Stories for June 2017

Friday, June 30

ShiftPixy Goes Public

Irvine-based ShiftPixy Inc. went public today, raising $12 million on an offering of 2 million shares.

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TrafFix Prevails in Court

Fisher Phillips said client TrafFix Devices Inc. won a race discrimination and wrongful termination case in Orange County Superior Court.

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Midday Stock Roundup

The S&P 500 was up 0.3% in midday trading to 2,426.67.

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Carpet Co. Closure to Result in Big IBC Dealings

REAL ESTATE: Turner, Edwards seen as likely buyers

This month’s abrupt closure of Royalty Carpet Mills Inc. should result in several large real estate transactions, and possibly commercial development, in the area around John Wayne Airport.

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Ingram Named CEO of Sarepta

Sarepta Therapeutics Inc. in Cambridge, Mass., named Douglas Ingram its president and chief executive officer.

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Thursday, June 29

Boardriders Gets Ex-Oakley Exec

Huntington Beach-based Boardriders Inc., which owns the Quiksilver, Roxy and DC Shoes brands, named Nate Smith president of its Americas region.

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CHOC Hires Texas-Sized CIO

Children’s Hospital Orange County in Orange appointed John Henderson vice president and chief information officer.

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Working Wardrobes’ Nonprofit Nod

Assemblyman Matthew Harper, R-Huntington Beach said he’ll name Working Wardrobes 2017 Nonprofit of the Year for the 74th Assembly District.

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Irvine Law Partners Come and Go

Two partners have joined the Irvine-based Umberg Zipser LLP law firm.

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Anaheim’s Stadium Towers Sell For Nearly $77 Million

REAL ESTATE: CBRE unit buys 12-story tower next to ballpark

An office tower next to Angel Stadium in Anaheim has traded hands for just under $77 million, the priciest reported sale of a Central Orange County office in over three years.

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Midday Stock Roundup

Market indices declined in midday trading on comments by two Fed bosses here and two central bankers in Europe.

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ADOMANI Market Value Tops $1B

Shares of ADOMANI Inc. surged in afterhours trading Wednesday and opened at $17.30 this morning, the highest price in its short public history on the NASDAQ Capital Market.

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Lindora Names CEO

Costa Mesa-based Lindora Medical Clinics Inc. named William Righeimer chief executive.

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Wednesday, June 28

Gallegos Hires Ex-Mazda Ad Exec

Harvey Marco, a former chief creative officer of Mazda North American Operations’ advertising agency of record, Garage Team Mazda in Costa Mesa, joined Gallegos United in Huntington Beach as chief creative officer and co-president.

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Another ROC Lawsuit Resolved

The Irvine Company reached agreement with Real Office Centers on one of the properties about which it had filed an eviction-based lawsuit against ROC, an Irvine Co. spokesman told the Business Journal.

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Midday Stock Roundup

The S&P 500 was up 0.9% in midday trading to 2,441.74.

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WAXIE Can’t Miss a Beat

Gains Customers With Reliability in Difficult Moments

Charles Wax’ most difficult moment as chief executive of WAXIE Sanitary Supply occurred in 2015 when a fire burned down the firm’s facility in Idaho Falls, Idaho.

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Tuesday, June 27

Midday Stock Roundup

The S&P 500 was down 0.5% in midday trading to 2,426.62.

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Our 2017 Restaurant List Looks Healthy

38 OC-based chains grow, split, buck trends; sales up 7%

OC-based restaurant chains are seeing such life that a few split from our list for a new chart.

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Monday, June 26

Chao Family Gives UCI $5M

UC Irvine Health’s Chao Family Comprehensive Cancer Center said two new leukemia endowed research chairs would be named through a $5 million gift from the Chao family.

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Midday Stock Roundup

The S&P 500 was up 0.2% in midday trading to 2,442.56.

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Chapman Sees Lowest OC Job Growth Since 2009

ECONOMY: University updates closely watched annual forecast

The prospects for Orange County’s economy are dimming even more than California’s, according to Chapman University’s newest annual economic forecast.

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Tustin Aerospace Co. Buys Competitor

Elite Aerospace Group in Tustin acquired Halo Industries Inc. on undisclosed terms.

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Home Builder, Parks Protector

Sons, Son-in-Law Help Run Company

Three generations of the Baldwin family have been part of one of the region’s largest homebuilding and real estate development businesses, with operations stretching from San Diego County to Ventura County over the years.

If It’s Not Fun, It Will Never Work

Jim Morris goes to Washington every June.

Audio-Video Provider Gets $700K, Lands Big Client

Jetbuilt’s Product Helps State Dept. Streamline

A Newport Beach-based company that created an online platform for audio-video, IT and security projects closed a $700,000 seed round.

Real Estate Deals

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

Metro West Properties Inc. sold a 50-unit multifamily building in Stanton to The Mannil Group for $12.5 million, or $249,000 per unit.

Ex-Iteris Exec Returns to Transportation Driver’s Seat

Mohaddes Now Heads Anaheim Manufacturer

Abbas Mohaddes is back in the tech transportation business.

