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Tuesday, May 28, 2024
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OCBJ INSIDER

A pair of OC residents (one full-time, another part-time) looking to disrupt the healthcare industry bookended the multiple covers of the latest edition of Forbes, which has its annual list of the 400 Richest People in America.

Mark Cuban, who counts a secondary home at the Montage Residences in Laguna Beach, was on the first of the five separate covers for the special October-November edition of the magazine; a feature noted the Shark Tank star/Dallas Mavericks owner’s push into upending the model for providing prescription drugs. His wealth was pegged at $4.6 billion by Forbes.

The last of the five cover stars is Masimo’s Joe Kiani, described by Forbes as “medtech’s newest billionaire.”

The Business Journal listed Kiani as a billionaire in its OC’s Wealthiest list the past two years. Forbes notes that Kiani’s sold more than $500M of shares of his Irvine-based health monitoring device maker (Nasdaq: MASI) since its 2007 IPO, and still owns a stake in the company valued around $650M.

Forbes placed its highest valuation to date on Irvine Co.’s Donald Bren: $17.4B, still below our latest estimate of $18.2B, placing him No. 39 on the 400 listing.

Olen PropertiesIgor Olenicoff is second among locals on the Forbes list at $6.9B, also below our July 2022 estimate of $8.2B.

Broadcom Chairman Henry Samueli comes in at $6.7B on the Forbes list, a half-billion dollars below our 2022 estimate of $7.2B. For more on the Samueli family’s own investment into new types of healthcare research, see Peter J. Brennan’s front-page story.

Irvine Co. is still pushing ahead on getting city approvals to turn a portion of the Irvine side of the Market Place along Jamboree Road into an apartment community, the first of its type for OC’s fifth-largest shopping center by taxable sales of $495.5 million for the 12 months ended June 30, 2021.

The developer earlier this year proposed building up to 1,400 residential units on its land at the Market Place to address “the quality of life and economic needs of recent graduates, young professionals, and essential service providers” in the Irvine area, according to city filings.

Recent moves on the 79-acre Irvine portion of the regional commercial shopping center by some of the larger tenants hint at where the new project will be built.

La Habra-based appliance retailer Howard’s last week announced that it had opened its newest store, on the Tustin side of the center. It had been located on the Irvine side, near the existing 24 Hour Fitness center, next to Bryan Ave.

The gym operator, meanwhile, is looking to relocate elsewhere at the shopping center, where the shuttered Bed Bath & Beyond store was located, and near the existing Amazon Fresh grocer, city filings indicate.

Along with the now closed Office Max and Hobby Lobby in the same section as the existing 24 Hour gym and former Howard’s, and a large section of the Irvine center now appears poised to make way for new uses.

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Mark Mueller
Mark Mueller
Mark is the Editor-in-Chief of the Orange County Business Journal, one of the premier regional business newspapers in the country. He’s the fifth person to hold the editor’s position in the paper’s long history. He oversees a staff of about 15 people. The OCBJ is considered a must-read for area business executives. The print edition of the paper is the primary source of local news for most of the Business Journal’s subscribers, which includes most of OC’s major corporate and community players. Mark’s been with the paper since 2005, and long served as the real estate reporter for the paper, breaking hundreds of commercial and residential real estate stories. He took on the editor’s position in 2018.
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