Costa Mesa, Business News
BUSINESS NEWS
Tesla Sales Decline Significantly in Orange County
News Summary In Orange County, Tesla’s sales have plummeted by nearly 46% year-over-year in May, totaling 1,278 sales. This decline has seen Tesla’s market share drop from 15.7% to 12.9%,...
Surlamer Investments Acquires City Plaza Office Building
News Summary Surlamer Investments has purchased the City Plaza office building in Newport Beach for $18.5 million, signaling a notable downturn in office property values in Orange County. The 19-floor...
BKM Capital Partners and Kayne Anderson Form $1.5 Billion Joint Venture
News Summary BKM Capital Partners has formed a $1.5 billion joint venture with Kayne Anderson Real Estate to invest in small- and mid-bay industrial properties. The partnership aims to capitalize...
Costa Mesa Welcomes Joybird’s First Orange County Showroom
News Summary Joybird has opened its first showroom in Orange County, located in Costa Mesa’s South Coast Collection. The 4,643 square foot space offers customizable, handcrafted, and sustainable furniture for...
Hana re Loses Michelin Star in California’s Dining Landscape Shift
News Summary California’s culinary scene faced notable changes as Costa Mesa’s sushi restaurant Hana re lost its Michelin star during a recent ceremony. No new stars were awarded in Orange...
Pacific Premier Bancorp to Lay Off Employees Ahead of Merger
News Summary Pacific Premier Bancorp announced it will lay off 78 employees, nearly 6% of its workforce at the Irvine headquarters, as it prepares for a $2 billion merger with...
Taco Bell Expands Live Más Café Concept in Orange and Irvine
News Summary Taco Bell announces the opening of two new Live Más Café locations this summer, one in Orange and another in Irvine, California. The cafes focus on a variety...
Orange County Housing Market Sees Mixed Results
News Summary Recent data from Attom shows the Orange County housing market is experiencing mixed trends in pricing, with the overall median home price at $1.19 million. While home prices...
Hoag Implements EsoGuard Test for Esophageal Cancer Detection
News Summary Hoag Hospital in Irvine, California, becomes the first U.S. hospital to offer the EsoGuard esophageal DNA test, a non-invasive tool designed for early detection of precancerous changes linked...
Finance
Surlamer Investments Acquires City Plaza Office Building
News Summary Surlamer Investments has purchased the City Plaza office building in Newport Beach for $18.5 million, signaling a notable downturn in office property values in Orange County. The 19-floor...
Pacific Premier Bancorp to Lay Off Employees Ahead of Merger
News Summary Pacific Premier Bancorp announced it will lay off 78 employees, nearly 6% of its workforce at the Irvine headquarters, as it prepares for a $2 billion merger with...
CTC Global Appoints Charles Girard as International Finance Director
News Summary CTC Global has appointed Charles Girard as the Director of Business Development, International Finance, to enhance its global market efforts for its ACCC® Conductor technology. Girard brings over...
Santa Ana Faces Declining Cannabis Tax Revenue
News Summary Santa Ana is experiencing a sharp decline in cannabis tax revenue, plummeting over 50% since its peak during the pandemic. Forecasts predict revenue will fall to under $10...
Chimera Investment Corporation Acquires HomeXpress Mortgage Corp
News Summary Chimera Investment Corporation has announced its acquisition of HomeXpress Mortgage Corp., a key player in non-QM and business-purpose residential mortgage loans. The move is expected to bolster Chimera’s...
Impact of Tariffs on Orange County Companies
News Summary Publicly traded companies in Orange County are facing significant challenges due to President Trump’s tariffs. Rivian Automotive Inc. has revised its EV delivery forecast downward despite a revenue...
MeridianLink Inc. Faces $4.7 Million Loss Amid Weather Challenges
News Summary MeridianLink Inc. reported a loss of $4.7 million in the first quarter, equivalent to a loss of 6 cents per share. This loss comes as California faces severe...
Talonvest Capital Secures $66.1 Million for Self-Storage Developments
News Summary Talonvest Capital, Inc. has closed $66.1 million in construction loans for two self-storage facilities in North Hollywood, CA, and Bordentown, NJ. The loans, provided to 1784 Holdings, LLC,...
