Stories for February 2017

Tuesday, February 28

Orange Coast Sold

Indianapolis-based Emmis Communications Corp. said internally today that it finalized the sale of four of its remaining magazines, including Orange Coast, to Hour Media, a Royal Oak, Mich.-based media company.

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Canada Company Wants Wet Seal IP

The YM Inc. Group of Cos. in Toronto posted a $1.5 million stalking-horse bid for Wet Seal LLC’s intellectual property, according to documents filed today in the United States Bankruptcy Court for the District of Delaware.

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3 Attorneys Win Law Award

The Orange County/Long Beach region of the Anti-Defamation League named three winners of the 2017 Marcus Kaufman Jurisprudence Award, which will be presented on April 6.

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Midday Stock Roundup

The S&P 500 was down 0.3% in midday trading to 2,363.01.

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Aitken New Chapman Board Chair

Chapman University said attorney Wylie Aitken is its new chairman of the school’s board of trustees.

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Monday, February 27

New Chief Creative for Mazda Ad Shop

Mazda North American Operations’ advertising agency of record hired Erich Funke as chief creative officer, effective March 6.

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JWA 2016 Count: 10.5M Passengers

John Wayne Airport saw 10.5 million passengers in 2016, a 4.6% increase over its 2015 total of just more than 10 million passengers and a new record for the airport.

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Midday Stock Roundup

The S&P 500 was up 0.1% in midday trading to 2,368.63.

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Alteryx Files for IPO

Irvine-based analytics software maker Alteryx Inc. aims to raise $75 million in an initial public offering, according to a filing late Friday with the Securities and Exchange Commission.

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AMO Now J&J Vision

Johnson & Johnson completed its $4.3 billion acquisition of Abbott Medical Optics Inc., a Santa Ana-based former subsidiary of Abbott Laboratories.

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Fowlers Pledge $100M to Chapman

Dale and Sarah Ann Fowler will give $45 million to Chapman University to help it establish an engineering school, on top of a previous $55 million commitment to its law school.

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SCP to ‘Pause, Envision Future’ As Part of 50th

RETAIL: Party, promotions, posh buys on tap

South Coast Plaza turns 50 next month—yeah, we couldn’t tell, either.

On California

People Vote With Their Feet

People vote with their feet, especially when it comes to housing.

Bank Deposits Increase 13% to $109.6 Billion

Top Three Unchanged, Represent 37% of Growth

Banks in Orange County enjoyed another banner year as deposits climbed 13% to $109.6 billion for the year ended June 30, up 60% over five years earlier.

Lake Forest Homebuilding Steps Out of Shadows

Ongoing Projects, Pipeline Add Slew of New Homes

Lake Forest, despite being in the shadow of California’s two best-selling master-planned communities, has been holding its own during the latest residential building boom.

Vizio ‘Happy Either Way’ With $2B Deal Shaky

A looming deadline for Vizio Inc.’s $2 billion sale to LeEco has cast further doubt the China-based conglomerate can close the deal amid ongoing financial woes.

Olen Eyes Buys After Big Re-Fis

Newport Beach-based Olen Properties Corp. has closed on a big loan for its largest local property—a mixed-use development it owns in Brea—and is close to putting some of the proceeds from that and other recent financing deals into an apartment complex it plans to buy outside Orange County.

IE Cement Magnate Eyes Santa Ana Rentals

A 601-unit apartment project has been proposed for a roughly six-acre site next to the Santa Ana Zoo that sold last year to a wealthy businessman from the Inland Empire.

Investors Banc on Change

What if the largest bank in Orange County held its annual shareholders meeting and none of its directors came?

Credit Union Eyes Tustin for New HQ

SchoolsFirst Would Likely Be City’s Biggest Employer With 185,000-SF Development

SchoolsFirst Federal Credit Union, the largest credit union in California, is eyeing a site in Tustin to build a sizeable new headquarters facility.

Ziggurat Wants to Help Day Traders Step Stronger

Aims for $750K in Seed Money for Quick Scale

An Irvine-based company that’s developing software mainly for day traders wants to raise $750,000 in seed funding.

Anaheim Cozies Up to Vancouver on Cross-Promotion

Cities’ Campaign Puts Spotlight on Parallels

Destination marketing organizations for Anaheim and Vancouver, British Columbia, joined forces on a recent campaign that aimed to highlight similarities between the two cities.

Philips Settlement Boosts Masimo Quarter, Outlook

Dispute Leads to Deal With ‘Measurable Impact’

Irvine-based noninvasive patient monitoring technology device maker Masimo Corp. reported strong performance in the fourth quarter and the calendar year.

One More Mariners Mile Office for Moshayedi Clan

Latest Pushes Area Buys Above $130 Million

The biggest property owners in the Mariners Mile area of Newport Beach have added another building to their holdings.

Real Estate Deals

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

Seabreeze Management Co. sold its office building in Aliso Viejo to Invest West Financial Management LLC for $4.9 million, or $232 per square foot.

