Stories for August 2017

Thursday, August 31

Oomba Closes Acquisition of GameWorks

Irvine-based startup Oomba Inc. closed its acquisition today of Chatsworth-based GameWorks Entertainment LLC, an entertainment and gaming venues company.

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Microsemi Donates to UCI

University of California-Irvine said today that Aliso Viejo-based chipmaker Microsemi Corp. donated $1.5 million to the university.

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Montage CFO Has IR Chops

Montage International in Irvine named Brian Karaba executive vice president and chief financial officer.

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Midday Stock Roundup

The S&P 500 was up 0.5% in midday trading to 2,469.10.

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Wednesday, August 30

Entrepreneurship Center Gets New Director

Chapman University said today Matthew Hanson will replace Shan Steinmark as director of its entrepreneurship center, the Ralph W. Leatherby Center for Entrepreneurship and Business Ethics.

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ROC Down to One

Newport Beach-based Real Office Centers (ROC) has now voluntarily terminated its lease at three of its remaining four OC locations, according to its landlord, the Irvine Co.

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NorCal Tacos to OC

Jimboy’s Tacos plans three locations in OC—Huntington Beach. Brea, and Costa Mesa—as part of a 20-unit franchise plan for Southern California.

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Midday Stock Roundup

The S&P 500 was up 0.5% in midday trading to 2,458.32.

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Wells Fargo Names New OC Chief

Wells Fargo & Co. named Keith Kobata its Orange County leader to replace Ben Alvarado, who was laid off because of reorganization following controversy over its retail banking practices.

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In-N-Out to Add Houston

News reports from Houston last month said Irvine-based In-N-Out Burger bought a parcel of land in Harris County for its first location in the city.

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Tuesday, August 29

ROC out at Newport Office Park

Newport Beach-based Real Office Centers (ROC) voluntarily terminated its lease at 23 Corporate Plaza in Newport Beach according to a notice its sub-leasees received Monday.

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Allergan Gets Korean Market OK

Allergan PLC received Korean Ministry of Food and Drug Safety approval for Belkyra, an injection that aims to reduce double chin by destroying fat cells under the chin.

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Midday Stock Roundup

The S&P 500 was down 0.1% in midday trading to 2,443.08.

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Real Mex Hires CFO

Real Mex Restaurants Inc. in Cypress named Judd Tirnauer executive vice president and chief financial officer.

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Allergan Cuts 109 Jobs

Allergan PLC laid off 109 employees at its Irvine campus, according to a recent report to the state Employment Development Department.

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Monday, August 28

SoCal AAA Gets New CEO

Former Automobile Club of Southern California Chief Executive Robert Bouttier says goodbye to the Auto Club’s members in his final column in the September issue of Westways.

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Midday Stock Roundup

The S&P 500 was down 0.1% in midday trading to 2,441.57.

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St. Joseph Hoag to Get New CEO in 2018

Richard Afable Retiring, Oversaw St. Joseph Alliance

When two Catholic health systems, Providence Health Services and St. Joseph Health, merged last July, they created a 50-hospital system based in Renton, Wash., with headquarters in Renton and Irvine.

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Investment Bucks US Trends First Half of Year

In the first half of the year, sales of commercial properties in the Orange County market rose 12% year-over-year, nearly reaching $3.5 billion and bucking regional and national trends of moderated activity.

Business Bites

Other items of interest Orange County Business Journal Vol. 40, No. 35

California students of the defunct Corinthian Colleges Inc. will receive $51 million in student loan relief, California Attorney General Xavier Becerra said, joining other U.S. attorneys general in the announcement. The AGs struck the deal alongside the Consumer Financial Protection Bureau. An Oregon bankruptcy judge must give final approval.

Real Estate Deals

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

JVK-CA Holdings LLC sold an office building in Irvine to EBA&M Corp. for $5 million, or $274 per square foot.

Plans for Mixed-Use Project in Little Saigon Unveiled

Hotel, Apartments, Retail And Festival Street Eyed

Plans for a big mixed-use development in the Little Saigon area of Westminster have been unveiled by the project’s local design team.

China-Based Funding Firm Opens at The Cove

Cybernaut Adds Weight To Existing Firms There

A China-based venture capital and private equity firm chose Irvine as its first outpost in Southern California. Cybernaut Green Tech USA Inc. opened an office at The Cove, the physical space of the University of California-Irvine’s innovation institute, Applied Innovation. The Irvine location is significant.

Bonti Tackles Neurotoxin With Dual Verticals

HEALTHCARE: Starts 2nd-phase pain management trial

The market opportunity for facial injectables is an attractive one—it’s likely to grow more than 11.5% globally from $6.5 billion last year to $7.2 billion in 2020, according to a recent market research report by Grand View Research Inc. in San Francisco.

Firms Fight Terrorism With Tech

Public Safety and Security Soon $500B Market

Two Orange County technology companies are trying to cut down emergency response times when seconds can mean the difference between life and death.

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Three Luxury Teams Earn Spots in America’s Top 10

2016 Sales Put Them At Heights of US Industry

REAL Trends America’s Best Real Estate Agents, a newly issued ranking report produced by REAL Trends and sponsored by Zillow Group, has released the rankings of the top-producing real estate agents and teams in the country. Orange County boasts three luxury real estate teams in the top 10.