Savills Studley Grabs Marquee Tower for Local Ops

Lease at 520 Newport Ctr. Will Consolidate 2 Sites

Getting an affordable deal on office space at Newport Center’s newest and glitziest tower is unlikely, but if anyone was going to drive a bargain with Irvine Co. for space there, it would probably be a tenant representation brokerage.

OCBJ Calendar

June 26-July 5, 2017

This week's business and other event listings.

Kawasaki Gets in Ring With Wrestler for Campaign

Steve Austin to Get Word Out on Off-Road Wheels

Kawasaki Motors Corp. U.S.A. in Foothill Ranch partnered with pro wrestler Steve Austin on a new advertising campaign to promote its Mule Pro-FXR off-road utility vehicle.

Local Device Maker Ramps Up Vertical Integration

190,000 SF of Solar Panels to Generate Power

Applied Medical Resources Corp., which has 18 company-owned buildings in Orange County totaling about 1.5 million square feet, 14 of them in Rancho Santa Margarita, says it believes local device companies like it can make their products domestically while keeping costs under control.

Savills Studley Grabs Marquee Tower for Local Ops

Lease at 520 Newport Ctr. Will Consolidate 2 Sites

Getting an affordable deal on office space at Newport Center’s newest and glitziest tower is unlikely, but if anyone was going to drive a bargain with Irvine Co. for space there, it would probably be a tenant representation brokerage.

ADDENDUM

Other items of interest Orange County Business Journal Vol. 40, No. 26

The University of California-Irvine ranked No. 1 on the New York Times’ recent College Access Index.

PHILANTHROPY

Bank of America, Charter/Spectrum, Albers Consulting, WealthWise Financial Services, Wells Fargo and other leading Orange County businesses joined forces to sponsor Orange County United Way’s 14th annual Women’s Philanthropy Fund Breakfast.

Merrill Lynch CIO Tells Investors ‘It’s Not Too Late’

FINANCE: Tries to reassure nervous investors

Orange County investors are worried about the same things as investors around the country—whether the stock market is too high, says Merrill Lynch Chief Investment Officer Mary Ann Bartels.

Pacific Edge Hotel in Laguna Beach Trades for $57M

REAL ESTATE: Per-room price tops for big OC hotel this year

One of the most prominent hotel properties in Laguna Beach has sold in one of two big real estate deals recently completed in the city for a combined $90 million.

Good Things Come in Twos

Cousins Find Family-Owned Fun in Salsa Sales That Give Back

Lisa Vigil and Lorraine Alderette finally did it.`

Turning Over a Familiar Leaf

Infrastructure Connectivity Consultancy His 2nd Family-Owned Firm

Dan Leaf has moved Leaf Communications Consulting LLC to the fast lane in the early going, trying to replicate a track record that ultimately led to the sale of his first company.

First Foundation Buys Bank, Seeks More Deals

FINANCE: Uses soaring shares for acquisition

Irvine-based First Foundation Inc., its shares up 60% in the past year, is looking for more acquisitions after snapping up two banks and two branch offices in the past two years.

Laguna Hills Office Goes to NY Buyer

REAL ESTATE: Spectrum Tower next to hotel development

Spectrum Tower, one of the largest office buildings in Laguna Hills, has been bought by an out-of-town investor—just the latest example of the city’s changing commercial real estate landscape.

Aspen Medical Seeks to Grow International Markets

HEALTHCARE: Expanded in Germany, added Shanghai

Nearly two decades since Aspen Medical Products was formed, the spinal-brace product maker in Irvine is ramping up sales efforts in international markets, primarily Europe and Asia.

Sister, Brother Believe in Bricks-and-Mortar Retail

Handle Hobie Brand Stores, Including Furniture Venture

Growing up, Laurie Alter’s older brother Mark Christy wanted to keep “her and her hamsters and her dolls” as far away as possible—he said he was “desperately trying to be cool,” and having a Ford Pinto as his ride didn’t help, either.

Friday, June 23

Tustin Aerospace Co. Buys Competitor

Elite Aerospace Group in Tustin acquired Halo Industries Inc. on undisclosed terms.

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Midday Stock Roundup

The S&P 500 was up 0.2% in midday trading to 2,439.74.

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Ophthalmology Pioneer Steinert ‘The Very Best’

OBITUARY: Innovator, leader, Renaissance man

Friends, peers and industry executives say Dr. Roger Steinert was “a giant in the world of ophthalmology.”

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Mesa Verde Tees Up $7.3M Upgrade

Mesa Verde Country Club in Costa Mesa is getting a makeover.

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Four OC RIAs Make U.S. List

Four Orange County-based firms made the Financial Times’ fourth annual list of the top 300 registered investment advisers in the United States.

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Thursday, June 22

Carmichael Back as Ubiquity Chief

Ubiquity Inc. Chairman Chris Carmichael has added duties as interim chief executive, a June 20 filing with the Securities and Exchange Commission said.

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Vanguard Enhances Nursing Ed

Vanguard University in Costa Mesa plans several additions to its nursing programs.