CrowdStrike’s Effort to Block Industry Report Fails

Disputes Findings Of Competitors Comparison

A Delaware district court rejected arguments by Irvine-based software security maker CrowdStrike Inc. to block the release of a report by NSS Labs that shows results of a test of competitor products.

OCBJ Calendar

Feb. 27-March 8, 2017

This week's business and other event listings.

Open Your Pockets Wide for a High-End OC Home

Households Must Earn $610K to Afford Starter

The California Association of Realtors’ Traditional Housing Affordability Index shows that the minimum annual household income required to buy a median-priced home in Orange County is $146,880 and that just 22% of hopeful homebuyers can comfortably afford that $745,160 price tag.

ADDENDUM

Other items of interest Orange County Business Journal Vol. 40, No. 9

A bankruptcy court judge approved Quiksilver Inc.’s settlement agreement with 26 former employees who were looking to collect about $7 million in severance pay, according to documents filed with the U.S. Bankruptcy Court for the District of Delaware.

Broadcom Gets OC-Based Chip Line in Cosemi Deal

TECHNOLOGY: Acquires photodetector technology

A unit of Broadcom Ltd. has acquired the photodetector business of Irvine-based chipmaker Cosemi Technologies Inc.

Wanted: Best Places to Work for OCBJ’s List

CALL FOR ENTRIES: Website set to take entries until March 17

Is your workplace great?

Vans’ Ad Campaign on Heels of Record Sales

Cypress-based Vans Inc. is out to maintain its momentum.

Fowlers Boost Chapman Pledge to $100M

Dale and Sarah Ann Fowler will give $45 million to Chapman University to help it establish an engineering school, on top of a previous $55 million commitment to its law school.

Charter Airline’s $64M Italian Job

AVIATION: 8 new Piaggios billed as stylish short haulers

West Coast Aviation Services LLC in Santa Ana will buy eight Piaggio P180 Avanti Evo airplanes to boost short-haul offerings and last month rebranded part of its operations as West Coast Worldwide for global charters.

Pendulum Property Pays $41.6M for Office in Irvine

REAL ESTATE: Initial buy for firm headed by ex-Lincoln exec

A real estate investment, management and development firm that started operations last year has made an office in Irvine near The Market Place shopping center its first investment.

Chapman’s Pace on Immigrant Engagement: Unplanned, Impressive

Who figured a university with fewer than 10,000 students nestled on a quaint campus just up the street from the old-timey, Middle American look and feel of the Orange Plaza would become a showcase of modern immigrant engagement and achievement that drives forward in spite of all the political palaver and high emotions attached to the subject these days?

New-Home Sales Surge to Levels Not Seen Since ‘03

Large Projects Feed 31% Sales Growth

Close to $4 billion was spent on new homes in Orange County last year as builders here posted their best sales year since 2003, thanks to new projects going up at the area’s largest master-planned communities.

Top Service, Top Prices at OC’s Latest Luxe Rentals

Irvine Co., Shea Put on The Ritz for Latest Projects

Orange County’s newest batch of luxury apartment communities, which command some of the highest rents ever seen among complexes here, aren’t for renters short on cash.

Q&A

Some industries anticipate changes in business regulations as a result of the November elections and President Donald Trump’s promises of changes that could help spur business activity.

Friday, February 24

Fowlers Pledge $100M to Chapman

Dale and Sarah Ann Fowler will give $45 million to Chapman University to help it establish an engineering school, on top of a previous $55 million commitment to its law school.

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Midday Stock Roundup

The S&P 500 was down 0.2% in midday trading to 2,358.69.

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Thursday, February 23

Quiksilver Settles with Ex-Employees

A bankruptcy court judge approved Quiksilver Inc.’s settlement agreement with 26 former employees, who were looking to collect about $7 million in severance pay, according to documents filed with the U.S. Bankruptcy Court for the District of Delaware.

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CSUF Gets Funds

California State University-Fullerton’s Master of Social Work program has received more than $1 million in federal funding for the seventh consecutive year.

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Midday Stock Roundup

The S&P 500 was flat in midday trading at 2,362.50.

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Craig to Chair New Majority

Retail developer Steve Craig has been named chairman of New Majority California’s Orange County Chapter.

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Wednesday, February 22

Midday Stock Roundup

The S&P 500 was down 0.1% to 2,363.94.

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Tuesday, February 21

Kaiser Tops Expectations

Kaiser Aluminum Corp. beat Wall Street expectations on revenue and earnings for the fourth quarter and full year.

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Midday Stock Roundup

The S&P 500 was up 0.4% in midday trading to 2,359.63.

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Monday, February 20

Concordia Institute Adds Programs

Concordia University in Irvine said it would start three new online graduate certificate programs in March through its new Townsend Institute for Leadership & Counseling.