Calendar

Aug. 28-Sept. 6, 2017

• Studio SoCal hosted by Rick Reiff and Elizabeth Espinosa (KOCE-TV/PBS SoCal), Friday 7 p.m., Repeats Sunday 5 p.m., Monday 5:30 p.m., Wednesday 5:30 p.m., Guests: TBA

Auction.com’s New Logo, Slogan Tell Whole Story

Branding Changes Follow Parent Co.’s Recent Sale

Irvine-based real estate marketplace Auction.com, whose parent company, Ten-X, agreed this month to be acquired by Thomas H. Lee Partners LLP for about $1 billion, unveiled a new logo, a “Beyond The Bid” slogan, and an “updated design aesthetic that reaffirms its commitment to provide buyers and sellers with optimal disposition strategies for faster executions.”

Business Journal Hears Update on the Reserved Tsaos

Arts, Charity, Mentoring The Focus, Not Retirement

The Business Journal recently caught up with Victor Tsao, who splits his time between Asia and Orange County.

Familiar Names Buy Broadcom Campus

REAL ESTATE: Starwood, Rockpoint invest in Irvine site

Regulatory documents are shedding a bit more light on FivePoint Communities Inc.’s blockbuster purchase of Broadcom Ltd.’s four-building, 73-acre campus under construction at Great Park Neighborhoods in Irvine this month.

Egypt Seeks Advice of Newport Wealth Management

FINANCE: Laila Pence honored by native country

Egypt turned for financial advice to one of Orange County’s top wealth managers—Pence Wealth Management co-founder Laila Pence.

OC Insider

Do The Strand

You’d have won bets in the ’90s backing a padlocked, degraded piece of land overlooking the ocean in Dana Point to be built out, with local-to-coastal commission blessing. Twenty years and 120 of the priciest lots in OC later—you’d be sitting on a parlay.

Water Features

High Tide of Renovation to Hit Coast

The next big redevelopment push in Orange County looks to come dockside.

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OC’s Top Software Firms Added Jobs, Grew Ranks

Six List Newcomers in Hot Spaces: AI, Gaming

A mix of new and established companies helped Orange County post solid job growth in the software sector for the second consecutive year.

UCI Institute Helps the Helpless Fight Cybercriminals

New Clinic Walks Victims Through Cleanup Process

Bryan Cunningham’s vision, crafted over the past year to create one of the country’s top cybersecurity policy and prevention centers, is taking shape at the University of California-Irvine.

MYnd Analytics Forms Four-Way Collaboration

Behavioral and Mental Health High on Agenda

Treating mental disorders is a tricky business. There are some powerful drugs that target some of the more serious imbalances in brain chemicals that are linked to depression, but little is known regarding the optimal treatment of patients—including the effectiveness of those medications.

Startups Build OC Into Front in Cybersecurity War

Obsidian, Veracity, Others Step Into Breach for Firms

Early this year, Glenn Chisholm was contemplating leaving the chief technology officer role at security software maker Cylance Inc. in Irvine.

Tofu Maker Doubles Down on OC Presence

House Foods Unit Aims for $89M in Annual Sales

House Foods America Corp., a Garden Grove-based manufacturer of tofu, noodles and other Asian-influenced food products that’s seen a surge in business the last decade, has bought an office next to its headquarters for what looks to be a potential expansion of its local operations.

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No Model, No Problem

Brisk Sales in Irvine, Even Without Them

This month’s grand opening of a collection of three new home types at Irvine’s Eastwood Village community had a bit of a carnival atmosphere, with an assortment of food trucks, balloons for children, and other giveaways for the more than 1,000 people who braved the summer heat.

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Friday, August 25

OC Forum Chief to Depart

Orange County Forum founding Executive Director Nancy Dooley will leave the group to focus on her consultancy.

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Midday Stock Roundup

The S&P 500 was up 0.3% in midday trading to 2,447.20

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Leaf Plans Nestle U.S. Bid

Leaf Brands LLC in Newport Beach said it will bid for Switzerland-based Nestle SA’s U.S. candy business.

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Thursday, August 24

CoreLogic GC to Leave

Stergios “Terry” Theologides, general counsel and secretary of CoreLogic Inc., will leave the Irvine-based real estate real estate data and research company next month.

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Midday Stock Roundup

The S&P 500 fell 0.1% in midday trading to 2,440.81.

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Moss Adams to Acquire Hein

Moss Adams LLP, the seventh-largest accounting firm in Orange County, said it will acquire Hein & Associates LLP to create a firm with $600 million in annual revenue.

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Wednesday, August 23

Foothill Toll Road Gets Lower Bond Rate

The Foothill/Eastern Transportation Corridor Agency obtained a lower rate on 40-year, $125 million bonds on high investor demand.

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ChromaDex to Sell Testing Business

ChromaDex. Corp. will sell its analytical testing business to Laboratory Corp. of America Holdings in Burlington, N.C.

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Midday Stock Roundup

The S&P 500 declined 0.3% in midday trading to 2,445.17.

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JWA Up in July

John Wayne Airport saw about 919,000 passengers in July, up 1.7% year-over-year.

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Tuesday, August 22

Juice It Up Back in Florida

Juice It Up in Irvine will re-enter Florida with three locations franchised to CPB Investments LLC.

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Nekter: 17 Carolinas Units

Nekter Juice Bar Inc. in Santa Ana has signed a franchisee to open 17 locations in the Carolinas over the next several years, the first in October in Cornelius, N.C., near Charlotte.

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SEC Revokes Stock of Irvine’s Ubiquity

The Securities and Exchange Commission said today that it's officially revoked the stock of Irvine-based Ubiquity Inc.