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MemorialCare Expands Pediatric Care

Miller Children’s & Women’s Hospital Long Beach, one of MemorialCare Health System’s five hospitals, said it will work with UCLA Mattel Children's Hospital, part of UCLA Health, on pediatric care.

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Volcom Shifts PR Lens To Wider Audience In Fresh Growth Effort

APPAREL: New ads, ambassadors pan out beyond its traditional core

Volcom LLC is giving you permission to ditch the daily grind and pursue your true passion, whatever that may be. Heck, it’ll even foot the bill for about a dozen winners of its #ThisFirst social media contest.

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Midday Stock Roundup

The S&P 500 was up 0.2% in midday trading to 2,440.69.

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Alliant Names CFO for Unit

Newport Beach-based Alliant Insurance Services Inc. appointed Reshma Dalia as chief financial officer of its recently formed Alliant Specialty Group.

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Wednesday, June 21

Chapman Sees Lower OC Job Growth

Job growth in Orange County will slow this year to an estimated 1.5%, the slowest since the economic recovery began in 2009, according to Chapman University’s annual economic forecast.

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JWA Traffic Down in May

Passenger traffic at John Wayne Airport declined 4.6% in May to about 879,000 year-over-year.

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Midday Stock Roundup

The S&P 500 was down 0.2% in midday trading to 2,431.13.

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Kingston ‘Shoots for the Top’

Solid-State Drives Fuel Growth

Kingston Technology Inc. is working its way up the global leaderboard in a key product category that has vastly improved the performance of personal and corporate computers.

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ClearFlow Gets FDA OK

Anaheim-based medical device maker ClearFlow Inc. secured Food and Drug Administration approval for the FlowGlide Active Clearance Technology System, a device that clears chest tubes to prevent or reduce retention of blood and fluids.

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Tuesday, June 20

Midday Stock Roundup

The S&P 500 fell 0.4% to 2443.74.

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Cemetery Deal Caps Off Active Spring for FivePoint

REAL ESTATE: Land swap follows IPO, office campus plans

A 250-acre land transaction in the heart of Irvine would be the highlight of the year for most area real estate companies and developers.

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Monday, June 19

Midday Stock Roundup

The S&P 500 climbed 0.8% to 2451.81.

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Three Amigos

PacLife, Kingston, Golden State Foods Lead Private Cos. List—Again

They say it’s lonely at the top, but if you invite a few friends it can get downright clubby.

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Cookware Manufacturer Sold

Connerton Company Inc., a Santa Ana-based manufacturer of cooking equipment for the foodservice industry, was bought by Genkraft Technologies of Long Beach on undisclosed terms.

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Toshiba Unit’s New Printer Works Environmental Magic

Special Toner Can Be Erased Via Internal Heat

Irvine-based Toshiba America Business Solutions Inc. has released an eco-conscious commercial printer and scanner that can erase print so that a sheet of paper can be used multiple times.

Alorica Now U.S. No. 1 in ‘Customer Experience Solutions’

Ranks No. 10 on List; Grew Sales Fourfold

Two big acquisitions helped Irvine-based Alorica Inc. quintuple its revenue in two years.

Passco Adds Fla. Rentals, IE Retail in Buying Spree

$173M for 846 Rentals, Corona Site, Since May

Real estate investor Passco Cos. LLC, one of the fastest-growing private companies in Orange County in the past few years, isn’t showing signs of a slowdown, thanks to a recent active acquisition push inside and outside California.

Arbitech’s New Irvine HQ, Warehouse Adds 10K SF

Ranks No. 87 On List Of Largest Private Cos.

Arbitech LLC’s new headquarters and warehouse near the Irvine Spectrum were renovated to push more product while paying homage to its beachy roots.

New American Funding’s Sales Jump 26%

Growth Organic; Climbs 6 Spots on List

Revenue at New American Funding in Tustin organically climbed 26% last year to $477.6 million.

Wilson Automotive Group Diversifying, Not Panicking

Other States Pick Up Slack for Business Journal’s No. 11

David Wilson is keeping things in perspective when it comes to cooling U.S. auto sales.

Not Satisfied With Big Merger, Allied Makes 5 More Deals

Security Services Firm Cracks the List’s Top 10

It wasn’t enough for Allied Universal to make one huge deal last August. Since then, it has gobbled up five more companies with at least $398 million in sales and about 12,000 employees.

The Little Aliso Viejo Newsletter That Picks Stocks

FINANCE: Prudent Speculator celebrates four decades

Aliso Viejo-based “The Prudent Speculator” is “The Little Newsletter That Crushed the Market,” according to a February headline in Barron’s.

Harrah Looks East For New Megaproject

REAL ESTATE: Old Register HQ site would become ‘625IVE’

Developer Mike Harrah is pushing ahead with plans for a major redevelopment of the Santa Ana land and buildings previously owned by the former parent company of the Orange County Register after the media company departed the property this year.

Family-Owned Companies Honored

About 325 people attended the Business Journal’s 18th annual Family-Owned Business Awards luncheon at Hotel Irvine on Wednesday.

