Stories for July 2019
Wednesday, July 31
Irvine’s Alteryx Inc. today reported second quarter results that topped analysts’ expectations and the shares rose as much as 6%.
Centerpiece of Sept. 16 Special Report
Is your company growing fast?
FINANCE: Top VCer points to potential winners
Did Vinny Smith catch a 75-bagger with his early investment in Alteryx Inc.?
Previously led Allergan biologics making … co-founded neurotoxin developer 2015 … drug candidate Botox-like … aesthetic, therapeutic use, incl. pain relief … ‘proper healing without muscle atrophy’ … had raised $36M backing by time AGN paid $195M, Sept. 2018 for Bonti … first job: cafeteria cashier at San Jose HS … first car: Pontiac J2000 … would meet Lincoln, Mandela (see Tarek Salaway)
Tuesday, July 30
Costa Mesa consumer data company J.D. Power was bought by private equity investor Thoma Bravo, in Chicago, on undisclosed terms.
Larry Webb, co-founder and chief executive of the New Home Co. Inc. (NYSE: NWHM), is transitioning to an executive chairman role at the Aliso Viejo builder at the end of August.
Del Taco Restaurants Inc. (Nasdaq: TACO) shares fell 8% after reporting second quarter same store sales that missed analysts’ expectations.
TECHNOLOGY: Newly minted billionaire has appetite for more
Dean Stoecker officially joined the billionaire ranks earlier this month.
In partner-managing director triumvirate, William Thormalen, Geoffrey Stack (see entry) … apartments, industrial … 50M SF … Koll Co. vet … 2018 bought Boeing tower for industrial re-do … founded Sammis Co., 1975, precursor to Sares Co.; merged 1993, Regis Group … service: Orangewood, Sage Hill (see Gordon McNeill), Cystinosis, California Republic Bank
Monday, July 29
Nike Inc. (NYSE: NKE), the world’s largest sportswear maker, is considering selling Costa Mesa-based Hurley International, Reuters said, citing unidentified people familiar with the matter.
ECONOMY: 46 with $500M+; 25 Billionaires
Have you heard that it’s a tough time for the richest of the rich?
Peter Adderton, the founder of Irvine-based Boost Mobile, said he was unsuccessful in his attempt to acquire his old firm from Sprint Corp.
Leads one of top OC CRE tenantimprovement firms … $50M revenue … up a third in five years … 12th-largest OC women-owned business … launched at kitchen table, 2000 … Business Journal Women in Business honoree, 2014 … office, retail … clients include Greenlaw Partners (see Wil Smith), Irvine Co., UCI … CSULB bachelor’s, construction mgmt., interior architectural design … ‘I’m just a contractor; I build.’
Seller Tied To Uniregistry Entity
An Irvine Cove home designed by noted architect Chris Light sold for $13 million to Fountain Valley mechanical contractor Pan-Pacific Mechanical President Cindy McMackin, and her husband, Chairman and Chief Executive Ronald McMackin, according to property records.
Seller Also Offloaded Laguna Site for $32M
A Linda Isle home that was built in 2004 for a member of this week’s OC’s Wealthiest list just traded hands for $14 million, records indicate.
DEFENSE: $25 Million for new Karem Aircraft unit
Lake Forest’s Karem Aircraft Inc., an aerospace development firm that makes manned and unmanned rotorcraft vehicles mainly for the military is spinning off a venture to build an all-electric air taxi vehicle for Uber.
Under Armor The Latest Sponsor
South County Trojans Youth Football, the newest member of club-level Snoop Youth Football League, inked a three-year partnership with performance brand Under Armour Inc.
Hourly Workers Offered Another Perk
Employees at Chipotle Mexican Grill Inc. (NYSE: CMG) restaurants can go home with some extra cash in their pockets.
Casanova//McCann Sets Up at the Hive
Casanova//McCann had a lot to celebrate the past month.
Sets Up Manufacturing Facility in Irvine
Beta Bionics, which has a manufacturing facility and executive offices in Irvine, is aiming to develop and commercialize the world’s first fully automated bionic pancreas.
Looking to Hire 30 Labs Technicians
Santa Ana-based Cannalysis has found a niche testing the recently unregulated industry of cannabis.
Irvine Hospital Wins Kudos for Quick Responses
Hoag Hospital Irvine has won the American Heart Association/Stroke Association’s Gold Plus Quality Achievement Award.
37,000-SF Project Includes New Theater
Construction has begun on a new 4.9-acre entertainment complex in Garden Grove, a project that will include the expansion and upgrade to the city’s 45-year-old 4 Star Movie Theater.
Creative Office Project Now Full
San Diego-based Cruzan and financial partner Cigna Investments Management have refinanced a nearly 224,000-square-foot creative office complex they own in Laguna Hills.
40,000-SF Lease For Consider It’s Delivered
A 40,000-square-foot lease recently signed in Irvine is the latest sign of growth for a niche delivery company.
6G Commercialization In Two Years?
University of California-Irvine scientists chasing the “Holy Grail” in high-speed wireless communications technology have moved a major step forward by developing silicon chips that are at least four times faster than the speed of the upcoming 5G wireless standard.
Adapt to Keep Freight Biz, CEO Burdiek Says
For Irvine-based CalAmp Corp. the advice to transport companies is this: get with Amazon’s technology requirements or risk losing business.
$100M Quarterly Figure Reached Again
Technology investment is alive and thriving in Orange County, says commercial real estate services firm JLL.
