Stories for November 2017

Thursday, November 30

Oregon Bank Expands in OC

Umpqua Bank, a subsidiary of Portland-based Umpqua Holdings Corp. (Nasdaq: UMPQ), said it hired Todd Abboud to a new position as regional director, executive vice president, for Orange County.

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New GM for PHG AC Hotel NOLA

Irvine-based Pacific Hospitality Group named Kenneth Jacques general manager of its AC Hotel in New Orleans; he replaces Skip Adams, now GM at a Hyatt Regency in Chicago.

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Midday Stock Roundup

The S&P 500 was up 0.8% in midday trading to 2,647.07.

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Emerald Buys Hosted B2B Shows

Emerald Expositions (NYSE: EEX) in San Juan Capistrano bought Connecting Point Marketing Group in Rye, N.H., on undisclosed terms.

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Wednesday, November 29

Avanir Restructures, Will Cut 11% of US Workforce

Avanir Pharmaceuticals Inc. will lay off 73 employees by the end of January from its US work force as part of a restructuring. We’re told the majority will be outside of its Aliso Viejo headquarters.

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Hyundai Bows Kona

Fountain Valley-based Hyundai Motor America Inc. today unveiled its small utility vehicle at the Los Angeles Auto Show.

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Kush Bottles Rises on Report

Shares of Kush Bottles Inc. (OTC: KSHB) rose 6.3% to $2.97 today after the Santa Ana-based supplier of cannabis paraphernalia reported annual and quarterly revenue that topped an analyst’s forecast.

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Midday Stock Roundup

The S&P 500 was down 0.1% in midday trading to 2,623.96.

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Tuesday, November 28

Midday Stock Roundup

The S&P 500 climbed 0.7% in midday trading at 2,620.36.

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Monday, November 27

Shanghai Surprise: Disney Parks Boss at Head of CEO Line

Bob Chapek, head of the Walt Disney Co.’s parks and resorts division, is viewed as the successor to Bob Iger, according to Bloomberg News, citing unidentified people familiar with the situation.

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Midday Stock Roundup

The S&P 500 was flat in midday trading at 2,601.81.

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Vans Closes Out Long ‘Warped’ Tour Sponsorship

Experiential Marketing Run Lasted 23 Years

Apparently all things must come to an end, including Vans Inc.’s Vans Warped Tour.

Von Karman Office Sale Tops for PSF Price in ’17

Law Firm, Tenant Since 2015, Now Owner

The value of a recently sold Newport Beach office building on Von Karman Avenue near John Wayne Airport has spiked in a little more than two years.

Toshiba Unit Hunts for Buys Anew Under CRO

Made First Acquisition Of Reseller in Nearly Decade

Larry White told the Business Journal about a month ago that he was promoted to chief revenue officer at Toshiba America Business Solutions Inc. with a charge from Chief Executive Scott Maccabe to revive an acquisitions strategy dormant for nearly a decade.

VR Startup PlayWerk Raises $2.2M in Seed Funding

Newport Beach Investor K5 Ventures Led Round

Industrial virtual reality company PlayWerk takes work and play up a notch.

Real Estate Deals

The Garneau Family Trust sold an office condominium to BGA Insurance for $1.8 million, or $223 per square foot.

New Blizzard League Tests Esports' Boundaries

HB Commissioner, a Former Pro, Pursues Global Goals

Rumors are swirling as free agency opens up in Blizzard’s new Heroes Global Championship.

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Hotel Laguna Investor Makes Mission Viejo Buy

REAL ESTATE: Says hotel operator’s sales claims false

The purchase of a medical office and retail property in Mission Viejo appears to have gone a bit smoother for Laguna Beach-based Combined Investments LLC than a notable hotel deal it has in the works in its home city.

Irvine Incubator, Chief Exec With International Reach

The Hungry Lab Craves a Wider Impact

An Irvine incubator wants to know why most startups fail, and it’s put no boundaries on finding the answer.

Cianna Sees Double With New FDA OK

HEALTHCARE: Plans to expand customer support team

Cianna Medical Inc. said its latest clearance from the Food and Drug Administration for its SAVI SCOUT reflector to be used for long-term implant makes its SCOUT system the first and only wire-free radar breast tumor localization system for long-term implant use.

PHILANTHROPY

Segerstrom Center for the Arts opened its new Julianne and George Argyros Plaza and Center for Dance and Innovation on Oct. 28 with music, dancing, performances, family activities and live bands.

CombiMatrix Completes Sale to InVitae in Bay Area

Former CEO McDonough Says Irvine Ops Remain

Irvine-based CombiMatrix Corp. completed its earlier-announced merger with InVitae Corp. and is now a wholly-owned subsidiary of the San Francisco-based genetic information company.

