Other items of interest Orange County Business Journal
REAL ESTATE
Rental rates at large apartment complexes in Orange County rose 5.8% percent in the third quarter to an average $1,561 a month, according to Novato-based market tracker RealFacts. The data service said it was the county’s biggest year-to-year quarterly increase since 2007.
Santa Ana-based Grubb & Ellis Co. entered discussions with New York-based brokerage BGC Partners LP on a possible financing deal. Grubb, which has been eyeing financing deals and exploring a merger or sale since March, said in a filing with the Securities and Exchange Commission that BGC “is potentially willing to pursue a financing transaction.” A transaction could include a loan to refinance Grubb’s senior debt, or BGC could provide additional working capital for the struggling commercial real estate company.
RETAIL
Sears Holdings Corp. will convert a Sears Essential in San Clemente back to a Kmart location at customers’ urging. The store was launched as a Kmart in 1976 and converted a Sears Essential in 2005. The move comes as Sears trims stores around the U.S.
TECHNOLOGY
Alain Monie has been named chief executive of Santa Ana-based Ingram Micro Inc. Monie rejoined Ingram in November as president after a year heading a manufacturer in China. He will replace Gregory Spierkel, who joined Ingram in 1997 and served as president of the Asia-Pacific and the Europe, Middle East and Africa regions before being promoted to president in March 2004. He became chief executive a year later. Spierkel, who will remain with Ingram during a transition through April 15, said he wanted to spend more time with his family.
Aliso Viejo chipmaker Microsemi Corp. has purchased on unspecified terms the key assets of a Silicon Valley competitor. Microsemi acquired lines of chips and evaluation boards used for timing and synchronization functions from Sunnyvale-based Maxim Integrated Products Inc. Microsemi will integrate members of the engineering team that designed the boards for Maxim. The boards are designed to speed up and deliver voice, data and multimedia traffic over wireless and land lines in communications equipment.
OTHER NEWS
A survey co-sponsored by the Irvine Chamber of Commerce showed 22% of businesses in the city plan to expand this year, while more than two-thirds of respondents consider it’s unlikely they will reduce operations. The Orange County Register and Mill Valley-based MacKenzie Corp. co-sponsored the survey.
Newport Beach-based Collectors Universe Inc., which authenticates and grades rare coins and other collector items, is expanding its service to clients in Hong Kong. Accounts involving work with coins from outside the U.S. form a growth area for the company, which also maintains an office in Paris.
OC Fair & Event Center Chief Executive Steven Beazley said he will retire sometime this year. Beazley was named to the post in 2008 after serving as chief operating officer and senior vice president of the fairgrounds, which is operated by the state.
Two companies with operations in OC made Fortune’s annual list of 100 best places to work. Weston, Fla.-based human resources software developer Ultimate Software, which has an office in Santa Ana, made the list for the first time at No. 25. St. Louis-based Build-A-Bear Workshop Inc., whose patrons make stuffed animals in locations including Anaheim, was No. 62 after placing No. 48 last year. In compiling the list, the magazine considers factors such as management-employee relations, work environment and benefits.
ECONOMIC INDICATOR
UP: Hiring in Orange County, which added 1,300 jobs in December after shedding 2,500 a month earlier, according to the state’s Employment Development Department. Employment at year’s end stood at 1.39 million. The unemployment rate fell to 7.8% in December from 8.1% in November and 9% a year earlier. Professional and business services carried the overall growth by adding 2,300 workers. More than 60% of the gain came in hiring for administrative and support services. California’s jobless rate was 10.9%, the same as in November. Nationwide unemployment ticked up to 8.3% in December from 8.2% a month earlier.