REAL ESTATE: Top price for industrial buys this year
A 17-building business park next to the Los Alamitos Race Course has traded hands for $128.5 million, in the priciest industrial transaction in Orange County this year.
TECHNOLOGY: Developers get ahead of the curve
Digital Map Products Inc. of Irvine says it brings plenty of location technology expertise to its recently created, new private equity-backed owner LightBox, and benefits flow the other way, too.
APARTMENTS: Santa Ana complex second-priciest sale
One of Orange County’s wealthiest apartment owners is going upscale.
Pedego Rolls Over China Tariffs On Its Way to Vietnam and Taiwan
The company I co-founded, Pedego Electric Bikes, has seen firsthand the effects of U.S. tariffs on products imported from China.
THE MONEY: The country’s wealthiest real estate owner. Heads Orange County’s dominant real estate company, with one of the largest portfolios of apartments and offices in California, among other notable holdings.
Sales of offices, industrial buildings, retail space and apartments
Montadhar Peace School purchased an educational building from Kenneth Holt for $1.9 million, or $213 per square foot.
Friday, July 26
Yum Brands, Inc. (NYSE: YUM) appointed Mark King as the chief executive of its Taco Bell Division that is based in Irvine.
Thursday, July 25
Chipotle, Gains, Newbies Spark Restaurant Surge
The largest Orange County-based restaurants saw their best-ever year for cumulative sales in 2018, thanks to improving same-store sales, expansions, and one very high-profile relocation here.
San Diego-based Cruzan and financial partner Cigna Investments refinanced a 224,000-square-foot office complex in Laguna Hills for $56 million.
Construction has begun on Starlight Cinemas West Grove, a 29,000-square-foot movie theater, which will anchor a new entertainment complex in Garden Grove.
Boston-based Beta Bionics, which has a 15,000-square-foot manufacturing facility in Irvine, closed out a Series B funding round this month with a second $63 million investment; the first came earlier this year.
BJ’s Restaurants Inc. (Nasdaq: BJRI) in Huntington Beach reported net income of $14.2 million, down about 17%, on revenue of $301.1 million, up nearly 5%, in its second quarter, compared with the same period last year.
University of California-Irvine will hold a week-long humanities ‘boot camp’ in August for 15 veterans of the armed forces preparing for college.
20+ years at retail center … sales nearing $800 million, 16M visitors, 180+ retailers … $100M renov 2009, 50-year anniversary 2017 … ‘memorable customer experiences’ … Irvine Co.- owned layout … tighter brand ties to former Island Hotel, now Fashion Island Hotel … prior roles: 15 years, national mall owners: Mission Viejo, Santa Ana … bachelor’s, Principia College
Concordia University in Irvine named Kent Schlichtemeier dean of its school of education, effective July 1, to replace Deborah Mercier, who is retiring.
Irvine-based CalAmp Corp. (Nasdaq: CAMP) said transport and logistics companies need to get on-board with how Amazon works or risk losing business.
Teams in South County Trojans Youth Football in Mission Viejo will get game and practice apparel and uniforms from Baltimore-based Under Armour Inc. (NYSE: UA).
A University of California-Irvine team is working to develop a 6G communications chip.
Chipotle Mexican Grill Inc. added a program for hourly employees to qualify for bonuses of up to an extra month of pay annually for workers who qualify.
Wednesday, July 24
JPMorgan Chase & Co. (NYSE: JPM) closed on its acquisition of InstaMed Inc., a company owned by Newport Beach private equity firm Carrick Capital Partners LLC.
Burritos, Not Botox
Bill Ackman’s latest investment in an OC company is going much more smoothly than its predecessor.
Co-founder, national leader, BDO healthcare industry group … 25 years’ experience—incl. 20 at BDO—public-, private-sector hospitals, facilities, insurance cos. … involved in aggregate $750M+ bond offerings … M&A … born in South Africa … First car: Mazda 323 … service includes Jewish Federation, CHOC Foundation, Providence Speech and Hearing … would meet Churchill
Newport Beach’s Jeff Moorad is getting back into sports ownership.
MEDICAL DEVICES: New lease doubles OC space
Medical device maker Axonics Modulation Technologies Inc., Orange County’s latest public company to reach $1 billion in valuation, isn’t just growing by stock price.
Flooring, countertop, wall tile products distributor … emigrated from India, 1970 … co-founded firm 1975 with wife, Rika; business grew from her desire for PT work … Manu kept job as engineer at first … big break 1981 to provide granite for Vietnam Veterans Memorial, Washington, D.C. … multiple Business Journal honors … two-year sales up 31% to $1.1B … 370 employees … two Wharton School sons now in the business
Tuesday, July 23
Irvine-based Edwards Lifesciences Corp. (NYSE: EW), the most valuable publicly traded company based in Orange County, reported second-quarter sales climbed higher-than-expected 15% on increasing demand for its transcatheter aortic valve replacements.
Newport Beach’s Chipotle Mexican Grill Inc. (NYSE: CMG) reported second quarter revenue and adjusted profit that beat analysts’ consensus estimates.
Toshiba America Business Solutions Inc. in Irvine and sports entertainment company AEG are extending a partnership.
Five Point Holdings LLC plans to issue via two of its units $125 million in senior notes paying 7.875%.
Irvine’s Kura Sushi USA, which operates 22 U.S. revolving sushi bar restaurants, has set the terms for what could be Orange County’s first initial public offering this year.
SERVICES: $100M now; CEO Britt seeks more
Synoptek LLC looks poised to become Orange County’s next tech company with sales topping $100 million this year.