Irvine Co. Sells JWA Biz Park, Surf City Rentals

REAL ESTATE: Koll Co. buys SkyPark; SF’s Sack gets Sendero

Irvine Co. has offloaded two older properties, an apartment complex in Huntington Beach and a business park close to John Wayne Airport, in separate deals.

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Acorns Sprouts Retirement Saving App With Buy

TECHNOLOGY: Micro- investing startup adds IRAs

The first acquisition by Acorns Grows Inc. will plant the Irvine startup in the retirement-planning business.

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Shea and Scharrell

Real estate services giant JLL’s 2017 Tech Report on STEM grads shows average U.S. pay for math and science jobs 80% above all gigs. In OC: $94,780 vs. $55,890.

Business Bites

Other items of interest Orange County Business Journal Vol. 40, No. 48

University of California-Irvine was awarded a $7.8 million federal grant from the Eunice Kennedy Shriver National Institute of Child Health & Human Development to explore the link between family income and early brain development.

Honey, I Shrunk the Juice It Up Franchise

Honey, I Shrunk the Juice It Up Franchise

Juice It Up is finding new success from an old idea: smaller stores.

OCBJ Calendar

This week's business and other event listings.

Buffeted by the Winds

In my last column, I sent out an all-points bulletin requesting any information on a data series that measures regulatory costs by county in California.

Squar Milner to Buy SF-Based DZH Phillips

Accounting Firm Will Be 4th Biggest in California

Squar Milner LLP in Newport Beach said it’s acquiring DZH Phillips LLP in San Francisco to become the fourth-largest accounting firm headquartered in California.

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Never ‘Another November’ at iBASEt

Wife, Son Defend vs. Enemies Foreign and Domestic

The Poonian’s story is filled with loss, heartbreak, perseverance and success.

AI Investment Choices in the Details

Cylance Chief Technology Officer Explains What to Look For

Artificial intelligence is currently the trendiest buzzword in Silicon Valley’s venture capital world, according to Rahul Kashyap.

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Friday, November 24

Midday Stock Roundup

The S&P 500 closed up 0.2% in Friday trading to 2,602.79, a record.

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RxSight Gets FDA OK

RxSight Inc. received Food and Drug Administration approval for its Light Adjustable Lens technology.

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Wednesday, November 22

Midday Stock Roundup

The S&P 500 was down 0.1% in midday trading to 2,597.03.

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Tuesday, November 21

UCI Gets $7.8M Grant for Brain Study

University of California-Irvine has been awarded a $7.8 million federal grant from the Eunice Kennedy Shriver National Institute of Child Health & Human Development to explore the link between family income and early brain development.

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Sedgwick to Close

Sedgwick LLP will be closing its offices at the end of December, according to two legal websites.

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Midday Stock Roundup

The S&P 500 increased 0.7% in midday trading to 2,598.89.

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Monday, November 20

Five Point’s Debt Sees High Demand

Five Point Holdings LLC (NYSE: FPH) found bond buyers so eager for its high-yield debt that it increased the offering to $450 million.

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Lazy Dog Hires CMO, CPO

Lazy Dog Restaurant & Bar in Huntington Beach named John Williams its chief marketing officer and Mariah Machnikowski its chief people officer, both new roles.

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Midday Stock Roundup

The S&P 500 increased 0.2% in midday trading to 2,583.59.

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Karma Fits Self Onto PCH ‘It’ Spot

AUTOMOTIVE: NB stretch grants needed early exposure

Pacific Coast Highway in Newport Beach is looking more like the Bloomingdale’s of luxury auto brands nowadays, and Karma Automotive LLC naturally had to be part of a stretch that’s like no other.

Lawyers Who Get Wall Street

PIMCO Attorneys Confront Issues in 11 Countries

Which Orange County legal team has led litigation that recovered $16 billion on behalf of clients and other claimants?

In-House By Nature

Ursula Guzman Prefers Counseling Aspect of the Law

Attorney Ursula Guzman was attracted to in-house work because she prefers being proactive instead of litigating a conflict that’s already arisen.

Business Bites

Other items of interest Orange County Business Journal Vol. 40, No. 47

Amazon plans to hire more than 3,000 people to work at Inland Empire facilities, news reports said.

GLA/OC Churns Out Half Of California’s Fastest-Growing

Startup companies in Los Angeles, Orange County and the Inland Empire have greatly contributed to the region’s diverse economy.

OCBJ Calendar

Nov. 20-Nov. 29, 2017

This week's business and other event listings.

High-End Home Gyms Help Fulfill 2018 Resolutions

Some Properties Afford Full Workouts With Views

2018 is right around the corner, and with it New Year’s resolutions.

