Orange County Business Journal

OCBJ WEEKLY EDITION

May Price-Per-Square-Foot Tops Year-Earlier Figure

Jumps 9%, With Balboa Peninsula Average Tops

Orange County’s luxury home market saw 25 transactions close between $4 million and $12 million last month, when the median price for a home along the coast was just under $6 million.

OCBJ Calendar

June 13-22, 2016

This week's business and other event listings.

New OC Company Developing Cannabis-Based Drug

Compound Could Treat Chemo-Induced Pain

Douglas Ingram’s drug development work encompasses more than just Alzheimer’s disease, which his Irvine-based Chase Pharmaceutical Corp. focuses on.

Volcom’s New Ambassador Pick Stirs Brand’s Fans

Mick Jagger’s Daughter Considered Weak Choice

Volcom LLC, looking to shed its surf-only brand image, hired Georgia May Jagger, daughter of Mick Jagger and Jerry Hall to be the Costa Mesa-based footwear and apparel manufacturer’s new global brand ambassador.

Brunt of Western Digital Cuts Come in Silicon Valley

SanDisk, HGST to Bring About $1B in Savings

Western Digital Corp.’s massive integration of SanDisk Corp. and HGST already has led to more than 500 job cuts in the past month, and more are expected.

Real Estate Deals

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

Kwikcash Inc. sold an office building in Irvine to Gerayli LLC for $2.2 million, or about $448 per square foot.

Airport Area Industrial Market Marks Healthy Q1

The overall Greater Airport Area industrial real estate submarket performed well in the first quarter, and market fundamentals were strong.

Homebuilder TRI Pointe Moves Local Division

HQ Staying at For-Sale Google Center Campus

Irvine-based homebuilder TRI Pointe Group Inc. is moving its Southern California division closer to some of the projects it has under way on the Irvine Ranch.

Slyde Handboards Gears Up for Summer Sales Tour

‘Shark Tank’ Investment, Beach Cleanup Lift Brand

A startup that created a brand of handboards, a one-handed surfboard that straps to a surfer’s hand for bodysurfing, started its summer tour over Memorial Day weekend.

Surge of Hotel Development

More Than 7,000 Rooms Proposed in Four Cities

The four Orange County cities with the heaviest volume of hotel construction are seeing a divergence in the type of properties being built there and the sorts of guests the hotels will target.

Indies Rock

Hotel Owners Trade Big Brands for Local Focus

A range of Orange County hotels are declaring independence, testing the potential and limits of a hot hotel market and foregoing the regular business a brand can bring.

New Name, Boss For Bank in Little Saigon

The former Saigon National Bank in Westminster appears to have made strides toward untangling its operations with a new owner and a new name.

Keirstead Buys Back In on Stem Cells

Orange County stem cell entrepreneur Hans Keirstead refers to his newly established biotechnology company as a “startup with mature assets.”

$100M Raise Points to Cybersecurity Niche

The $100 million raised by Cylance Inc. last week highlights the booming demand for software security needed to thwart malicious cyberattacks in the public and private sectors—and the growing appetite of venture capitalists to fund Orange County-based businesses that are taking on the challenge.

Anyone’s Guess As Young Rides Off Ranch

Let the guessing game begin as Dan Young gets set to step down from the Irvine Company.

Commercial Development at Highest Level Since ’07

Nearly 3M SF Completed; Projects Spread Across OC

Orange County’s top commercial real estate developers posted their most active year of completed projects in a decade with a variety of sizeable product types opening across the region over the year ended April 30.

Commercial Construction Up, Uncertainty on Horizon

Revenues Here Highest Since ’09, Backlog Down

Orange County’s largest commercial construction companies took in the most revenue since the Great Recession, although a shrinking backlog and ominous economic reports raise questions about the industry’s continued growth.

Inventory of Experts

Wing of UCI Incubator Roster Includes 400 ‘Experts-in-Residence’

Startup Flyt turned to Dan Jenkins when it needed a mentor.

Kia’s Court

Automaker’s Research Indicates NBA Ties Lift Brand

Kia Motors America Inc. is playing some impressive moves on the sponsorship court.

Allergan Vet Brings Pharma Startup to OC

HEALTHCARE: Keys on talent pool fostered by former employer

Drug development startup Chase Pharmaceuticals Corp. is now being led from Irvine with a familiar face at the helm—Chief Executive Douglas Ingram, a former president of Allergan Inc.

