Orange County Business Journal

OCBJ WEEKLY EDITION

Average Luxury Home Price Per SF Reaches Milestone

$1K-Plus; Highwater Marks in Laguna, CDM

The luxury homes market—defined by real estate experts as the most expensive 5% of homes sold in a given quarter—has reached a new milestone in Orange County this year.

ADDENDUM

Other items of interest Orange County Business Journal Vol. 39, No. 20

Newport Beach-based Palace Entertainment Holdings LLC’s $430 million in debt is expected to be repaid as a result of its parent company’s recent initial public offering.

OCBJ Calendar

May 16-25, 2016

This week's business and other event listings.

Teva Edges Closer to Allergan Generic Deal Wrap

To Bring Estimated $34B, Windfall Could Fuel Deals

Dublin-based Allergan PLC, which has a Botox, medical aesthetics, dermatology and ophthalmology hub in Irvine, is getting close to divesting its generic drug portfolio to Israel-based Teva Pharmaceutical Industries Ltd.

Kia Motors Speeds Up ‘Parent Media’ Ties With Event

Was Premier Sponsor Of Recent Mom 2.0 Summit

Kia Motors America Inc. in Irvine was the presenting sponsor and official transportation sponsor of the Mom 2.0 Summit at The Ritz-Carlton, Laguna Niguel in Dana Point last month.

Government Office in Orange Gets Top Dollar in Sale

$61 Million for Building Near Mall, Leased to FBI

The 4000 Metropolitan Drive office in Orange, a 183,000-square-foot building just off the Garden Grove (22) Freeway near the Outlets at Orange shopping center, has traded hands for the third time in six years in one of the largest local office sales so far this year.

Inter-City Tesla Ride Service Wins Pitch Competition

Teenager, Dad Leverage Car’s Semi-Autonomy

A startup that provides intercity travel via shared rides in a Tesla “semi-autonomous” electric car won first place in a startup pitch competition at The Vine on May 3.

CalAmp Move from Oxnard Adds to Tech Sector Here

‘Center of Gravity’ Draws Wireless Products Maker

CalAmp Corp.’s recent headquarters move from Oxnard to Irvine provides a boost in the middle market for Orange County’s roster of publicly traded tech companies.

Real Estate Deals

Sales and leases of offices, industrial buildings, retail space and apartments

An industrial building in Orange was sold for $4.7 million, or about $154 per square foot.

Thriving Spectrum Office Market Braces for Changes

Broadcom, Toshiba Sites Among Offices in Play

The Irvine Spectrum office market is by most measures the best-performing submarket in Orange County these days: Empty space is scarce, a flock of new and expanding companies call the area home, rents are rising, and new development is in full bloom.

Office Sales

Largest OC transactions in Q1

Largest OC transactions in Q1

Office Leases

Largest OC deals in Q1

Largest OC deals in Q1

Office Construction

Largest OC projects in Q1

Largest OC projects in Q1

Office Sector Is Landlords’ Market

The Orange County office market is currently characterized as a landlord market due to low availability. Strong employment growth in Orange County has been the primary driver of improving fundamentals up until this point in the cycle.

Industrial Sales

Largest OC transactions in Q1

Largest OC transactions in Q1

Industrial Leases

Largest OC deals in Q1

Largest OC deals in Q1

Industrial Market Starts Year Off Strong

The industrial market continued to build on last year’s robust trends.

Retail Market Marks Healthy Q1

The retail market’s favorable start to the year included multiple positive changes to its market fundamentals.

Whole 9 for Anaheim Resort Hotel Market

Nexus’ Plan for 350-Room Entry on Katella Latest on Drawing Board

Nexus Development Corp. is the latest in a growing list of companies looking to build a hotel in the Anaheim Resort Area.

FivePoint’s Next Step: Commercial Landlord

REAL ESTATE: New structure takes in projects from here to Bay Area

Aliso Viejo-based master developer FivePoint Holdings LLC is planning the next step in its evolution: becoming one of Orange County’s largest commercial real estate landlords.

