Automotive
Tesla Motors Inc. plans to open a showroom and service center in Buena Park this summer, its second in Orange County. The Palo Alto-based manufacturer of high-end electric vehicles signed a seven-year lease for the 23,000-square-foot space on Auto Center Drive, according to Avison Young, a Toronto-based real estate firm that represented building owner RST Associates LLC in the lease negotiations. The space was formerly occupied by Premier Chevrolet, which moved to a new location down the street. Tesla has been selling its Model S and Model X via store-like showrooms, usually in malls. Fashion Island in Newport Beach has one, as do The Shops at Mission Viejo and Brea Mall. Tesla also has a 10,000-square-foot stand-alone sales showroom and a 27,000-square-foot service center in Costa Mesa that opened in November.
Finance
Newport Beach-based Pacific Investment Management Co. said its London-based chief investment officer of global equities is stepping down after a little more than a year on the job. Virginie Maisonneuve will leave in late June. Pimco also said it will close two of its equity strategies, including one Maisonneuv had overseen. She was hired as a managing director with responsibility for expanding Pimco’s stock investments and was soon named one of several deputy chief investment officers—appointments that followed the announcement that then-chief executive and co-CIO Mohamed El-Erian was leaving Pimco.
Hospitality
Pacifica Hotels in Irvine named Matt Marquis its chief executive. He replaces his father and company founder Dale Marquis, who will now be chairman of the company’s board of directors. Matt Marquis will continue serving as Pacifica’s president.
Insurance
Huntington Beach-based insurance broker Confie Seguros acquired three brokerage firms in Buffalo, N.Y. Able Insurance Agency, Linda’s Able Insurance and Becker-Able Agency Inc. join Confie’s growing portfolio of brokerages that now has more than 660 locations. The owners of the three agencies are expected to continue in their roles as part of Confie, according to a statement. Confie has been expanding in large part by acquisitions and focuses on serving the Latino-American population.
Restaurants
A Newport Beach man pleaded not guilty in a case brought by federal prosecutors who accuse him of convincing investors to bankroll bogus In-N-Out Burger franchises in the Middle East. Craig Stevens pleaded not guilty to wire fraud charges as he was arraigned last week in federal court in Santa Ana, according to news reports. Prosecutors with the U.S. attorney’s office say he has no connection to Irvine-based In-N-Out but took in more than $4 million from investors for the fake franchises.
Services
Dentsu Inc. acquired a 33% stake in Laguna Hills-based Athletes First LLC to help the athlete management agency expand its business in the U.S. and internationally. Tokyo-based Dentsu, with about $5.7 billion in revenue, is one of the world’s largest advertising agencies. Athletes First represents National Football League players and coaches, ESPN broadcasters, professional baseball players and other athletes in contract negotiations and commercial endorsements. It was founded in 2001 and had about $10 million in revenue last year.
