Rich Loyd
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Orange County Business Journal
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Articles by Rich Loyd
Vacant Boomers Site in Fountain Valley Sells for $29M
FOUNTAIN VALLEY — A once-prominent amusement park off the San Diego (405) Freeway that drew families in for decades could soon become home to hundreds of them in a development worth an estimated $361 million. Holland Partner Group has purchased the 7-acre former Boomers! family entertainment center in Fountain Valley, which had been shuttered since the pandemic, for $28.25 million, bringing it one step closer to developing one of the city’s largest housing developments.
Ocean Boulevard Home in Corona Del Mar Sells for $17.5M
CORONA DEL MAR — Call it a $1 million case of buyer’s remorse. A local homebuyer who initially missed out on a 5,325-square-foot Ocean Boulevard home earlier this year finally got the “dream home” they wanted but it cost them an additional $1 million. The four-bedroom, six-bathroom Tuscan-inspired home at 3428 Ocean Blvd. was listed in January 2025 for $18.9 million, with the price gradually dropping to $16.9 million before it sold in March for $16.5 million.
Samueli Foundation Announces $6.2 Million in Grants to Eight Nonprofits
The Samueli Foundation today announced the recipients of its inaugural Build OC Fund. The foundation is providing a total of $6.2 million in grants to eight Orange County nonprofits and organizations to support new construction, major renovations and land acquisitions—among the most requested types of funding, according to Lindsey Spindle, president of the Samueli Foundation.
Ray Cohen: `Too Much Cool’ Medtech to Retire
Even though Raymond Cohen last November officially completed the $3.7 billion sale of the medical device company he co-founded, Axonics Inc., the word “retirement” still isn’t in his vocabulary. “Too much cool technology out in the world these days (and folks who can use some good advice) to hang up my spurs!” Cohen told the Business Journal. It’s been quite the year since Cohen won a Business Journal Innovator of the Year award last September.
Fountain Valley Green Lights Shopoff Project
The Fountain Valley Planning Commission unanimously recommended plans for a proposed 18-acre housing development near Mile Square Regional Park. Euclid + Heil, proposed by Irvine-based Shopoff Realty Investments, would bring 304 market-rate apartments and 83 senior affordable units in a five-level building, plus 36 two-level for-sale triplexes and 183 three-level for-sale townhomes to 16300 Euclid St. in Fountain Valley.
Santa Ana High-Rise Targeted for Housing
The owner of a nine-floor office building in Santa Ana recently filed an application with City Hall to convert the high-rise into a mixed-use project with 184 residential units and ground-floor retail. It is the latest proposal in Orange County to convert an existing office building into residential property with commercial uses. The “1200 Building” at 1200 N.
657 Apartments Planned at Boomers
A former miniature golf site in Central Orange County might soon be the home of a mixed-use development with more than 650 apartment complexes with rooftop pools and ground floor retail. Fountain Valley planning documents show Boomers, a local amusement center that shut down permanently in 2020, could be razed to make way for 657 apartments and 4,460 square feet of retail space within two seven-floor buildings.
OC Leader Board: The Heartburn of Esophageal Cancer
Editor’s Note: Dr. Kenneth Chang is the James & Pamela Muzzy executive medical director endowed chair in GI Cancer at the Hoag Digestive Health Institute. Dr. Chang was previously at the University of California, Irvine, where he practiced for 30 years and built UCI’s Comprehensive Digestive Disease Center and Digestive Health Institute.
A Ranch Made for Instagram
A dilapidated shopping center under the path of John Wayne Airport’s departing flights needed an upgrade. That overhaul came in the form of a Costa Mesa retail center fostering social media engagements and catering to health and wellness themes. Corona del Mar-based Space Investment Partners in 2019 took over ownership of the center, a 60,000-square-foot shopping center at Irvine Avenue and Mesa Drive in Costa Mesa.
OC Insider: Hagar’s Hits
Former Van Halen front man and OC resident Sammy Hagar counts plenty of interests: the Red Rocker is also a tequila and spirits entrepreneur as well as a restaurateur, with his Cabo Wabo Beach Club at Huntington Beach’s Waterfront Beach Resort doing brisk business since opening last year. Add bread maker to that list. As part of the Nov.