Digital Maps Buys Up Cos., Buys Out Angels

Irvine Software Firm Grows Jobs, Sales; Outgrows HQ

Irvine-based Digital Map Products Inc. closed its second acquisition in four months as it expands product offerings throughout North America.

VC Firm Makes $2 Million Investment in E-Commerce

Okapi Hopes TrackStreet’s AI Proves Smart Buy

Laguna Beach-based Okapi Venture Capital is the lead investor in a $2 million seed round investment in TrackStreet, a startup that created an e-commerce monitoring platform that gives brands and manufacturers visibility and control over how and where their products are sold online.

Platinum Triangle Site Eyed for New Development

Pacific Industrial-Led Buy for Site on Katella

An 8.6-acre site in Anaheim’s Platinum Triangle is being considered for a variety of new commercial real estate development options following its recent sale.

Blizzard Enlists Tech Heavy-Hitters for Esports League

HP, Intel Hardware To Power Players’ Efforts

HP Inc. and Intel Corp. signed on as sponsors of Blizzard Entertainment Inc.’s Overwatch League, a professional video gaming competition with esports franchises in Boston, London, Los Angeles, Miami-Orlando, New York, San Francisco, Seoul and Shanghai.

Veteran Investor Bill Link New Lensar Chairman

Device Maker Had Ties To Alphaeon, Strathspey

Lensar Inc. has more ties to the Orange County business community than its Orlando, Fla.-based headquarters address lets on. The medical device maker, which filed for Chapter 11 bankruptcy in December, emerged with a stronger balance sheet and tapped Bill Link as chairman of its board of directors.

Local Employers Edge Up Worker Count to 289,000

List Adds Bigger Players, County Workers in 2017

Orange County’s largest employers added about 2,300 jobs over the previous 12 months for modest growth of 1%.

Guardian of Shareholder Interest

Glaukos’ Davis ‘Brings Business-Minded Approach’

Robert Davis joined Glaukos Corp. (NYSE: GKOS) in June 2015, a month before the device company went public.

Consigliore as Merch Made Its Move

Busy Year for Jenny Wang, Who’s Bred for Business

Jenny Wang grew up in her family’s shoe manufacturing business. She ultimately parlayed her business expertise into a general counsel position at Irvine-based MerchSource. The company designs, develops, imports and distributes consumer goods, such as electronics and toys.w

LBA Revamps Plans for Old St. John Knits Plant

REAL ESTATE: Spectrum site to hold 9 buildings, 1M SF

Irvine Co. could begin construction on a nine-building office complex in the Irvine Spectrum as soon as April, according to representatives of the Newport Beach-based developer and real estate owner.

Irvine Co. Plans ’18 Kickoff for Latest Office Project

REAL ESTATE: Spectrum site to hold 9 buildings, 1M SF

Irvine Co. could begin construction on a nine-building office complex in the Irvine Spectrum as soon as April, according to representatives of the Newport Beach-based developer and real estate owner.

Angels Abound

Mohamed El-Erian for Fed No. 2 … Dem? Hawk?

Orange Tower Gets Well-Connected Owners

Lincoln Partners With Kushner-Backed Group

Lincoln Property Co. has added another big Platinum Triangle property to its local portfolio, buying the 14-story Orange Center Tower office building with backing from a well-connected financial partner.

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Thos Carson Puts New Items on His Menu

Bear Flag’s Fish Tale Keeps Getting Bigger

The worst day fishing is better than the best day working, but Thomas Carson solves any dilemma by doing both.

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Investor, Accountant Calculated More Care

NONPROFITS: Lestonnac Free Clinics flourished on their vision

Business executive Allen Boerner walked into the office of the Lestonnac Free Clinic in Orange.

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Champion of Causes

CHOC’s Smith Strives to Give Back

Sheniece Smith is a champion of causes. In addition to her full-time job as associate general counsel for Children’s Hospital of Orange County, she’s actively engaged in pro bono work.

Health REITs Diversify Portfolios

HCP to Exit Brookdale; Sabra Plans Some Quiet Time

Senior housing-focused real estate investment trusts are betting on the demands of an aging society—for more senior housing.

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Friday, November 17

OC Hyatts Get New Area VP

Hyatt Hotels Corp. named David Nadelman general manager at Hyatt Regency Orange County in Garden Grove and vice president over six other high-end hotels with 4,500 rooms in Southern California.

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Long Beach Airport Up 25% in October

Long Beach Airport’s passenger traffic shot up 25% to 330,000 in October from 265,000 in the same period last year.

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Chargers Pick Pacific Premier

Pacific Premier Bancorp Inc. (Nasdaq: PPBI), signed a multiyear partnership with the National Football League’s Los Angeles Chargers.

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Midday Stock Roundup

The S&P 500 was down 0.1% in midday trading to 2,582.37.