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St. Joe’s Afable Will Retire

Richard Afable, executive vice president of Providence St. Joseph Health Southern California Region, said he will retire in December.

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Midday Stock Roundup

The S&P 500 was up in 0.8% in midday trading to 2,447.80.

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Monday, August 21

Robinson In $417M Verdict Over J&J

A Los Angeles jury ordered Johnson & Johnson to pay $417 million to a 62-year-old Los Angeles woman who blamed her ovarian cancer on the company’s talc, in the first California trial over the product.

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BJ's Offers Beer Delivery

BJ’s Restaurants Inc. said its online ordering platform will offer alcohol delivery in some California markets via its new partnership with food delivery service provider, San Francisco-based DoorDash Inc.

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Loan Forgiveness for CA Corinthian Students

California students of the defunct Corinthian Colleges Inc. will receive $51 million in student loan relief, California Attorney General Xavier Becerra said, joining other U.S. attorneys general in the announcement.

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Midday Stock Roundup

The S&P 500 was up 0.1% in midday trading to 2,428.25.

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New Public OC Company Gets Boeing Contract

Ducommun to Make Body Of Converted Freighter

Ducommun Inc., which recently relocated its headquarters from Los Angeles to Santa Ana, has begun manufacturing aluminum aircraft structures for the Next-Generation 737-800 Boeing Converted Freighter program.

SF Investor’s Lake Forest Buys Likely to Top $110M

Drawbridge Gets HQ of Panasonic Avionics

San Francisco-based commercial real estate investor Drawbridge Realty has made its second Orange County office purchase in as many years, picking up the Lake Forest headquarters of Panasonic Avionics Corp.

Garden Grove Plots Ambitious Hotel Growth Plan

Projects Could Grow Bed Taxes by 21% in 5 Years

Garden Grove economic development officials promote their city in marketing materials as “Southern California’s undiscovered jewel.”

City of Irvine’s Got Speed And Hits for Power

Anaheim Leads Cities Roster

Imagine Angels outfielder Mike Trout on an exceptional day—the final score could read “Trout 7, White Sox 2,” —and you get an idea of Irvine compared to its city-mates in Orange County.

Orange County Register: Tough Choices to Make

MEDIA: Buyouts offered to avoid layoffs

The outlook for daily metro newspapers remains bleak. Southern California News Group, the parent company of 11 newspapers, including the Orange County Register, is offering a buyout plan to avoid layoffs. It’s for all newsroom employees across the Southern California region.

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Man Bites Dog: Irvine Co. JWA Office Park for Sale

REAL ESTATE: Complex built in 1975, totals 81,551 SF

In a rarity, Newport Beach-based Irvine Co. has put an office property it owns in Orange County up for sale.

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Genesis to Leave Hyundai Nest and Set Itself Apart

AUTOMOTIVE: Luxury brand establishes exclusive identity

Genesis’ winged logo was perhaps a sign of things to come. The luxury brand Hyundai Motor Co. launched in November 2015 is about to fly the coop.

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On California

This Year’s Wealthiest List - What Do The Numbers Really Mean?

My last column focused on the contributions of a number of people who made the Business Journal’s list of OC’s Wealthiest. My basic point was that the products and services provided by the vision, creativity and sweat equity of those people far outweigh the wealth listed after their names.

Business Bites

University of California-Irvine researchers received more than $378 million in grants and contract funding for fiscal 2016-17, the second-highest total in campus history after last year, when it got $395 million, UCI said. The lower total this year is due to decreased federal funding, according to UCI. It said most grants in 2016-17 went to health research.

Collaborative OC-LA Effort Creates ‘Elevator Pitch’ Show

Entrepreneurs Get Six Minutes to Close the Pros

When Irvine-based Entrepreneur Media Inc. was seeking original content for new streaming shows this fall, an idea co-created by a local sports marketing executive was one that was selected. Irvine-based Sports 1 Marketing Chief Executive David Meltzer co-created “Entrepreneur Elevator Pitch.” Sports 1 Marketing is a global sports and entertainment marketing agency co-founded by Meltzer and Hall of Fame quarterback Warren Moon.

The Source Developer Plans Residences

REAL ESTATE: 5-story project, 16-story tower proposed

The developer of The Source, Buena Park’s largest commercial real estate development in over a decade, now has its eyes on residential development in the city.

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KBS Realty’s Office Spree Heads to Portland and S.C.

Under Contract For $155M Deal in Oakland

KBS Realty Advisors and affiliates continue to hunt for sizable office properties across the country for sale, with nearly $250 million worth of notable deals announced this month.

ICU Medical Sees Bumpy Ride Smoothing Out

Expects Hospira Losses To Bottom-Out By Year-End

San Clemente-based ICU Medical Inc. has gone on quite a bumpy ride since it acquired the Hospira Infusion System business from New York-based Pfizer Inc. in February. The bumpiness has included an antitrust investigation “regarding the manufacturing, selling, pricing and shortage of intravenous solutions,” according to a company filing with the Securities and Exchange Commission by the U.S. Department of Justice.

Sabra Completes Controversial Merger

Irvine-based Sabra Health Care REIT Inc. and Care Capital Properties Inc. in Chicago announced completion of their all-stock merger despite shareholder backlash.

NAMM Grows With Convention Center

The 200,000-square-foot Anaheim Convention Center expansion has sparked official notice by its biggest client that it, too, is in growth mode.