Portfolio value $2B massive Long Beach project … co-runs firm with William Thormalen, John Hagestad (see entry) … new JWA area apts., 520-unit The Royce … recently stepping back … supports Georgetown Hoyas b-ball … First job: ‘watering plants, Boething Treeland Nursey, 1953’ … community: South Coast Rep, UCI Merage Center … can’t miss: November 10th Association: USMC b-day group … bucket list: Antarctica
Monday, July 22
San Clemente-based Glaukos Corp. (NYSE: GKOS) licensed technology from Intratus Inc. in San Diego to develop and sell new eye care drugs.
Environmental engineering firm BioLargo Inc. (OTC BLGO) in Westminster said a unit won two subcontracts to provide air quality environmental engineering work for five United States Air Force bases in Texas and Arizona.
Irvine-based ShiftPixy Inc., (Nasdaq: PIXY), a tech-based temp agency for restaurants, said third-quarter revenue increased 53% to $14.3 million, compared to $9.4 million for the third quarter of fiscal 2018.
HOSPITALITY: Local buyer Clearview plans upgrades
The Newport Beach Marriott Bayview has been sold to a local investor, in the priciest hotel transaction seen in Orange County in nearly a year.
2018 Business Journal Women in Business honoree … co-owns, -runs firm with husband, CEO Rick … 26th-largest nonbank U.S. mortgage lender, $8.5B in originations … $443M revenue, 800+ workers … competes with LoanDepot (see Tony Hsieh) … backs Big Brothers Big Sisters of OC … 2017 gave one ton of food to Second Harvest … first job: entering data, TransUnion
The inaugural Siksha Foundation Celebration Dinner held on May 15 raised more than $600,000 for the Siksha Foundation.
How We Built Pick Up Stix
Editor’s Note: 64-year-old Charlie Zhang and his wife, Ling, founded Pick Up Stix, which grew to a chain of 85 restaurants by the time it was sold in 2001 to TGI Friday’s.
Sales of offices, industrial buildings, retail space and apartments
PKPG Investment Holdings LLC purchased a warehouse building from Scott I. Ravenhorst Commercial Property Trust for $2.6 million, or $214 per square foot.
Series B Brings Total Funds to $137M
Beta Bionics, a medical device startup with substantial operations in Irvine that is looking to develop the world’s first autonomous bionic pancreas for those suffering from diabetes-related issues, closed its $63 million Series B round of funding.
OES Connects Companies With Capital Sources
Aliso Viejo-based OCTANe, best known for its role as a business accelerator for area technology and life science companies, has laid the groundwork for a new company—OCTANe Enterprise Solutions.
Links Employees To Volunteer Opportunities
Orange County United Way is tapping into the cloud to help corporations promote philanthropic efforts among its employees.
Long Beach Site Tapped for Smartwater
Blue C Advertising in Costa Mesa has been keeping busy in varied ways—helping more than 550 people stay hydrated, while also refreshing the look of a 20-year-old software company.
WoW, Overwatch Shirts for Sale
Irvine-based video game giant Blizzard Entertainment Inc. is heading back to the retail aisles with a familiar partner.
Reports Q3 Revenue More Than Triples to $41.5 Million
Cannabis paraphernalia supplier KushCo Holdings Inc., which supplies the containers, hardware, mouthpieces, bottles and cartridges used by companies in the marijuana business, is aiming to be on the big exchanges.
Studying How Parental Signals Affect Infants Later in Life
The National Institute of Mental Health has granted a $15 million Silvio Conte Center Grant to Dr. Tallie Baram, a professor of pediatrics, neurology, and anatomy and neurobiology at the University of California-Irvine, for her research in early childhood psychiatric screening.
UCI 5-Year Research To Examine Lithium Use
The Elisabeth Severance Prentiss Foundation has donated $1 million to University of California-Irvine for a specific salivary lithium study in psychiatry.
3.4M SF of US Offices Back REIT
Newport Beach-based KBS Realty Partners expects to place an 11-property collection of offices into a new real estate investment trust whose shares will be traded on Singapore’s stock exchange.
857,000 SF of Industrial In Georgia, Texas
Newport Beach-based Bixby Land Co. is bulking up its industrial portfolio outside of California.
Land Sale Complete; Will Hold 750 Workers
SchoolsFirst Federal Credit Union, the largest credit union in California, has been given the go-ahead to build a new corporate headquarters facility in Tustin, and expects a big hiring push as a result.
Gently-Used Tech Marketplace Opens
Swappa LLC, a Kansas City-based online marketplace for “gently used technology,” recently launched a local service in Orange County, one of the first outside its hometown, boasting a “no junk policy” to protect consumers.
Will Be No. 2 Employer in Los Alamitos
Printer and scanner manufacturer Epson America Inc. says it’s making room for a hefty increase in growth and employee numbers when the company’s headquarters moves from Long Beach to Orange County a year from now.
AI Keeps Track Of Ad Spending
Costa Mesa-based Veritone Inc. says that Cox Media Group isn’t the only big-name broadcaster interested in the company’s artificial intelligence applications.
RESTAURANTS: Looking to double in size
A danger of doing well at one thing is doing well at one thing.
REAL ESTATE: Ocean Plaza first in OC for Onni
Huntington Beach’s Ocean Plaza office and retail center has traded hands for $97.3 million, the second-largest commercial property sale of the year in Surf City.