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OC Unemployment Down

Orange County’s unemployment rate fell to 3.3% in October, led by an increase in the local education sector, according to the state’s Employment Development Department.

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Advantage Solutions Buys Complementary Company

Advantage Solutions Inc. will buy Daymon Worldwide Inc. on undisclosed terms in a deal that links two private equity-backed big players in brand and retail sales and marketing work.

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Thursday, November 16

Device Maker Raises $2.9M

Irvine-based Modulated Imaging Inc. said today it closed a Series A funding round of about $2.9 million.

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Eight Feted for National Philanthropy Day

Association of Fundraising Professionals—OC honored eight of the county's outstanding givers at a National Philanthropy Day today before a lunch crowd of 680 at City National Grove in Anaheim.

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Midday Stock Roundup

The S&P 500 was up 0.9% in midday trading to 2,588.62.

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LA Times Site Sells for $65M

The owners of the Costa Mesa creative office complex that holds the headquarters of the Los Angeles Chargers have picked up an even larger redevelopment site next door.

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Juice It Up Adds Drive Thru

A Juice It Up franchisee will offer the chain’s products for the first time in a drive-thru location next month.

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Wednesday, November 15

Nonprofit Gifted $8.5M Home

Big Brothers Big Sisters of Orange County and the Inland Empire received the biggest financial gift in its history: a home in Laguna Beach valued at $8.5 million.

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Karma to Open NB Showroom

Irvine-based Karma Automotive LLC will open a showroom and its first company-owned dealership on Monday along the Pacific Coast Highway in Newport Beach.

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Midday Stock Roundup

The S&P 500 was down 0.5% in midday trading to 2,566.91.

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Study: OC Tourism a $20.5B Business

Orange County Visitors Association said a study it commissioned showed tourism providing $20.5 billion in economic impact to the county last year.

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Toshiba America Acquires NorCal Dealer

Lake Forest-based Toshiba America Business Solutions Inc. has acquired an equipment distributor and reseller in Northern California.

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Buck’s Art Stops for Good at UCI

The University of California-Irvine announced today that it’s received a collection of California art from the trust of Gerald Buck, a Newport Beach developer.

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Tuesday, November 14

Midday Stock Roundup

The S&P 500 fell 0.4% in midday trading to 2,573.71.

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El-Erian Buzzed for Fed VC

Former Pacific Investment Management Co. Chief Executive Mohamed El-Erian’s name is being floated to be vice chairman of the Federal Reserve, news reports said.

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Lido House GM Confirmed

Lido House officially named Adam Beer its general manager.

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Monday, November 13

Remembering Fifi: “A Big Part of Orange County History”

Chefs, Owners, Foodies Reflect on Her Legacy

“Knew her almost 30 years. One of the most important people I’ve known for the business I’m in. And then she became a friend. She knew so much about this business, who’s doing what, what direction I, the industry should take. Her column taught us. A wonderful person.” —John Ghoukassian, owner, Bistango, Bayside Restaurants

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Opus Bank Hires CFO

Opus Bank (Nasdaq: OPB), an Irvine-based bank struggling with troubled loans, said it hired a new chief financial officer to replace Nicole M. Carrillo.

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Midday Stock Roundup

The S&P 500 was up 0.1% in midday trading to 2,583.93.

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Merage Business School Brings Israeli Entrepreneurs

Winner Develops Smart Asthma Technology

The Paul Merage School of Business at the University of California-Irvine brought 19 Israeli startup executives to Orange County to participate in its two-week U.S.-Israel Innovation Bridge Executive Leadership Program on medical devices last month.

García Leaves Her Mark

CSUF President Boosted Fundraising, Stature

When California State University-Fullerton President Mildred García heads to Washington, D.C., to be the next president of the American Association of State Colleges and Universities, one of her biggest legacies will be the increased level of fundraising at CSUF.

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Star Trump Officials Seek OC Tax Support

Mnuchin, Ivanka Find Host a Hard Sell

The Trump administration visited key Orange County business executives last week to tout its tax reform plan.

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Streak Ends for OC Malls

Ownership, Executive, Plan Changes in Group of 35

A seven-year growth streak has ended for Orange County’s largest shopping centers.

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New Owner, Loan for The District at Tustin Legacy

Kimco Takes Over, Pays $304.7M for 688,000 SF

The District at Tustin Legacy has quietly changed its ownership structure, and the new controlling owners for Orange County’s sixth-largest shopping center by sales have just completed a significant new financing deal for the massive retail property.

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A Tribute to Fifi

Guiding Light for OC Chefs, Restaurateurs, Diners

I received word Monday morning and called Patrick. He said, “I’ll drive over.” Really? When I took this job, people smiled. “You’ll meet Fifi Chao.”