Calendar

August 21-29, 2017

• Studio SoCal hosted by Rick Reiff and Elizabeth Espinosa (KOCE-TV/PBS SoCal), Friday 7 p.m., Repeats Sunday 5 p.m., Monday 5:30 p.m., Wednesday 5:30 p.m., Guests: TBA

Philanthropy

State Attorney General Xavier Becerra was the keynote speaker at the Public Law Center’s annual Volunteers for Justice dinner on June 19 at Hotel Irvine. He was joined by more than 800 leaders of the Orange County legal, civic and business communities. The event raised a record-breaking $750,000, which will generate $6 million worth of free civil legal aid through the law center’s pro bono model.

T-Mobile Leads Telecom Job Gains Amid ‘Disruption’

TECHNOLOGY: Mobilitie grows on 5G buildout

Employment in Orange County’s telecommunications sector was buoyed by strong gains from the local operation of T-Mobile USA Inc. for the second consecutive year.

J.D. Power Taps Strategist for ‘Digital Transformation’

New Position at Consumer Survey, Data Provider

J.D. Power and Associates in Costa Mesa hired Bernardo Rodriguez as chief digital officer, a new position. Rodriguez will be in charge of “advancing J.D. Power’s digital transformation,” which includes new-product development, branding, marketing and mergers and acquisitions. He will report to Chief Executive Finbarr O’Neill.

Allied Universal's Explosive Growth

CEO Shows How to Get to 150K Employees

If Allied Universal, a security company with 150,000 employees, was an army, it’d be the 34th largest in world, right behind Japan’s.

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OCInsider

Mistakes, Moats, Culture…

Every culture has its own lexicon, slogans. Here’s some business precepts I still see a lot—old and new and very true.

Peregrine to Separate Manufacturing from R&D

HEALTHCARE: Proxy battle looms at annual meeting

Pharmaceutical research and development is a risky venture—big financial returns on the drugs that make it to market, which will be outnumbered by the majority of drugs that don’t. And then there are the drugs that come close.

Startups See Room for Improvement in Office Sector

Say Tech Streamlines, Increases Buys, Sales

Two Orange County tech startups are helping lead the way in bringing the small-business segment of the commercial real estate industry into the modern age.

Landlords Own Office Market But Rate Hikes Should Ease

Orange County office market favors landlords due to the low availability rate. Though strong employment growth here had been a boon for leasing for much of the cycle, it recently tapered significantly due to low unemployment rates.

Industrial Space Still Tight; Little Construction on Way

Industrial fundamentals remained consistent, despite activity declining during the quarter as a result of a tightening market, leaving fewer options.

Retail May Have Reached Post-Recession Norm

Retail market fundamentals continued to strengthen despite continued big-box closures. Though slight, second-quarter changes further displayed demand for retail and its importance for the segment in the Southern California market. Prime coastal and inland centers, coupled with a diverse and steady workforce, help sustain retail need year-round, and strong tourism in the summer supplies a midyear sales boost.

Friday, August 18

Midday Stock Roundup

The S&P 500 was up 0.1% in midday trading to 21,739.94.

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Irvine Software Maker in $1.2B Sale

Irvine-based software maker Vision Solutions Inc. has changed hands again as part of a $1.2 billion sale between two private equity firms.

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July Unemployment Up

OC’s unemployment rate rose to 4.2% in July, up from a revised 3.8% in June.

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Thursday, August 17

Sabra Completes CCP Buy

Irvine-based Sabra Health Care REIT Inc. and Care Capital Properties Inc. in Chicago announced completion of their all-stock merger despite shareholder backlash.

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Paciolan to Buy Two Firms

Paciolan in Irvine will buy TicketsWest and West Coast Entertainment in Spokane, Wash., on undisclosed terms, a trade journal reported.

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JetSuiteX Connects More Dots

JetSuiteX plans 12 flights a week between Burbank and San Jose starting Sept. 12.

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Midday Stock Roundup

Stock indices declined in midday trading on weakness in the technology sector.

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PE Firm Buys Burbank Manufacturer

Newport Beach private equity firm JW Hill Capital has acquired an aerospace parts manufacturer in Burbank.

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Wednesday, August 16

Corient Capital Names CEO

Corient Capital Partners LLC, a Newport Beach wealth management firm with $1.8 billion in assets under management, said it hired James "Jamie" A. Rooney to a new position as chief executive officer.

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Sabra-CCP Deal Gets Shareholder OK

Sabra Health Care REIT Inc. shareholders voted to approve a proposal to issue common stock related to a pending $7.4 billion merger with Care Capital Properties Inc., a transaction scheduled to close Thursday.

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Midday Stock Roundup

The S&P 500 was up 0.2% in midday trading to 2469.52.

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Tuesday, August 15

Johnny Rockets Nabs Pieology President

Johnny Rockets Group Inc. in Lake Forest appears to have snagged a new president who was named to the same position at Pieology Pizzeria in Rancho Santa Margarita in May.

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Midday Stock Roundup

The S&P 500 was down 0.1% in midday trading to 2,462.72.

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Evolution Sells LAX Hotel for $54M

Evolution Hospitality in San Clemente and Argosy Real Estate Partners in Wayne, Pa., sold the 216-room DoubleTree by Hilton Hotel LAX in El Segundo for about $54.1 million, sales records show.

