OCBJ WEEKLY EDITION

Karma Realigns, Cuts Staff as Plans Change

AUTOMOTIVE: Aspirations now go beyond manufacturingSeven months after announcing a refueled and revamped business plan, Karma Automotive LLC is downsizing its workforce and once again tweaking its business model—moves that underscore the uphill battle the fledgling luxury electric automaker faces.

Toca’s Kickoff: $25M Assist for Soccer Upstart

INNOVATION: $200M valuation; entertainment elements

The green turf fields are full on a Tuesday afternoon at the Toca Football complex in Costa Mesa.

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Mitsubishi Campus Sells for $57.5M

REAL ESTATE: Cypress site runs 22 acres, nearly 400K SF

The sprawling Cypress campus of Mitsubishi Motors North America Inc. has been sold to an Irvine developer, as part of the automaker’s relocation to Tennessee.

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A MAIN STREET FOR STREETWEAR

Inside Downtown Santa Ana’s Continued Retail Reinvention

Ryan Chase was in a bit of a bind when streetwear retailer Blends vacated its prime, corner space at 4th and Bush streets in Santa Ana last year.

Watch the E/P Ratio and Ignore Trump’s Tweets

Several financial analysts and statisticians have uncovered an interesting, albeit disturbing, correlation that shows an inverse relationship between the number of daily tweets by President Donald Trump and stock market performance.

OCBJ INSIDER

Sporting Pursuits

This week’s edition features the NBA’s Bill Russell and World Cup soccer star/entrepreneur Eddie Lewis on the front, and avid sailor/private equity exec Jim Madden on this page.

Vanderhooks’ New Space: Viant Owners, Again

ADVERTISING: Brothers buy back stake; IPO possible

Digital advertising company Viant is back in the hands of its co-founders, Tim and Chris Vanderhook.

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Carrick Capital Exits 3 Companies

FINANCE: Some valuations ‘not sustainable’

Carrick Capital Partners LLC in the past 90 days has successfully exited its first three portfolio companies.

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Lantronix CEO Picks Up M&A Pace

TECHNOLOGY: $26M IoT buy; software emphasis

Lantronix Inc. Chief Executive Paul Pickle says he sees a healthy pipeline of possible acquisitions, and he recently came through with another purchase—the second largest of his seven-month tenure at the $72 million-valued firm.

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Terra Tech Sold to Phoenix Firm, Staying Local

CANNABIS: Says industry facing ‘strong headwinds’

Irvine-based Terra Tech Corp. (OTCQX: TRTC), a cannabis-focused agriculture company that operates retail and medical dispensaries for the product in California and Nevada, is being acquired by a privately held pharmaceutical company based in Phoenix.

Surf City’s Mission Critical Adds Arkansas Battery-Charging Co.

CEO: Purkeys Has ‘Blue Chip’ Customer List

Mission Critical Electronics (MCE), a Huntington Beach-based electric power products maker, said it will reach more market segments with its purchase of Purkeys Fleet Electric, a Lowell, Ark.-based company that focuses on battery-charging technology for the truck market.

IT Support Firm Solugenix Plans At-Home Hiring Surge

Company Expects to Add 400 Remote Workers

Solugenix Corp., a provider of IT implementation and support services based in Brea, plans to add 400 work-at-home employees to improve staffing flexibility following its acquisition of fellow IT services company SEI LLC.

Trumark Cos. Relaunches Commercial Arm in OC

Taps Ex-SunCal Exec Sofferman

Trumark Cos. has relaunched its commercial arm.

Clearview Completes $205M Aloha State Sale

Paid $76M in ’15 For Waikiki Hotel

Officials with Newport Beach-based hotel investors Clearview Hotel Capital LLC tell the Business Journal they have sold one of their most prominent properties, a nearly 600-room Holiday Inn Express in Waikiki.

Hyperice’s Goal: Treat Pilots Like Athletes

JetSuite Deal Promotes Career Longevity

Irvine-based Hyperice LLC, a maker of high-intensity massage tools and other products designed for sports performance-enhancement and athletic recovery, has partnered with JetSuite, a private jet charter company, to offer pilot-tailored products.

New SoCal CEO For Tenet Healthcare

Ovesees 3 Hospitals, Some 3,800 Workers

Dallas-based Tenet Healthcare Corp., Orange County’s No. 21 employer with more than 3,800 area workers at its trio of area hospitals and other facilities (see list, page 19), has a new top regional executive.