Consumer Electronics Hub Sees Cuts at Top On Larger Concerns

ECONOMY: WD, Toshiba react to external, internal factors, trim staff

Orange County is home to a vibrant sector of companies that make and market consumer electronics, the largest among them accounting for more than 4,500 jobs, even with a recent rough patch for local employment at the top.

Her Piece of the Pie

Gymboree Exec Divides Time, Conquers Challenges

Kimberly Sentovich looks at every day as a pie, slicing each as she sees fit, and almost never coming up with equal pieces for her work duties and personal life.

Smartphone Case Maker Spigen Plans Spectrum Buy

Irvine Unit of Korean Firm To Pay $13.2M for Office

Spigen Inc., an Irvine-based maker of smartphone cases, screen protectors and related accessories, appears to be expanding its local operations after entering into a deal to buy an office in the Spectrum area.

Olen Steps Up in Airport Area, Pays $44.8M for Office Park

Newport Beach-based real estate investor and developer Olen Properties Corp. has made its largest local purchase in nearly three years, buying a 15-building office park near John Wayne Airport.

Greenwave Grows Into Full Floor at Spectrum Showplace

Irvine-based smart technology company Greenwave Systems Inc., Orange County’s biggest recipient of venture capital funding this year to date, has signed a deal to move its headquarters to 200 Spectrum Center, the area’s newest office tower.

Our Annual Inventory of Influence

The OC50—the Business Journal’s annual inventory of influence of the prominent and powerful—owes its 10% turnover rate to factors ranging from the end of an era at a longtime pillar of the local tech industry to the emergence of a startup specialist in San Juan Capistrano.

Vans Takes on Olympian Challenge

Brand Hopes New Skate Circuit Will Lead to Tokyo Games

Vans Inc. is betting its future on what some consider a lifestyle rather than a sport.

Office, Industrial Construction Still Lags Demand

Industrial construction in Orange County slowed in the first quarter after 1 million square feet of supply was delivered last year, with just 231,068 square feet under construction during the period.

SCP Plays Carnegie Hall; Vogel Steps Up; Kiani Answers Call

The Insider hears that the “Segerstrom family and South Coast Plaza” intend to build on ties to Carnegie Hall in New York and “other respected arts institutions” in coming months.

New Great Park Home Phase to Start Early 2017

REAL ESTATE: 727-home project to feature six builders

The developer of Great Park Neighborhoods in Irvine is planning to launch its next phase of home development in early 2017.

JWA-Area Office Deal Priciest of Year at $66M

REAL ESTATE: Georgia-based REIT also sells Brea property

Piedmont Office Realty Trust Inc. has sold its two Orange County office properties—in Irvine and Brea—for a combined $100 million.

Providence-St. Joseph Combo Verdict Soon

HEALTHCARE: Joint control, women’s services part of deal

California Attorney General Kamala Harris will decide by June 13 whether Irvine-based St. Joseph Health will be allowed to affiliate with Providence Health and Services.

Women Honored by Business Journal

About 900 people gathered at the Business Journal’s 22nd Annual Women in Business Awards, where Lisa Vogel, co-president of RAJ Swim in Tustin, delivered the keynote address, encouraging women in business to be open, humble and flexible.

NextVR Lands Live Concerts Deal

Laguna Beach-based virtual reality content maker NextVR Inc. struck a deal with one of the world’s largest event companies to bring “hundreds” of live concerts to fans across the world through virtual reality.

UCI Lab Tapped for Disease Training

University of California-Irvine’s high-containment, biosafety level 3, training laboratory has been selected as the third facility in the country designated by the National Institutes of Health’s National Biosafety & Biocontainment Training Program to provide continuing education to professionals in a simulated setting.

Sock Maker Secures $30M for Growth

San Clemente-based Stance Inc. received $30 million in Series D funding led by Mercato Partners in Salt Lake City. Other returning investors include August Capital, Kleiner Perkins Caufield Byers, Menlo Ventures, Shasta Ventures, and Sherpa Capital.

Private Companies Wanted for Annual List

SPECIAL ISSUE: list will be centerpiece of June 20 edition

The Business Journal is preparing its annual list of privately owned companies for publication in June.