Jeffrey Plumer: Defending a ‘Whole New World’
Jeffrey Plumer, general counsel of Evolus Inc., believes the medical aesthetics firm is transitioning from its startup roots to a more mature phase as a well-established public company (Nasdaq: EOLS) in Orange County. Plumer, a 2024 winner at the Business Journal’s General Counsel Awards, has witnessed the Newport Beach company’s evolution.
Ziggurat Developers Seeking Investors
A clock worth $17.7 million is now ticking for a 33-year-old Long Beach developer and a residential real estate company in San Juan Capistrano. Cameron Hildreth, founder of Hilco Development, and his partner, Pintar Investment Co., have less than six months to come up with another $160 million to complete the purchase of the 92-acre Ziggurat complex in Laguna Niguel. “We’re searching for strategic partners,” Hildreth told the Business Journal.
Anduril Gets $200M Contract in Latest Win
Defense tech company Anduril Industries has been awarded a five-year contract worth up to $200 million to develop and supply a drone defense system to the U.S. Marine Corps, in the latest win for the Orange County startup. The announcement came just two weeks after Donald Trump recaptured the White House, an election victory that Anduril Co-Founder Palmer Luckey said will be good for his business.
Boston Sci. Completes $3.7B Axonics Buy
Raymond Cohen, co-founder of Axonics, can now breathe a sigh of relief. After a long delay tied to a federal probe of the Axonics sale, Boston Scientific Corp. (NYSE: BSX) announced Nov. 15 the closure of its $3.7 billion acquisition of the medical device maker less than a year after the deal was announced in January.
$100M Facility Underway at JWA
A provider of private jet charters is expanding its operations at John Wayne Airport (JWA), allowing it to both continue its passenger operations and house Orange County Sheriff’s Department’s Air Support Unit. Clay Lacy Aviation broke ground on what it hails as the largest private infrastructure investment in John Wayne Airport’s history.
Plaza Tower Lands Large Law Firm Lease
A business law firm based in Phoenix is expanding its Orange County operations, adding a few thousand square feet of office space at Costa Mesa’s Plaza Tower. The lease is one of the largest law firm office deals in the country this year. Snell & Wilmer LLP , the seventh largest law firm in Orange County, committed to 57,326 square feet at 600 Anton Blvd. in Costa Mesa, expanding upon the 53,005 square feet the firm previously leased within the same building.
PSQ Records 100K Attendees at Great Park Live
The three-month timeline PSQ Productions LLC followed to build the Great Park Live amphitheater in time for events this past summer was not the first time the firm had completed a project within a tight schedule. Since the amphitheater’s first event in June, Great Park Live has welcomed 100,000 guests across 30 events organized by PSQ and the city of Irvine as of November.
John Beckley: Raising the Bar in California
Deputy General Counsel John Beckley joined Automobile Club of Southern California by answering an ad. That was back in 1997, when the insurance firm had no existing corporate in-house litigation team. Turns out, the Auto Club was beefing up its legal team. He ended up being part of the firm’s first group of in-house litigators. “It’s very diverse. I’m never bored,” he told the Business Journal.
Lantronix Makes $6.5M Deal for IoT Assets
Computer networking products maker Lantronix Inc. has agreed to buy an enterprise Internet of Things (IoT) business in a $6.5 million deal to expand its offerings. Lantronix has agreed to pay cash with assumptions of certain liabilities for the IoT business of NetComm, a subsidiary of DZS of Plano, Texas.
Viant Sees Q4 Revenue Boost
Digital ad software company Viant Technology Inc. is looking to wrap up the year with a hefty earnings boost, after posting strong third-quarter results and adding a new unit to its offerings. “For the second consecutive quarter, advertiser spending on our platform hit a new record, fueled by unprecedented CTV (connected TV) spending,” said CEO Tim Vanderhook on Nov. 12.
Terumo Neuro’s In-House Legal Team Defends Trade Secrets
The in-house legal team at Terumo Neuro has accumulated numerous wins over this past year. The 15-person team for the Aliso Viejo-based medical device maker in July won an injunction against competitor Balt USA LLC and three former employees for misappropriating trade secrets, resulting in a large settlement for the company. They’ve helped get 12 patents granted to the company in the last two months for products outside of its core technologies, such as post-stroke rehabilitation products.