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Avenu Medical Raises $13M

Avenu Medical Inc. in San Juan Capistrano has raised about $13.1 million through private placement, according to filings with the Securities and Exchange Commission.

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Midday Stock Roundup

U.S. stock markets are closed for the Presidents Day holiday.

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Vans’ Revenue Tops for VF Corp.

Annual revenue at Vans Inc. climbed 6% to $2.3 billion in 2016, making it the largest and fastest growing brand for parent VF Corp.

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Palace Parent Posts Gains, Pares Loss

Palace Entertainment Holdings LLC in Newport Beach reported higher revenue in its most recent quarter, as part of a quarterly report by publicly traded parent Parques Reunidos Servicos Centrales SA in Madrid.

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Second Pendry Set for March

The Sagamore Pendry Baltimore hotel is set to open March 20 in the Fells Point neighborhood of the city, following the debut of the first Pendry in San Diego’s Gaslamp quarter earlier this month.

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Gen. William Lyon Steps Down from Homebuilder's Board

Newport Beach-based homebuilder William Lyon Homes said that its namesake and founder, General William Lyon, has stepped down as a director of the company.

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PHILANTHROPY

Oggi’s Sports, Brewhouse, Pizza donated to 25 charities in honor of its 25th anniversary in December, with items including sleeping bags for homeless military veterans, food for shelter animals, and toys for underprivileged children.

Wanted: Best Places to Work for OC Business Journal’s List

CALL FOR ENTRIES: Website set to take entries until March 17

Is your workplace great?

Tourism Marketer Gets New Board

The Orange County Visitors Association named its new board for the 2017-18 term. The group markets Orange County for tourism and business travel.

Vanguard Exec to Head Nurses Group

Mary Wickman, director of nursing and professor of nursing at Vanguard University in Costa Mesa, was named president of the Association of California Nurse Leaders.

Motorcycle Publication Refreshes

Motorcyclist magazine in Irvine will debut a new look with its March/April issue, which goes on sale Feb. 28.

Hotel Transactions Drop 22% Last Year

Twenty-two hotels sold last year in Orange County for $807 million, or 19% fewer properties for a 54% lower proceeds total, according to Atlas Hospitality Group in Irvine.

Cyclical Business: Skis Rossignol Back as Felt’s New Owner

MANUFACTURING: Partners in deal to sell Irvine-based brand

The Skis Rossignol S.A. acquisition of Felt Racing LLC marks a return to Orange County for a firm with a difficult history here.

Kingston Adds to E-Sports Lineup

TECHNOLOGY: Segment is small but fast-growing

The strategy behind recent product launches at Kingston Technology Co.’s growing gaming unit is a simple one: visibility in the booming e-sports scene.

NB-Based Sealant Brand Puts Name on Texas Race

MARKETING: Rainguard gets IndyCar deal Firestone let go

Rainguard International jumped the gun—in a good way.

New Perspectives on Diapers, Lawyers, Football, Politics

You don’t necessarily have to do a lot to get a fresh perspective—sometimes a slight shift in vantage point is all it takes …

Fashion Island Joins Luxe Marketing Co-Op

RETAIL: 5 property owners, 10 shopping centers under umbrella

Irvine Company has joined forces with four other major retail property owners for a marketing effort intended to keep its Fashion Island shopping center in Newport Beach a must-see destination on luxury travelers’ itineraries.

Top-Ranked Hospitals Combine for 2% Revenue Jump

30 Centers Take in $7.2B; UCI Hospital Still at Top

Last year Renton, Wash.-based Providence Health & Services and Irvine-based St. Joseph Health merged to form a seven-state healthcare system, a transaction that further consolidated its Orange County-based hospitals under the umbrella of St. Joseph Hoag Health.

Real Estate Watch: Demand for Retail Space Soars

Orange County retail vacancy in the fourth quarter hit its lowest rate since before the recession, dropping from 4% quarter-over-quarter and concluding 2016 at 3.7%.

Tech Firm Attracts BMW to Worker-Allocation Service

Cloud-Based Tool Lets Consumers Compare

A startup that created a cloud-based technology platform that helps companies allocate full-time employees, subcontractors and independent contractors just signed its first customer—and a biggie, at that.

Real Estate Deals

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

Standard Avenue Property Company LLC sold a three-building industrial campus in Santa Ana to Caliber Paving Company Inc. for $4.3 million, or $142 per square foot.

Vizio Spying Payment Could Have Bigger Implications

$2.2M Settlement Could Cast Shadow on Sale

Vizio Inc.’s $2.2 million agreement to settle charges that it violated unfair trade practices and consumer protection laws by tracking the viewing habits of smart TV owners without their knowledge or consent could alter William Wang’s business plan after the company’s proposed sale.

Pacific Hospitality Lists Bacara Resort & Spa for Sale

Paid $185M in ’13; Could Sell for About $250M

Irvine-based Pacific Hospitality Group should make a big profit off the planned sale of one of its high-end properties.