HOMEBUILDING: Former Stearns CEO in charge
Newport Beach-based William Lyon Homes (NYSE: WLH) has launched a title insurance, settlement and mortgage agency in part through the acquisition of Irvine’s South Pacific Financial Corp.
FOOD: Juice bar near $100M sales, 150 units
People may not always want to eat their fruits and veggies, but they’re increasingly drinking them.
MEDIA: 5th offering under motorcycle unit
The smell of tacos drifted in the air as a handful of people cruised around the parking lot at media company Bonnier Motorcycle Group’s Spectrum-area headquarters to test out various electric bikes.
REAL ESTATE: Gemdale’s first local project; 272,000 SF
A Pasadena-based real estate investor with financial backing from China has proposed building a pair of creative offices along Barranca Parkway in Irvine, across the street from the Tustin Legacy development.
Friday, July 19
Santa Ana-based Iteris Inc. (Nasdaq: ITI) received $2.95 million, part of a five-year, $19.5 million contract to help build “intelligent transportation systems” for the Federal Highway Administration.
Blizzard Entertainment’s eSports league, based on its Overwatch franchise, will expand its travel schedule next year, its third season, to include two weekends of homebased gaming competitions each of its 20 teams in six countries.
Newport Beach Bayview Marriott was sold for $78 million, or about $307,000 per key for the 254-room property.
Orange County’s unadjusted jobless rate rose to 3% in June, up from a revised 2.4% in May and below the year-ago estimate of 3.2%, according to the state Employment Development Department.
Thursday, July 18
SchoolsFirst Federal Credit Union got the city of Tustin’s nod to build its new corporate headquarters.
Epson America Inc.’s move of its headquarters from Long Beach to Los Alamitos next year will bring 600 workers to OC, the company said, with room to grow that to more than 700 over time.
University of California-Irvine professor of pediatrics, neurology, and anatomy Dr. Tallie Baram received a five-year, $15 million National Institutes of Health grant.
Newport Beach-based Bixby Land Co. bought nearly 900,000 square feet of industrial space in Atlanta and Dallas on undisclosed terms.
Costa Mesa-based Veritone Inc. (Nasdaq: VERI) said it expects more broadcast clients of its artificial intelligence-based ad tracker.
Video game designer Blizzard Entertainment ain Irvine will produce another line of t-shirts for Japan-based apparel maker and retailer Uniqlo.
Current hotel development in Orange County is nearly double what it was last year, according to a new report.
25+ years M&A, IPO, VC, PE, finance … closed 70+ public, private co. buys, up to $1B; advised on 50 public offerings … Indiana U bachelors; Vandy Law … moved to Calif. from Mo., early ’90s for ‘short stay’ … 5 years, Rutan & Tucker; 8 years, Brobeck, Phleger … backs Big Brothers Big Sisters OC, UCI … Best Lawyers, America … past Business Journal Women in Business honoree
Goldman Sachs Group Inc. (NYSE: GS) has completed its acquisition of Newport Beach-based United Capital Financial Partners Inc. for $750 million in cash.
FINANCE: PIMCO, Blackstone at odds
Stearns Holdings LLC, a one-time Santa Ana-based mortgage powerhouse, declared Chapter 11 bankruptcy last week.
Family firm founded by dad, Pete, 1946 now one of largest SoCal concrete masonry makers; 175 workers at plants in five SoCal cities … worked there to earn money for first bike, p/t in HS, college, f/t, 1975 … daughters now at co. … 2018 co-wrote op-ed advocating changes to ‘deplorable … criminal justice system’ … wants ways offenders can ‘rejoin society as productive citizens’
Wednesday, July 17
Former U.S. Congresswoman Mimi Walters has been named to the board of B. Riley Financial Inc.
Tuesday, July 16
COWORKING: Full-office lease at new development
WeWork Companies Inc. has struck a deal to lease all of a just-built office in the Irvine Spectrum, and will operate one of the largest coworking spots in the U.S. at the location.
China-born; to U.S. 1972 … cook in uncle’s Chinese restaurant, apprentice welder, Germany, as youth … world’s largest consumer memory products maker … near $7B sales … diversifying lines: keyboard + mouse … headsets under HyperX gaming division; sponsors 30 online gaming teams … Tu plays with band JT & Friends … Business Journal OC’s Wealthiest; OC 50
Santa Ana-based security and facility services giant Allied Universal bought Phoenix-based Shetler Security Services on undisclosed terms.
Tenant-improvement contractors’ sales last year grew 11% in Orange County to $1.3 billion in billings on 26 million square feet of work, according to Business Journal research.
Irvine-based Aspen Medical Products sold to New York-based private equity firm Cortec Group on undisclosed terms.
Ingram Micro closed on the purchase of Abbakan, a Paris-based cybersecurity services firm, on undisclosed terms.
One of Santa Ana’s first Opportunity Zone projects has begun, a 40,000-square-foot office building called First Harbor Plaza, by Diamond Bar developer Primior,
Monday, July 15
Ex-PepsiCo exec tapped for QCD, 2017 … $1B unit of $7B Golden State Foods (see Mark Wetterau) … GSF brings meat, sauces, other foodstuffs to McDonald’s; QCD handles other clients: Starbucks, Chipotle (see Brian Niccol), Wendy’s … 17K deliveries weekly, 5.5K restaurants … 25% of GSF’s 6K workers … bachelor’s, Indiana; executive MBA, Colorado
An 8.6-acre office and retail complex in Huntington Beach has sold for $97.3 million.