IoT Parent Sold to New Seattle Investor

Irvine-based Smartlabs Inc. was acquired by Richmond Capital Partners, a Seattle-based private investment firm, on undisclosed terms.

Food Maker Closes Distribution Center

Michigan-based Kellogg Co. is closing its distribution center in La Palma and eliminating 280 jobs there, according to a Worker Adjustment and Retraining Notification the cereal and snack giant filed with the state.

Hotel Operator Shifts Leadership

Pacific Hospitality Group in Irvine said President and Chief Operating Officer Steve Arnold resigned, and it named Robb Walker COO.

LA-OC Partnership Produces Episodic Opera

KCETLink Media Group Joins With Grand Central Art Center

Move over Netflix.

Tiny Home Development Proposed for W. Anaheim

Anaheim is pondering whether to go small—you could say tiny, even—on a housing project under consideration.

MemorialCare Consolidates Huntington Beach Offices

Site Will Add Dialysis Center, More Physicians

MemorialCare Medical Group, a physician-based organization and a member of MemorialCare Health System in Fountain Valley, opened a new health center in Huntington Beach consolidating three smaller

Wanted: Most Community-Minded Companies for New OCBJ List

CALL FOR ENTRIES: Website will take them through June 30

Is your company about much more than its bottom line?

Women-Owned Businesses Wanted for Annual List

CALL FOR ENTRIES: Special Report in July 3 edition

Is your company women-owned?

ADDENDUM

Other items of interest Orange County Business Journal Vol. 40, No. 25

Irvine-based First Foundation Inc. purchased Community 1st Bancorp for $50.4 million in stock to increase its presence in Sacramento.

92657 Zip Code Boasts Most 2017 Luxury Sales So Far

Coastal Spot Racks Up 50-Plus Sales in 5 Months

Newport Beach has enjoyed a strong year so far in luxury sales, leading the coastal market in transactions that closed above the $4 million mark.

Novoteris, Avanir Will Initiate Phase-Two Trials

Targeting Cystic Fibrosis; Traumatic Brain Injury

Novoteris LLC in Garden Grove will proceed with another phase two trial in both the U.S. and Canada for its drug-device product designed to treat cystic fibrosis.

Chicken Chain Goes Crazy for Foodie LA Dodger

Adrián González Will Lob El Pollo Loco Props

El Pollo Loco Holdings Inc. is turning to influencer marketing in its latest Loco Summer Fun advertising campaign.

OCBJ Calendar

June 19-28, 2017

This week's business and other event listings.

Is the retail apocalypse an illusion?

Flashy headlines and a wave of store closings have led to panic, causing former naysayers to bid farewell to retail stores and embrace the uncertainty of tomorrow. Nearly

Anaheim Traffic Systems Firm Finds New Home

Econolite Execs Pay $19.8M for New Digs

Econolite Group Inc., a maker of traffic lights and other transportation control systems and one of the region’s oldest companies, has found a new home in Anaheim.

Real Estate Deals

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

Cardinal Development Co. sold a warehouse building in Anaheim to Paul W. Lee for $4.8 million, or $193 per square foot.

NB Company Lands Service at San Diego Airport

AtYourGate Has Milestone With Passenger Deliveries

The San Diego County Regional Airport Authority selected Newport Beach-based AtYourGate to provide the first airportwide passenger delivery service in the U.S., the company said.

OC LEADER BOARD | Opinion, Analysis, Insight

Drugmakers’ Role in Expensive Medicines

When it comes to how high drug companies price their products, they want the public to ignore what they spend on marketing and the tax breaks they get for direct-to-consumer advertising. 

22 Years Later Bonds Away for OC

On July 1, Orange County makes its last bankruptcy-bond debt payment.

Friday, June 16

Cookware Manufacturer Sold

Connerton Company Inc., a Santa Ana-based manufacturer of cooking equipment for the foodservice industry, was bought by Genkraft Technologies of Long Beach on undisclosed terms.

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Midday Stock Roundup

The S&P 500 was down 0.2% in midday trading to 2,428.79.

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Eat Like a Mouse

Disneyland Food Receipts: $400 Million-Plus

Disneyland Resort has added food and beverage staff, tapped foodie trends, and tied comestibles ever closer to “storytelling” to enhance experiences at its Anaheim campus—and grow guests’ per-capita food spending.

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Acorn Cracks WSJ Top 25

Irvine’s Acorn Grows Inc. ranked No. 22 on the Wall Street Journal’s list of “Top 25 Tech Companies to Watch.”

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OC Unemployment 3.2%

Orange County’s unadjusted unemployment rate dropped to 3.2% in May from a revised 3.3% in April and below the 3.7% reported for the same period last year, the state Employment Development Department said.

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Thursday, June 15

Fight Club OC Sold

New York-based Alliance MMA Inc. has acquired Fight Club OC and other entities under the banner of Roy Englebrecht Promotions in Costa Mesa on undisclosed terms.