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Pieology Heads South

Pieology Pizzeria in Rancho Santa Margarita said an area developer will open two locations in Mexico City by year-end in the city’s Polanco and San Jose de Insurgentes Sur neighborhoods, the first of 47 locations in the country.

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Grants at UCI Top $375M

University of California-Irvine researchers received more than $378 million in grants and contract funding for fiscal 2016-17, the second-highest total in campus history, UCI said.

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Market Concerned About Sabra REIT’s CCP Buy

But Company Plans To Go Forward With Deal

Irvine-based Sabra Health Care REIT Inc.’s $7.4 billion all-stock merger with Care Capital Properties Inc. in Chicago—which will create a company with a portfolio of 546 investments across 43 states and Canada—faces some headwinds after proxy advisory firm Institutional Shareholder Services Inc. recommended Sabra shareholders oppose the acquisition.

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Monday, August 14

Midday Stock Roundup

The S&P 500 was up 1% in midday trading to 2,466.00

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Ayres SD Hotel Breaks Ground

An Ayres Hotel is part of a development breaking ground tomorrow in Chula Vista.

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Hotel Construction Mostly Small World for Meetings

Properties Coming Soon For Smaller, Local Clients

Local data show at least eight Orange County hotel projects are under way, several that are scheduled to open in the next six months, and most notable for something they’ll have in smaller amounts than just about any property in OC: meeting space.

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CombiMatrix To Be Bought By Year-End

HEALTHCARE: SF-based InVitae grows family health

CombiMatrix Corp. announced InVitae Corp. in San Francisco is acquiring it. It’s an all-stock deal expected to close by the end of the year, valued at $33 million to CombiMatrix stock and warrant holders.

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Businessman Eric Davidson, Breakers Live the Dream

SPORTS: Team rewards owner, fans, sponsors with televised title

Orange County’s professional tennis team is looking to build momentum off the court after winning the Mylan World TeamTennis championship under first-year owner Eric Davidson.

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FivePoint Goes Commercial With $443M Irvine Deal

REAL ESTATE: Broadcom site renamed; Irvine Co. model eyed

FivePoint Communities Inc. has completed the blockbuster $443 million purchase of Broadcom Ltd.’s campus where construction is wrapping up in Irvine.

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Entrepreneurs Stars of Livestreamed Show

MyStartup.Live Focuses On Founders’ Passions

A public relations and marketing expert harnessed the passion around Orange County startups into a weekly livestreamed show that debuted in June.

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Industrial Deal Puts Sears’ OC Sales Near $228M

LBA Buys Big Industrial Site on Warner For $41M

An affiliate of struggling retailer Sears Holdings Corp. has sold a second sizable Orange County property in less than a month, the Business Journal has learned.

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Veritone Takes AI-Centric Business to Costa Mesa

New HQ at The Met Follows May IPO

Artificial intelligence technology and media firm Veritone Inc., fresh off an initial public offering in May that raised $37.5 million, is moving its headquarters to a larger space in Costa Mesa.

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EVENTS Calendar

Our list of conventions, trade and consumer shows, and other happenings includes events scheduled from Aug. 14 through July 31, 2018.

OCBJ Calendar

August 14-23, 2017

This week's business and other event listings.

Real Estate Deals

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

C-III Realty Services sold Tustin Corporate Center in Tustin to Harbor & Associates for $3.2 million, or $75 per square foot.

OCInsider

Not all Retail is roiled

Marijuana is a criminal, gateway drug. Marijuana should be legal in 50 states and the Marshall Islands. Or … something in-between. Regardless of your take, you’ll enjoy Peter J. Brennan’s stories on Kush Bottles, a publicly traded everything-but-cannabis, cannabis co. Kush opened in 2010.

Mining for New Business

RETAIL: Newport’s Lugano went retail in ’05, east in ’17

Aspen’s the new spot to get Lugano Diamonds’ designs. The Newport Beach-based luxury jeweler opened its third salon in the Residences at The Little Nell, a mixed-use complex a stone’s throw from the ski slopes.

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Kush Bottles High on Pot Industry

Company Predicts Fast Sales Growth

Kush Bottles Inc. of Santa Ana has a $110 million market cap and a chip on its shoulder.

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Cities Tap Into Their Fun Sides to Promote Themselves

Market Existing Points Of Interest to Potential Visitors

They won’t change the name—Surf City it is, and Surf City it ever shall be—but Huntington Beach marketers told the Business Journal they’re preparing to market the locale to travelers based on fun of all types.

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Q & A

The Business Journal’s Paul Hughes asked hoteliers to highlight a key technology change they’ve made this year at their properties or companywide to enhance service levels—how it fit into their market positioning, whether it taps national trends, and any obstacles they faced in making the changes.

Pacific Premier Acquires Plaza Bancorp

Irvine’s Pacific Premier Bancorp bought Irvine-based neighbor Plaza Bancorp in an all-stock deal for $226.3 million. The acquisition values Plaza at $7.29 a share.

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Hotel Sales So Far Outpace 2016 Deals

Sixteen Orange County hotels sold for more than $372 million in the first six months of the year, an average of $23.3 million and 201% higher by dollar volume year-over-year, according to hotel broker and consultant Atlas Hospitality Group in Irvine.

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Del Taco Appoints Marketing Exec

Del Taco Restaurants Inc. in Lake Forest named Barry Westrum chief marketing officer. He takes on duties previously overseen by John Cappasola Jr., who became chief executive of the fast food chain in July.