Google Campus On Jamboree Leads OC Office Listings

REAL ESTATE: Some $1.3B worth of deals in pipeline amid rising rents

The five-building Irvine office campus that holds the local operations of Google Inc. and others is up for sale, headlining an Orange County office investment market that’s seeing its heaviest activity in over eight years.

Hybrid Investor Offers Back-Office Operations

Irvine-based Private Equity Firm Steps Into VC Realm

Irvine-based Lotus Innovations LLC is a hybrid private equity firm that focuses on emerging technology companies and provides back-office operations and staffers to its entrepreneurs, both rarities in the sector.

DIRECTORY OF LENDERS

Every year, the Business Journal makes its best effort to compile a list of local banks and lenders, in addition to investment banks. Some changes this year include Orange County Business Bank, which now operates as HomeStreet Bank since its merger on Feb. 1. Among other changes: Previously listed Johnson Capital Group Inc. was acquired by Bethesda, Md.-based Walker & Dunlop on Nov. 3, 2014; CIT Group Inc. acquired OneWest Bank on Aug. 3, 2015 and now operates as OneWest Bank, a division of CIT Bank, N.A. First Security Business Bank closed its single branch in Orange; FBR & Co. and CW Financial Services LLC closed their offices in Irvine; and Holliday Fenoglio Fowler LP is now HFF LP.

Top VC Firms Invest 35% Less in Local Companies

Toba New No. 1 After Versant, Ventana Exit OC

The most active venture capital firms with local headquarters or significant operations and ranked by amount invested in OC companies combined for about $56 million in 39 portfolio deals last year. That’s about 35% less money than the top VCs invested in 2014 in about the same number of completed local deals.

Tam, Twila Join Forces; Gross at Human Scale

We sure can pick ‘em: Tam Nguyen of Advance Beauty College was honored—along with his sister, Minh Nguyen—with one of the Business Journal’s Family Owned Business Awards in 2012.

Hot Start for New Home’s Latest in Newport Coast

REAL ESTATE: 12 of 55 luxe homes sold ahead of opening

Hefty price tags don’t appear to be stifling interest in the last big housing community slated for the Newport Coast community of Crystal Cove.

Palace Boss Adds Top Job at Parent Company in Spain

HOSPITALITY: Move came as Parques Reunidos prepped IPO

Palace Entertainment Holdings LLC President and Chief Executive Fernando Eiroa has taken on chief executive duties at its parent company.

Stance Socks Get Spot in MLB Lineup

San Clemente-based Stance Inc. now provides the official Major League Baseball sock.

Oculus Buttons Up Last Operations at Original HQ in Irvine

TECHNOLOGY: Software team will head to Silicon Valley

Oculus VR Inc., a trailblazer that put Orange County on the virtual reality map, has moved the last remnants of its local operation to Silicon Valley.

PE Firm Sells Electronics Supplier

Newport Beach-based Windjammer Capital Investors, one of Orange County’s long-standing private equity firms, sold Irvine-based electronics components supplier Infinite RF Holdings Inc. on undisclosed terms to San Francisco-based private equity firm Genstar Capital.

Knott’s Hires Ex-Disneyland Executive

Jon Storbeck was named vice president and general manager at Knott’s Berry Farm in Buena Park.

Santa Ana College Names President

Linda Rose, currently president of Los Angeles Southwest College, will become Santa Ana College’s new president on July 18.

Software Maker Takes in $1.4 Million

San Juan Capistrano-based data-analysis software maker NarrativeWave Inc. received $1.4 million in new funding, bringing its cumulative amount raised to $2 million.

Angels Enlist Ad Agency Help

The Los Angeles Angels of Anaheim signed Santa Ana-based Amusement Park to create a campaign targeting “women and other groups typically outside the scope of MLB marketing.”

Burger Chain Plans OC Spots

Burger Boss LLC in Corona plans to open at least five corporate-owned locations in Orange County by year-end.

Fresh Eatery Arranges Its Plates in Agreeable Row

Ironwood Impresses With Unexpected Food, Facility

Ironwood in Laguna Hills opened only a month ago, and we have been busy introducing friends via word of mouth and by taking them there. It’s rare for me to keep wanting to return to the same restaurant—there are just too many places I need to try, and there’s only one of me. To say that Patrick and I are quite taken by Ironwood would certainly be an understatement, and we are enjoying our multiple visits a lot.

PHILANTHROPY

The arts and the art of leadership took center stage May 12 in the Samueli Theater at Segerstrom Center for the Arts in Costa Mesa at the fourth annual “The Mayor’s Celebration