OCBJ WEEKLY EDITION

PHILANTHROPY

In June, Bank of America awarded $610,000 in economic mobility grants to 40 Orange County nonprofits.

Cherished Tradition Continues

NONPROFITS: Irrelevant Week benefits charities

Trends come and go, the political needle moves back and forth, and change is the only constant. But in Newport Beach, one constant remains: Doing something nice for someone for no particular reason.

Q&A

Business executives are excited about the prospect of tax reform, according to some of Orange County’s top accountants.

Accounting Firms Grow Again on ‘Positive Trends’

6th Consecutive Rise In Employees 2% Bump

Orange County’s largest accounting firms increased their employee counts 2.3%, the sixth consecutive year of gains.

OCBJ Calendar

July 10-19, 2017

This week's business and other event listings.

Consulting Firms Report 2.2% Rise in Headcount

List Adds Consultants From Accounting Firms

Orange County’s top management consulting firms reported a 2.2% bump in consultants to 1,924 in the year ended June 30, based on research for the Business Journal’s annual list.

Vision Technology Company Sees Green in Seed Round

NuEyes Raises Money To Stimulate Growth

Newport Beach-based NuEyes Technologies Inc. closed a seed round in excess of a million dollars, co-founder and President Justin Moore said. The company will use the funds to fuel its growth in helping the legally blind live more independent lives.

Landmark Health Expands Home-Based Care

Now Includes Assisted Living, Skilled Nursing

Landmark Health LLC, a home-based medical care provider in Huntington Beach in its fourth year, has expanded its care delivery platform with the newly rolled out Landmark Connect.

Supreme Court Ruling Latest Blow to Acacia Research

Friendly Courts Likely To Hear Fewer Patent Cases

A recent Supreme Court ruling regarding where patent lawsuits can be heard is another bruising hit for Newport Beach-based Acacia Research Corp. and could affect the local economy.

Real Estate Deals

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

Surfas Family Trust sold a retail storefront building in Tustin to Kimberly D. Conroy for $1.2 million, or $369 per square foot.

Luckey’s Huntington Beach Buys Lead to Litigation

Brokers Say Deal Cut Them Out of Commission

Palmer Luckey’s recent purchase of a marina in Huntington Beach hasn’t gone over well with two brokers who claim they were stiffed on their commissions for a related portion of the transaction.

Business Bites

Other items of interest Orange County Business Journal Vol. 40, No. 28

Kia Motors America Inc. in Irvine hired Bill Peffer as vice president of sales, a position Michael Sprague held until he was promoted to chief operating officer in 2015.

Orange County’s Mortgage Industry Prominence is Back

Four Nonbank Lenders Rank in Top 25 Nationally

Orange County made a national name for itself in mortgage lending in the 1980s and 1990s. Then its reputation tanked along with subprime mortgage lending in the 2008 financial meltdown.

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Almost Famous: VR Hospitality the New, New Thing

Technology is in OC Hotel, DMO Video

Imagine your next vacation. Roll out of bed mid-morning, rub the sleep out of your eyes from last night’s late night, and walk a hundred steps from your beachfront cottage for a quick dip in the ocean before that sumptuous breakfast.

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Blizzard Blazes Cultural Trail, Profits With ‘Overwatch’

Content Creators Move in More Inclusive Direction

Blizzard Entertainment Inc. has taken plenty of flak over the years for developing characters that feed into certain stereotypes.

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Gold Standard: $180M OC Office Deal Pending

Goldman Sachs Said to be Under Contract for Towers

Finance giant Goldman Sachs is nearing a deal to buy one of Newport Beach’s more prominent office complexes, a sign of increased institutional investor interest in the area’s office market.

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Largest Women-Owned Firms Made Gains in 2016

10-Year Trend in OC Keeps Pace With U.S.

Revenue generated by Orange County’s largest women-owned businesses grew about 35% since the recession and is on par with the national growth for the same time period.

Spreading the word: “Pro-Tech Beach Hub”

One month into my burst into the middle of OC business—every day three yards and a cloud of everything, and a standout observation. There is—at last—progress on a unified, OC economic-growth strategy.

Conversion Business Model: The Trend is Their Friend

MARKETING: No guesswork, process leads to e-commerce sales

There’s a chance that the face cream you just bought online was developed by a local ad shop.

New Alliance Seeks to Unify SoCal Entrepreneurs

STARTUPS: Priority is getting top tier VC money into region

Over several generations, substantial entrepreneurial ecosystems have sprouted in Southern California. San Diego is known for biotech, Orange County for med-tech and life sciences. And Los Angeles has spawned social media, entertainment and esports startups.