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Carpet Manufacturer Closes Doors

Royalty Carpet Mills Inc., a longtime area carpet manufacturer based in Irvine, has closed, as have several affiliated companies.

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NB Manufacturer a Crowdfunded First on NASDAQ

Shares of Newport Beach-based ADOMANI Inc. surged this morning on its debut on the NASDAQ Capital Market after becoming the first equity crowdfunded company to list on the tech heavy exchange.

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Irvine Co. Adds Quad to Spectrum Development Push

REAL ESTATE: Also has creative-office project next to JWA

Orange County’s dominant office landlord and the area’s most active office developer over the past four years isn’t resting on its laurels, with both a ground-up development and a creative-office renovation project in the works.

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Midday Stock Roundup

The S&P 500 was down 0.4% in midday trading to 2,427.13.

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HCP in $26M Building Buy

An affiliate of Irvine-based HCP Inc. bought the two-building Scripps Wateridge Corporate Center office campus in Sorrento Mesa, a neighborhood in northwestern San Diego County, for $26.1 million, according to CoStar Group and public data.

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First Foundation Buys Bank

Irvine-based First Foundation Inc. said it purchased Community 1st Bancorp for $50.4 million in stock to increase its presence in the Sacramento region.

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Wednesday, June 14

One Irvine Co., ROC Suit Resolved

The Irvine Co. reached an agreement with Newport Beach-based Real Office Centers on one of the properties it had filed an eviction-based lawsuit against the company over, an Irvine Co. spokesman told the Business Journal.

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Family Businesses Honored

About 325 people attended the Business Journal’s 18th annual Family-Owned Business Awards luncheon at Hotel Irvine on Wednesday.

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Kellogg Leaving La Palma

Michigan-based Kellogg Co. is shuttering its distribution center in La Palma and cutting 280 jobs there, according to a Worker Adjustment and Retraining Notification the cereal and snack giant filed with the state Employment Development Department.

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Bank Interim CFO Quits

Santa Ana-based Banc of California Inc. said J. Francisco A. Turner has resigned from his roles as interim chief financial officer and chief strategy officer.

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Midday Stock Roundup

The S&P 500 was down 0.1% in midday trading to 2,439.00.

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Window Closing For IBC Residential Development

REAL ESTATE: City not keen on more units as 15,000 cap nears

The clock is ticking for residential developers looking to get entitlements for sites in the Irvine Business Complex during the current development boom cycle—and perhaps future cycles.

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Tuesday, June 13

Irvine’s Smartlabs Acquired

Irvine-based Smartlabs Inc. was acquired by Richmond Capital Partners, a private investment firm based in Seattle. Terms weren’t disclosed.

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PIMCO President to Retire; Co-COOs Named

Pacific Investment Management Co. LLC in Newport Beach said President Jay Jacobs would retire effective Sept. 30 and that two of its executives would be promoted to co-chief operating officer.

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Black is Back: BlackBerry Relaunches in US With KEYone

TECHNOLOGY: $5B Irvine distributor still seeking carrier retailer

Steve Cistulli has delivered this elevator pitch about the BlackBerry KEYone countless times:

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Midday Stock Roundup

The S&P 500 was up 0.4% in midday trading to 2,439.47.

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Monday, June 12

New United Way Head Tapped

Irvine-based Orange County United Way announced the appointment of Susan Parks as president and chief executive, effective June 19 to replace Max Gardner.

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Conexant in $342M Deal

Chipmaker Conexant Systems LLC in Irvine agreed to be acquired by Synaptics Inc. for about $342 million.

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PHG President and COO Departs

Pacific Hospitality Group in Irvine said president and Chief Operating Officer Steve Arnold resigned; it named Robb Walker to replace him as chief operating officer. Founder and Chief Executive Tim Busch will add the president’s role.

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Midday Stock Roundup

The S&P 500 was down 0.3% in midday trading to 2,423.77.

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OC Production ­ Hits Big Time on NBC

World of Dance on TV and Helping Other Brands

An Orange County entrepreneur with zero dance experience has built an international dance empire that’s now on prime-time TV on NBC. And its business model has obtained such a wide reach that others want to emulate it.

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Ticketing Division Sold

Comcast Spectacor, part of Comcast Corp., sold Irvine-based division Spectra’s Ticketing & Fan Engagement to college sports marketer Learfield Communications LLC in Plano, Texas, on undisclosed terms.

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Black Monday to Thank

In the ‘80s I had the best accounting jobs—Johnson & Johnson sent me at 22 to Cape Town, Hong Kong, and Sydney …

Local Construction Cos. Post Best Year Since 2009

Employment Totals Now Top Prerecession Levels

Orange County’s largest commercial construction companies showed no signs of a slowdown in activity last year as a variety of large private and public-sector projects helped push revenues to a post-recession high.

OC Sees Mini Surge of Crowdfunding Campaigns

Money Sought For Beauty, Greeting, Content Products

Several Orange County startups have recently launched crowdfunding campaigns.

Real Estate Deals

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

Vanderford Family Living Trust sold the Casa Elvida Apartments in Buena Park to The Living Oak Trust for $6.2 million, or $229,629 per unit.

