T2 Development renewed its lease at 2151 S. Dupont Drive in Anaheim on undisclosed terms.

Virtual Reality Gets a Slow Start Despite Buildup

’16 Forecast Lowered Due To Glitches, Other Factors

The bumpy rollout of virtual reality headsets has led to some lower sales projections this year as the emerging technology has failed to match the hype in the early going.

‘The Voice’ Contestant Pays Her Dues Selling Boots

Chain Takes Advantage Of On-Air Banter

Boot Barn Inc. in Irvine recently hired country music star Kelsea Ballerini as the face of women’s apparel brand Shyanne, but the real buzz is coming from its employee who is competing on NBC’s “The Voice.”

Sabra Outlines Planned Auction of Fort Worth Tenant

Aims to Use Proceeds To Pay on Revolving Credit

Irvine-based Sabra Health Care REIT Inc. continues its march toward the denouement of its long-running challenge with a major tenant.

OCBJ Calendar

May 2-11, 2016

This week's business and other event listings.

Newport Coast, Laguna See Big Jumps in $10M+ Sales

Make US Listing of Elite Cities, Including Aspen

The Luxury Market Report released April 7 by Coldwell Banker Previews International found that Newport Coast and Laguna Beach experienced big increases last year in sales in the $10 million-plus category.

ADDENDUM

Other items of interest Orange County Business Journal Vol. 39, No.18

Midlothian, Texas-based Ennis Inc. said it plans to sell Alstyle Apparel LLC in Anaheim to the newly formed Alstyle Operations LLC for $76 million in cash and $12 million to cover a 60-month equipment lease.

South County Gains in the Gastronomic Department

South County is getting more sophisticated on the dining front.

South County is getting more sophisticated on the dining front.

Irvine Tech Firm Raises $5.4 Million

Irvine-based Levyx Inc. closed $5.4 million in Series A funding. It develops technology to cut costs associated with applications for big data—amounts of information so large or complex that they overwhelm traditional data-processing applications.

Mitsubishi Says US Cars’ Data Accurate

Cypress-based Mitsubishi Motors North America Inc. said the fuel economy data for its 2013 to 2017 models sold in the U.S. is accurate and unaffected by the testing irregularities its Japan-based parent revealed late last month.

UCI Law Creates Civil Justice Institute

The University of California-Irvine School of Law launched a Civil Justice Research Institute to explore how to make the U.S. civil justice system more accessible.

Quality Systems to Trim 6% of Its Jobs

Irvine-based Quality Systems Inc. will cut 150 jobs, or about 6% of its U.S. workforce, as part of an operational realignment.

Broadcom Presence May Shrink More With IoT Sale

New Owner Didn’t See Value Of Growth Technology Sector

Broadcom Ltd.’s operation in Irvine is likely to shed more employees after the chipmaker sold its Internet of Things business last week for $550 million to Cypress Semiconductor Corp. in San Jose.