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New Co-Working Space Joins OC’s Startups Scene

Space’s Ambience European-Inspired

A new co-working space is tentatively scheduled to open in Irvine in November. Spaces, with North American headquarters in Dallas, has signed a lease to occupy approximately 34,000 square feet of office space on two floors at 17875 Von Karman Ave.

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Chain Plugs Into Xbox Love With Sweepstakes

Taco Bell Corp. in Irvine, in collaboration with Microsoft Corp., is giving away an Xbox One X gaming console to consumers who text a code found on its Steak Quesarito $5 box. A winner will be notified every 10 minutes from Aug. 31 to Oct. 4.

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San Clemente Site Looks to Add Hotel, Restaurants

Land Next to Outlets Mall Trades for $10 Million

A long-awaited hotel project at San Clemente’s Marblehead Coastal property appears to be taking steps toward construction.

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CEO: Microsemi Surge Reflects Market Share Gain

Chipmaker’s Sales Rose In Three of Four Segments

Aliso Viejo-based chipmaker Microsemi Corp. turned in a strong June quarter, growing sales in three of its four key markets.

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Fashion Island at 50

‘You had to dream a lot’ in ’67

Every pair of shoes Tom Gazsi wore until he reached high school, his parents bought at Dick Marowitz’s Newport Children’s Bootery at Fashion Island—“Adidas, saddle shoes, dress shoes, everything!”

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Accelerators Help Bridge County’s Vast Sprawl

Jumpstart Companies By Various Means

Accelerators play a multifaceted role in any startups ecosystem, providing access to investors and mentors and helping companies scale.

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OC’s PR Shops Grew in Past Year

Social Media, Digital Storytelling in Toolset

The role of public relations professionals is changing—even the president is tweeting daily, bypassing the media.

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Friday, August 11

Midday Stock Roundup

The S&P 500 was up 0.3% in midday trading to 2,444.46.

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ACC North Gives NAMM Room

The 200,000-square-foot Anaheim Convention Center expansion has driven official notice by its biggest client that it, too, is in growth mode.

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Thursday, August 10

Cylance Hires CFO; Says Sales Climb 283%

Cylance Inc., the fast growing Irvine-based maker of artificial intelligence software to combat computer viruses, named Brian Robins chief financial officer.

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Blizzard Sells E-Team to Rams Owner

Blizzard Entertainment Inc.’s Overwatch League, a professional video gaming competition, will include an e-sports franchise fielded by Los Angeles Rams owner Stan Kroenke and his son Josh.

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Midday Stock Roundup

Indices declined in midday trading on tension over North Korea.

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Wednesday, August 9

Hotel Sales Mid-Year Tally: $372M

16 OC hotels sold for more $372 million in the first six months of the year—an average of $23.3 million and 201% higher by dollar volume than in the same period last year.

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Del Taco Names CMO

Del Taco Restaurants Inc. in Lake Forest named Barry Westrum chief marketing officer.

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Midday Stock Roundup

The S&P 500 was down 0.3% in midday trading to 2,467.47.

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LPA Names New CEO

LPA Inc., the largest architectural firm in Orange County, named Wendy Rogers as chief executive officer, succeeding Robert Kupper who was CEO for 30 years.

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Pacific Premier Buys Plaza Bancorp

Irvine’s Pacific Premier Bancorp (NASDAQ: PPBI) bought neighbor Plaza Bancorp (OTC Pink: PLZZ) in an all stock deal for $226.3 million.

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Tuesday, August 8

Disney Parks: Q3 Bright Spot

Walt Disney Co.’s Parks and Resorts Segment had $1.2 billion in operating income on revenue of $4.9 billion in the Burbank-based entertainment company’s most recent quarter, growth of 18% and 12%, respectively.

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Anaheim Visitors Spend $710M in May

Visit Anaheim said 2.4 million people visited the city in May and spent $710 million countywide.

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Midday Stock Roundup

The S&P 500 was up 0.2% in midday trading to 2,486.22.

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ASICS Stumbles in Q2

ASICS America Corp.’s sales in June quarter declined 8.9% to $231.2 million, according to figures provided by its parent, Japan-based ASICS Corp.

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Long Beach Airport Up YTD

Long Beach Airport’s passenger count was up 47% in the first six months of this year—to 1.8 million fliers, from 1.3 million in the same period last year.

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Monday, August 7

PIMCO ‘Engine Again’

Newport Beach’s Pacific Investment Management Co. reported second-quarter operating profit climbed 17% to 450 million euros.

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Midday Stock Roundup

The S&P 500 was up 0.1% in midday trading to 2,479.45.

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Willdan Buys Data Firm

Willdan Group Inc. in Anaheim bought Integral Analytics Inc. in Cincinnati.

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Canterbury Tries to Reallocate Expectations

FINANCE: Advisory says endowments reporting good FY ’17

It was a good fiscal year for the endowments of many charities.

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No Land, No Problem For Developer Western Realco

$40M in Buys Kick Off 1-Million-SF Beckman Project

Western Realco isn’t the only game in town right now when it comes to industrial development in Orange County.

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With Partner H.I.G., Trace3 Could Go Big

TECHNOLOGY: ‘Very deep pockets ... a very good thing’

Irvine IT services provider Trace3 could change its long-held growth strategy under the financial muscle of new private equity owner H.I.G. Capital.

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Mapping Technology Firm Moving Irvine HQ to URP

REAL ESTATE: Digital Map move follows VC funding, buy

The latest technology tenant that Irvine Co. has landed to replace Broadcom Ltd. at University Research Park shouldn’t need help with directions to its new headquarters.

