OCBJ WEEKLY EDITION
AEROSPACE: Positions second company for $100 million in sales
James Downey is replicating the business model that made him one of Orange County’s wealthiest executives.
AUTOMOTIVE: Once figured for exit, increases sales 29.8%
Mitsubishi Motors North America Inc., despite a slim model lineup, is out to prove all the doubting Thomases wrong.
TRANSPORTATION: JWA aims for more passengers, Mexico service
John Wayne Airport plans to reintroduce incentives for an airline to offer new routes to Mexico as part of its 2015 flight plan, which also includes more passengers and 15 additional flights by Southwest Airlines.
APPAREL: Board names new execs as it aims for turnaround
Robert McKnight Jr., co-founder of Quiksilver Inc., is leaving his post as the company’s executive chairman at the end of the month as the Huntington Beach-based action sports apparel and footwear manufacturer struggles with reduced quarterly revenues.
HEALTHCARE: Ackman goes on offensive, questions continue
Irvine-based Allergan Inc.’s long-running battle to stay independent marches on as hostile pursuer rhetoric heats up and many analysts express doubt about the deal going through.
Expanding Local Plants, Adding Training Facilities
Manufacturing in Orange County is in growth mode, with many local companies—those that have weathered the recession and managed to notch consistent business gains—making investments in facility expansions and upgrading their training resources.
Recovery Growth, Offshore Jobs Return, Spur Hunt
Manufacturing companies and industry organizations are aggressively searching for young talent, with schools and businesses coming together to showcase advanced technologies and provide opportunities for hands-on work experience.
The search is on for a new executive vice chancellor and provost at UCI—a job that’s about on par with a COO’s post in the business world, while the chancellor of the school functions more like a CEO.
REAL ESTATE: $10M redo for offices next to Angel Stadium
Tenant demand for creative-office space in Orange County is about to get its biggest test yet at an office complex across the street from Angel Stadium of Anaheim.
REAL ESTATE: Planned Costa Mesa towers to become rentals
High-rise condominium plans in Costa Mesa’s ritzy restaurant, shopping and arts center are coming back down to earth.
Register Head Shares Early Plans
Richard Mirman, three days on the job as interim publisher and chief executive of the Orange County Register and Freedom Communications Holdings Inc.’s other publications, counted the perks his new role has to offer.
TECHNOLOGY: Device headed for Finish Line stores
Irvine-based startup Pear Sports LLC has signed a deal with Finish Line Inc. to distribute its wearable device in the Indianapolis-based company’s growing line of specialty running stores.
HEALTHCARE: Alphaeon closes in on nine figures
Irvine-based Alphaeon Corp.’s focus on “lifestyle healthcare” is pushing the company close to nine figures in revenue and positioning it for a potential initial public offering.
EDUCATION: Equipment, new programs at Stanbridge
Stanbridge College added an associate of veterinary technology program this year, and President and Chief Executive Yasith Weerasuriya showed a recent visitor the cat cadavers to prove it.
Future Ads LLC, an Irvine-based advertising technology company, will combine with Jersey City, N.J.-based Kitara Media Corp., which focuses on video advertising. The transaction is expected to close by Dec. 31.
Irvine-based Sabra Healthcare REIT Inc. said it bought eight properties in three states for $59.1 million.
Four University of California-Irvine materials science and engineering researchers will receive $1.3 million from the National Science Foundation for work that could be used to develop lung disease treatments.
Darden Restaurants Inc., the parent company of Irvine-based Yard House USA Inc., named President and Chief Operating Officer Gene Lee Yard House’s interim chief executive.
Other items of interest Orange County Business Journal Vol. 37, No. 42
The Wet Seal Inc. said it will cut 78 filled and open positions, including 66 at its Foothill Ranch corporate office, a 24% decrease, and 12 at the store management level, a 20% drop.
Agent Says Fewer Modern Features Offset by Assets
The historic mansion perched high above a private cove in Laguna Beach at 2592 Coast Highway is reminiscent of an old-time movie setting with its dramatic location overlooking the ocean.
Plus Good Clinical Trial News, Valve’s US Release
Irvine-based heart valve maker Edwards Lifesciences Corp.’s pipeline and positive second-quarter news recently landed it an upgrade from Chicago-based Zacks Investment Research to a “buy” ranking.
Major Snowboarders Tell Their Stories
Oakley Inc. followed some of the biggest names in snowboarding—Shaun White, Mark McMorris, Ståle Sandbech, Jake Blauvelt and Nicolas Müller—down the slopes in Finland, British Columbia, Norway and Japan to produce “Snowboarding: For Me.”
Oct. 20-28, 2014
This week's business and other event listings.
Activity in Orange County’s low-rise office sector continued its positive momentum in the second quarter, generating 166,503 square feet of positive net absorption. That brought the year-to-date net absorption total to 162,554 square feet.
Acorns’ Product Follows 60,000 iOS Downloads
Newport Beach startup Acorns, established by OC investment banking pioneer Walter Cruttenden and his son Jeff, has launched an Android app in its efforts to bring microinvesting to the masses.
24,000-SF Lease Near Top For Medical Offices in ’14
A new medical practice specializing in spine and sports medicine has signed a big lease in an Orange office next to St. Joseph Hospital and Children’s Hospital of Orange County.
Sales and leases of offices, industrial buildings, retail space and apartments
Terra Enterprises Inc. sold the Birch Corporate Center in Brea to SOC Resources Inc. for $10.1 million.
OC Emerges as Hub
One minute you’re on stage with Coldplay.
EDUCATION: OC schools aim to breed viable commercial enterprises
Orange County colleges and universities are going beyond education to cultivation.
REAL ESTATE: Buys out early investor as next phase of project nears
The developer of the Great Park Neighborhoods in Irvine is increasing its ownership stake in the massive project at the former El Toro Marine Corps air station, where a new batch of residential, commercial and park construction is about to begin.
SPORTS: Apparel entrepreneur now partner in Sacramento franchise
Raj Bhathal is a key player in the NBA’s bid to extend its brand to his native India.
REAL ESTATE: 4-story office planned next to Mission Hospital
A four-story medical office development is being planned for a spot across the street from Mission Hospital in Mission Viejo in the latest big real estate deal involving property next to the St. Joseph Health-run facility.
Trend Comes With Economic Recovery
Enrollment in master of business administration programs serving Orange County fell 11% over the past year while the number of graduations was up at some schools.
Research Meets Real Life In Industry Applications
The ivory tower is lowering the drawbridge as Orange County’s college campuses more directly connect their research and education efforts with business concerns.
EDUCATION: Research, Charity, Social Change Programs Up
Some of the smaller colleges and universities in Orange County are increasing nonprofit work, ranging from research and study—already within the scope of a school—to local charitable efforts and global social change.
Would-be raiders Valeant Pharmaceuticals and Bill Ackman appear to be running out of room for their argument that Allergan CEO David Pyott and his fellow board members overlook shareholders as they fight the hostile bid for the Irvine-based drug maker.
Further Integrate ‘Practice Ready’ Trend in Training
The “practice-ready” trend in law schools that began taking shape locally last year heated up this summer when the American Bar Association House of Delegates revised its Standard 303 to increase the number of credit hours.