OCBJ Calendar

Feb. 20-March 1, 2017; March 6 & 8, 2017

This week's business and other event listings.

Hyundai Goes Patriotic With a Soldiers Super Bowl

Video Connects a Few Overseas With Home

Several big names were among thousands of viewers who praised Hyundai Motors America Inc.’s Super Bowl ad, including John Krafcik, the automaker’s former chief executive who now runs Waymo, a self-driving outfit and sister company to Google Inc.

Irvine Allergan Unit Logs Strong Quarter for Parent

Growth, Botox Robust; $1.2 Billion Overall Sales

Allergan PLC’s Irvine-based business lines were key contributors to fourth-quarter revenue of $3.86 billion, up 7% year-over-year.

ADDENDUM

Other items of interest Orange County Business Journal Vol. 40, No. 8

iHeartMedia Revenue Platforms is shutting down its Aliso Viejo office and moving operations to Texas.

Q&A

Value-based care delivery, since former President Barack Obama signed the Affordable Care Act into law in 2010, is the standard of the healthcare industry. Reimbursements continue to drive medical technology advancements and a greater emphasis on outpatient care delivery, including preventative care.

Providers Look to Creatively Revolutionize Care

Labs, Investments Target Nontraditional Approaches

Innovation in healthcare, when it comes to medical devices and pharmaceuticals, isn’t new. But technology relating to patients, such as health records and how patients interact with healthcare providers, can be lacking. The new territory means looking for ways to engage and care for patients outside of traditional hospital settings or office visits.

2 Buildings in Airport Area Pegged at $200M+

REAL ESTATE: Emmes Group close to re-entering office market

New York-based Emmes Group of Cos. has been selected to buy the Main Plaza office buildings near John Wayne Airport in what looks to be the first big local office transaction of the year, real estate sources tell the Business Journal.

M&A Slowdown Any Way You Cut It

FINANCE: Mega-comparisons show big drop; slight dip otherwise

The value of Orange County mergers and acquisitions slipped last year, but not as far as a first glance might suggest. The deals plummeted to $28.3 billion from $88 billion in 2015.

Whittier College Sells Law Campus on Harbor

EDUCATION: Leaseback for 14.7-acre property in place

Whittier Law School is expected to remain in Costa Mesa for the time being, but will be a renter after its 15-acre campus was sold to an investor that appears to have ties to China.

Charging Ahead

Team’s HQ Bolsters Creative-Office Trend at Hive in Costa Mesa

The Los Angeles Chargers’ new 100,000-square-foot headquarters in Costa Mesa could add some panache to an area just north of the San Diego (I-405) Freeway that’s attracted some sizeable tenants in recent years.

PAAMCO’s Yield On KKR Deal: Scale

FINANCE: Will add Prisma moniker, Wall Street ties

Pacific Alternative Asset Management Co. had a firm grip on a perch in the top ranks of a key financial industry segment with a portfolio of $24 billion as this year started.

CHOC Wants Community In On Child Mental Health

Center Aims To Involve Nonmedical Participants

Healthcare providers continue to transform delivery of care, changes driven largely by reimbursement policy. Mental health, in particular, is high on Orange County healthcare providers’ priority list, and Children’s Hospital of Orange County is spearheading one effort as part of a larger mission to improve children’s health and well-being.

Friday, February 17

Aliso Viejo Ad Tech Shop to Close

iHeartMedia Revenue Platforms is shutting down its Aliso Viejo office and moving operations to Texas.

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Midday Stock Roundup

The S&P 500 was down 0.1% to 2,343.22.

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Thursday, February 16

New GM for Element Skateboards

Element Skateboards Inc. in Irvine named David Brooks its new global general manager, the brand’s top executive position.

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CoreLogic CEO Takes Temporary Leave

Irvine-based CoreLogic Inc. said that Chief Executive and President Anand Nallathambi is taking a temporary medical leave of absence from the company.

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Midday Stock Roundup

The S&P 500 was down 0.2% in midday trading to 2,343.72.

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Wednesday, February 15

Vanguard Exec to Head Nurse Group

Mary Wickman, director of nursing and professor of nursing at Vanguard University in Costa Mesa, was named president of the Association of California Nurse Leaders.

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Midday Stock Roundup

The S&P 500 was up 0.3% in midday trading to 2,343.58.

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Tuesday, February 14

Midday Stock Roundup

The S&P 500 was up 0.2% in midday trading to 2,333.77.

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OCVA Names New Board

Orange County Visitors Association named its new board for the 2017-2018 term.

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Monday, February 13

Sunstone Sells Fairmont for $125M

Hotel REIT Sunstone Hotel Investors Inc. in Aliso Viejo sold Fairmont Newport Beach for $125 million.