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MetLife OC Enrollees Up 33% on Dental Plans List

Ranked Plans Up 3.7%, US Law’s Impact Minor

Dental HMO and PPO plans’ net dental enrollment increased 3.7% to 2.7 million Orange County members in the year ended July 31.

HMO Members Up 2% in OC; PPO Numbers Rise 3%

Health Plans Grow Value-Care Partners

Orange County’s top health maintenance organizations experienced modest growth during the 12 months through July.

Cigna Builds Out New Model in Southern California

‘Hybrid’ Joins Healthcare Players in Common Goal

The structure of the American health system pits insurance health plans and healthcare providers against each other when it comes to income.

Q&A

In spite of recent attempts to repeal and replace, in whole or in part, the Affordable Care Act, which destabilized the health plan marketplace—including an unsuccessful scaled-down Republican plan to repeal part of the healthcare law—the overall health plan marketplace in California remains highly competitive, with offerings in line with value-based care. Covered California has maintained lower premiums and lower annual rate hikes compared with states that depend on the federally operated exchange. More than a third of California residents get their health insurance through Medi-Cal, California’s version of the national Medicaid program. The insurers/provider dynamic no longer has insurers negotiating with providers over what to pay them, but calls for both parties to work together to better deliver care while managing costs. The Business Journal’s Sherry Hsieh talked with several insurers and healthcare providers to get their thoughts on what may lie in store, with or without federal changes. Here are edited excerpts of their responses:

Business Bites

Other items of interest Orange County Business Journal Vol. 40, No. 32

Anaheim retail and entertainment complex Downtown Disney will get a virtual reality experience this year.

Real Estate Deals

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

Asbury Properties Inc. sold Seagate Plaza shopping center in Huntington Beach to Cathy Investments LLC for $10.6 million, or more than $350 per square foot.

Fastest-Growing Private Companies Wanted for OCBJ List

ECONOMY: Centerpiece of Sept. 18 Special Report

Is your company growing fast?

Stance Tests New Markets, Sales Models

APPAREL: Seeks higher margins, VCs still believe

Stance Inc.’s bricks-and-mortar portfolio has expanded to six—all carefully curated locations.

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Real Estate Seller Sold for $1B-Plus

Ten-X LLC in Irvine will be bought by private equity firm Thomas H. Lee Partners LP in Boston for more than $1 billion, news reports said.

Fitch Raises Toll Road Agency Rating

Fitch Ratings upgraded $2.19 billion in debt of the San Joaquin Hills Transportation Corridor Agency, citing rising traffic and revenue.

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Apparel Firm Bought for $126 Million

TravisMathew LLC in Huntington Beach was sold to Carlsbad-based Callaway Golf Co. in a $125.5 million cash-and-debt deal expected to close in the third quarter.

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Developer Plans Va. Distribution Center

Panattoni Development Co. in Newport Beach bought 62 acres in Richmond, Va., to build a 1-million-square-foot distribution center, a local news report said.

Irvine, Other OC Cities Top US Gaming Markets

Study Shows Strong Personal Tech, Training

C’s three largest cities scored high marks in a new study rating the best gaming markets in the country.

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JLL Adds Laguna Hills Appraisal Office to Local Mix

Deal for Integra Its 4th OC Buy Since 2014

Chicago-based JLL, whose Irvine office is one of the largest commercial brokerages here, has added an Orange County-based appraisal office to its operations in its latest area acquisition.

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OCBJ Calendar

Aug. 7-16, 2017

This week's business and other event listings.

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Hyundai Hopes Spots Make Viewers Sweet on Sonata

Show 2018 Model Makes Modern Life a Tad Better

Hyundai Motor America Inc. is channeling Neil Diamond in its latest TV ad for the 2018 Sonata.

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St. Joseph Hoag Expands Wellness Corners Strategy

Takes Employer-Based Model to Community

Irvine-based St. Joseph Hoag Health has rolled out its latest iteration of Wellness Corner inside an LA Fitness.

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PHILANTHROPY

The inaugural Heroes & Living Legends Gala, held on July 17 at The Duke Hotel in Newport Beach, brought together more than 200 business leaders, sponsors and supporters to help raise $729,000 to benefit Open Gate International, which provides vulnerable populations with vocational training for long-term economic stability.

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Vaca Preps for Buzzworthy James Beard Benefit Meal

Meanwhile, New and Old Everyday Spots Entice Us

This Thursday, one of summer’s most exciting culinary events will take place: a Friends of James Beard Benefit dinner at Vaca, the fascinating Spanish-inspired restaurant in South Coast Metro’s arts district in Costa Mesa.

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UCI Wealth Management Center Picks New Director

Christopher Schwarz has been named director of the Center for Investment and Wealth Management at the University of California-Irvine, replacing Andy Policano.

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Ambassadorship Reportedly to Roberts

GOVERNMENT: Co-owns Mission Inn; couple GOP donors

It’s a time-honored government tradition—patronage has its privileges, as does friendship and policy kinship.

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Site of Ex-Vans HQ Now Primary Color’s

RETAIL: Printer consolidating operations to improve efficiencies

Primary Color Systems Corp. plans to move its operations to Cypress—to the office and warehouse complex that Vans Inc. called home for a decade before moving to Costa Mesa this summer.