Yashina Burns: Dealing with Healthcare Privacy Rules Original
As legal chief of healthcare ad tech company DeepIntent, Yashina Burns helps her clients cope with the “headache” caused by diverse privacy rules for patients and their prescription drug data. Burns was named Rising Star at the Business Journal’s General Counsel Awards held Nov. 14 at the Irvine Marriott.
Eledon Works Toward Potential T1D Treatment
Initial data from a clinical trial investigating Irvine-based drug research company Eledon Pharmaceutical Inc.’s tegoprubart shows promise as a breakthrough cure for Type 1 diabetes. Two out of three people with Type 1 diabetes treated with tegoprubar, an antibody therapeutic, achieved insulin independence between three and six months post-pancreatic islet transplantation.
Zov’s Thanksgiving Traditions, Armenian Style - Orange County Business Journal
Editor’s Note: Chef Zov Karamardian, one of Orange County’s most beloved chefs, is the owner, operator and founder of the legendary Zov’s Bistro & Bakery in Tustin and Zov’s Bistro in Newport Beach and Irvine. Zov is credited with introducing Mediterranean cuisine to OC in the 1980s; she’s earned national recognition by being invited to cook at the prestigious James Beard House in New York.
OC500 2024: LYNNE NIETO
LYNNE NIETO CHAIRMAN AUGIE’S QUEST TO CURE ALS WHO: Co-founded nonprofit in 2005 along with late husband, Augie Nieto, after he was diagnosed with the muscle-wasting condition commonly known as Lou Gehrig’s disease. Augie was the founder and chairman of Augie’s Quest to Cure ALS and of exercise equipment company Life Fitness. WHY: Organization has raised nearly $200M in support of research aiming to determine the cure, causes and treatments for ALS.
OC500 2024: CHARLIE ZHANG & LING ZHANG
CHARLIE ZHANG LING ZHANG FOUNDERS ZION ENTERPRISES WHO: Longtime philanthropists and founders of real estate development company Zion Enterprises. Previously founded Chinese fast-food chain Pick Up Stix, which they built to 85 stores before selling it in 2001 for $50M. A second food and beverage business he started after Pick Up Stix with his wife, Ling, Aseptic Solutions, sold for even more. WHY: Backs Orange County Music & Dance nonprofit performing arts school and Pacific Symphony.
OC500 2024: DOUGLAS FREEMAN
DOUGLAS FREEMAN CO-FOUNDER, EXECUTIVE CHAIRMAN, CEO ORANGE COUNTY MUSIC & DANCE WHO: Well-known OC banker, tax attorney and businessman who was a key executive during the 2007 founding of First Foundation Inc. Previously served as chairman of the board of trustees for the University of California, Irvine Foundation from 2005 to 2008 and chaired a $1B fundraising campaign until 2018. WHY: Founder of National Philanthropy Day, held annually on Nov. 15.
OC500 2024: BRIAN NICCOL
BRIAN NICCOL CHAIRMAN, CEO CHIPOTLE MEXICAN GRILL WHO: Hired as CEO of Chipotle (NYSE: CMG) in 2018, Brian Niccol moved the company from Colorado to Newport Beach. Has led the restaurant chain to being the most valuable publicly traded company based in Orange County with a $89B market cap as of May, counts over 3,400 locations. Previously led Yum Brands Inc.’s Taco Bell. WHY: Niccol has focused sustainability efforts on three categories: food & animals, employees and the environment.
OC500 2024: Estela González de Ortiz
Estela González de Ortiz NORTHGATE GONZÁLEZ MARKET PRESIDENT GONZÁLEZ REYNOSO FAMILY FOUNDATION WHO: Estela González de Ortiz is a member of the González family, the founders of Anaheim-based Northgate González Market, which is one of the largest Hispanic grocery chains in California with 44 locations. WHY: Established the foundation in 2002 and oversees donations to sports teams, community events and neighborhood schools. In 2022, the foundation distributed $250,000 in scholarships.