Newport Beach’s William Lyon Homes (NYSE: WLH) has bought South Pacific Financial Corp., a retail mortgage banking company based in Irvine.
SPORTS: Moshayedi, Madden, Bissell and other OC execs see parallels in sailing, business endeavors
More than a dozen sailing teams from local yacht clubs and several prominent Orange County-based business executives are heading to Hawaii this week.
Business Journal Excellence in Entrepreneurship 2018 … launched personal service agency, 2007, after unable to find caretaker for dad … offers nonmedical help to elder community: meal prep, companionship, transportation … 200+ employees, 400+ caregivers … stays lithe in growing market via individual focus, adaptation: ‘have to be chameleons’ … revenue growing at $1M-a-year clip
Singer Lizzo Among Five Celebs in Campaign
Newport Beach-based cosmetic company Urban Decay tapped a new breed of tastemakers for its latest campaign titled “Pretty Different.”
DESIGN: From Crystal Cathedral to Catholic home
Orange County’s most iconic house of worship has designs on becoming one of the most famous structures in the Roman Catholic Church.
How WATG Draws Its Own Space
Dentists get cavities, developers buy houses; how do designers execute on their own plans—and spend their money?
Designing Couple on Restaurants, $23M Westin Long Beach Redraw
Conventional wisdom says “look before you leap.”
$1.3B Billings; 11% Sales Jump; 26M SF of Work
There appears to be no shortage of work for Orange County’s tenant-improvement contractors. The local market heated up last year after a slower 2017.
Blessings, and Jams
Glenn Stearns is an optimist—a fact made clear during an interview with our Peter J. Brennan—coming after his namesake mortgage lender filed for bankruptcy, an event that involves another notable OC finance firm, PIMCO (see his front-page story).
ECONOMY: CSUF survey shows confidence dipa
Orange County executives aren’t planning on a U.S. recession this year, according to the latest quarterly survey from California State University-Fullerton.
RESTAURANTS: $57.5M offering, eyes 200+ spots
Kura Sushi USA Inc., an Irvine-based sushi restaurant chain that opened its first location at the city’s Diamond Jamboree shopping center in 2009, has its eyes on being the first Orange County restaurant company to go public in nearly four years.
REAL ESTATE: 314 units, goes for $20M
One of the largest apartment development sites in downtown Anaheim has traded hands at a healthy per-acre price.
Regional Growth To Mirror National Average
A tech boom won’t be heard in Orange County anytime soon, and the region will probably settle into economic growth on par with the national average, says University of California-Irvine Economics Professor Amihai Glazer.
Abbakan Provides Network Protection Across France
Technology wholesale distributor Ingram Micro Inc. on July 3 said it had completed its purchase of French cybersecurity company Abbakan, as part of the Irvine-based company’s further expansion into Europe, the Middle East, and Africa.
Employees Are ‘Weakest Link’ in Protection
A company’s employees are the “weakest link” in protecting against cybersecurity breaches that need to be covered by insurance, according to Mike Grant, the director of Aliso Viejo-based Marsh & McLennan Agency’s technology practice group.
64,000-SF Lease At Samueli Offices
UCI Health is relocating some departments from its flagship facility in Orange to the Arena Corporate Center in Anaheim after striking a 64,000-square-foot lease.
Co-Founder Grubbs To Step Down
Irvine-based TRI Pointe Group Inc. (NYSE: TPH), the largest homebuilder based in Orange County, is getting a new chief financial officer next year.
40,000-SF, Mixed-Use Now Underway
One of the first opportunity zone projects in Santa Ana is underway, headed by Diamond Bar investment firm Primior.
PE Cortec Buys Brace Maker from Irvine
Irvine-based Aspen Medical Products, a maker of braces for those with back, neck and spine issues, has a new owner.
3rd Annual Race Held At UCI
UCI’s Chao Family Comprehensive Cancer Center held its third annual “Anti-Cancer Challenge” last month, raising $620,000 for cancer research.
Novel Treatment Method Receives Clinical Praise
San Juan Capistrano-based Allegro Ophthalmics LLC is a privately held company looking to be the next big thing in the treatment of eye disease, with several drugs in clinical trial phases.
Former Vons Site Being Reworked
Grocery chain Trader Joe’s is set to open a 15,000-square-foot location, taking over the former Vons in La Habra, at the intersection of Beach Boulevard and Imperial Highway.
Coastline College Refreshes its Look
Fountain Valley’s Coastline Community College unveiled a new name—Coastline College—and look last month when it celebrated the school’s programs at its Innovation Expo.
Few Details Disclosed For Company With China Ties
A secretive new transportation-focused tech company with domestic operations based here is looking to make its mark in the electric vehicle market.
VC Money For Allevion, Pressao
Irvine-based VC firm Adventus Ventures, which focuses on medical technology companies, last week said it completed a $3 million Series A round of equity financing, led by Korea’s OnFace SDC, a technology investor focused on Internet of Things, artificial intelligence, and integrated systems.
7,000 SF Down the Street From Portabello Estate
A contemporary-style home reminiscent of a Balinese resort has traded hands for $20 million.
10,000-SF Home Has 5 Beds, 6 Baths
Inside the exclusive enclave of Crystal Cove, a Spanish Revival-style mansion on Offshore sold for $16.4 million, just shy of its asking price of $16.9 million.
July 15-24 2019
• Rise & Shine Breakfast (Orange County Young Professionals Network), Fountain Valley, 9 a.m., free, ocypn.com
Sales of offices, industrial buildings, retail space and apartments
Bonaparte Liu purchased an office condominium from Ping Liu for $1.1 million, or $464 per square foot.