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When 95% Equals Nothing

Anthony Maglica is shining a big flashlight on CA’s manufacturing rules.

Providers, Insurers Rethink Senior Care Priorities

Scan, Kaiser Pursue Home Care for Quality, Savings

Hospitals remain the centerpiece of the healthcare system, but the trend toward home-based care is clear in the baby boomer generation.

Another Sleep App Competes for Your Zzzz Time

SlumberType Looks At Genetics of Sleep

Rancho Santa Margarita-based DNA lifestyle company launched its first app. Exploragen’s SlumberType provides insights on the way sleep is influenced by genetics.

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Friday, August 4

Willdan Buys Data Firm

Willdan Group Inc. in Anaheim bought Integral Analytics Inc. in Cincinnati.

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Midday Stock Roundup

The S&P 500 was up 0.2% in midday trading to 2,476.30.

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Sharing the Wealth

Toba’s Smith ‘Invests for Impact,’ Others Give Directly to Education, Children

Vinny Smith knows how to make a mark in business.

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Thursday, August 3

Allergan Q2 Strong, Raises Guidance

Allergan plc reported revenue of $4 billion for its most recent quarter, up 9% year-over-year and driven primarily by its Irvine-based aesthetic portfolio that includes Botox and dermal filler Juvederm.

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Panattoni Plans 1M SF Center in Va.

Panattoni Development Co. in Newport Beach bought 62 acres in Richmond, Va., to build a 1-million-square-foot distribution center, a local news report said.

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Emerald Posts Mixed Q2

Shares of Emerald Expositions Events Inc. are down 4% to $21 and a market value of about $1.52 billion after the San Juan Capistrano-based trade show operator posted revenue for the June quarter below Wall Street expectations.

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Ten-X to Sell for $1B+

Ten-X LLC in Irvine will be bought by private equity firm Thomas H. Lee Partners LP in Boston for more than $1 billion, news reports said.

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Callaway Buys Surf City Sportswear Maker

TravisMathew LLC in Huntington Beach was sold to Carlsbad-based Callaway Golf Co. in a $125.5 million cash-and-debt deal expected to close in the third quarter.

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Downtown Disney Plans VR

Anaheim retail and entertainment complex Downtown Disney will get a virtual reality experience this year.

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Midday Stock Roundup

The S&P 500 was down 0.2% in midday trading to 2,473.06.

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Masimo Beats Q2, Stock Slides 9%

Masimo announced strong second quarter results, total revenue rose 11.8% from $172.6 million to $192.9 million, including royalties. Product revenue rose 11.1% to 182.8 million.

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Office Buzz on Monster Buy: $58M Deal With Greenlaw in Newport

The top two executives of Corona-based Monster Beverage Corp. are about to add a trophy office in Newport Beach to their rapidly growing commercial real estate portfolio in Orange County.

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Wednesday, August 2

American Vanguard Beats, Shares Pop

Shares of American Vanguard Corp. rose about 16% over the last two trading sessions to more than $20 apiece and a $613 million market cap after the company’s second-quarter profits exceeded Wall Street forecasts.

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Alteryx Shaves Loss on Revenue Gain

Shares of Irvine-based Alteryx Inc. were up more than 15% to a $1.3 billion market cap in after-hours trading on improved quarterly numbers reported after markets closed Wednesday.

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UCI Reverses Course

University of California-Irvine Chancellor Howard Gillman said today that all students who received provisional acceptances into UCI will be fully admitted, except those whose transcripts clearly indicate that they didn’t meet its academic standards.

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Boot Barn Up in Q1

Shares of Boot Barn Holdings Inc. rose about 17% to $9 and a $242 million market cap during Wednesday trading, after the company reported revenue and profits for the June quarter that beat Wall Street expectations.

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Senior Living Dampens HCP Q2

Irvine-based healthcare real estate investment trust HCP Inc. reported funds from operations—FFO, the REIT equivalent of earnings—of $0.35 per share, down from $0.51 per share in the first quarter and $0.71 per share a year ago.

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Midday Stock Roundup

The S&P 500 was down 0.3% in midday trading to 2,469.97.

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Olen Continues Rental Push in ‘Booming’ Markets, $600M Since ’14

Igor Olenicoff, the owner of Newport Beach-based real estate firm Olen Properties and Orange County’s third-wealthiest person, is keeping his company on the growth path locally and out of the area.

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Tuesday, August 1

OC Automakers Beat National Pace

Three out of four largest Orange County-based automakers beat the national sales pace for new vehicles in July, according to New Jersey-based market researcher Autodata Corp.

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CombiMatrix Sells for $33M

CombiMatrix Corp. in Irvine said it will be bought by Invitae Corp. in San Francisco for $33 million in stock.

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Midday Stock Roundup

The S&P 500 rose 0.2% in midday trading to 2,476.02.

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Pyott Eyes Products That Create Markets

HEALTHCARE: Sees self as director, investor, philanthropist

David Pyott isn’t interested in becoming a chief executive again—“17 years as a public CEO was enough, and I do not wish to jump into another company, where in my view four years is the minimum time to make a real impact”—but the former Allergan chief executive is excited to pursue his passion for developing products that help patients.

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Western Avionics Bought

Mike Manclark bought Santa Ana-based Western Avionics Inc. with plans to rename it and expand its services in Southern California.

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Toll Road Rating Raised

Fitch Ratings upgraded $2.19 billion in debt of the San Joaquin Hills Transportation Corridor Agency, citing rising traffic and revenue.

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