OCBJ WEEKLY EDITION
The former Saigon National Bank in Westminster appears to have made strides toward untangling its operations with a new owner and a new name.
Orange County stem cell entrepreneur Hans Keirstead refers to his newly established biotechnology company as a “startup with mature assets.”
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.
Let the guessing game begin as Dan Young gets set to step down from the Irvine Company.
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.
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.
Wing of UCI Incubator Roster Includes 400 ‘Experts-in-Residence’
Startup Flyt turned to Dan Jenkins when it needed a mentor.
Automaker’s Research Indicates NBA Ties Lift Brand
Kia Motors America Inc. is playing some impressive moves on the sponsorship court.
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.
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.
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.
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.
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.
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.
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.
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.
San Clemente-based Stance Inc. now provides the official Major League Baseball sock.
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.
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.
Jon Storbeck was named vice president and general manager at Knott’s Berry Farm in Buena Park.
Linda Rose, currently president of Los Angeles Southwest College, will become Santa Ana College’s new president on July 18.
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.
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 Boss LLC in Corona plans to open at least five corporate-owned locations in Orange County by year-end.
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.
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
Santa Fe Springs-based distributor USE Co. Inc. was sold on undisclosed terms to Ingersoll Rand in Davidson, N.C., and will operate in conjunction with a recently acquired business in Buena Park.
Drug Will Treat Crow’s Feet in Those Up to 65
A product developed by Allergan PLC’s medical aesthetics hub in Irvine has a new use in the fast-growing Japanese market.
2,100-SF Shop Opens With Exhibit on Grant Recipients
Rolex helped watch retailer Baron & Leeds celebrate the reopening of its 2,100-square-foot boutique at South Coast Plaza with a photo and video exhibit showcasing Rolex Awards for Enterprise recipients in the Costa Mesa-based shopping center’s Jewel Court.
June 6-15, 2016; June 21, 2016
• Studio SoCaL hosted by Rick Reiff and Elizabeth Espinosa (KOCE-TV/PBS SoCal), Friday 7 p.m., Repeats Sunday 5 p.m., Monday 5:30 p.m., Wednesday 5:30 p.m., Guests: TBA
The Research and Development market in Orange County marked three consecutive quarters of negative net absorption in the first quarter, with 157,668 square feet.
37-Year Company Vet Ran Medical Systems Unit
The executive in line to take over Toshiba Corp.’s struggling global operation and tarnished brand spent six years in Orange County leading a key U.S. unit based in Tustin during his long tenure with the Japanese conglomerate.
Rival LLC sold an industrial building in Santa Ana to Minnie Chief Real Estate Investments for $1.2 million, or about $157 per square foot.
$110M Apartment Deal Tops for Nashville Region
An affiliate of Irvine-based Steadfast Cos. has bought a big apartment complex in the suburbs of Nashville, Tenn., in what local news reports say is the priciest multifamily deal the area has ever seen.
Links Lawyers, Students For Entertainment Startups
Chapman University’s Leatherby Center for Entrepreneurship has expanded into entertainment. The shift at the incubator comes at the direction of Professor Judd Funk, a former entertainment lawyer who worked for several Hollywood studios and who teaches at Chapman’s law and film schools.
Healthcare Real Estate Investment Trusts Multiply In Favorable Climate
Orange County, while primarily known as a center of medical device companies, is also home to several sizable companies that are in the business of owning and investing in real estate where healthcare is delivered, and they aim to grow by focusing on private-pay properties to achieve more reliable rents.
How Englebrecht Makes Bucks on Boxing
2Pac’s “California Love” bumps over the loudspeakers as Gennady Golovkin begins his walk to the ring, sending the sold-out crowd at the Forum in Inglewood into a frenzy.