DONALD BREN CHAIRMAN IRVINE CO. WHO: Owns Newport Beach-based developer, Irvine Co. Wealthiest U.S. real estate developer. WHY: Leads Orange County’s largest real estate company, with one of the largest portfolios of apartments and offices in California, among other notable holdings. Bloomberg Businessweek magazine ranks Donald Bren as one of the country’s most generous philanthropists, estimating his lifetime giving at more than $2.1B. Over $265M of that went toward education.
90K in New Leases Signed at Irvine Office Buildings
Two office buildings in the Irvine Spectrum are now fully occupied, with the local office of brokerage Newmark securing nearly 90,000 square feet of new office leases for 7700 Irvine Center Drive (the 7700 Spectrum building) and 111 Pacifica. There were 23 lease signings in all, with notable new tenants Crown Castle Inc. (NYSE: CCI) and Huntington Bank (Nasdaq: HBAN) committing to space at 7700 Spectrum and Reliance Standard signing on at 111 Pacifica.
Maruchan Expansion Project Moves Forward
The Irvine City Council on Sept. 24 rejected an appeal by an environmental group that called for the city to quash Maruchan Inc.’s expansion plan at the Spectrum area. Maruchan, a unit of Japan’s Toyo Suisan Kaisha Ltd., sought to enlarge its Irvine Spectrum footprint with a 227,436-square-foot warehouse, adding to its 400,825 square feet of industrial space at 15800 Laguna Canyon Road.
Staar Expands Surgical Training Center
Staar Surgical Co. last month unveiled the new location of its company-owned ophthalmology training center. The eye lens maker moved the EVO ICL Experience Center from its main Lake Forest office into an expanded space two blocks away at 25510 Commercentre Drive, which it leased in June, according to CoStar Group Inc. records.
Vanguard’s New Business Dean Sees School Growing
Vanguard University’s new business school has a founding dean with experience managing funds on Wall Street to the Middle East. The Costa Mesa-based private Christian university appointed Thomas Arnold to the position in April to lead the Patty Arvielo School of Business and Management. “I feel like I’ve been training for this my whole life,” Arnold told the Business Journal.
OC Business Schools See Shift to Shorter Programs
The landscape of higher education has changed in recent years. Demand has shifted away from traditional MBA programs to one-year and part-time programs for individuals who want to complete their degree in a shorter amount of time. The Paul Merage School of Business at University of California, Irvine expects enrollment for its specialized one-year programs to grow.
Concordia Raising $45M for Campus Renovations
Concordia University Irvine is moving forward with a $45 million renovation of its campus. The college publicly launched the capital campaign in January to support the construction of a new fitness and training center, as well as the expansion of the pre-existing worship center. Both projects will build out the heart of Concordia’s campus, according to President Michael Thomas.
Orange County Community Colleges See 11.3% Enrollment Surge
Nine local community colleges reported total enrollment increased 11.3% to 144,079 students as of late September – marking a significant jump compared to the head count rise last year, according to this week’s Business Journal list. Last year, during the same year-over-year period, total enrollment rose 5.6%.
UCI School of Law Welcomes Four New Faculty
It’s been a banner year of hiring faculty for the University of California, Irvine School of Law. Over the summer, the university hired Robert Chang, Andrew Gold, Susan McMahon and L. Song Richardson, former dean of the law school and chancellor’s professor of law, to the faculty for the fall semester. Democratic Rep. Katie Porter is also set to rejoin the faculty in spring 2025 once her congressional term is complete in January, officials said.
Chapman Gets $3M Endowment from Samuelis
Chapman University received a $3 million endowment from the Samueli Foundation for its annual Holocaust Art & Writing Contest. The competition, which started locally in 1999, now engages more than 5,000 students every year from 250 schools in 45 states and 25 countries across the globe, including Poland, the largest participant.
A New Dawn for Terran Orbital
Satellite maker Terran Orbital Corp. once had big dreams about space, even naming its ticker as an acronym for a line in Star Trek: Live Long and Prosper (NYSE: LLAP). After going public in 2022, it soared to a market cap reaching almost $2 billion before it gradually fell back to Earth amid a series of employee departures and squabbles with investors. Shares declined to below $1, and it faced a delisting on the New York Stock Exchange.