Octane Event Draws Record Crowd to Talk Business

Said to Be Biggest SoCal Confab of Its Type

Octane’s efforts to boost Orange County’s diverse tech scene were evident as Silicon Valley venture capitalists mingled with local entrepreneurs and executives at the organization’s flagship conference.

Addendum

Other items of interest Orange County Business Journal Vol. 40, No. 24

Deloitte & Touche LLP named Tim Brandt chief of its Orange County offices, where he’ll oversee 750 employees.

PHILANTHROPY

More than 430 guests roared their way back to the Jazz Age for a night of flappers and speakeasies to celebrate Pacific Symphony’s gala.

OCBJ Calendar

June 12-21, 2017

This week's business and other event listings.

Wanted: Most Community-Minded Companies for New OCBJ List

CALL FOR ENTRIES: Website will take them through June 30

Is your company about much more than its bottom line?

Ties.com Works Its Way Into New Wardrobe Corners

APPAREL: Garden Grove E-Tailer Adding Shirts, Suits

Ties.com wants to be a one-stop shop for the modern man—at least from the waist up.

Cybersecurity Startup Takes in $9.5M

Newport Beach startup Obsidian Security raised $9.5 million in Series A funding led by Silicon Valley venture capitalist Greylock Partners.

NB Activist Investor Notches Victory

Activist investor Engaged Capital LLC of Newport Beach won its proxy battle against Rent-A-Center Inc. by gaining three seats on its board of directors.

In-N-Out, Habit Hold Their Own in Study

A report on fast-casual hamburger chains by 1010data Inc. in New York showed two OC-based operators grinding out a solid middle ground compared with several similar chains.

Alteryx Buys NY Firm, Starts Service

Irvine-based analytics software maker Alteryx Inc. bought a Brooklyn, N.Y. company and debuted a service developed from another recent purchase. Financial terms of its most recent purchase of data software maker Yhat Inc. were undisclosed.

Edwards Gets OK To Expand Sapien 3 Use

HEALTHCARE: First to be approved for mitral valve-in-valve

Edwards Lifesciences Corp. in Irvine received Food and Drug Administration clearance for a mitral valve-in-valve replacement procedure using its Sapien 3—“the first transcatheter heart valve approved in the U.S. for the treatment of both aortic and mitral patients,” according to the regulatory agency.

Atlanta Buy Adds to CT Realty’s Industrial Pipeline

JV Buys 213-Acre Site in GA With Seal Beach’s Xebec

Newport Beach-based CT Realty Investors has bought its second massive industrial development site in less than a month after closing on land in Atlanta.

Credit Union Upgrades Image With ‘Crisp’ Message

FINANCE: NuVision touts lending to small businesses

NuVision Federal Credit Union is trying something new this year—its first brand update in a decade.

Karma’s First Reveros Hit the Road Smoothly

AUTOMOTIVE: Production slow now for exclusive clientele

Krishnan Menon had unique plans for the launch of Karma Automotive LLC and its $130,000 hybrid sports car, Revero—he envisioned it as the world’s first invite-only auto brand.

Irvine’s Spectrum Takes Lead in Spec Office Projects

Few Such Project Developments Horizon Around Airport

The office market in Irvine around John Wayne Airport was the hub of speculative office development during the last building boom, with four office towers adding 55 floors and about 1.4 million square feet to Orange County’s largest base of high-end buildings between 2007 and 2009.

Stance, New Balance Partnership Crosses Country

Companies’ Home Turfs Inspire Shoe, Sock ‘Kits’

Stance Inc. is collaborating with New Balance Athletics Inc. on a series of shoes and socks kits, the first of which pays homage to the companies’ hometowns—San Clemente and Boston.

TearClear Device Gathers A-List Ophthalmology Vets

Startup Raises $4.5M To Develop Filter Product

Eye-focused startup TearClear Corp. joined the ranks of ophthalmic device companies in Orange County with quite a calling card.

New Hotels, Retail Drive Commercial Development

Plenty Under Way, Less Finished Than Prior Year

Orange County’s top commercial real estate developers kept busy last year with a host of retail, hotel and office projects, although the number of buildings nearing the finish line was smaller than the previous few years.

Friday, June 9

Midday Stock Roundup

The S&P 500 was flat in midday trading at 2,434.27.

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Hospitals, Detox and Rehab

Diverse Care Providers Tackle Addiction Epidemic: Center Operators Call to Action

How should dependence on a drug or substance be characterized—a choice or a disease? The latter, as addiction is defined as “a mental illness” that “changes the brain in fundamental ways … resulting [in] compulsive behaviors that override the ability to control impulses despite the consequences,” according to the National Institute on Drug Abuse.

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Thursday, June 8

UCI Eye Institute Founder Dies

Dr. Roger Steinert, chair of the University of California-Irvine school of medicine’s department of ophthalmology and founding director of its Gavin Herbert Eye Institute, died on June 6 at his home in Colorado after a battle with brain cancer.