Tustin Legacy Takes Center Stage

Office, Retail, Other Projects Could Top 3M SF

If you pull up a map of Orange County on Google Earth and zoom into the region’s center, you’ll find yourself staring at the Tustin Legacy development.

Office Rents Grow With New Properties, Upgrades

New product and reinvestments made to existing buildings drove rental rate growth in the office market. As occupiers focus less on cost analyses and more on recruiting, labor retention and employee well-being, state-of-the-art and upgraded product is vital.

Retail Vacancy Shrinks With Robust Leasing

The Orange County region concluded the third quarter with overall favorable market fundamentals and strong retail demand, despite big-box changes and uncertainty in the retail climate.

Big Industrial Deals Offset Vacancy

Orange County’s industrial market hit the preverbal low point of the year with a handful of small but influential tenant vacancies negatively impacting occupancy gains. But they were softened by several other large deals, helping to keep activity on par with the previous quarter.

OCBJ Calendar

Nov. 13-Nov. 22, 2017

This week's business and other event listings.

GCs Feted at Annual Business Journal Event

A crowd of more than 400 members of Orange County’s corporate and legal communities gathered to honor this year’s top in-house lawyers at the Business Journal’s eighth annual General Counsel Awards.

Real Estate Deals

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

Fiesta Distribution LLC sold a retail property to SCB Inc. for $ 24.5 million, or $232 per square foot.

Business Bites

Other items of interest Orange County Business Journal Vol. 40, No. 46

Cadence Park, the 1,007-home next phase of development planned at Irvine’s Great Park Neighborhoods, could see sales begin by March, according to Emile Haddad, chief executive of Five Point Holdings LLC.

Reality Pays

Genre Brought Business Success to Several OC ‘Stars’

Kacey Taormina is the latest in a string of Orange County residents who say their personal and business brands grew in stature after appearing on reality TV shows.

Fly Like an Eagle

List of special guests at OC Boy Scout Leadership Breakfast reads like a Skull ‘N Bones alumni dinner—Year 1, 2015: fmr Secretary of Def. Robert Gates; 2016: Secretary of State Rex Tillerson (p.1) and Year 3, 2017: Secretary of Success, Rob Friedman. Eagle Scouts all.

Family Business Prepped Agent for ‘Real Estate Wars’

Kacey Taormina Was Born ‘Competitive and Intense’

Kacey Taormina has real estate in her blood.

ChromaDex Lands Strategic Silicon Valley Dollars

New Investor’s Top Client Includes Facebook Founder

ChromaDex Corp. in Irvine will raise $23 million via the private placement on Nov. 17 of 5.6 million common shares at $4.10 apiece, which follows a $25 million investment led by Hong Kong billionaire Li Ka-Shing that concluded in August.

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Razer Games IPO Market in Hong Kong

Accessories Maker Could Grow Local With Proceeds

The local operations of Razer Inc. could get a boost after the company’s planned initial public offering this week in China.

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Irvine Co. Retail Reinvention Extends to Executive Team

Irvine Co. has shaken up the executive team of its retail properties division, which operates the largest collection of shopping centers and neighborhood centers in Orange County.

Veritone’s Q3 Sales Disappoint; Triggers Sell-Off

Half of Quarter’s Loss From Stock Vesting

Veritone Inc., the high-flying Costa Mesa company trying to make a name for itself in artificial intelligence, reported third-quarter results that brought it back somewhat closer to Earth.

OC Auto Dealers See Sales Decelerate

Karma Now Biggest OC Automaker Employer

The 39 largest auto dealers in Orange County combined for $5.16 billion in sales for the 12-month period that ended June 30, a 1.4% increase that marks the second straight year of a significant slowdown from recent years, according to this week’s Business Journal list.

PHILANTHROPY

Wearing disco fashions and boogying to the groovy sounds of the ’70s, more than 300 domestic violence advocates gathered on Sept. 16 at the Island Hotel Newport Beach to celebrate the 23rd annual Laura’s House gala themed Saturday Night Fever at Club Laura’s House.

Tech Execs Turn Dynamic Duo in Anniversary Video

Tu, Sun Animations Star In Spot on YouTube

Fountain Valley-based Kingston Technology Inc. featured animated versions of co-founders John Tu and David Sun in a YouTube video celebrating its 30th anniversary.

Gardenwalk Goodfellas? Report Sheds Light on Deal

Near Miss for Anaheim Mall After 2014 Lease

The Anaheim Gardenwalk entertainment center near Disneyland Resort has faced its share of leasing challenges since its 2008 opening, a good portion of it sitting vacant or underutilized for a large portion of its history.

Healthcare Incentive Platform Launches Nationally

Carepoynt Addresses Gamut of Healthcare

A company that created a rewards program as an incentive for people to take care of their health launched nationally.