An Office With a View, Yoga, Kitchen
Zillow Group Inc. (Nasdaq: ZG) has about 380 employees in Orange County and not a single office at its three-floor, 63,000-square-foot space off Michelson Drive in Irvine.
Friday, July 12
Vanrooy Design LLC in Santa Ana follows-up interior design work on a $23 million Westin Long Beach renovation with similar efforts for the Westin Las Vegas.
Coastline Community College in Fountain Valley changed name to Coastline College and introduced a new logo.
A new marketing campaign from Newport Beach-based cosmetic maker Urban Decay taps participation by actors and singers including Joey King and Lizzo.
RETAIL: Philz, Urth Latest of 20 Java Options in Orange
The country may need a good 5-cent cigar, but what the county really needs—based on activity in the city of Orange—is more $5 cups of coffee.
Fifth-largest OC by lawyer count… shares duties, Mike Flynn (see entry) … cochairs national securities litigation practice group … business, commercial litigation, M&A, securities … Calif. top- 30, top-female litigators, Daily Journal … bachelor’s, Barnard; JD, Columbia
Thursday, July 11
True Drinks Holdings Inc. of Costa Mesa changed its name to Charlie’s Holdings Inc. and received approval for a ticker symbol change from TRUU to CHUC as of July 3.
This week’s Insider was written a thousand miles north of the Business Journal’s headquarters, at the other big Newport along the West Coast: Newport, Ore.
Founded 1999 … now $3B AUM, 20K clients, 200+ workers in 10 offices … clients $200K+ in assets … baseball player, Vanguard U, 1980s … hires athletes: ‘discipline’ … president, booster club, Pacifica Christian H.S. (see David Bahnsen) … on Trilogy softball team with father, son … plays bridge … supports Anaheim Ducks (see Tim Ryan) … first car: 1975 Chevy Malibu
Irvine’s Blizzard Entertainment Inc. is designing Diablo 4, according to a report in France’s Le Monde newspaper and subsequent chatter on several gaming sites.
Mitsubishi Motors is selling its Cypress headquarters as part of a planned move to Tennessee.
Beauty products distributor SeneGence International in Foothill Ranch topped the Business Journal’s ranking of women-owned businesses with more than $1 billion in companywide revenue last year.
Wednesday, July 10
Chapman University data, countering conventional wisdom, suggests a healthy housing market in OC.
Iteris Inc. in Santa Ana closed its $10.7 million acquisition of Tampa, Fla.-based Albeck Gergen Inc. Key principals of the Florida traffic engineering firm could earn another $2.3 million from incentives over the next three years.
MORTGAGES: To hire 1,300 companywide
While some executives fear a slowdown or worse, a recession, loanDepot LLC is going full steam ahead.
Succeeded Grant Van Cleve (see entry) 2018 … CEO 18 years, QuickStart Intelligence … angel investor since … CSULB bachelor’s; UCI MBA … fluent in Arabic, Spanish … roots for Rams (see Andy Peykoff) … first job: Sears hardware dept. … charity, community: Holy Cross Church, youth coaching … can’t miss: annual family Christmas party … would like to meet Gandhi
Tuesday, July 9
Irvine’s Cloudvirga, a fast-growing mortgage software company that has raised more than $77 million from investors since its 2016 founding, has hired Maria Moskver as chief legal and compliance officer.
Santa Ana’s Stearns Holdings LLC, the country’s 20th-largest mortgage lender, filed for chapter 11 protection this morning in U.S. Bankruptcy Court in New York.
Monday, July 8
FINANCE: OC fintech moving to Tustin’s Flight
A Costa Mesa personal finance company is growing by all metrics, making strides to become among the top fintech companies in Orange County, joining the likes of Irvine-based Acorns Advisers LLC.
30 years heading OC’s business news source … BMOC, local ‘community of business’ … annual events honoring finance, legal, women execs; family businesses, innovators, entrepreneurs … signature ‘remember to turn your cellphones back on’ … annual OC’s Wealthiest, OC 50—and this book … driven … 5-a-week C-suite lunches at Bistango, Andrei’s, Fleming’s … bachelor’s, Binghamton; MBA, UCLA; JD, GWU … first job: paperboy (see Rick Reiff)
Irvine-based Home Franchise Concepts was purchased by JM Family Enterprises Inc. in Deerfield, Fla., on undisclosed terms.
SERVICES: Says Heliaus to predict potential problem areas
Allied Universal, the Santa Ana-based security guard giant positioning itself as a tech company, unveiled an artificial intelligence platform designed to improve safety and reduce risk by enhancing on-site guarding services.
Business Journal CFO of the year 2018 … Blackstone-owned healthcare products, services … She joined 2013 … leads finance, analytics, sales … finance ‘in partnership with business’ … pioneered cloud-based, single database … backs ‘power of analytics’ to bring insight, visibility, decision making, profits … communication focus: honest, open, direct; engagement for engagement, relationship, results
EEG Device Monitored Infant Surgeries
Irvine-based Masimo Corp., which makes patient monitoring devices, said a study found one of its products effectively monitored babies and toddlers undergoing surgeries.
53 Firms Say Sales Rose; Employee Count Falls
Orange County’s largest women-owned businesses are on a growth streak that, once again, bested the national performance of women-owned businesses.
About 150 golf enthusiasts teed off for Waymakers’ 36th annual Swing for Kids Charity Golf Tournament presented by John Jory Corp. on May 16 at Oak Creek Golf Club in Irvine.