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Allergan To Buy Implant Maker

Allergan PLC will buy Stuart-Fla.-based Keller Medical Inc. in Stuart, Fla., which makes a breast implant insertion device that reduces surgeon and patient contact during surgeries.

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Midday Stock Roundup

The S&P 500 was up 0.1% in midday trading to 2,436.11.

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Re-Boost: Cell Carrier Seeks Lost Customers, Mojo

Boost Mobile LLC’s new retail concept and expansion will add a few hundred jobs in Orange County as the low-cost carrier tries to reverse deep customer losses of the last few years.

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Activist Investor Wins

Engaged Capital LLC of Newport Beach won its proxy battle against Rent-A-Center Inc. by gaining three seats on its board of directors.

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NB Cybersecurity Startup Gets $9.5M

Newport Beach start-up Obsidian Security has raised $9.5 million in Series A funding led by Silicon Valley venture capitalist Greylock Partners.

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Wednesday, June 7

Ex-Ubiquity Boss Guilty of Securities Fraud

The former interim chief executive of Irvine-based Ubiquity Inc. recently pleaded guilty to conspiring to defraud investors, according to news reports.

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Midday Stock Roundup

The S&P 500 was flat in midday trading at 2,428.61.

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Going Once … OC.com on the Auction Block

A piece of prime local real estate—albeit a virtual one—is up for grabs.

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Tuesday, June 6

Stearns Buys Georgia Lender

Santa Ana-based mortgage lender Stearns Lending LLC said it acquired the wholesale, nondelegated correspondent and consumer-direct lending businesses of Primary Capital Mortgage LLC.

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Del Taco Gets New CEO

Del Taco Restaurants Inc. in Lake Forest named John Cappasola Jr. chief executive to succeed Paul Murphy, effective July 7.

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Midday Stock Roundup

The S&P 500 was down 0.1% in midday trading to 2,432.93.

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Financial Advisers Seek Unique Marketing

“The Money Guys” squeezed into a radio control room in Costa Mesa one recent weekday to begin a new half-hour show to promote their company, Applied Financial Planning.

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In-N-Out, Habit in Data Dive

A report on fast-casual hamburger chains from 1010data Inc. in New York showed two OC-based operators grinding out a solid middle ground compared with several similar chains.

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Alteryx Buys, Bows Service

Irvine-based analytics software maker Alteryx Inc. bought a Brooklyn, N.Y. company and debuted a new service developed from another recent purchase.

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Monday, June 5

Whittier President to Retire

Whittier College President Sharon Herzberger plans to retire from her post at the end of the 2017-2018 academic year.

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Turk to be Argyros Interim Dean

Thomas Turk will serve as interim dean of Chapman University’s Argyros School of Business and Economics, effective August 1, the university said.

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JWA Revenue, Income Up

John Wayne Airport’s annual report shows revenue and income grew in 2016 compared with the prior year, while expenses held steady.

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Deloitte Makes Changes

Deloitte & Touche LLP named Tim Brandt chief of its Orange County offices where he will oversee 750 employees.

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Midday Stock Roundup

The S&P 500 was flat in midday trading at 2,438.85.

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Co-Working Landlord Enduring ROC-ky Times

Walk into the Real Office Centers (ROC) portion of The Vine in Irvine, and it’s business as usual. Entrepreneurs and others related to the OC startup ecosystem who lease space from Newport Beach-based ROC in the Irvine Co.-owned building, are either working in the open co-working spaces or private offices. There’s a farmers market in one of the parking areas. Some ROC members are eating outside on the back patio.

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Barron’s Honors 4 OC Women

Barron’s named four Orange County-based advisers to its annual list of the Top 100 Women Advisors in the U.S.

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Pipeline Group Sold

Santa Ana-based Pipeline Group Inc. was bought on undisclosed terms by Prometheus Group, a press release said.

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OCBJ Calendar

May 29-June 7, 2017; June 14, 2017

This week's business and other event listings.

UCI’s Cove Lands New Innovation Center

Base 11 Spends $250,000 for Lab

A Costa Mesa-based nonprofit workforce development and entrepreneur accelerator opened an innovation center at The Cove in Irvine, the physical space of the University of California-Irvine’s Applied Innovation institute.

Real Estate Deals

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

Gordon Wayne Miller Trust sold an industrial building in Costa Mesa to Peter Cordes for $3.6 million, or $360 per square foot.

Veritone Brings Acacia Along for Bouncy Ride at IPO Party

Licenser to Own Stock, ‘Significant Control’

Veritone Inc.’s $37.5 million initial public offering last month has tied the company’s fate with another Newport Beach technology company.

Milk Promotor’s Campaign Spills Across California

Sings Dairy’s Praises, To Give Away Refrigerators

The California Milk Processor Board in San Clemente launched the “California Thrives on Milk” campaign, designed to “help guide consumers to more healthful choices this summer” via educational events in Los Angeles, Fresno and Bakersfield.

St. Jude Reinstates Chief Medical Officer Role

St. Joseph Hoag Health Hospital Hasn’t Had One

St. Jude Medical Center in Fullerton has a chief medical officer for the first time in several years.