Appeals to Nostalgia, League Hype Top Blizzcon 2017

Free Wings for Members Of the Blizzard Family

It was a record year at Blizzcon 2017, though the annual convention lacked the momentous announcements from previous years.

Friday, November 10

Midday Stock Roundup

The S&P 500 was down 0.2% in midday trading to 2,579.37.

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Opus to Pay $17M to Settle Suit

Opus Bank (Nasdaq: OPB) is settling for $17 million a class-action shareholder lawsuit alleging the Irvine company misled investors about the quality of its loans.

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ICU Guides EBITDA Up

ICU Medical Inc. in San Clemente reported revenue of about $343 million in its most recent quarter, compared with about $97 million in the same period prior year.

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JWA September Traffic Down

John Wayne Airport passenger traffic edged down 1.6% in September compared with the same period last year.

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Taco Bell Shifts Senior Execs

Melissa Lora will retire next summer from her position as president of Taco Bell Corp.’s international division. Chief Financial Officer Liz Williams will move into Lora’s role and Rahul Shinde, currently GM in India for KFC will become Division CFO at Taco Bell.

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Ubiquity Evicted

Ubiquity Inc. has been evicted from its Irvine headquarters at 9801 Research Drive.

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Thursday, November 9

ChromaDex Sales Up in Q3

Irvine-based ChromaDex Corp. reported $6.1 million in sales for its most recent quarter, up 55% year-over-year, and a net loss of $3.2 million, about 30% more than the same period last year.

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Alteryx Beats Street in Q3

Irvine-based Alteryx Inc. reported third quarter sales and operating profits that beat Wall Street expectations and provided modestly improved guidance for the current quarter.

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Disney Parks, Resorts Only Up Segment

Walt Disney Co.’s parks and resorts segment reported higher quarterly and annual revenue—the only one of the entertainment giant’s four business units to do so.

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Midday Stock Roundup

The S&P 500 was down 0.6% in midday trading to 2,579.01.

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Wednesday, November 8

Five Honored With General Counsel Awards

A crowd of more than 400 members of Orange County’s corporate and legal communities gathered to honor this year’s top in-house lawyers at the Business Journal’s eighth annual General Counsel Awards.

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Mitsakos Sentenced

Nicholas Mitsakos, former interim chief executive of Irvine-based media firm Ubiquity Inc., was sentenced today to 30 months in prison on charges of conspiring to commit securities fraud and wire fraud, said Joon H. Kim, acting U.S. attorney for the Southern District of New York.

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Five Point Sells More Land for Homes, Plots Retail

Five Point Holdings LLC said it has sold the 103 acres of land that will hold the next batch of homes at Irvine’s Great Park Neighborhoods, for $475 million.

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Midday Stock Roundup

The S&P 500 was up 0.1% in midday trading to 2,593.46.

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Tuesday, November 7

MemorialCare to Close LB Hospital

Community Medical Center Long Beach, one of Fountain Valley-based MemorialCare Health System’s three hospitals in the area, will soon close due to not meeting earthquake building standards.

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Midday Stock Roundup

The S&P 500 declined 0.2% in midday trading to 2,586.70.

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Monday, November 6

'Dinesty' Ends: Fifi Chao Dies

Fifi Chao the longtime Orange County restaurant columnist died Monday. She was 81.

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Chapman: $150M in Bonds for Student Housing

Chapman University will buy Katella Grand, a 399-unit apartment complex near Anaheim's Platinum Triangle, for $148 million, from UDR, a Colorado-based REIT.

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CSUF's Garcia Going to Washington

California State University Chancellor Timothy White said today that California State University-Fullerton President Mildred García will be the next president of the Washington, D.C.-based American Association of State Colleges and Universities (AASCU).

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Law Firm in Trump U. Case Buys Practice

San Diego-based consumer advocacy law firm Haeggquist & Eck said it’s bought the Cooper Law Firm in Irvine, an employee and consumer class action firm.

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ChromaDex Lands $23M Private Placement

Irvine-based ChromaDex Corp. will sell more than 5.6 million shares of its common stock at a purchase price of $4.10 per share, or about $23 million.

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Midday Stock Roundup

The S&P 500 was up 0.1% in midday trading to 2,591.54.

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Q&A

When businesses began budgeting for 2017 a year ago, few foresaw the dramatic economic effect of Donald Trump’s election to the White House.

Business Bites

Other items of interest Orange County Business Journal Vol. 40, No. 45

Irvine-based healthcare REIT HCP Inc. said it will cut the amount its Brookdale Senior Living unit contributes to earnings from 27% to about 16%. The Brentwood, Tenn.-based senior housing operator’s declining occupancy rate has dragged down HCP shares.

OCBJ Calendar

Nov. 6, 2017-Nov. 15, 2017

This week's business and other event listings.

