Orange County Business Journal

OCBJ WEEKLY EDITION

Ben Up for Bill’s Old Spot?; Morr on Ports Drama

Anyone else see former Federal Reserve boss Ben Bernanke around Pimco’s HQ in Newport Center last week?

Glaucoma Specialist to Take Next Regulatory Step

HEALTHCARE: Device maker in Aliso Viejo has raised $77M

A well-funded eye device startup in Aliso Viejo is making regulatory progress in its quest to bring a new product to treat glaucoma to the U.S. market.

More Depart Irell in Wake of Hueston’s Move

LAW: ‘Self-contained’ group spins off; NB office sheds 14

Local law firms have been hiring attorneys away from Irell & Manella LLP’s Orange County and Los Angeles offices in the wake of the recent move by John Hueston and Brian Hennigan to form their own firm.

Broadcom Sales Vet CEO at Numecent

TECHNOLOGY: Cloud service provider seeks global expansion

The new chief executive of Irvine-based cloud service provider Numecent comes with top-level sales experience at Broadcom Corp.

Largest Minority-Owned Businesses Top $14B in Sales

THE LIST: Outpace general market with 8% boost in jobs

The largest minority-owned businesses with headquarters in Orange County combined for $14.4 billion in revenue last year, a 9% increase over 2013.

Real Mex Names New Chief Executive

Cypress-based Real Mex Restaurants Inc. named Bryan Lockwood its chief executive, a news report said.

Western Digital Unit Buys Software Firm

A San Jose-based unit of Western Digital Corp. acquired a maker of storage software for public and private cloud data centers.

Socks Maker Raises $50M for Stores

Stance Inc. in San Clemente raised $50 million from private investors to expand into underwear and open its own stores, according to the Wall Street Journal.

SJC Firm Buys Trade Shows, Magazines

Emerald Expositions LLC in San Juan Capistrano acquired several trade shows from New York-based Vendome Group LLC and Macfadden Communications Group LLC. Financial terms of the two transactions were not disclosed.

Hoag Takes Cardiac Care to Heart With New Center

HEALTHCARE: ‘Integrated’ services to keep patients in OC

Hoag Memorial Hospital Presbyterian is boosting its heart care offerings with an eye toward keeping patients in Orange County.

PHILANTHROPY

The American Heart Association’s Orange County Go Red for Women Luncheon recently raised $435,000 to fund programs and research to fight cardiovascular diseases and stroke.

ADDENDUM

Other items of interest Orange County Business Journal Vol. 38, No. 10

The Orange County Automobile Dealers Association in Newport Beach announced its 2015 board of directors.

Former Allergan Target Draws $14.5B Offer From Valeant

$10.1 Billion for Salix Pharmaceuticals in N.C.

A drugmaker linked to Irvine-based Allergan Inc. during its successful fight against an unsolicited takeover bid last year is set to be acquired by the same suitor: Valeant Pharmaceuticals International Inc. in Canada.

Mazda Works Magic for CX-5 With Penn and Teller

Ad Has Racked Up 14M Views on YouTube

Irvine-based Mazda North American Operations’ commercial featuring magicians Penn and Teller has amassed 14 million views on YouTube since it first aired on Super Bowl Sunday. The automaker’s ads usually get about 10,000 views.

OCBJ Calendar

March 9-18, 2015

This week's business and other event listings.

Airport Area Industrial Market Remained Tight in Fourth Quarter

The Greater Airport Area industrial real estate market, which includes Costa Mesa, Irvine, Fountain Valley, Santa Ana and Tustin, remained tight in the fourth quarter, and we expect that trend to continue through this year, resulting in increased rents and sale prices.

Emulex Corp. Sale Furthers Consolidation Trend

Third Local Industry Deal in Last Year

The $660 million sale of networking gear maker Emulex Corp. in Costa Mesa to Singapore-based Avago Technologies Ltd. highlights an ongoing consolidation in the global chip industry.