STARTUPS & INNOVATIONS

Heal, a Los Angeles-based startup that allows patients to request house calls through a mobile app, has partnered with Orange-based Alignment Healthcare, the fast-growing insurance company that serves Medicare Advantage patients in Southern California.

Employment Surges 3% Among Top Employers

ECONOMY: Disney, UCI, healthcare lead the pack

Orange County’s biggest companies remain on a recruiting push.

5 Honorees for General Counsel of Year

AWARDS: 10th edition of Business Journal event

The Business Journal’s 10th annual General Counsel Awards celebrated the work and success of Orange County’s business in-house counsels at Hotel Irvine last Wednesday night.

OCBJ Calendar

Nov. 18-26, 2019

This week's business and other event listings.

Inside Harbor Island’s Gates

Two Sales in ’19 Total $51 Million

The private enclave of Harbor Island is home to a mix of buyers who have a few things in common: many are billionaires, several have yachts, and not many appear keen on the idea of leaving.

2019 Sales Update

Newport Counts Most Luxe Deals

The priciest reported OC home sales so far this year are all in the $30 million range, and, perhaps unsurprisingly, are all in Newport Beach.

PCH Shopping Center Spree for Jabara

RETAIL: $150M invested by Mobilitie founder

Gary Jabara, one of Orange County’s top telecom executives, has bought a pair of prominent retail-focused properties along Coast Highway in Laguna Beach and Huntington Beach as part of a nearly $150 million push into commercial real estate over the past month.

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Retail IRL

ComplexCon: a Study in What’s Moving the Needle in Retail, Experiential Marketing

“Stop! Stop running!”

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Cancer Diagnostic Firm LAM on Growth Path

HEALTHCARE: $120M in funding; Ancestry exec

Laboratory for Advanced Medicine (LAM), which uses artificial intelligence to identify early stages of specific cancers, is making strides to be the next big name in Orange County’s growing cluster of genomic-focused firms that provide high-tech healthcare diagnostics services.

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Record Pricing For Costa Mesa Rentals

REAL ESTATE: $113M tops for year in OC

The developers of Costa Mesa’s Baker Block apartment complex aimed to distinguish their 240-unit project from other multifamily projects through their use of art.

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OCBJ INSIDER

Harbor Happenings

It’s been a busy month for Horatio Alger Award winners in Newport Beach.

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2020 Outlook: OC Rents Jump, Vacancies Dip

Rents to Rise 5%, USC Report Projects

Don’t count on a slowdown in Orange County’s still red-hot apartment market any time soon—at least in terms of rents.

Coworking: Crowded or Complementary?

Inside OC’s Varied Shared Space Options

The market for shared office space and flexible workspace keeps growing in demand.

Tech Companies Set Trend for Creative Space

15th Nationwide For Tech Job Growth Rate

OC’s tech companies are setting the trend for creative use of office layouts to attract talent, and other firms are following suit to get further away from “generic cubicle space,” said Senior Vice President Garrett Ellis of CBRE Group Inc.’s Newport Beach office.

OC LEADER BOARD

How to Give Local Veterans The Welcome Home They Deserve

For many of Orange County’s approximately 130,000 veterans, navigating the transition from military service to civilian status is one of the greatest challenges of their lives.

Designers Sound Off: Where Streetwear’s Headed

Niche Not in Lexicon; Heritage Brand Goals

Streetwear—love or hate the label—continues to be the darling of men’s wear, leading the conversation on not only design but how brands—including numerous firms based in Orange County—speak and sell to their audience.

STARTUPS & INNOVATIONS

Edyza, an Internet of Things technology provider for farmers, has shifted to a “hardware as a service” business model, offering its tech to companies on a monthly subscription basis.

Philanthropy

Miracles for Kids raised a record-breaking $1.8 million at its signature annual Night of Miracles Gala on Oct. 12.

OC Retail Buoyed By New in Fashion, Food

Sales of $8.8 Billion Represent 4.5% Gain

Pop ups, first-to-market concepts, beauty and food have helped fuel growth for Orange County’s largest shopping centers, setting the group up nicely as they enter the key holiday selling season.

OCBJ Calendar

Nov. 11-20, 2019

This week's business and other event listings.

William Lyon Sold; $2.4 Billion Deal

HOMEBUILDERS: Combined company fifth-largest in US

Next year will mark the end of an era for William Lyon Homes, one of Orange County’s iconic homebuilders.

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