Financial Advisers Boost Representatives by 2.7%

OC Advisers Have Climbed 25% Since 2010

The combined pool of financial advisers in Orange County grew about 2.7% to 2,022 last year, led by increases at Merrill Lynch, Fidelity Investments and Raymond James Financial Services Inc.

OC Chiefs on WSJ Compensation List

Executives at companies based in Orange County made a Wall Street Journal list of 500 public company chief executives that’s ranked by pay and compares 2016 cash-and-stock compensation with their companies’ shareholder return.

Genetic Test Maker Cuts Dozens of Jobs

Ambry Genetics Corp. cut 99 jobs at its facility in Irvine, according to a Worker Adjustment and Retraining Notification it filed with the state Employment Development Department.

Insurance Firms Sold for $300 Million

Pacific Specialty Insurance Co. of Anaheim and its affiliated McGraw Insurance Inc. were sold for $299.5 million to BHIC Inc., a unit of publicly traded Biglari Holdings Inc. in San Antonio.

Wanted: Most Community-Minded Companies for New OCBJ List

CALL FOR ENTRIES: Website will take entries through June 30

Is your company about much more than its bottom line?

Obesity Device Maker to Stay in OC Post-Merger

HEALTHCARE: BarioSurg plans clinical trial this year

Two medical device companies have joined forces to tackle obesity, an epidemic that the Centers for Disease Control and Prevention estimated to affect nearly 79 million U.S. adults, more than one-third of the adult population.

Greeley to Hand Over Golden Truffle After Long Reign

Esteemed Chef-Owner On to Fla. After 37 Years

You’ll be sad to hear that Alan Greeley, a chef held in the highest regard by his peers, is selling his Golden Truffle restaurant in Costa Mesa after 37 years.

ADDENDUM

Other items of interest Orange County Business Journal Vol. 40, No. 22

Hines Growers Inc. will close its San Juan Capistrano location, effective Oct. 1, affecting 115 workers, a California EDD Worker Adjustment and Retraining Notification filing said.

Top VC Firms Invest 47% More in Local Companies

43 OC Deals for $78M Up From 30 for $53M in 2015

Venture capital firms based in Orange County increased their local investments 47% last year, led by Toba Capital and Okapi Venture Capital.

Wells Fargo Wealth Chief Sees Great Generational Transfer

Aims to Smooth Transition With OC’s Biggest Force

Even the rich worry about going broke, Christopher Rommel has learned.

Adviser Goes Hollywood With Passive Investment Tips

Documentary Meant To Reach Time-Pressed Public

Investment adviser Mark Hebner wrote a book on personal finance, but he had a hard time getting people to read it.

The SEC Rule that Financial Advisers Don’t ‘Like’

Marketing Regulation Can Feel Like Gag Rule

How crazy are the regulations for financial advisers?

Fond Farewell

I’ll be off to a new challenge—in fine fettle and good for the ride in no small part because of the many lessons I’ve learned in Orange County’s vibrant community of business.

SEC Scrutiny Sinks Wealth Advisers’ Funds

FINANCE: 27 fund affiliates file for bankruptcy

More than two dozen investment fund affiliates of a Laguna Hills-based wealth adviser have filed for bankruptcy amid disclosures that federal and state regulatory authorities are investigating the adviser.

Chapman Pushes Into Virtual Reality

EDUCATION: Motivation is students’ knowledge, interest

Students typically go to college to learn from their professors.

S. Coast Metro Offices Sell for Nearly $60M

REAL ESTATE: Cress Capital Makes 2nd OC Buy in a Year

Sandpointe at MacArthur Place, a two-building office site in the South Coast Metro area of Santa Ana, has been sold to a local investor in a deal that looks to be worth nearly $60 million.

JetSuite to Offer Aircraft Management

Private jet charter company JetSuite Inc. said it will add aircraft management to its services. The company is based in Irvine and runs charter flights from John Wayne Airport.

Friday, June 2

Boot Barn Misses on Q4

Shares of Boot Barn Holdings Inc. were down 15% to $6.30 during Friday morning trading after the company reported revenue and adjusted profits for the April quarter that missed the Wall Street expectations.

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Midday Stock Roundup

Three U.S. indices hit all-time highs on expectations the Federal Reserve would raise interest rates. The sentiment came after the Labor Department released a poorer jobs report than had been expected.

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JWA Landmark: 2-Tower Project Eyed for MacArthur

A local commercial real estate investor and developer has unveiled plans for a two-tower commercial development across the street from John Wayne Airport in Irvine.

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5 Fast-Growing Chains Hit List

Five OC-based restaurant chains and two of the companies’ chief executives made the 2017 Fast Casual Top 100 list for fast-growing food offerings.

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Thursday, June 1

May Auto Sales Mixed

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

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Midday Stock Roundup

The S&P 500 was up 0.5% in midday trading to 2,424.85.

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NB Activist Firm Battles Rent-A-Center

Engaged Capital will learn on June 8 if its Texas-size brawl against publicly traded Rent-A-Center Inc. is successful.

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