Hidden Canyon Sees $50M in Sales in First Month

Toll Brothers Bullish On Irvine, Lake Forest Sites

Hidden Canyon, the newest high-end, new-home community in Irvine, had about $50 million in sales in less than a month after its opening, according to the project’s developer.

Real Estate Deals

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

Hillsboro, Ore.-based Pinnacle Exhibits LLC signed a seven-year lease at 9 Holland in Irvine for $5 million.

Apartments Draw Premium in IBC

REAL ESTATE: $112 million would be highest price since 2013

A spate of apartment development going up on Jamboree Road in Irvine doesn’t appear to be scaring off investors looking for existing complexes in the same area.

OC Schools Aim to Fill Key Rx of Reform

EDUCATION: Pharmacy programs in various stages at 3 universities

Three local universities want to launch pharmacy schools here, and they would join six others in Southern California and a total cadre of 11 statewide.

OCMA Still Plans Move to Segerstrom Land

ARTS: Sale, price of current location could be trimmed

Plans to relocate the Orange County Museum of Art to a new facility at the Segerstrom Center for the Arts in Costa Mesa are moving forward despite uncertainty over the fate of the museum’s current location in Newport Beach.

Chef Built Beloved Restaurant on Natural Talent

Mixes Ethnic Food Smarts, Hunger for Better Dining

Our now legendary Orange County lady chef and restaurateur Zov Karamardian set out to introduce the dining public to Mediterranean food 27 years ago.

Upscale Bars Offer Comfort, Sociable Dining Alternative

Claim Center Stage With Inviting Decor, Food, Drink

Having a glass of wine with friends is no longer the cutting-edge trend. We are now having cocktails.

This One Is All About Henry

Not many individuals can provide the spark for an entire column.

Device Maker Follows Side Effect Into New Niche

HEALTHCARE: Switch from respiratory to blood pressure aid

Rox Medical Inc. has shifted its business model as it seeks to lower the pressure—and possibly lure a buyer.

Proctor to Play Role in Pick of Successor at St. Joe

HEALTHCARE: CEO guided system into Hoag partnership

Veteran Orange County healthcare executive Deborah Proctor’s imprint will be felt by her successor.

Wet Seal’s Fate to Unfold With Bids

RETAIL: Philadelphia firm joins B. Riley in bargain hunt

Beleaguered teen retailer Wet Seal Inc. is still drawing interest, even if it comes in the form of some rock-bottom bidding.

Pacific Club Program Aims to Make Students Leaders

EDUCATION: New academy fosters character development

The newest initiative of the Pacific Club Impact Foundation in Newport Beach has helped 150 middle school students from various backgrounds cultivate their leadership skills under the mentorship of local business executives.

Wanted: Best Places to Work for OCBJ’s List

CALL FOR ENTRIES: Website set to take entries until March 20

Is your workplace great?

Singapore Firm to Buy Emulex for $606M

Costa Mesa-based networking equipment maker Emulex Corp. announced it would be acquired for $606 million by Avago Technologies Ltd.

Taco Bell Plans Expansion in Japan

A Tokyo-based restaurant operator said it would open franchises of Irvine-based Taco Bell Corp. in Japan.

Beauty Products Firm Reportedly for Sale

Pacific World Corp. in Aliso Viejo is up for sale, according to the Wall Street Journal.

Toba Capital Puts $4M Into Drink Maker

Toba Capital Management in Newport Beach invested $4 million in Irvine-based True Drinks Inc.

HB Shorebreak Hotel Sells for $58.5M

Bethesda, Md.-based DiamondRock Hospitality Co. bought the Shorebreak Hotel in Huntington Beach for $58.5 million, or nearly $373,000 per room.

Location, Amenities Part of Luxury Home Pricing Mix

$20M Gets You Varying Degrees of OC Posh

What will $20 million get you in Orange County? There’s a three-bedroom, two-bath, 1,774-square-foot home on a third of an acre in Emerald Bay in Laguna Beach that has a list price of nearly that.

ADDENDUM

Other items of interest Orange County Business Journal Vol. 38, No. 9

Asics America Corp. said it surpassed $1 billion in sales for the first time last year, a 14.9% year-over-year increase.