Real Estate Deals

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

The Carol M. Watson Living Trust sold a warehouse building to Huy & Thuy Nguyen for $7.2 million, or $172 per square foot.

Has Orange County’s Luxe Market Reached Its Peak?

Experts Think Not As Sales, Appreciation Endure

According to some analysts, the U.S. luxury home market has reached its peak. Events ranging from global economic volatility to an overabundance of luxury offerings to the cooling of the tech boom have caused a marked slowdown in the sale of homes above the $2 million mark in some communities.

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Copyright-Protecting Software Firm to Public Crowdfund

Image Protect Follows Path of Two Others in OC

Another Orange County company plans to raise capital through a new crowdfunding mechanism.

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Grandpad Gets a Lyft as It Moves to Scale

Tablet for Seniors Will Feature Ride-Share App

An Orange-based company that created a tablet for seniors is partnering with a ride-share service. GrandPad Inc. partnered with San Francisco-based Lyft so the latter can provide rides for seniors.

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Silicon Valley Lease Gives Irvine Co. Notable Name

164,000 SF for Amazon, Takes Ericsson Space

Tasseography followers, take note: Amazon appears to be a fan of Irvine Co. office properties.

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South Coast Plaza Book Unveiled on Ocean Tour

Segerstrom Family Exec Gives Reporters Sneak Peek

Elizabeth Segerstrom, co-managing partner at Costa Mesa-based C.J. Segerstrom & Sons, invited about 50 of her closest media contacts and friends on a two-hour sail Halloween night on Foggy, a boat designed by famed architect Frank Gehry.

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CalChoice Seeks to Remain Competitive on Price

Launch Rate Parity Plan From Kaiser Next Year

The current healthcare bill debate primarily impacts the individual market, but uncertainty remains for insurers and carriers.

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An Extra Course: Presenting the Best of Fifi’s Best

A Tasting of Retired Columnist’s Favorites

Executive dining columnist Fifi Chao announced her retirement in this column last month with a joyous romp through “the past 26 ½ years, the best dining years in Orange County’s history.”

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Hoag Orthopedic Taps St. Joseph Hoag CFO to Lead

HEALTHCARE: Plans to partner to grow outpatient care

Irvine-based Hoag Orthopedic Institute, a unique for-profit joint venture comprised of two groups of orthopedic surgeons and a nonprofit hospital, is positioned for growth with a new chief executive at the helm.

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New Owners for Costa Mesa’s Triangle, $55M Sale

REAL ESTATE: Caps $150M in deals for Greenlaw Partners

The Triangle, the Costa Mesa entertainment center that’s home to some of the city’s busiest nightspots, restaurants and other venues, has been sold to a Los Angeles-based real estate investor who’s no stranger to the dating scene.

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Online Bank CalFirst to Voluntarily Delist From Nasdaq

FINANCE: Compliance costs cited for move to OTCQX

Troubled California First National Bancorp in Irvine is giving up on Wall Street’s main stage, citing regulatory costs.

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OCTANe Pivots to Later-Stage Cos.

Plans to Move Upmarket And Grow Reg’l Presence

OCTANe was created in 2002 to bring together resources, expertise and capital to help grow biomedical and information technology startups.

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Cybersecurity Player Shifts to Silicon Valley

TECHNOLOGY: CrowdStrike follows talent, money to new HQ

One of Orange County’s hottest and highest valued private companies has moved its headquarters from Irvine to Silicon Valley.

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Aluminum Firm Maintains Innocence, Fights Seizure

Irvine Warehouse Part of International Tariff Caper

The foreign owners of Irvine’s 2323 Main St. industrial building are fighting the federal government’s attempt to seize ownership of the airport-area property, citing in court filings “demonstrably false” allegations and violations of its due process.

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Follow the Bankers

Q&A responses of OC bank bosses (p. 22) sounds a sanguine note.

Credit Unions Boom Again With 10% Asset Growth

Increase Tops 10% For First Time in Decade

Orange County’s credit unions are back to growing assets by double-digit percentages.

OC-Based Banks’ Growth in Assets Slows Down

14% Increase Doesn’t Compare to Prior Years

Orange County-based commercial banks boosted assets a normally admirable 14% to $36 billion in the 12 months ended June 30.

Chargers on Long Drive Deep In New Territory

SPORTS: Hoag deal, civic deeds vs. poor optics

The business challenges facing the Los Angeles Chargers front office in Costa Mesa midway through the season haven’t changed much since owner Dean Spanos moved the franchise north in January.

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$50M in Hotel Buys Hint at Past, Present

HOSPITALITY: Sales at Dyer & 55 Are Midscale Trend Marker

George Santayana said those who do not remember the past are condemned to repeat it, but sometimes that’s not so bad.