REAL ESTATE: Airport area property is third to sell since May
A 216,864-square-foot Santa Ana office building has traded hands for about $55 million, marking one of the largest investment sales in Orange County this year.
SERVICES: Popular website has 50+ jobs
Weedmaps, which calls itself “the most widely used medical and recreational marijuana dispensary locator in the industry,” is searching for a few good employees.
HEALTHCARE: Shares rise 40% after Q4 report
It turns out the reports of Avid Bioservices Inc.’s demise were an exaggeration.
Sales of offices, industrial buildings, retail space and apartments
Wei Li purchased an office building from Hamni Bank for $3 million, or $595 per square foot.
Brothers Bryan and Bradford Manning were each 7 years old when they were separately diagnosed with a disease that would eventually make them blind.
OC’s Hottest Industry Examines New Startups
Networking group OCTANe hosted its annual meeting for one of Orange County’s hottest industries: ophthalmology.
Deal With Penny Stock ‘Intriguing Assignment’
Hooray Agency has won plenty of plaudits for its recent campaigns, such as new branding and merchandising logo for the U.S. Open Championship, which took place at Pebble Beach last month.
‘Not for Everyone’ Image, Social Media
Cypress-based Mitsubishi Motors North America Inc. launched a new advertising strategy dubbed “Small Batch” under the leadership of newly minted Chief Marketing Officer and Vice President Kimberley Gardiner—weeks before the automaker said it would be packing its bags and relocating to Franklin, Tenn., a suburb of Nashville, by year-end (see separate story, page 5).
Live Nation Show Includes Cardi B, Billie Eilish
Can’t make it to Atlanta to watch Billie Eilish, Cardi B or even The Coathangers on stage at the city’s annual Music Midtown festival this fall? Don’t fret.
Raises $59.8 Million In Stock Offering
High-flying Cryoport Inc. (Nasdaq: CYRX) has plans to expand its distribution—of which it is the largest transporter of biologically sensitive products—and hire new employees to do it.
Government Streamlines Rules For Costly Procedure
Irvine-based Edwards Lifesciences Corp. (NYSE: EW) said that it’s encouraged by recent streamlining of rules by the Centers for Medicare and Medicaid Services for the life-changing transcatheter aortic valve replacement, or TAVR, procedure for aortic stenosis.
Irvine-based Blizzard Entertainment Inc., the maker of “Overwatch” and “World of Warcraft,” is moving ahead with its eagerly awaited “Diablo 4” project, according to a flurry of reports spread by gamer-focused websites. But the company is staying mum.
Tries to Renegotiate While Revenue Rises
Irvine-based ShiftPixy Inc., (Nasdaq: PIXY), a tech-based scheduling agency that helps restaurant workers get part-time work, said it is defaulting on its convertible notes and is seeking renegotiation of the instruments.
CEO Burdiek Cites ‘Positive Outlook’
Analysts are seeing positive signs in Irvine-based software and telematics maker CalAmp Corp.’s first-quarter earnings, which beat analysts’ estimates and sent its shares up 14% in the following trading session.
178,000-SF Building Is Second Largest in City
Mitsubishi Motors is selling its Cypress headquarters as part of its relocation to Tennessee.
169,315 SF Along Polaris Way
The local office of Dallas-based Invesco Real Estate is selling part of its office holdings in Aliso Viejo.
228-Unit Project Opening This Year
A 228-unit apartment project under construction in Santa Ana has sold for north of $100 million to a private investment firm.
10 Questions Answered At Chapman’s Update Forecast
Chapman University’s Raymond Sfeir and I presented our 41st Economic and Business Review Update on June 19. People are always asking questions. So I summarized them here along with answers.
Friday, July 5
HEALTHCARE: $1B Earmarked for Irvine Cancer Center
City of Hope’s announcement of a planned $1 billion investment in a new cancer care center in Irvine, the largest and most ambitious healthcare development proposed for Orange County in over a decade, is a case study in adaptation.
With husband, Victor, big, quiet local givers … religious, charitable,scientific, literary, cultural, educational … Miven: portmanteau of sons’ names: ‘Michael’ + ‘Steven’ … invests private equity, VC, hedge funds, real estate, public securities … wealth by 2003 sale of Linksys homenetworking company to Cisco, $500M … couple met Tamkang U, Taipei … Business Journal OC’s Wealthiest
Wednesday, July 3
Tuesday, July 2
COMMUNITY: Persian execs explain their successes
It was 40 years ago that the Shah of Iran fell, replaced by a theocracy that resulted in millions leaving the country.
Started 1991 from rented cubicle … fullservice commercial furniture dealership … largest woman-owned contract interiors firm for Knoll, second-largest Knoll dealer globally … OC’s thirdlargest woman-owned business, $131M 2017, up 10% YOY … 170 workers, half OC … offices: Irvine HQ, L.A., San Diego, Seattle, Spokane … clients: eHarmony, Microsoft
SERVICES: Finds niche cleaning precision components
Astro Pak Corp. is a byproduct of the 1950s Cold War between the U.S. and the U.S.S.R.
Leads dozen dalies, websites for parent Digital First ... since 2016 buy, Freedom Communications, stable includes OC Register ... local now has paywall … board: OC Business Council (see Lucy Dunn) … also state newspaper publisherstrade group … began in news business as circ. mgr., LA Daily News, 1990 … bachelor’s, CSUN
Monday, July 1
Irvine-based TRI Pointe Group Inc. (NYSE: TPH) said Monday its chief financial officer, Mike Grubbs, will step down at the start of next year.
