Orange County Business Journal

FINANCE

Recent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...
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NB Startup Raises $23M

Newport Beach startup Acorns Grow Inc. has raised $23 million to fuel the growth of its smartphone app that aims to bring microinvesting to the masses.

Way Up In Arts District

Proposal for Luxury Condo Tower to Costa Mesa Planners

The owners of the Avenue of the Arts Wyndham Hotel are moving ahead on plans to build the first high-rise condominium tower in Costa Mesa’s arts district.

Broad Range for UCI’s Push on Innovation

EDUCATION: Blueberries to microchips, toothpaste

The $5 million in seed funding that Newport Beach-based Beall Family Foundation provided for the University of California-Irvine’s new Institute for Innovation is bearing commercial fruit.

Medical Office Project Moves Ahead in NB

REAL ESTATE: Land buy, redesign for Birch Street project

A long-planned medical office development in the Santa Ana Heights area of Newport Beach is moving ahead following a recent sale of the nearly 4½-acre site and a redesign of the proposed project.

Pac Life Offers ‘Swell’ Idea for Younger Investors

FINANCE: ‘Cause-themed’ portfolios include big givers

Pacific Life Insurance Co. has rolled out a research subsidiary that’s targeting younger people with the prospect of adding an element of social consciousness to their portfolios.

ReShape Gets Pass on FDA Panel for Obesity Device

HEALTHCARE: Could get final approval for market in June

A San Clemente-based medical device maker cleared a big regulatory hurdle and landed on a faster track to commercialization.

Irvine Firm Buys 35 Pilates Studios

Irvine-based LAG Fit Inc. acquired Club Pilates, a franchised chain of 35 Pilates studios in the U.S. and Australia.

CareTrust REIT Adds Nursing Home

San Clemente-based CareTrust REIT Inc. bought a nursing home in Washington state for $9.1 million.

Bella Terra Gets New Ownership

Prudential Real Estate Investors said it acquired a 75% stake in the Bella Terra Shopping Center in Huntington Beach.

Investors, Developers Drawn to Luxury Spec Homes

See Potential for Big Returns in Luxe Approach

Investors and developers are putting their time and resources into building luxury spec homes along the Southern California coast, from The Strand in Dana Point to the Balboa Peninsula and beyond.

Griffin-American Inks $353M Worth of Deals in Q1

Adds 18 Properties Spread Over 11 States

Irvine-based real estate investor Griffin-American Healthcare REIT had a busy first quarter, with $353.7 million worth of acquisitions encompassing 18 healthcare properties in 11 states.

LBA Realty Nears Another Office Purchase From Dell

Report of Nashville Deal Follows Buy in Aliso Viejo

Irvine-based LBA Realty is poised for a big investment in Nashville, Tenn., according to reports there.

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Allergan Ends Legal Battle With Ackman, Valeant

Allergan Inc., the Irvine drug maker that is now part of Dublin-based Actavis Plc., has ended its court fight with Canada-based Valeant Pharmaceuticals International Inc. and activist investor Bill Ackman’s New York City-based Pershing Square Capital Management LP.

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Irvine Firm Buys 35 Pilates Studios

Irvine-based LAG Fit Inc. has acquired a franchised chain of 35 pilates studios in the U.S. and Australia from a competitor in Del Mar.

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Alternative Lender to Irvine HQ

Quick Bridge Funding LLC, an alternative lender specializing in short-term financing, has moved its headquarters from Orange to Irvine, taking 17,000 square feet at Market Place Center.

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CareTrust Buys Nursing Home for $9.1M

San Clemente-based CareTrust REIT Inc. said today that it bought a nursing home in Washington state for $9.1 million.

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Habit Sets $175M Share Sale

Irvine-based Habit Restaurants Inc. said it would offer up to 5.75 million shares of its Class A common stock owned by various stockholders, including some officers and directors, for sale beginning April 10 and expected to close April 15.

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Ambry Buys Software Company

Aliso Viejo-based Ambry Genetics Corp. acquired Delray Beach, Fla-based Progeny Software LLC for an undisclosed price.

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Bren Imposter Sentenced to Time Served, $1.1M in Restitution

The convicted bank robber who stole the identity—and a $1.4 million tax refund—of Irvine Company Chairman Donald Bren was sentenced to time served, restitution and supervised release, according to court records.

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Bella Terra Gets New Ownership

Prudential Real Estate Investors said it has acquired a 75% stake in Huntington Beach's Bella Terra Shopping Center.

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American Vanguard in Deal for European Business

American Vanguard Corp., a Newport Beach-based maker of specialty chemicals and agriculture products, has acquired the European insecticide business assets of Adama Agricultural Solutions Ltd.

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Johnny Rockets Plans 100 Units in China

Aliso Viejo-based Johnny Rockets has signed a deal to franchise 100 restaurants in China over the next 10 years, with the first set to open next year in either Shanghai or Beijing.

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Alliant Buys in Idaho

Newport Beach-based Alliant Insurance Services Inc. has acquired North Idaho Insurance LLC on undisclosed terms.

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U.K. Investor Puts $14.8M in Habit

Irvine-based Habit Restaurants Inc. said in a regulatory filing March 24 that Boston-based Numeric Investors LLC, an affiliate of London-based Man Group Plc, bought about 477,000 shares of the burger chain’s Class A common stock.

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CSUF’s Garcia on National Panel

California State University-Fullerton President Mildred Garcia has been named to a national commission formed to find “practical solutions” to the increasing cost of a college education, the university said.