Developer Plans Va. Distribution Center

Panattoni Development Co. in Newport Beach bought 62 acres in Richmond, Va., to build a 1-million-square-foot distribution center, a local news report said.

Fitch Raises Toll Road Agency Rating

Fitch Ratings upgraded $2.19 billion in debt of the San Joaquin Hills Transportation Corridor Agency, citing rising traffic and revenue.

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UCI Wealth Management Center Picks New Director

Christopher Schwarz has been named director of the Center for Investment and Wealth Management at the University of California-Irvine, replacing Andy Policano.

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Fastest-Growing Private Companies Wanted for OCBJ List

ECONOMY: Centerpiece of Sept. 18 Special Report

Is your company growing fast?

Vaca Preps for Buzzworthy James Beard Benefit Meal

Meanwhile, New and Old Everyday Spots Entice Us

This Thursday, one of summer’s most exciting culinary events will take place: a Friends of James Beard Benefit dinner at Vaca, the fascinating Spanish-inspired restaurant in South Coast Metro’s arts district in Costa Mesa.

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The inaugural Heroes & Living Legends Gala, held on July 17 at The Duke Hotel in Newport Beach, brought together more than 200 business leaders, sponsors and supporters to help raise $729,000 to benefit Open Gate International, which provides vulnerable populations with vocational training for long-term economic stability.

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St. Joseph Hoag Expands Wellness Corners Strategy

Takes Employer-Based Model to Community

Irvine-based St. Joseph Hoag Health has rolled out its latest iteration of Wellness Corner inside an LA Fitness.

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Hyundai Hopes Spots Make Viewers Sweet on Sonata

Show 2018 Model Makes Modern Life a Tad Better

Hyundai Motor America Inc. is channeling Neil Diamond in its latest TV ad for the 2018 Sonata.

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OCBJ Calendar

Aug. 7-16, 2017

This week's business and other event listings.

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JLL Adds Laguna Hills Appraisal Office to Local Mix

Deal for Integra Its 4th OC Buy Since 2014

Chicago-based JLL, whose Irvine office is one of the largest commercial brokerages here, has added an Orange County-based appraisal office to its operations in its latest area acquisition.

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Irvine, Other OC Cities Top US Gaming Markets

Study Shows Strong Personal Tech, Training

C’s three largest cities scored high marks in a new study rating the best gaming markets in the country.

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Real Estate Deals

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

Asbury Properties Inc. sold Seagate Plaza shopping center in Huntington Beach to Cathy Investments LLC for $10.6 million, or more than $350 per square foot.

Business Bites

Other items of interest Orange County Business Journal Vol. 40, No. 32

Anaheim retail and entertainment complex Downtown Disney will get a virtual reality experience this year.


In spite of recent attempts to repeal and replace, in whole or in part, the Affordable Care Act, which destabilized the health plan marketplace—including an unsuccessful scaled-down Republican plan to repeal part of the healthcare law—the overall health plan marketplace in California remains highly competitive, with offerings in line with value-based care. Covered California has maintained lower premiums and lower annual rate hikes compared with states that depend on the federally operated exchange. More than a third of California residents get their health insurance through Medi-Cal, California’s version of the national Medicaid program. The insurers/provider dynamic no longer has insurers negotiating with providers over what to pay them, but calls for both parties to work together to better deliver care while managing costs. The Business Journal’s Sherry Hsieh talked with several insurers and healthcare providers to get their thoughts on what may lie in store, with or without federal changes. Here are edited excerpts of their responses:

Cigna Builds Out New Model in Southern California

‘Hybrid’ Joins Healthcare Players in Common Goal

The structure of the American health system pits insurance health plans and healthcare providers against each other when it comes to income.

Providers, Insurers Rethink Senior Care Priorities

Scan, Kaiser Pursue Home Care for Quality, Savings

Hospitals remain the centerpiece of the healthcare system, but the trend toward home-based care is clear in the baby boomer generation.

HMO Members Up 2% in OC; PPO Numbers Rise 3%

Health Plans Grow Value-Care Partners

Orange County’s top health maintenance organizations experienced modest growth during the 12 months through July.

MetLife OC Enrollees Up 33% on Dental Plans List

Ranked Plans Up 3.7%, US Law’s Impact Minor

Dental HMO and PPO plans’ net dental enrollment increased 3.7% to 2.7 million Orange County members in the year ended July 31.