TECHNOLOGY: $6.8B with mantra: work hard, play hard
At Alteryx Inc. they throw parties—birthdays, company milestones, Halloween, and Christmas.
Co-leads with Jeffrey Moore (see entry) … largest local brokerage … $7.6B+ sales and lease deals value annually … 350 workers, one-third brokers, two offices … wider SoCal oversight: industrial … dozen locations, incl. massive Inland Empire logistics market … wife, Cynthia, three kids
$15.5M in Financing; 1st in OC for BN Group
An extended-stay hotel proposed a few years ago has broken ground in Garden Grove, and could open next year after getting financing.
2nd Largest OC Deal This Year for Industrial Giant
Prologis Inc. is continuing to bet on Orange County.
Chefs Delgado And Pangilinan on Recognition
I asked Chef Carlos Delgado, owner and chef at Taco Maria, if he was surprised by being awarded a Michelin star.
Costa Mesa’s Taco Maria, Hana Re Honored
Chefs dream of getting one. Patrons want to dine at one. The coveted thing they all worship: Michelin stars.
Camaraderie Over Ball Games, Happy Hours
Next week, the brokers and other staff members at Voit Real Estate Services will take a break from their regularly scheduled work day to head to the Laguna Cliffs Marriott Resort & Spa not for a real estate conference, but a companywide retreat.
Mina, Marneuas, And Santana Star-Worthy
Now that Michelin has realized we have noteworthy restaurants in Orange County, they need to come back, correct some oversights and award stars to more OC restaurants.
Sales of offices, industrial buildings, retail space and apartments
AmexDrug Corp. purchased a warehouse building from Tim and Amber Waddell for $2.4 million, or $149 per square foot.
CYBERSECURITY: Irvine integration moving ahead
BlackBerry Ltd.’s Irvine-based Cylance division shines bright in the parent company’s latest earnings report.
Domestic Abuse Nonprofit Aims for 3rd OC Store
Working with and supporting victims of domestic abuse on a daily basis can be emotionally draining for employees at Laura’s House.
REAL ESTATE: Project will add 500,000 SF, jobs
Orange County’s largest publicly traded company now has the largest office development underway in the area around John Wayne Airport.
ACCOUNTING: 93-year-old firm in expansion mode
John Di Carlo can’t testify under oath that the founders of Windes Inc. had company culture and employee engagement at the core of their thinking when they opened their accounting firm. It was 1926 and the managing partner hasn’t come across any old work papers with “people first” scrawled across them.
SPORTS: Hall Pass preps 15th edition
With the closest team 40 miles away and Newport Coast’s Kobe Bryant retired, Orange County’s connection with the National Basketball Association these days isn’t obvious.
In early 2015, Broadcom co-founder Henry Samueli stood at a vacant lot at Irvine’s Great Park Neighborhoods, touting the company’s forthcoming campus on the site as a future hub of new technology, research and innovation in OC to a small crowd of media and city officials.
The Business Journal’s Best Places to Work in Orange County trio of lists are the result of months of surveying workers and managers at local employers.
DRUGMAKERS: Irvine campus could see more change
Chicago-based AbbVie Inc. (NYSE: ABBV) plans to buy fellow pharmaceutical giant Allergan PLC (NYSE: AGN) for nearly $63 billion in cash and stock.
AUTOMOTIVE: 200 Cypress workers relocating
Mitsubishi Motors North America Inc. is relocating its headquarters from Cypress to Franklin, Tenn., a suburb of Nashville, the company said.
Bear Brand Ranch Sits on 2 Acres, 9 Baths
The former Laguna Niguel home of Miss California and one-time publisher of Orange Coast Magazine Toni Kay Tuso-Faber and her husband, Bruce, traded hands for $10.5 million, a bit shy of its asking price of $10.9 million.
2-Story Indoor Hoops And Racquetball Court
A four-story mansion inside the guard-gated community of Crystal Cove has sold for $16.4 million.
Tilly’s Tech Chief Says Employee Education Key
More than 2,500 retail security executives gathered at the Anaheim Convention Center last month for the National Retail Federation’s annual NRF Protect conference, which included a keynote from Judy Smith, president of Smith & Co., whose crisis management work inspired the ABC series “Scandal.”
Provide Ideas to Makers Of Cars, Other Products
Luxury electric vehicle manufacturer Karma Automotive is ready to share the wealth.
Palette Includes 15 Colors For Homes, Offices
Behr Paint Co. has a few ideas—15 to be exact—for those looking to refresh their space with a new coat of paint.
Stock Price on Tear; Value Now Tops $1B
Irvine-based medical device maker Axonics Modulation Technologies Inc. (Nasdaq: AXNX) saw its market value top $1 billion in late June, after the FDA said it was safe for trial patients using its products to get full-body MRIs.
Almost $15M Raised; CEO Change This Year
Irvine-based JenaValve Technology Inc., which develops, manufactures, and markets transcatheter aortic heart valves and delivery systems, has raised $14.5 million in funding, regulatory filings indicate.
IV Infusion Treats Pain, Cancer, More
Israel-based Eitan Group, a provider of infusion therapy products designed to treat pain management using IVs and other methods, has opened a new U.S. headquarters office in Aliso Viejo.
350 Units Proposed; Recent City Approval
Starboard Realty Partners in Newport Beach is looking for a buyer of the 350-unit Newport Crossings project proposed in its hometown.