OCBJ WEEKLY EDITION
Architect Worked China During Recession, Carves Niche as Guide for US Projects
Carl McLarand went to China to find a way through the Great Recession.
REAL ESTATE: ‘Biggest deal ever’ to use grid-feeding batteries
The Irvine Co. has signed on to a cutting-edge energy storage project that will transform nearly two dozen of its highest profile offices in the Irvine Spectrum and John Wayne Airport area into hybrid electric buildings over the next year.
ECONOMY: Slight gain after Q3 dropoff for CSUF Index
Orange County business owners and executives have trimmed their outlooks for the local economy entering the fourth quarter, with mixed expectations that add up to a slight gain after a dropoff registered for the prior period, according to the latest quarterly index by California State University-Fullerton’s Mihaylo College of Business and Economics.
AUTOS: Fountain Valley HQ hopes for OK from South Korea
This week’s Orange County International Auto Show might mark the final appearance of the Hyundai Santa Cruz as a concept vehicle and raise the curtain on a new era for the brand’s Fountain Valley-based U.S. operations.
Programs, Research Added to Meet Increased Demand
Orange County colleges and universities are launching and expanding programs in big data to train students to capture and analyze the reams of information that’s become available in an age when data storage capacity has ballooned.
Schools Teach Students To Turn Inspiration Into Work
Chapman University plans to open a business incubator for arts and culture-based enterprises at the end of a two-year, $200,000 grant the European Union awarded the school last month.
Specialization, Speed Enhance Schools’ Efforts
Numbers are down in the Business Journal’s annual survey of MBA programs that serve Orange County—and that’s a good thing.
Can’t blame anyone for doing a double take on the lineup for the Oct. 19-21 run of the Wall Street Journal’s All Things Digital conference at the Montage, where Apple CEO Tim Cook gets top billing and a star-studded undercard includes Tony Hsieh and Chris Cox.
REAL ESTATE: 49 units would be latest for-sale project
Land in Newport Center that holds a carwash and that was once eyed for a boutique hotel now is being considered for a condominium project.
ECONOMY: Chapman-based group led by serial entrepreneur
Orange-based incubator and start-up accelerator Chicklabs Inc. has considerable goals: launch female-led and owned businesses, make a name for itself in the niche market of consumer products, and mentor Chapman student-entrepreneurs in the process.
REAL ESTATE: $147M price for Chino Hills center up 55%
A bet on the Inland Empire retail market in 2010 has paid off well for MX3 Ventures, a Newport Beach real estate investor with ties to former Santa Ana-based storage device maker STEC Inc.
HEALTHCARE: Irvine parent taps banking vets for NY office
Newport Beach-based private equity fund Strathspey Crown Holdings LLC is keeping its focus on healthcare even as it plans to get into the financial management arena through a new subsidiary.
ECONOMY: Gensler-designed center to have capacity for 1,000
A longtime area special-events producer is pulling out all the stops for a meeting and events venue that’s being built in the Irvine Spectrum.
Hurley International LLC Chief Executive and Founder Bob Hurley is retiring, according to parent company Nike Inc.
Tilly’s Inc. in Irvine appointed Edmond Thomas, former chief executive of Foothill Ranch-based Wet Seal LLC, president and chief executive, effective Monday.
Irvine-based St. Joseph Hoag Health said that in January it will introduce health plans developed with insurer Cigna Corp.
San Clemente-based ICU Medical Inc. said it’s buying Excelsior Medical Corp. in Neptune, N.J. for $59.5 million.
Other items of interest Orange County Business Journal Vol. 38, No. 41
Disneyland raised prices for annual passes for the second time in less than a year.
Non-MLS Sales Thrive in Hot Market, Afford Privacy
Real estate experts say “pocket listings”—private, off-market listings that don’t appear on the local Multiple Listing Service—are surging in the luxury market.
Oct.12-21, 2015; Nov. 5, 2015
This week's business and other event listings.
