OCBJ WEEKLY EDITION
Amazon Lease in IBC Leads New Rental Wave
Amazon.com’s recent entry into Orange County’s industrial market is the clearest example yet of the growing role that e-commerce is having on the area’s warehouse and distribution building base.
It’s a landlord’s market due to the low availability rate for offices. Strong employment growth in Orange County continued to be the primary driver of improving fundamentals. Recently, however, employment growth hasn’t translated into positive net absorption, driven by transitory factors that will dissipate over the next several quarters.
The Orange County industrial market remained tight at the end of the third quarter, which has been the theme for the past 12 to 18 months as vacancy declined. Market conditions remained overly favorable to owners with available space.
The Orange County retail market’s persistent struggles are lack of space, growing lease rates, and limited development projects. Previous quarters have continued to show gradual improvements in fundamentals, though the region has remained relatively flat since the early years just after the recession.
Nov. 14-23, 2016
This week's business and other event listings.
$1.1 Billion Deal Could Lower Borrowing Costs
CP Inc.’s recent deal to sell $1.1 billion of senior residential properties is a key step in getting the Irvine-based real estate investment trust back on track for acquisitions.
RAJ Swim Goes with Digital Everyday Women
SwimSpot, the retail arm of Tustin-based swimwear manufacturer RAJ Swim, replaced mannequins at its Fashion Island flagship location with 5-foot digital displays showing footage of “real women of all ages, shapes and sizes” in swimsuits and active wear.
New Tack on PR Includes Word of e-sports League
Blizzard Entertainment Inc. departed from its standard routine for Blizzcon this year, using the annual fanfest at the Anaheim Convention center to tout upcoming content releases for existing games and plans for a new e-sports league.
Sales and leases of offices, industrial buildings, retail space and apartments
Grovemont Square, a multi tenant retail shopping center in Santa Ana, was sold for $4.7 million, or about $163 per square foot.
Velexo Aims to Take Fear Out of Finding Contractor
An Irvine-based company recently released software that it says streamlines the process of picking a contractor to install newly purchased home products.
Deal With AMS Uses Tesla Batteries to Store Energy
Dallas-based institutional investor Invesco Real Estate is using its office holdings in Aliso Viejo for the initial rollout of a cutting-edge energy storage project that it plans to expand to other parts of its sizable real estate portfolio in the U.S. over the coming years.
Still need a reason to get over the recent election season?
DINING: Paid $7.8 million for 2,079-SF property in CM
Lake Forest-based Del Taco Restaurants Inc. is using a real estate sale-and-leaseback tactic to secure the top location in the 550-store fast-food chain.
AUTOS: 1.5% hike for biggest; Karma top automaker for jobs
The 40 largest auto dealers in Orange County combined for $5.3 billion in sales for the 12-month period that ended June 30, a 1.5% increase that marks a significant slowdown from recent years, according to this week’s Business Journal list.
An investment fund formed by a real estate developer in China has set up headquarters in Irvine and plans to specialize in startup companies in the healthcare sector.
Masimo Corp. will receive $300 million from Koninklijke Philips NV to end their patent disputes.
Private equity firm Windjammer Capital Investors in Newport Beach acquired on undisclosed terms Advanced Instruments LLC in Norwood, Mass., a 61-year-old company that makes laboratory test equipment used in clinical, food, pharmaceutical and biotech markets in about 90 countries.
ReVision Optics Inc. in Lake Forest raised $32 million in an equity round led by Johnson & Johnson Development Corp. in New Brunswick, N.J.
Pacific Hospitality Group plans to renovate its AC Hotel in New Orleans during a six- to eight-month closure.
How Abbott Medical Optics Bryson Learned to Lean On Team
Craig Bryson, general counsel of Abbott Medical Optics, noted the irony of completing a merger and aquisition transaction.
Smile Brands’ Lawyer Success Tracks Back to Roots in Russia
The Cold War shaped the life path of Victoria Harvey in ways she couldn’t have imagined as a child. I
Workload Ranges From Irvine HQ to Silicon Valley, China
Western Digital Corp.’s widespread legal team will head to Northern California this week for their annual global meeting.
Young GC Anything But Stock-Still in Retail-Based Career
Libby Stockstill didn’t just join Billabong International Ltd.’s in-house legal team in Irvine—she built one.
Irvine Public Schools Foundation celebrated 20 years of impact at the seventh annual Spirit of Excellence Gala and Auction on Oct. 22 at Kia Motors headquarters in Irvine.
Other items of interest Orange County Business Journal Vol. 39, No. 46
The Irvine Museum will give the University of California-Irvine its collection of California impressionist paintings, which are valued at about $17 million, UCI said.
Variety Feeds OC’s Startup Ecosystem
What’s the best place for a startup that serves other startups?
E-Tail Giant Continues Content Push at Game Studio in Spectrum
In-house game developers on one team.
MARKETING: Expects billings to Jump to $500 million this year
Ocean Media appears to have found a course through the choppy seas of change.
REAL ESTATE: Asian-themed grocer gets Georgia-Pacific plant
The owner of Asian-themed grocery store chain 99 Ranch Market has bought a large distribution facility next to its headquarters in Buena Park in one of the priciest industrial sales in Orange County this year.
The draining presidential campaign ends this week—time for anyone who got caught up in the back-and-forth to disengage from all the disputation and negativity.
REAL ESTATE: 40,000-SF office part of $250M project
CT Realty Investors has added another notable name to the lineup of companies preparing to occupy space at the 25.6-acre healthcare campus it’s developing in Aliso Viejo.
MARKETING: To set up shop in section dubbed ‘Garage’
Yamaha Motor Corp. USA will bring just about everything but automobiles to the upcoming Los Angeles Auto Show.
Anaheim will host the International Weightlifting Federation World Championships Nov. 28 to Dec. 5, 2017 after Penang, Malaysia, backed out of the role.
About 400 people gathered at the Business Journal’s seventh annual General Counsel Awards festivities on Wednesday at Hotel Irvine.
AutoGravity Corp. in Irvine signed Fletcher Jones dealerships in five markets to its mobile application-based car sales and financing venture.
ConcertoHealth in Irvine raised $30 million from current investors in a round co-led by Arboretum Ventures in Ann Arbor, Mich., and Deerfield Management Company LP in New York.
Inphi Corp. in Santa Clara agreed to buy ClariPhy Communications Inc. in Irvine for $275 million, plus debt.