Orange County Business Journal


Minority-Owned Firms’ Revenue Up 10% in 2016

78 Combine for $18.7B, Employ Nearly 14K in OC

Revenue at the largest minority-owned businesses with headquarters in Orange County climbed almost 10% to $18.7 billion last year, led by acquisitions, mortgages and granite countertops.

Wanted: Best Places to Work for OCBJ’s List

CALL FOR ENTRIES: Website set to take entries until March 17

Is your workplace great?

Top Pelican Hill Executive Departs

Giuseppe Lama’s tenure as managing director of the Resort at Pelican Hill ended after about nine years.

UCI in Joint Effort on US Manufacturing

University of California-Irvine and Rochester Institute of Technology’s Golisano Institute for Sustainability launched the Reducing Embodied-Energy & Decreasing Emissions Institute to improve the efficiency and competitiveness of U.S. manufacturing.

Banc of California Says Probe Clears It

Shares of Irvine-based Banc of California Inc. soared 23% Thursday after it issued a statement saying an independent investigation exonerated the company of accusations by a blogger.

Stearns Lending Sells B2B Mortgage Unit

Santa Ana-based Stearns Lending LLC is selling its Delegated Correspondent Lending business to Flagstar Bancorp Inc. of Troy, Mich., for an undisclosed price.


Other items of interest Orange County Business Journal Vol. 40, No. 7

Disneyland Resort in Anaheim will open Star Wars Land in 2019, Walt Disney Co. Chairman and Chief Executive Robert Iger said on the company’s quarterly conference call. He didn’t specify an opening date.

‘Western White House’ Back on Market for $63.5M

Carried $69 Million Price Tag Last Year

La Casa Pacifica, once home to President Richard Nixon and also known as the Western White House, is back on the market with an asking price of $63.5 million.

CHOC Partners With Penn. Coalition on Brain Tumors

Goal is Study, Diagnosis Of Child, Adult Cases

The Philadelphia Coalition for a Cure, a new cooperative clinical diagnostics and research initiative, announced a partnership with Children’s Hospital of Orange County in Orange to diagnose and study adult and pediatric brain tumors, and help develop personalized therapy.

Experian Amplifies Creditors’ Marketing Efforts

New Tool Lets Lenders Offer Credit Digitally

Experian PLC introduced “Amplified Prospecting,” a marketing tool that enables lenders to provide “a firm offer of credit” to target consumer groups via email and other forms of digital advertising.

OCBJ Calendar

Feb. 13-22, 2017; March 6, 2017

This week's business and other event listings.

Raintree Adds 2nd Irvine Company Rental to Portfolio

Pays About $43.6M For Tustin’s El Paseo Rentals

Raintree Partners, a Laguna Niguel-based apartment and mixed-use property owner and developer, has added another big rental property in Tustin to its portfolio, thanks to a recent transaction it made with Irvine Company.

Blizzard Says It Stands By Immigrant Employees

CEO Says Trump Ban Out Of Step With Its Values

The human resources and legal teams at Irvine-based video game publisher Blizzard Entertainment Inc. are providing travel guidance, legal assistance and counseling to employees affected by President Donald Trump’s executive order barring refugees and other would-be immigrants in seven countries from entering the U.S. for 90 days.

VR Company’s Theme Park Title Part of ‘Evolution’

Kayak Adventure Plays To Popular Exploration Uses

A virtual reality software company closed a $250,000 seed round that it used to launch a VR title.

Real Estate Deals

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

A retail building in Huntington Beach sold for $4.6 million, or $1,284 per square foot.


Other items of interest Orange County Business Journal Vol. 40, No. 6

Wet Seal LLC in Irvine filed for Chapter 11 bankruptcy protection last week and is taking steps to liquidate its assets.

Segerstrom Scion's 'Shelby Shrine'

Classic Cars Could Anchor Event Center, Museum

Ted Segerstrom calls his vintage car collection a “Shelby Shrine.”

Menlo Micro Brings Big Backers to Market

TECHNOLOGY: GE, Corning, Microsemi, Paladin Group team up

Irvine-based Menlo Micro Inc. has already hit a few milestones that often take fellow startups years to accomplish.