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Montage's Pendry San Diego Opens

The Pendry San Diego opened last week in downtown San Diego’s Gaslamp Quarter; Pendry is the lifestyle urban hotel line of Montage International in Irvine, which also runs Montage Hotels & Resorts properties, including a flagship location in Laguna Beach.

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Midday Stock Roundup

The S&P 500 was up 0.6% to 2,329.76.

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Joe DeFranco Dies at 94

Longtime business executive and bon vivant Joseph DeFranco died Sunday at his home in Newport Beach at the age of 94.

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$2.47B Allergan Buy Adds in Irvine

Allergan PLC announced that it will buy Pleasanton-based Zeltiq Aesthetics Inc.’s CoolSculpting System for $2.47 billion, or $56.50 per share, in a transaction that’s expected to be completed in the second half of 2017.

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Hotel Deals Down in 2016

22 hotels sold in Orange County for $807 million last year, down 19% and 54%, respectively, from 2015, when 27 hotels sold for $1.8 billion, according to Atlas Hospitality Group in Irvine.

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VR Company’s Theme Park Title Part of ‘Evolution’

Kayak Adventure Plays To Popular Exploration Uses

A virtual reality software company closed a $250,000 seed round that it used to launch a VR title.

Minority-Owned Firms’ Revenue Up 10% in 2016

78 Combine for $18.7B, Employ Nearly 14K in OC

Revenue at the largest minority-owned businesses with headquarters in Orange County climbed almost 10% to $18.7 billion last year, led by acquisitions, mortgages and granite countertops.

Real Estate Deals

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

A retail building in Huntington Beach sold for $4.6 million, or $1,284 per square foot.

UCI in Joint Effort on US Manufacturing

University of California-Irvine and Rochester Institute of Technology’s Golisano Institute for Sustainability launched the Reducing Embodied-Energy & Decreasing Emissions Institute to improve the efficiency and competitiveness of U.S. manufacturing.

Top Pelican Hill Executive Departs

Giuseppe Lama’s tenure as managing director of the Resort at Pelican Hill ended after about nine years.

Wanted: Best Places to Work for OCBJ’s List

CALL FOR ENTRIES: Website set to take entries until March 17

Is your workplace great?

SWA Error Prompts Revised JWA Count

ECONOMY: Passenger traffic overstated for 14 months

John Wayne Airport revised its monthly passenger counts downward by 348,965 for travel from July 2015 through August 2016 after the discovery in September of an over-count by JWA’s busiest airline by volume, Dallas-based Southwest Airlines Co.

Edwards Lifesciences Joins Patient Safety Movement

HEALTHCARE: 70 companies now pledged to share data

Call it a cross-town collaboration long in the making.

Laguna Beach Exec Gets Pro Tennis Franchise

SPORTS: Buys Breakers from Canadian entrepreneur

Laguna Beach resident Eric Davidson has taken up a family tradition with his purchase of Orange County’s professional tennis team from Canadian technology and media entrepreneur Lorne Abony.

Lots of Good On OC To-Do List

What to do if you’re unsettled by the harsh tone and tenor of politics today?

Crowdfunding Misstep Kickstarted Enterprise

Crowdcreate Helps Others Avoid Same Mistakes

Getting kicked off Kickstarter provided the kick two Orange County entrepreneurs needed to create their own crowdfunding marketing agency.

Pair Leverages Common Interests to Create Brand

Fast Cars, Swank Nightlife Product of Hearty Ambition

Entrepreneurs, if nothing else, must be resourceful.

Panattoni Adds 2nd North OC Site to Industrial Pipeline

REAL ESTATE: 10-acre former farmland fetches $17.7 million

The developer of Orange County’s largest industrial project over the past decade has bought another site along the Anaheim-Placentia city line for what’s planned to be a multibuilding industrial project.

Deal Puts Top Tenant Reps Under Same Roof

REAL ESTATE: Cresa OC will shift to Savills Studley brand

Orange County’s two largest commercial real estate brokerages that focus on representing tenants have joined forces.

Phase II for Too Faced

Makeup Brand Remains Firmly Rooted in OC After $1.5B Sale to Estée Lauder

Estée Lauder Cos. Inc.’s $1.5 billion buy of Too Faced Cosmetics LLC kick-started the next chapter of the Irvine-based company, which now aims to expand its global reach and nearly double its workforce.

Phase II for Too Faced

Makeup Brand Remains Firmly Rooted in OC After $1.5B Sale to Estée Lauder

Estée Lauder Cos. Inc.’s $1.5 billion buy of Too Faced Cosmetics LLC kick-started the next chapter of the Irvine-based company, which now aims to expand its global reach and nearly double its workforce.

Eye of the Tiger

How Tournament at Riviera Serves Community in Anaheim, Goal of Reaching 1 Million Kids Nationwide

A bunch of fifth graders in a packed classroom at the Tiger Woods Learning Center in Anaheim are analyzing hair and fingerprint samples from a mock crime scene.