MemorialCare Unit Grows Pediatric

HEALTHCARE: Miller, UCLA Mattel partner in joint venture

Miller Children’s & Women’s Hospital Long Beach has partnered with UCLA Mattel Children’s Hospital. The collaboration, in addition to bringing together research expertise and care services, will expand Miller Children’s presence in Southern California via an outpatient care model.

Another ROC Lawsuit Resolved

The Irvine Company reached an agreement with Real Office Centers on one of the properties about which it had filed an eviction-based lawsuit against, an Irvine Co. spokesperson told the Business Journal.

ADOMANI Market Value Tops $1B

Shares of ADOMANI Inc. surged last week closing at $15.69 on Thursday, the highest price in its short public history on the NASDAQ Capital Market.

New Boss at Weight-Loss Firm Lindora

Costa Mesa-based Lindora Medical Clinics Inc. named William Righeimer chief executive.

Abbott Medical Optics is ‘No Longer a Small Company’

HEALTHCARE: J&J CEO says company’s not done buying

Johnson & Johnson Chairman and Chief Executive Alex Gorsky discussed the company’s $4.3 billion acquisition of Abbott Medical Optics Inc. in Santa Ana—rebranded Johnson & Johnson Vision—at the fourth OCTANe Ophthalmology Technology Summit held at Island Hotel in Newport Beach on June 23 and 24. Gorsky noted that “the day a company enters J&J, it’s no longer a small company,” though the Fortune 10 healthcare giant aims to strike a balance.

Unpretentious, Delicious ‘Middle Menus’ Gain Steam

In Most Every Town, But Hop In the Car For More

For some reason, I recently had the thought that Orange County has a knot in its britches about who and what we are in the culinary psyche. People will not leave their hometown enclaves to experience things across the county. No wonder the jammed traffic saps the adventurous spirit to try what’s new.

Costa Mesa’s Press Project Moves Closer to Kickoff

REAL ESTATE: Former LA Times site to hold 2 new offices

Redevelopment of the former Los Angeles Times printing plant in Costa Mesa into Orange County’s largest creative-office reuse project could begin in earnest early next year, with ground-up development of two new offices at the iconic property taking place in future phases of construction.

Ex-Sunstone Executives Buy, Renovate Boutique Hotels

REAL ESTATE: Alpha Wave investors also after apartments

An affiliate of private equity investor Alpha Wave Investors LLC in San Juan Capistrano will buy a hotel in Redmond, Ore., this month, its second purchase this year after one in Colorado Springs, Colo., in May.

Luxury Homes Selling for Nearly Full Listing Price

Average 96% in First Two Weeks of June

Across Orange County, homes in the $4 million-plus market are fetching an average of 96% of their latest list prices, according to online real estate aggregator Redfin. Here’s a breakdown of OC’s most exclusive communities and how close selling prices are to list prices:

Chao Family Gives UCI Health $5 Million

UC Irvine Health’s Chao Family Comprehensive Cancer Center said two new leukemia endowed research chairs would be named through a $5 million gift from the Chao family.

OCBJ Calendar

July 3-12, 2017

This week's business and other event listings.

CHOC Joins Rady Children’s to Improve Diagnosis

Genome Sequencing Meant to ID Disease Genes

Children’s Hospital Orange County is collaborating with Rady Children’s Hospital San Diego to further improve molecular diagnosis of rare and common complex genetic diseases in children.

Mortgage Lender’s New Campaign Promotes Perks

Ads Talk Up Interest Rate Guarantee, Free Insurance

LoanDepot LLC is in the midst of a “multimillion-dollar” branding campaign called “We believe in you,” featuring 30- and 60-second TV spots airing daily on broadcast and cable networks nationwide, including ESPN, CNBC, E!, MSNBC, Fox News, CNN and Direct Sports.

Western Digital, Toshiba to Argue in Court Over Flash

WD Seeks Injunctive Relief Over Sale to Asian Firms

Circle July 14 on the calendar.

Real Estate Deals

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

Trowbridge Vaughen Vivos Trust sold La Plaza Pacific, a multitenant retail and office building in Dana Point to Raintree Evergreen LLC for $6.6 million, or about $463 per square foot.

Japan’s Nikken Eyeing Another Office Sale in Irvine

Paid $10.3M in ’14; Now On Market For 57% More

Nikken Inc., a Japanese health and nutritional product maker with local operations in Irvine, could be on the move again, depending on the results of the sale of its Orange County office.

B2B Augmented Reality Company Raises $1 Million

Meridian Will Use Funds For Hires and Expansion

A Tustin-based company that’s combined augmented reality and cognitive computing for use in enterprise and business applications raised $1.2 million in early-stage funding from strategic partners, high net-worth individuals and local investors.