Buchanan Street Finds Value in Self-Storage Units
Robert Brunswick, chairman of Buchanan Street Partners, sees an emerging edge for self-storage facilities as a real estate investment. Self-storage is generally more cost efficient than multifamily or industrial rents on a per square foot basis, so consumers are learning to utilize storage as a replacement to an extra bedroom, closet, attic or garage, he said. “It’s outsourcing of our storage needs for both businesses and people,” Brunswick told the Business Journal.
GSF Sells Majority Stake to PE Firm
Golden State Foods, one of the world’s largest suppliers to fast-food restaurants, announced Lindsay Goldberg, a New York-based private equity firm, has entered into an agreement to acquire a controlling interest in the company from the Wetterau family. Details on the investment amount weren’t disclosed. “It’s the right time given the current ownership’s decision to partially exit,” Chief Executive Brian Dick told the Business Journal.
Chipotle ‘Rock Star’ Departs for Starbucks
Brian Niccol revitalized Chipotle Mexican Grill Inc. over the past six years by driving menu innovation, improving speed of service and boosting the company’s digital sales. Now, Starbucks Corp. wants his playbook. Niccol, chief executive since 2018, is leaving the Newport Beach-based chain for Starbucks, effective Aug. 31. He will start as CEO and chairman of the Seattle-based coffee powerhouse on Sept. 9, replacing Laxman Narasimhan, who was ousted after less than two years in the role.
Ramin Mousavi: Plots CathWorks’ Global Expansion
CathWorks’ diagnostic tool recently gained regulatory approval in the European Union, marking the third region where it’s commercially available. Now, the Newport Beach-based medical device company is eyeing the rest of the world, Chief Executive and President Ramin Mousavi told the Business Journal.
Alex Parker: Expands to Different Energy Solutions
Alex Parker, president of Redline Detection, says the automotive industry is a ripe starting point for innovation. Redline, founded in 2008, designs and manufactures battery and coolant leak protection equipment and other tools to sell to automakers and dealerships in 160 countries.
Jennifer Friend: Project Hope Secures $2.1M Grant
Project Hope Alliance is well on its way to reaching all unhoused students in Orange County. The nonprofit in June received a $2.1 million grant from CalOptima, the Orange-based public agency responsible for providing health insurance to California residents. The “systems change” grant enables Project Hope to scale its model of support for unhoused youth by partnering with OC school districts and the OC Department of Education (OCDE).
Rob Phillips: Family Company Keeps on Innovating
Rob Phillips’ family company keeps innovating to ensure a safer and more efficient life for the all-important trucking industry. For example, in May, Phillips Industries announced the launch of the REAR-VU Backup Camera. Using the camera means that “any driver can connect with any trailer equipped with the device.” “This universal compatibility is complemented by a robust and stable proprietary Wi-Fi connection that extends over 70 feet, ensuring reliable and continuous service,” the company said.
OC’s NextGen Young Turks Take Flight
With a million pieces of space junk circling the Earth, Ryan Westerdahl at Turion Space has set course on the only logical course: help clean it up. “There are over a million untracked lethal objects, and if one of those hits your satellite, it’s going to be a bad day,” Westerdahl, the company’s co-founder and CEO, told the Business Journal on July 24.
Pacific Edge Hotel Sold for $80M; to Undergo Renovation
A California-based hospitality investment entity with ties to the Marriott family has bought Laguna Beach’s Pacific Edge Hotel, the Business Journal has learned. The hotel has traded hands for $80 million, or $640,000 per key, in a deal making it the largest hotel sale in California so far this year. New York-based Highgate Hotels LP and Morgan Stanley & Co., which purchased the property together in 2017 for $57.5 million, sold the 125-room property to Dune Drifter, a new entity.
X Games Tests Model at HB Surfing Open
Longtime local sports entrepreneur Jeff Moorad believes the business model used by the Formula One team he owns can be replicated by another sports venture he owns, the X Games. One of the first tests ended this weekend when X Games featured skateboarders putting on their own shows during the Lexus US Open of Surfing.
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