Blizzard Says It Stands By Immigrant Employees

CEO Says Trump Ban Out Of Step With Its Values

The human resources and legal teams at Irvine-based video game publisher Blizzard Entertainment Inc. are providing travel guidance, legal assistance and counseling to employees affected by President Donald Trump’s executive order barring refugees and other would-be immigrants in seven countries from entering the U.S. for 90 days.

Raintree Adds 2nd Irvine Company Rental to Portfolio

Pays About $43.6M For Tustin’s El Paseo Rentals

Raintree Partners, a Laguna Niguel-based apartment and mixed-use property owner and developer, has added another big rental property in Tustin to its portfolio, thanks to a recent transaction it made with Irvine Company.

OCBJ Calendar

Feb. 13-22, 2017; March 6, 2017

This week's business and other event listings.

Experian Amplifies Creditors’ Marketing Efforts

New Tool Lets Lenders Offer Credit Digitally

Experian PLC introduced “Amplified Prospecting,” a marketing tool that enables lenders to provide “a firm offer of credit” to target consumer groups via email and other forms of digital advertising.

CHOC Partners With Penn. Coalition on Brain Tumors

Goal is Study, Diagnosis Of Child, Adult Cases

The Philadelphia Coalition for a Cure, a new cooperative clinical diagnostics and research initiative, announced a partnership with Children’s Hospital of Orange County in Orange to diagnose and study adult and pediatric brain tumors, and help develop personalized therapy.

‘Western White House’ Back on Market for $63.5M

Carried $69 Million Price Tag Last Year

La Casa Pacifica, once home to President Richard Nixon and also known as the Western White House, is back on the market with an asking price of $63.5 million.

ADDENDUM

Other items of interest Orange County Business Journal Vol. 40, No. 7

Disneyland Resort in Anaheim will open Star Wars Land in 2019, Walt Disney Co. Chairman and Chief Executive Robert Iger said on the company’s quarterly conference call. He didn’t specify an opening date.

Stearns Lending Sells B2B Mortgage Unit

Santa Ana-based Stearns Lending LLC is selling its Delegated Correspondent Lending business to Flagstar Bancorp Inc. of Troy, Mich., for an undisclosed price.

Banc of California Says Probe Clears It

Shares of Irvine-based Banc of California Inc. soared 23% Thursday after it issued a statement saying an independent investigation exonerated the company of accusations by a blogger.

Friday, February 10

Magazine Refreshes

Motorcyclist magazine in Irvine will debut a new look with its March/April issue, which goes on sale Feb. 28.

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Volcom Down in 2016

Costa Mesa-based Volcom Inc. posted $256.8 million in 2016 revenue, a 13.5% decrease from the prior year, according to Kering S.A., its Paris-based parent.

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2nd Big Shareholder to Bank Board

Irvine-based Banc of California Inc. on Friday announced the appointment of its second director this week from a large shareholder.

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Midday Stock Roundup

The S&P 500 was up 0.4% in midday trading to 2,317.10.

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Thursday, February 9

JWA November Traffic Up

John Wayne Airport reported 865,000 passengers flew in and out of the airport in November, up 3.5% year-over-year.

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Disney Sets Star Wars Land Date

Disneyland Resort will open Star Wars Land in 2019, Walt Disney Co. Chairman and Chief Executive Robert Iger said on the company’s quarterly conference call.

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Bank's Shares Jump After Report

Shares of Irvine-based Banc of California Inc. soared after the bank issued a statement saying an independent investigation exonerated the company of accusations by a blogger.

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Midday Stock Roundup

The S&P 500 was up 0.6% in midday trading to 2,308.68.

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Mixed Results for First American

Santa Ana-based First American Financial Corp. reported title insurance and acquisitions boosted fourth-quarter revenue 11% to $1.5 billion.

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ADDENDUM

Other items of interest Orange County Business Journal Vol. 40, No. 6

Wet Seal LLC in Irvine filed for Chapter 11 bankruptcy protection last week and is taking steps to liquidate its assets.

Wednesday, February 8

Stearns to Sell B2B Mortgage Unit

Santa Ana-based Stearns Lending LLC is selling its Delegated Correspondent Lending business to Flagstar Bancorp Inc. of Troy, Mich., for an undisclosed price.

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Lama Leaves Pelican Hill

Giuseppe Lama’s tenure as managing director at the Resort at Pelican Hill has ended after about nine years.

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Bank Director Changes Course

Banc of California director Halle J. Benett has reversed course and decided to seek re-election after all to the Irvine-based bank’s board, according to a filing Tuesday with the U.S. Securities and Exchange Commission.

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WD Bids on Toshiba Unit

Irvine-based storage products maker Western Digital Corp. has placed a bid for a minority stake in Toshiba Corp.’s flash memory business, according to media reports.

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Midday Stock Roundup

The S&P 500 was up 0.1% in midday trading to 2,294.33.