$3.8B Minority Stake Could Be Biggest Ever
Unisplendour Corp. Ltd.’s $3.8 billion minority stake in Irvine-based Western Digital Corp. is believed to be the largest single investment a China-based company has made in a local company but still trails some other blockbuster deals initiated by foreign investors.
Sales and leases of offices, industrial buildings, retail space and apartments
Milk Barn Ventures sold an office building in Orange to Ball Road Corp. for $3.1 million, or about $80 per square foot. The 39,329-square-foot building is at 1085-1095 N. Main St. The two-story property, Coronado Plaza, is 90% occupied, according to real estate brokerage firm Lee & Associates Commercial Real Estate Services Inc. Allen Buchanan and David Newton of Lee & Associates represented the seller and buyer.
Device Maker’s Head Says It Likes Multiple Partners
The Innovation Institute LLC’s “multiple constituents” were a major factor in Boston Scientific Corp.’s move to be its inaugural medical technology partner, according to a company executive.
Spots Take Advantage Of Biggest Primetime View
Kia Motors America Inc. in Irvine is promoting its 2016 Sorento crossover in a new marketing campaign that’s airing during “NBC Sunday Night Football” broadcasts.
The Inland Empire industrial market continued to flourish in the third quarter with activity and tenant demand strong in almost every size range.
2-Building Office-Retail Space Nabs $734 PSF
A pair of office and retail buildings on East Coast Highway in Corona del Mar has traded hands at what’s been described as a record price for the area.
Business Failure Led Vizio Co-founder to ‘Innovate Myself Out of This Situation’
William Wang owes as much to his failures as his successes.
Fashion Island Sidles Up to South Coast Plaza; A+ for Irvine Spectrum
The Irvine Company’s efforts to ensure its retail properties remain relevant to today’s click-happy shoppers have gotten noticed—and not only by the locals who descend en masse to the Irvine Spectrum Center on weekends or the well-heeled tourists flocking to Fashion Island.
REAL ESTATE: Expects to set up similar corporate hub on East Coast
Irvine has gotten the nod over Westlake Village in the merger of Standard Pacific Corp. and Ryland Group Inc.
REAL ESTATE: Upgrade, possible addition to 3-building campus
The new owner of Emulex Corp.’s headquarters in Costa Mesa is planning a creative-office redevelopment of the existing three-building campus, with additional ground-up development on excess land at the property a possibility.
Consolidation among insurance brokerages continues at a pace that had a recent Deloitte report identifying “serial acquisitions” as the “core driver of brokerage growth.” The Business Journal’s Jane Yu asked Orange County brokerage executives to share their thoughts about the consolidation trend. They discuss some key factors that are contributing to the mergers and acquisitions activity, such as low interest rates and increasingly complex regulations, as well as risks that come with the changes. Here are edited excerpts of their responses.
Biggest Firms Combine For $570M, Up 13%
Orange County’s insurance brokers grew for the fifth straight year, notching a 13% increase in combined revenue last year.
TECHNOLOGY: $3.8B deal catches Wall Street by surprise
China continued to make waves in Orange County last week with a $3.8 billion deal that will give Unisplendour Corp. Ltd. a 15% stake in Irvine-based Western Digital Corp.
HEALTHCARE: Collaboration to include Boston Scientific
The La Palma-based Innovation Institute LLC has landed another collaborator in its quest to foster the development of medical products and services intended to reduce costs and promote quality of care.
An affiliate of Aliso Viejo-based Sunstone Hotel Investors Inc. got $26.5 million on the sale of the hotel REIT’s online purchasing portal for hospitality products and services to Avendra LLC in Rockville, Md.
Campus Approach, 24 Startups in San Juan Capistrano
Defining Frost Data Capital isn’t easy, says Stuart Frost, a serial entrepreneur who founded the San Juan Capistrano-based company to invest in startups focused on “big data.”
‘Real Success Is Achieving What Others Believe to Be Impossible’
Ronald Simon started small.