OCBJ WEEKLY EDITION
San Clemente Software Company ‘Owns Desktop at Dealership,’ Passes $200M in Revenue
DealerSocket wants to be the Amazon.com for the automotive sector.
Blizzard Entertainment Inc.’s evolving strategy is mixing a dose of the past with a dash of the future in the pending launch of a classic games division, more free content, new distribution channels, and a big push into Hollywood.
REAL ESTATE: LA firm buys into Burnham-Ward project off 405
SOCO—the hip mix of furniture, fashion, design and food tenants along the San Diego (405) Freeway in Costa Mesa—has gotten a new ownership structure and a big boost in its valuation.
ECONOMY: 3.4% hike to 267,243 jobs; Disney keeps No. 1 spot
Orange County’s biggest employers grew their combined work force at the fastest rate in years.
Paul Musco is a self-made man who has shown the Midas touch on everything from catalytic converters to big data to Texas oil. Imagine what he’ll do with Oprah Winfrey on his side?
REAL ESTATE: Portfolio now tops 12,000 residential units
Olen Properties Corp. has spent nearly $200 million to buy three out-of-state apartment complexes this month, adding to a busy year of acquisitions for the Newport Beach-based real estate owner and developer.
REAL ESTATE: Estimate on per-unit price tops $400,000
A recently built apartment complex has traded hands in what looks to be one of the priciest per-unit deals for a multifamily property in the Irvine Business Complex.
HEALTHCARE: Adds software firm on undisclosed terms
Alphaeon Corp. keeps on making deals.
STARTUPS: Seeks more VC partners; might add own fund
OCTANe’s new strategy to attract investment dollars and emerging companies to the region is showing early returns for Orange County’s vibrant startup and entrepreneurial scene.
Nearly 400 people attended an awards presentation at the Business Journal’s sixth annual General Counsel Awards on Nov. 19 at the Hotel Irvine.
Irvine-based Numecent received $15.5 million in Series B funding that included $4.5 million from a previous investor.
Costa Mesa-based bankruptcy law firm Weiland Golden LLP added William Lobel and Alan Friedman as partners and changed its name to Lobel Weiland Golden Friedman LLP.
St. Louis-based Shoes.com acquired socks and apparel brand Richer Poorer Inc. in San Juan Capistrano on undisclosed terms.
Some Areas Even Higher— Cameo Shores at 98%
One thing appears to remain consistent in Orange County’s dynamic luxury market: Buyers are willing to pay top dollar for the expansive homes and unique estates prevalent in the communities along the coast.
Other items of interest Orange County Business Journal Vol. 38, No. 47
Lost Holdings in Irvine selected former Rip Curl executive Rick Petri as president, a new position.
Nov. 23-Dec. 2, 2015
This week's business and other event listings.
Will Expand Initiative To Connect Ideas, Investors
Panel discussions and business plan competitions weren’t the only agenda items on deck at the Medical Device & Investor Forum held this month by Aliso Viejo-based group OCTANe.
Carmaker Plans 4 Spots As NFL Auto Sponsor
InnoceanUSA in Huntington Beach is already working behind the scenes on Super Bowl ads for Hyundai Motor America Inc.
Cirruspath Targets $10M In Sales With Tidying App
An Irvine startup is getting strong demand from companies it says are frustrated with the functionality of salesforce.com and other customer relationship-management products.
Sales and leases of offices, industrial buildings, retail space and apartments
Arch By-The-Sea 222 sold a beachfront multifamily property in Laguna Beach to California LLC for about $7.6 million, or $585,000 per unit.
The vacancy rate in Orange County’s manufacturing and warehouse sector dropped from 1.9% to 1.8% in the third quarter. It has dropped 18.2% year-over-year.
Five-Story, 110,000-SF Project Set to Open in ’16
One of the developers planning a hotel for Anaheim’s resort area has gotten a construction loan to get the project under way.
$325M in Funding, Hiring Spree Point to National Network of Small Cell Base Stations
A just-completed $325 million fundraising deal for Mobilitie LLC comes as the Newport Beach-based wireless infrastructure company is gearing up for what it is calling the “largest network deployment initiative in the U.S.”
REAL ESTATE: First project outside state resembles Meridian in Newport
The New Home Co. has inked a deal to build an upscale housing project in the Phoenix area, its first development outside California.
REAL ESTATE: Pegged for 626 homes; deal estimated at $190M
A China-based homebuilder looking to diversify its operations into the U.S. has bought a big development site in Lake Forest.
TECHNOLOGY: Follows sale of stake to same company
Western Digital Corp.’s ongoing push into more lucrative storage products geared for corporate customers got a boost last week in another deal with China-based information technology provider and electronics manufacturer Unisplendour Corp.
HEALTHCARE: Kybella seen as next ‘pipeline in a product’ for drugmaker
Allergan PLC’s operations in Irvine appear poised to remain front and center in the drugmaker’s research and development endeavors.
Regulations, while they remain a common key challenge for all financial institutions, aren’t the only burden on bankers’ minds. There are other concerns that may be specific to a bank or credit union, including its size, customer base, and other factors. The Business Journal’s Jane Yu asked local bank and credit union executives to discuss their current concerns other than regulations. Their responses touch upon a variety of topics, ranging from data security and competition from online lenders to finding skilled talent and catering to younger generations. Here are edited excerpts of their responses:
20 Institutions Based Here See 38% Increase to $24.2 Billion
Orange County-based commercial banks have recorded the biggest year-over-year increase in assets in more than 10 years.
25 Biggest Combine For 8% Increase to $18 Billion
The biggest local credit unions have picked up the pace of growth, notching an 8% increase in combined assets to $18 billion.
Members of OC’s Jewish community are sitting Shiva with the latest passing of a nonagenarian giant.
FINANCE: Latino market specialist now in 17 states
Fast-growing insurance brokerage firm Confie is reportedly on the sales block.
REAL ESTATE: Insurer adds 3rd office building in JWA area
The real estate investment arm of John Hancock Life Insurance Co. has added a pair of office buildings in Newport Beach to its growing local portfolio.
Costa Mesa-based wastewater solids reduction and removal company JWC Environmental acquired IPEC Consultants in Canada on undisclosed terms.
HOSPITALITY: Weekend runs draw thousands to parks, hotels
A four-day weekend of running events that ended Nov. 15 at Disneyland Resort capped a year of growth for an increasingly important approach it takes to marketing its two parks and 2,400 hotel rooms in Anaheim.
Laguna Beach-based virtual reality startup NextVR Inc. raised $30.5 million in a Series A funding round that included a mix of sports- and entertainment-related firms.
Irvine-based startup Pop raised $6 million in venture capital funding.