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Irvine Chamber Gets New Name

Greater Irvine Chamber is the new name of the former Irvine Chamber of Commerce.

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NB Tennis Team Sold

Laguna Beach resident Eric Davidson has purchased Orange County’s professional tennis team from Canadian technology and media entrepreneur Lorne Abony.

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Tuesday, February 7

Disney Parks Up in Down Quarter

The parks and resorts division of Walt Disney Co. in Burbank had quarterly operating income of $1.1 billion on revenue of $4.6 billion, up 13% and 6% compared with the same period last year.

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UCI Prof to Share $10M Grant

UCI Assistant Professor of Developmental & Cell Biology Ali Mortazavi will share $10 million in grant funding over four years with the California Institute of Technology in Pasadena to establish a mapping center to pinpoint where genes, and the regulatory elements that control them, lie within the entire genome.

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UCI, Rochester Tech in Joint Effort

University of California-Irvine and Rochester Institute of Technology’s Golisano Institute for Sustainability launched the Reducing Embodied-Energy & Decreasing Emissions Institute to improve the efficiency and competitiveness of U.S. manufacturing.

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State Funds UCI Innovation, Research

University of California-Irvine’s innovation institute has received $2.2 million from the state to help speed research and innovations to market.

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Midday Stock Roundup

The S&P 500 was up 0.1% in midday trading to 2,293.54.

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Rakuten to Exit Aliso Viejo

Rakuten.com Shopping is moving from Aliso Viejo to San Mateo in the Silicon Valley in March.

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CPA Firms Combine

Certified public accountancy Katherman Kitts & Co. in Irvine said its entire team has joined Haskell & White, effective Feb. 1.

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Monday, February 6

PAAMCO, KKR in Deal

Irvine-based fund of hedge funds Pacific Alternative Asset Management Company plans to join with a unit of KKR Inc. in New York to form a firm with $34 billion in assets under management, according to a statement by both companies.

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Hotel Marketer Books $1.1B

Preferred Hotels & Resorts booked $1.1 billion in reservations in 2016 for the hotels in its system.

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Midday Stock Roundup

The S&P 500 was down 0.3% in midday trading to 2,291.05.

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New Year Offers New and Tried-and-True Options

Pascal Lorange Crudo To Ex-Pinot Provence Spot

The French food at Pinot Provence hit a graceful note when the restaurant opened many years ago in the Westin Hotel in Costa Mesa, but the truly French decor probably got as much publicity as the Gallic food.

TravisMathew Branches Into Belts With Licensing Deal

‘Greater Potential’ Seen With McKnight’s Cuater

Huntington Beach-based TravisMathew Apparel closed a licensing deal with belt maker Cuater, citing “greater potential in combining forces.”

WD Poised to ‘Protect’ Interest in Toshiba Partnership

CEO Confident Despite JV Partner’s Troubles

Top Western Digital Corp. executives have been in discussions with counterparts at Toshiba Corp. for weeks amid rising speculation that the Irvine-based storage products maker could bid on the conglomerate’s flash memory business.

Liquidmetal Near Deal for Lake Forest Headquarters

Under Contract to Buy Facility for $7.8 Million

Rancho Santa Margarita-based Liquidmetal Technologies Inc., a maker of alloys used in medical devices and consumer electronics, is under contract to buy a larger facility in Lake Forest.

Real Estate Deals

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

Braden P. and Kenesha Weber sold a four-unit apartment complex in Tustin to the Seals Daniel R. and Diane B. Trust for $1.4 million, or $340,000 per unit.

Irvine Co. Eyes Affordable Rentals

REAL ESTATE: Past Traveland site could hold 1,710 units

Irvine Company is looking to turn the former Traveland USA site on the edge of the Irvine Spectrum area into an apartment development with up to 1,710 units in a project targeting middle-income earners.

On Rise at Real Mex

From Father’s Restaurant to Top Finance Exec for Chain Operator

Dessi Sarabosing has a simple recipe for success in business.

Menlo Micro Brings Big Backers to Market

TECHNOLOGY: GE, Corning, Microsemi, Paladin Group team up

Irvine-based Menlo Micro Inc. has already hit a few milestones that often take fellow startups years to accomplish.

Segerstrom Scion's 'Shelby Shrine'

Classic Cars Could Anchor Event Center, Museum

Ted Segerstrom calls his vintage car collection a “Shelby Shrine.”

Biolase Says FDA OK of Lasers Sets It Up for Growth

Nod Fills Out Line, Opens Company to New Markets

Irvine-based Biolase Inc. received Food and Drug Administration clearance for its Epic Pro laser system, a new, higher powered soft tissue laser.

Part of a New Family

Escasa-Haigh Helps Guide Integration of Providence St. Joseph System

Joining two major Catholic hospital systems––Renton, Wash.-based Providence Health & Services and Irvine-based St. Joseph Health––isn’t an easy task. The combination, which was finalized last summer, formed the third largest nonprofit health system in the country.