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Prosthetics Maker Freedom Innovations Ups Game

HEALTHCARE: Merged with Ottobock, plans IPO in 2 years

When your private equity investor wants to cash out, it’s often with a sale. Irvine-based Freedom Innovations LLC said it couldn’t be happier with a strategic partner like German prosthetics maker Ottobock.

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Pacific Premier Skates to Lead

Hockey-Loving CEO Explains Strategy

Pacific Premier Bancorp Inc. in Irvine has long been an underdog.

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CalAtlantic, Lennar Under One Roof

El Toro Land Rivals in 2005 Have Big OC Ops

Irvine will apparently become a central hub of operations for Lennar Corp. following its acquisition of locally based CalAtlantic Homes, but consolidation of the homebuilders’ Orange County offices and staff over the next year will likely result in area job cuts.

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Friday, November 3

Chapman to Honor ‘Stranger Brothers’

Matt and Ross Duffer (Chapman ’07) didn’t put Chapman’s Dodge College of Film and Media Arts on the map—but they sure made the University in Orange easier to find.

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Allergan Q3 Beats, Street Not Impressed

Allergan PLC grew sales by 11% in the third quarter, led once again by its flagship drug BOTOX.

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Broadcom Buying Qualcomm?

Broadcom Ltd. is exploring a bid for San Diego-based Qualcomm Inc., according to news reports.

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Midday Stock Roundup

The S&P 500 was up 0.2% in midday trading to 2,584.76.

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Thursday, November 2

HCP to Reduce Brookdale Concentration

HCP Inc. fronted its quarterly earnings report by giving some specific ways it will cut from 27% to about 16% the amount its Brookdale Senior Living unit contributes to earnings.

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Clean Energy Tanks on Q3

Shares of Clean Energy Fuels Corp. (Nasdaq; CLNE) plummeted in afterhours trading after the Newport Beach company reported a steep sales drop and loss for the third quarter, and a big charge-off related to underperforming and unprofitable stations.

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AutoWeb Revenue, Earnings Down

AutoWeb Inc. in Irvine had net income of $100,000 on revenue of about $37 million in its most recent quarter, down from adjusted net income of $2.6 million on adjusted revenue of about $42 million in the same period last year.

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Masimo Reports Strong Q3, Guides Higher

The Irvine device maker reported total revenue of $193.7 million, including $12.4 million in royalties and other revenue, up more than 15% from the same period a year ago.

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Broadcom Charter to Delaware

Chipmaker Broadcom Ltd. plans to move its official headquarters to the U.S. from Singapore, the company announced today at a press conference that included Broadcom Chief Executive Hock Tan and President Donald Trump.

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El Pollo Loco Q3 Mixed

El Pollo Loco Holdings Inc. in Costa Mesa reported a net loss of $4 million on revenue of about $101 million in its most recent quarter, compared with net income of about $5 million on revenue of $96 million last year.

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Resources Connection Makes $19M Buy

Resources Connection Inc. (NASDAQ: RECN) in Irvine bought Accretive Solutions Inc. in Chicago for $19.4 million and 1.15 million shares of restricted common stock.

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HVAC Firm Buys Into Wis.

CoolSys in Brea bought Certified Refrigeration and Mechanical Inc. in Madison, Wis., on undisclosed terms.

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CareTrust Buys SoCal Skilled Nursing Assets

San Clemente-based CareTrust REIT Inc. acquired a three-facility 529-bed skilled nursing portfolio in Southern California from Providence Group for $69 million. The portfolio will yield approximately $6.1 million in initial annual cash rent.

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Most OC Carmakers Down in October

Most OC-based automakers saw lower car sales in October and year-to-date.

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Midday Stock Roundup

The S&P 500 was down 0.2% in midday trading to 2,575.28.

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Ducommun Q3 Mixed, Invokes Restructuring

Santa Ana-based Ducommun Inc. reported mixed results for the third quarter and announced a restructuring plan.

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LoanDepot Starts JV

LoanDepot LLC, the nation’s second largest non-bank consumer lender, announced a joint venture with OfferPad, a real estate investment company, to speed up the process of mortgage approval.

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Wednesday, November 1

Habit Revenue Up, Profit Down

Habit Restaurants Inc. for its most recent quarter reported revenue up about 18% but earnings were cut in half.

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Two Firms Return Long Beach Airport RFP

Ross Aviation and Gulfstream Aerospace Corp. responded by a Nov. 1 deadline to a Long Beach Airport request for proposals on the development of 31 acres near the facility.

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Wincome Names New Westin’s GM

Wincome Group said Carmine Iommazzo is its new general manager at Westin Anaheim Resort.

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Midday Stock Roundup

The S&P 500 was up 0.1% in midday trading to 2,576.70.

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