OCBJ WEEKLY EDITION
CEO Confident Despite JV Partner’s Troubles
Top Western Digital Corp. executives have been in discussions with counterparts at Toshiba Corp. for weeks amid rising speculation that the Irvine-based storage products maker could bid on the conglomerate’s flash memory business.
Under Contract to Buy Facility for $7.8 Million
Rancho Santa Margarita-based Liquidmetal Technologies Inc., a maker of alloys used in medical devices and consumer electronics, is under contract to buy a larger facility in Lake Forest.
Sales and leases of offices, industrial buildings, retail space and apartments
Braden P. and Kenesha Weber sold a four-unit apartment complex in Tustin to the Seals Daniel R. and Diane B. Trust for $1.4 million, or $340,000 per unit.
Company Diversifies, Doubles Revenue, Seeks New Digs
Incipio is a Latin word that means “to begin.”
Hotels, Others Take Full Advantage of the Outdoors
Grand Legacy at the Park in Anaheim has only about a 5,000-square-foot meeting space, but it’s a doozy.
REAL ESTATE: Apartments next to MainPlace latest example here
The new owners of an office building next to MainPlace Mall in Santa Ana have proposed building a 247-unit apartment complex on excess land at their property.
TECHNOLOGY: Lexmark puts software operation on block
Reynolds Bish is back at the helm of the software company he positioned for a $1 billion sale to Lexington, Kentucky-based Lexmark International Inc. less than two years ago.
Event trends and popular movements in meetings and conventions can seem to appear out of nowhere—whether it’s rooftop amenities (see page 1), pop-up events (see page 21), or growth in spa, health, and fitness components (see page 19).
Hotels Answer Meetings Guests’ Call for Pampering
Resorts and hotels along OC’s coast from Huntington Beach to Dana Point have spas, have rejuvenated them recently, or will add the amenity in the next year. Smaller coastal properties have added fitness areas and programs to emphasize health and wellness.
Spots in the Pop-Up Style Crafted for Adventures
What’s with the old shipping container behind the Irvine Marriott?
For Your Consideration: the update to our front-page design, which now is a bit more horizontal than vertical, with the banner at the top a tad leaner and cleaner.
REAL ESTATE: Deal follows sale of cart maker to Polaris
S&A Management LLC, one of Orange County’s largest privately held property owners, has added another notable investment in Anaheim to its portfolio.
MEDIA: Shell company takes new tack with acquisition
A Laguna Beach-based shell company has acquired a virtual reality developer that will give backers and opponents of President Donald Trump’s proposed wall along the U.S.-Mexico border a chance to purchase portions of a digital version of the edifice—and use the space to express their opinions.
HOSPITALITY: Group that got Irvine Hilton expected buyer
An investment group that recently bought the Hilton Irvine/Orange County Airport hotel on behalf of clients in China is close to making another big hotel purchase near the airport, according to hospitality industry sources.
Paséa, Great Wolf Drive Climb to Over 1.3M SF
Two hotels that opened last year in Orange County added 55,000 square feet of meeting space to local inventory, enough to drive the Business Journal’s annual account of hotel meeting space above 1.3 million square feet.
CALL FOR ENTRIES: Website set to take entries until March 17
Is your workplace great?
Chief financial officers were honored in five categories on Jan. 25 at the Orange County Business Journal CFO of the Year awards, which drew a crowd of about 600 to Hotel Irvine.
Fountain Valley Regional Hospital and Medical Center appointed Kenneth McFarland chief executive.
Viant Technology LLC in Irvine agreed to purchase Waltham, Mass.-based Adelphic on undisclosed terms.
Newport Beach-based Pacific Life Insurance Co. plans to lay off about 140 people in March. It said it intends the cuts to align costs against sales and assure it has the proper skills for growth.
Other items of interest Orange County Business Journal Vol. 40, No.5
Ad agency Grupo Gallegos in Huntington Beach rebranded itself as GALLEGOS United after buying two companies on undisclosed terms—New York-based digital agency Canvas and public relations shop RL Public Relations & Marketing in Los Angeles.
NB’s 92661 Has Highest Average Price at $6.5M
Orange County’s most expensive luxury homes, defined as being in the top 5% of the market, were found in the 92661 zip code last year, which includes Balboa Peninsula in Newport Beach.
Q4 Ramp-Up Planned For Filter Technology Product
A technology company housed at an Irvine incubator closed a $320,000 seed round, bringing its total funds raised to more than $750,000, Chief Executive Behnam Analui said.
Customer Needs Frozen Packs for Work in China
Irvine-based Cryoport Inc. will step up its shipping business with ProMab Biotechnologies Inc. in Richmond, Calif., a biotechnology company.
Instagram Audience Triples As Funny Pieces Viewed
The Buddy Group employed humor to help Pentel of America Ltd. reach “the mainstream audience who doesn’t think twice about pens.”
Jan. 30-Feb. 8, 2017; Feb. 10, 2017
This week's business and other event listings.
Could Bid on Chunk Of Flagging Firm’s Flash Biz
Speculation is building that Irvine-based Western Digital Corp. is in line to bid on a significant portion of Toshiba Corp.’s flash memory business as the Tokyo conglomerate faces staggering write-downs from its failing U.S. nuclear power business.
Sales and leases of offices, industrial buildings, retail space and apartments
MondayOne LLC sold a medical condominium in Newport Beach to Justin Daneshgar for $2.1 million, or $413 per square foot.
Plans Submitted for Tech Firm’s Sunnyvale Campus
Broadcom Ltd.’s current office campus at University Research Park in Irvine isn’t the only big Irvine Company-owned site in line for a revamp after being vacated by a semiconductor industry company.
Irvine-Based Conference Commissioner Guides ‘Mid-Major’ in Era of Power 5
The Big West Conference, like its counterparts across the nation, has been in a state of constant evolution since a sweeping round of college athletics realignment was touched off nearly a decade ago.
Bevy of Lifestyle, Luxe Magazines Manages to Find Room
It’s no surprise that a market with 3.2 million residents and enough affluence to stretch from its 50 miles of coastline to enclaves ranging from Mediterranean look-alikes to horse country would have a few fancy lifestyle magazines.
REAL ESTATE: $40M complex joins Sakura, Villa de Formosa
The Foothill Ranch office complex that holds the headquarters of mortgage lender LoanDepot Inc. is the latest notable area commercial property to be bought by a wealthy local investor.
ECONOMY: First entries reflect growing commercial presence here
China’s continued expansion on the world stage and a strong year for hiring among Orange County’s largest foreign-owned companies combined to bring a jump in overall employment in the category here.
REAL ESTATE: Rosendin to lease 144,000-SF regional headquarters
The development team planning a sizeable industrial and office facility near the Platinum Triangle has found a tenant for the speculative project just a little more than a month after buying the Anaheim site.
Office Market Matures, Pipeline Gives Way to Infill Plans
Orange County’s newest city isn’t so new anymore, least of all its office market.
Jet Health’s 2nd of Planned Dozens of Companies
Irvine-based Jet Health Inc. acquired Home Health Investments LLC in Colorado, a provider of home health services from offices in Denver and Grand Junction, Colo. Terms of the transaction were undisclosed.
Picks Santa Monica Shop To Fortify ‘Emotional Ties’
Newport Beach-based Pacific Life Insurance Co. named M&C Saatchi LA in Santa Monica its advertising agency of record, and the agency’s first assignment will be creating a corporate brand awareness campaign that’s scheduled to launch in the summer.