On Rise at Real Mex

From Father’s Restaurant to Top Finance Exec for Chain Operator

Dessi Sarabosing has a simple recipe for success in business.

Irvine Co. Eyes Affordable Rentals

REAL ESTATE: Past Traveland site could hold 1,710 units

Irvine Company is looking to turn the former Traveland USA site on the edge of the Irvine Spectrum area into an apartment development with up to 1,710 units in a project targeting middle-income earners.

OC All Over— From Wayne’s World to Ebell

Put Wayne Gross at the head of the line on a recent trend that has OCers popping up in all sorts of prominent places.

Med Device Firm Starts Clinical Studies After FDA Nod

Ox-Imager Designed To Help Heal Chronic Wounds

Irvine-based Modulated Imaging Inc. has received FDA clearance for its first medical device.

Lawsuit Targets Kushner, Spitz on Freedom BK

MEDIA: Unsecured creditors include federal pension agency

A court-sanctioned committee of unsecured creditors of Freedom Communications Inc.—the former owner of the Orange County Register—have filed a lawsuit against former Freedom executives Aaron Kushner and Eric Spitz in the Santa Ana division of the U.S. Bankruptcy Court.

New Brea Industrial Site Lands Car Parts Wholesaler

REAL ESTATE: 240,000-SF lease fills project on Imperial

An importer and distributor of automotive parts with headquarters in the Bay Area is moving its Southern California regional distribution center from Torrance to a newly built facility in Brea.

Alphaeon Plans to Give Back HQ Space

REAL ESTATE: Shrinkage continues, Lensar to lender

Alphaeon Corp. plans to switch out its glitzy headquarters in Irvine this year for a much smaller location in the area in the latest sign of shrinkage for the lifestyle healthcare company.

Lifetime of Achievement

Food Firm CFO’s 2nd Act: 3 Acquisitions

Joe McCarthy had been an auditor with KPMG, held an executive post at Union Bank, and was happy as chief financial officer and executive vice president at Trojan Battery Co. in Santa Fe Springs when a friend asked if he’d like a new challenge.

Everything Accounted For

Tapped for CFO in 2009; Led IPO, Refis and Buys

Good luck finding a local chief financial officer who’s been part of as many complex transactions—including a corporate restructuring, initial public offering, acquisition push, and a string of big-dollar financing deals—as Colin Severn has during his seven-year tenure at William Lyon Homes.

He Dialed Up Rapid Growth

Molloy Helped Call Center Operator Quadruple in Size

James Molloy has been at the center of the most transformative era in Irvine-based Alorica Inc.’s brief history, overseeing two financial transactions in little more than a year that quadrupled the size of the call center operator.

Part of a New Family

Escasa-Haigh Helps Guide Integration of Providence St. Joseph System

Joining two major Catholic hospital systems––Renton, Wash.-based Providence Health & Services and Irvine-based St. Joseph Health––isn’t an easy task. The combination, which was finalized last summer, formed the third largest nonprofit health system in the country.

New Year Offers New and Tried-and-True Options

Pascal Lorange Crudo To Ex-Pinot Provence Spot

The French food at Pinot Provence hit a graceful note when the restaurant opened many years ago in the Westin Hotel in Costa Mesa, but the truly French decor probably got as much publicity as the Gallic food.


The Pacific Life Foundation said it plans $6.25 million in charitable funding this year.

OCBJ Calendar

Feb. 6-15, 2017

This week's business and other event listings.

Biolase Says FDA OK of Lasers Sets It Up for Growth

Nod Fills Out Line, Opens Company to New Markets

Irvine-based Biolase Inc. received Food and Drug Administration clearance for its Epic Pro laser system, a new, higher powered soft tissue laser.

TravisMathew Branches Into Belts With Licensing Deal

‘Greater Potential’ Seen With McKnight’s Cuater

Huntington Beach-based TravisMathew Apparel closed a licensing deal with belt maker Cuater, citing “greater potential in combining forces.”

WD Poised to ‘Protect’ Interest in Toshiba Partnership

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.

Liquidmetal Near Deal for Lake Forest Headquarters

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.

Real Estate Deals

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.