OCBJ WEEKLY EDITION
SchoolsFirst Would Likely Be City’s Biggest Employer With 185,000-SF Development
SchoolsFirst Federal Credit Union, the largest credit union in California, is eyeing a site in Tustin to build a sizeable new headquarters facility.
What if the largest bank in Orange County held its annual shareholders meeting and none of its directors came?
A 601-unit apartment project has been proposed for a roughly six-acre site next to the Santa Ana Zoo that sold last year to a wealthy businessman from the Inland Empire.
Newport Beach-based Olen Properties Corp. has closed on a big loan for its largest local property—a mixed-use development it owns in Brea—and is close to putting some of the proceeds from that and other recent financing deals into an apartment complex it plans to buy outside Orange County.
A looming deadline for Vizio Inc.’s $2 billion sale to LeEco has cast further doubt the China-based conglomerate can close the deal amid ongoing financial woes.
Some industries anticipate changes in business regulations as a result of the November elections and President Donald Trump’s promises of changes that could help spur business activity.
Top Three Unchanged, Represent 37% of Growth
Banks in Orange County enjoyed another banner year as deposits climbed 13% to $109.6 billion for the year ended June 30, up 60% over five years earlier.
Ongoing Projects, Pipeline Add Slew of New Homes
Lake Forest, despite being in the shadow of California’s two best-selling master-planned communities, has been holding its own during the latest residential building boom.
Irvine Co., Shea Put on The Ritz for Latest Projects
Orange County’s newest batch of luxury apartment communities, which command some of the highest rents ever seen among complexes here, aren’t for renters short on cash.
Large Projects Feed 31% Sales Growth
Close to $4 billion was spent on new homes in Orange County last year as builders here posted their best sales year since 2003, thanks to new projects going up at the area’s largest master-planned communities.
Who figured a university with fewer than 10,000 students nestled on a quaint campus just up the street from the old-timey, Middle American look and feel of the Orange Plaza would become a showcase of modern immigrant engagement and achievement that drives forward in spite of all the political palaver and high emotions attached to the subject these days?
RETAIL: Party, promotions, posh buys on tap
South Coast Plaza turns 50 next month—yeah, we couldn’t tell, either.
REAL ESTATE: Initial buy for firm headed by ex-Lincoln exec
A real estate investment, management and development firm that started operations last year has made an office in Irvine near The Market Place shopping center its first investment.
AVIATION: 8 new Piaggios billed as stylish short haulers
West Coast Aviation Services LLC in Santa Ana will buy eight Piaggio P180 Avanti Evo airplanes to boost short-haul offerings and last month rebranded part of its operations as West Coast Worldwide for global charters.
Dale and Sarah Ann Fowler will give $45 million to Chapman University to help it establish an engineering school, on top of a previous $55 million commitment to its law school.
Cypress-based Vans Inc. is out to maintain its momentum.
CALL FOR ENTRIES: Website set to take entries until March 17
Is your workplace great?
TECHNOLOGY: Acquires photodetector technology
A unit of Broadcom Ltd. has acquired the photodetector business of Irvine-based chipmaker Cosemi Technologies Inc.
Other items of interest Orange County Business Journal Vol. 40, No. 9
A bankruptcy court judge approved Quiksilver Inc.’s settlement agreement with 26 former employees who were looking to collect about $7 million in severance pay, according to documents filed with the U.S. Bankruptcy Court for the District of Delaware.
Households Must Earn $610K to Afford Starter
The California Association of Realtors’ Traditional Housing Affordability Index shows that the minimum annual household income required to buy a median-priced home in Orange County is $146,880 and that just 22% of hopeful homebuyers can comfortably afford that $745,160 price tag.
Feb. 27-March 8, 2017
This week's business and other event listings.
Disputes Findings Of Competitors Comparison
A Delaware district court rejected arguments by Irvine-based software security maker CrowdStrike Inc. to block the release of a report by NSS Labs that shows results of a test of competitor products.
Sales and leases of offices, industrial buildings, retail space and apartments
Seabreeze Management Co. sold its office building in Aliso Viejo to Invest West Financial Management LLC for $4.9 million, or $232 per square foot.
Latest Pushes Area Buys Above $130 Million
The biggest property owners in the Mariners Mile area of Newport Beach have added another building to their holdings.
Dispute Leads to Deal With ‘Measurable Impact’
Irvine-based noninvasive patient monitoring technology device maker Masimo Corp. reported strong performance in the fourth quarter and the calendar year.
Cities’ Campaign Puts Spotlight on Parallels
Destination marketing organizations for Anaheim and Vancouver, British Columbia, joined forces on a recent campaign that aimed to highlight similarities between the two cities.
Aims for $750K in Seed Money for Quick Scale
An Irvine-based company that’s developing software mainly for day traders wants to raise $750,000 in seed funding.
FINANCE: Will add Prisma moniker, Wall Street ties
Pacific Alternative Asset Management Co. had a firm grip on a perch in the top ranks of a key financial industry segment with a portfolio of $24 billion as this year started.
Team’s HQ Bolsters Creative-Office Trend at Hive in Costa Mesa
The Los Angeles Chargers’ new 100,000-square-foot headquarters in Costa Mesa could add some panache to an area just north of the San Diego (I-405) Freeway that’s attracted some sizeable tenants in recent years.
EDUCATION: Leaseback for 14.7-acre property in place
Whittier Law School is expected to remain in Costa Mesa for the time being, but will be a renter after its 15-acre campus was sold to an investor that appears to have ties to China.
FINANCE: Mega-comparisons show big drop; slight dip otherwise
The value of Orange County mergers and acquisitions slipped last year, but not as far as a first glance might suggest. The deals plummeted to $28.3 billion from $88 billion in 2015.
REAL ESTATE: Emmes Group close to re-entering office market
New York-based Emmes Group of Cos. has been selected to buy the Main Plaza office buildings near John Wayne Airport in what looks to be the first big local office transaction of the year, real estate sources tell the Business Journal.
Labs, Investments Target Nontraditional Approaches
Innovation in healthcare, when it comes to medical devices and pharmaceuticals, isn’t new. But technology relating to patients, such as health records and how patients interact with healthcare providers, can be lacking. The new territory means looking for ways to engage and care for patients outside of traditional hospital settings or office visits.
Value-based care delivery, since former President Barack Obama signed the Affordable Care Act into law in 2010, is the standard of the healthcare industry. Reimbursements continue to drive medical technology advancements and a greater emphasis on outpatient care delivery, including preventative care.
30 Centers Take in $7.2B; UCI Hospital Still at Top
Last year Renton, Wash.-based Providence Health & Services and Irvine-based St. Joseph Health merged to form a seven-state healthcare system, a transaction that further consolidated its Orange County-based hospitals under the umbrella of St. Joseph Hoag Health.
Center Aims To Involve Nonmedical Participants
Healthcare providers continue to transform delivery of care, changes driven largely by reimbursement policy. Mental health, in particular, is high on Orange County healthcare providers’ priority list, and Children’s Hospital of Orange County is spearheading one effort as part of a larger mission to improve children’s health and well-being.
You don’t necessarily have to do a lot to get a fresh perspective—sometimes a slight shift in vantage point is all it takes …