Sharing the Wealth

Toba’s Smith ‘Invests for Impact,’ Others Give Directly to Education, Children

Vinny Smith knows how to make a mark in business.

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Office Buzz on Monster Buy: $58M Deal With Greenlaw in Newport

The top two executives of Corona-based Monster Beverage Corp. are about to add a trophy office in Newport Beach to their rapidly growing commercial real estate portfolio in Orange County.

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Olen Continues Rental Push in ‘Booming’ Markets, $600M Since ’14

Igor Olenicoff, the owner of Newport Beach-based real estate firm Olen Properties and Orange County’s third-wealthiest person, is keeping his company on the growth path locally and out of the area.

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Pyott Eyes Products That Create Markets

HEALTHCARE: Sees self as director, investor, philanthropist

David Pyott isn’t interested in becoming a chief executive again—“17 years as a public CEO was enough, and I do not wish to jump into another company, where in my view four years is the minimum time to make a real impact”—but the former Allergan chief executive is excited to pursue his passion for developing products that help patients.

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Not Standing Still

How OC’s Wealthiest Grew Firms and Fortunes

Orange County’s wealthiest people enjoyed a good year. Most on our 2017 list, see page 16 of stand-alone Special Report, grew their fortunes, some substantially. The roster grew by two, nearly 5% from 45 to 47. The Business Journal’s “cutoff” is $250 million.

Ahmansons Bring OC Arts Work North to LA

Corona del Mar philanthropists Howard F. Ahmanson Jr. and Roberta Green Ahmanson will create an art gallery, studio space, and an artist-in-residence program in Los Angeles.

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‘Favorite Issue’

In managing this week’s OC’s Wealthiest issue—my first, our 17th—I placed a call to a source to confirm a few figures in our write-up.

OC Gains Public Co. in 167-Year-Old Firm’s Move

AEROSPACE: Ducommun HQ to Santa Ana office

Orange County’s public company ranks will gain another member with the recent headquarters move of Ducommun Inc., Los Angeles’ oldest company.

Pacific Life CEO Jim Morris on the Company at 150

FINANCE: CEO bullish on annuities and airplanes

Next year Pacific Life Insurance Co. will celebrate its 150th anniversary since being founded by Leland Stanford.

OC Banks’ Q2 Mostly Positive

FINANCE: One CEO says more work needed

Four of the five biggest banks based in Orange County reported last week that profits improved in the second quarter.

County Wins Round Over Airport FBO

The Federal Aviation Administration denied a Part 16 complaint against Orange County filed by Signature Flight Services Corp. over fixed-base operations at John Wayne Airport.

Incubator Gets $4.5M for Device Maker

Aliso Viejo-based medical device company incubator Inceptus Medical LLC said it helped Okami Medical Inc. complete a $4.5 million series B financing with U.S. Venture Partners in Menlo Park and other individual investors.

OC's Wealthiest

Irvine’s red-hot economy is doing wonders to the bottom line of Orange County’s dominant businessperson.

St. Joseph Hire Points Up Tech ‘Pivot’

Providence St. Joseph Health appointed Venkat Bhamidipati as executive vice president and chief financial officer, effective today.

United Capital Buys 3 Advisory Firms

United Capital Financial Advisers LLC of Newport Beach said it bought three wealth advisory firms with a combined $758 million in assets under management and offices in four states.

Fastest-Growing Private Companies Wanted for OCBJ List

ECONOMY: Centerpiece of Sept. 18 Special Report

Is your company growing fast?

Interactive Food Diary Provider Seeking $1 Million

Yummi Users Share Moments Sans Pressure

An Irvine-based tech company is seeking to raise a seed round of $1 million to officially launch and scale growth.

High-End Condominiums Offer Hotel-Like Amenities

‘White Glove’ Services, More Go for Pretty Penny

The Orange County coast is dotted with high-end residential condos that boast hotel-like amenities.

Masimo Gets European Approval for Two Sensors

Pulse Strength Measurer, Blood O2 Checker OK’d

Masimo Corp. expands its European market with two new approvals on the continent: one for RPVi, a noninvasive and continuous measurement of perfusion—or pulse strength—index, the other for the rainbow Super DCI-mini sensor, a reusable spot-checker that detects changes in blood oxygen level.