Orange County Business Journal

FINANCE

Recent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...

Greater LA Sees Job Growth, Mix of Healthy, High Vacancies

Increased job growth helped fuel a surge in tenant demand in the Greater Los Angeles office market in the third quarter with 705,097 square feet of positive net absorption, which pushed the vacancy rate down to 16.5% and the average asking lease rate up to $2.67 per square foot, a 6.5% year-over-year increase.

Real Estate Deals

Premier Realty Management Inc. sold a two-story office building in Santa Ana to Big Brothers Big Sisters of Orange County.

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Boot Barn Sets IPO Price

Boot Barn Holdings Inc. has priced its initial public offering of 5 million shares of its common stock at $16.

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AtheroNova Prices Offering

Irvine-based biotechnology company AtheroNova Inc. priced an offering of 4 million shares of its stock and warrants to buy its stock.

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Western Digital Beats Street

Irvine-based storage products maker Western Digital Corp. first-quarter revenue and adjusted earnings beat Wall Street estimates.

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GM Ventures Takes Stake in Telogis

Aliso Viejo-based Telogis Inc. has received an equity investment from GM Ventures, the venture capital arm of General Motors Inc.

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OC Auto Sales on Pace for 7.3% Gain

Sales at Orange County auto dealers rose 6.4% to 46,540 vehicles in the third quarter compared to the same period last year—the 16th consecutive quarterly improvement, according to the Newport Beach-based Orange County Automobile Dealers Association.

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Vizio New Title Sponsor for Fiesta Bowl

Irvine-based Vizio Inc. has signed on as the title sponsor of the 44th Annual Fiesta Bowl.

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Houston Firm Buys Stake in Brea Distributor

Minerco Resources Inc. in Houston, Texas, has acquired a 30% stake in Brea-Based Avanzar Sales and Distribution LLC for $500,000.

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CareTrust Buys Idaho Senior Housing

Mission Viejo-based CareTrust REIT Inc. said today that it will spend $12 million to buy three senior housing facilities.

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Kodiak Takes $5M Stake in Energy Company

Newport Beach-based investment firm Kodiak Capital Group LLC has agreed to buy $5 million worth of common stock of Cirque Energy Inc., a Detroit-based developer of alternative energy sources.

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Opus Misses Estimates on Q3 Profit

Irvine-based Opus Bank’s third-quarter net income fell short of Wall Street estimates.

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Valeant Might Up Bid; Allergan Beats the Street

Valeant Pharmaceuticals International Inc. said today it would be willing to raise its hostile takeover bid for Irvine-based Allergan Inc. to $200 a share.

India Link

Émigré Population Prominent Beyond Size in OC’s Community of Business

Orange County’s Indian-American community is nearly as diverse as its homeland, where myriad languages flourish in the crowded cities and secluded villages spread across the Asian subcontinent.

OC-India Connection’s 2-Way Street

Financial Services Here Look for Roles on Both Ends of Deals

A number of financial services firms in Orange County are setting themselves up as conduits for deals in India, drawn by the country’s growing upper and middle classes, a raft of highly educated workers, and a number of industries that offer potential for cross-border links.

Miami Beach, New Orleans … and Irvine

REAL ESTATE: City part of push for Marriott’s Euro-style boutique

AC Hotels by Marriott, a European-style boutique hotel brand, will include Irvine in the first wave of a development push in the U.S.

Montage Bets $100M on Boutique Trend

HOSPITALITY: Hotel in Gaslamp district of SD won’t carry resort name

Irvine-based Montage Hotels & Resorts is breaking new ground in more ways than one.

Cresa, Travers in Deal to Combine OC Operations

REAL ESTATE: Tenant-rep brokerages ‘share same DNA’

Orange County’s two largest commercial real estate brokerages that solely represent tenants in lease negotiations are combining forces.

OC Lures Professionals in More Ways Than One

Chance for Independence, Creativity Part of Appeal

Sunny winters aren’t the only draw for financial industry professionals to move to Orange County from Wall Street and other finance centers on the East Coast.

Financial Firms Add Advisers, Cut Total Workforces

Reps Jump 3.4%, Overall Staff Down 5% at Top 23

Orange County’s financial advisory firms combined to deepen the pool of registered advisers here while reducing the size of their overall employment bases.

Inland Empire Industrial Market Has Busy Third Quarter

The Inland Empire industrial market continued to grow in total gross activity during the third quarter, maintaining an upward trend that picked up in the second quarter after a relatively slow first quarter.

Snell & Wilmer Renews Lease at Costa Mesa Tower

Law Firm Second Largest Tenant at 21-Story Office

Plaza Tower, arguably the best-known office building in Costa Mesa, is keeping one of its signature tenants.

Pac Life Adds Tea Leaves to Brew in Newport Center

Not much math but plenty of tea leaves to read on the Pimco-Janus front.

Cypress West Nears $100M With Medical Office Buy

REAL ESTATE: GE Capital backs firm’s first OC deal

Cypress West Realty Partners LLC, a Ladera Ranch-based investor in healthcare properties, has made a medical building in Rancho Santa Margarita its first local purchase.

LB Hotel Fetches $8.2M in Auction

HOSPITALITY: $124,000 per room for Best Western affiliate

A 66-room hotel in Laguna Beach is set to change hands for $8.2 million after the note securing it was sold via an Internet auction last week.