He Dialed Up Rapid Growth

Molloy Helped Call Center Operator Quadruple in Size

James Molloy has been at the center of the most transformative era in Irvine-based Alorica Inc.’s brief history, overseeing two financial transactions in little more than a year that quadrupled the size of the call center operator.

Everything Accounted For

Tapped for CFO in 2009; Led IPO, Refis and Buys

Good luck finding a local chief financial officer who’s been part of as many complex transactions—including a corporate restructuring, initial public offering, acquisition push, and a string of big-dollar financing deals—as Colin Severn has during his seven-year tenure at William Lyon Homes.

Lifetime of Achievement

Food Firm CFO’s 2nd Act: 3 Acquisitions

Joe McCarthy had been an auditor with KPMG, held an executive post at Union Bank, and was happy as chief financial officer and executive vice president at Trojan Battery Co. in Santa Fe Springs when a friend asked if he’d like a new challenge.

Alphaeon Plans to Give Back HQ Space

REAL ESTATE: Shrinkage continues, Lensar to lender

Alphaeon Corp. plans to switch out its glitzy headquarters in Irvine this year for a much smaller location in the area in the latest sign of shrinkage for the lifestyle healthcare company.

New Brea Industrial Site Lands Car Parts Wholesaler

REAL ESTATE: 240,000-SF lease fills project on Imperial

An importer and distributor of automotive parts with headquarters in the Bay Area is moving its Southern California regional distribution center from Torrance to a newly built facility in Brea.

Lawsuit Targets Kushner, Spitz on Freedom BK

MEDIA: Unsecured creditors include federal pension agency

A court-sanctioned committee of unsecured creditors of Freedom Communications Inc.—the former owner of the Orange County Register—have filed a lawsuit against former Freedom executives Aaron Kushner and Eric Spitz in the Santa Ana division of the U.S. Bankruptcy Court.

Med Device Firm Starts Clinical Studies After FDA Nod

Ox-Imager Designed To Help Heal Chronic Wounds

Irvine-based Modulated Imaging Inc. has received FDA clearance for its first medical device.

OC All Over— From Wayne’s World to Ebell

Put Wayne Gross at the head of the line on a recent trend that has OCers popping up in all sorts of prominent places.

PHILANTHROPY

The Pacific Life Foundation said it plans $6.25 million in charitable funding this year.

OCBJ Calendar

Feb. 6-15, 2017

This week's business and other event listings.

Friday, February 3

Hotel Marketer Books $1.1B

Preferred Hotels & Resorts booked $1.1 billion in reservations in 2016 for the hotels in its system.

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Midday Stock Roundup

The S&P 500 was up 0.7% in midday trading to 2,296.29.

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Rossignol Buys Irvine Bike Maker

Skis Rossignol S.A. in Grenoble, France, bought Felt Racing LLC in Irvine on undisclosed terms.

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Thursday, February 2

Wet Seal Files for BK Again

Wet Seal LLC in Irvine filed for Chapter 11 bankruptcy protection Thursday, and is taking steps to liquidate its assets.

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MSC Sold for $834M

Newport Beach-based MSC Software Corp. will be sold for $834 million to Swedish IT service provider Hexagon AB, the companies said today.

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Midday Stock Roundup

The S&P 500 was flat in midday trading at 2,280.39.

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Glaukos Names New COO

San Clemente-based Glaukos Corp. promoted Chris Calcaterra as chief operating officer, effective immediately.

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Ensign Buys in Texas

Mission Viejo-based Ensign Group Inc. acquired the real estate and operations of Parklane West Healthcare Center, a 124-bed skilled nursing and 17-bed assisted living facility in San Antonio, Texas, effective Feb. 1.

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Wednesday, February 1

Edwards Up in Q4

Edwards Lifesciences Corp. in Irvine reported fourth-quarter earnings of $767.7 million, up 14.4% year-over-year. U.S. and international sales were $421.5 million and $346.2 million, respectively.

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January Auto Sales Mixed

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

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Inside OC Adds Outside City

Inside OC is now being shown via Cox Communications Inc. in Las Vegas.

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Radio Station Gets Gold

AM 830 KLAA in Anaheim won its second Golden Mike award from the Radio & Television News Association of Southern California at the 67th Annual Golden Mike Awards Presentation Dinner on Saturday.

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Midday Stock Roundup

The S&P 500 was down 0.1% in midday trading to 2,777.05

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Anaheim Visitors, Spending Up

Preliminary numbers for 2016 show boosts in Anaheim’s visitor count and the money they spend in OC, according to Visit Anaheim.

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Razer Buys Phone Maker

Irvine-based video game products maker Razer Inc. has acquired the majority of assets of a San Francisco company that developed a mobile phone that offers unlimited cloud-storage capacity.

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Ad Testing Firm Sold

Ezoic Inc. in Carlsbad bought OC-based advertising technology firm AmpedSense.

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