U.S. Bank Sees Decline in SBA Loans in Orange County
News Summary U.S. Bank reported a slight decline in SBA loans in Orange County for the fiscal year ending September 30, 2024, totaling $20.4 million. Despite this, the number of...
CONSTRUCTION
Orange County Housing Market Sees Mixed Results
News Summary Recent data from Attom shows the Orange County housing market is experiencing mixed trends in pricing, with the overall median home price at $1.19 million. While home prices...
Sukut Construction Announces Key Leadership Appointments
News Summary Sukut Construction has appointed Lawrence Damore as vice president of alternative delivery and promoted Ryan Prokop to vice president of energy. These changes reflect the company’s commitment to...
CTC Global Appoints Charles Girard as International Finance Director
News Summary CTC Global has appointed Charles Girard as the Director of Business Development, International Finance, to enhance its global market efforts for its ACCC® Conductor technology. Girard brings over...
Orange County Sees Surge in Multifamily Property Transactions and Developments
News Summary Orange County is witnessing a significant increase in multifamily property transactions, with several small apartment buildings exchanging ownership and new developments on the rise. High-profile sales include the...
Costa Mesa to Review Hive Live Mixed-Use Development
News Summary Costa Mesa is set to review the Hive Live project, which proposes 1,050 housing units, including 105 affordable units, aimed at addressing the city’s housing crisis. The development...
Anduril Industries to Build Major Manufacturing Facility in Ohio
News Summary Anduril Industries, a defense technology firm, plans to establish a large manufacturing facility named ‘Arsenal 1’ in Pickaway County, Ohio, creating around 4,000 jobs. Set on a 500-acre...
TynanGroup Expands with New Office in Newport Beach
News Summary TynanGroup has opened a new office in Newport Beach, enhancing its presence in Orange County’s luxury hospitality development market. The office, managed by Vice President Scott Douglas, aims...
Fountain Valley Begins Construction on Slater Ave Apartments
News Summary Fountain Valley has commenced construction on the Slater Ave Apartments, a 272-unit complex aimed at providing affordable housing and modern amenities. The project will feature 33 low-income units...
Anduril Industries Secures $2.5 Billion Funding Round
News Summary Anduril Industries has completed a $2.5 billion funding round, increasing its valuation to $30.5 billion. The investment will enhance production capabilities amid rising demand for defense technologies. Led...
Marketing
Costa Mesa Welcomes Serendipity Labs
News Summary Serendipity Labs, a provider of flexible office spaces, is opening its first Orange County location in Costa Mesa at the former WeWork site. With 39,000 square feet planned,...
Costa Mesa Business Owners Celebrate Major Sales Milestone
News Summary Cindie and Andre Nel of Minuteman Press in Costa Mesa have joined the President’s Club for exceeding $1 million in sales, marking a significant milestone as they commemorate...
Real Estate
Surlamer Investments Acquires City Plaza Office Building
News Summary Surlamer Investments has purchased the City Plaza office building in Newport Beach for $18.5 million, signaling a notable downturn in office property values in Orange County. The 19-floor...
BKM Capital Partners and Kayne Anderson Form $1.5 Billion Joint Venture
News Summary BKM Capital Partners has formed a $1.5 billion joint venture with Kayne Anderson Real Estate to invest in small- and mid-bay industrial properties. The partnership aims to capitalize...
Costa Mesa Welcomes Joybird’s First Orange County Showroom
News Summary Joybird has opened its first showroom in Orange County, located in Costa Mesa’s South Coast Collection. The 4,643 square foot space offers customizable, handcrafted, and sustainable furniture for...
Orange County Housing Market Sees Mixed Results
News Summary Recent data from Attom shows the Orange County housing market is experiencing mixed trends in pricing, with the overall median home price at $1.19 million. While home prices...
Surlamer Investments Acquires City Plaza Office Building
News Summary Surlamer Investments, a Newport Beach real estate firm, has acquired the City Plaza office building in Orange County for $18.5 million. This purchase, notable for its low price...
Acquisition of Fullerton Metrocenter Boosts Retail Market
News Summary Space Investment Partners, led by Mark Moshayedi, has acquired the Fullerton Metrocenter for an estimated $182 million. This 431,214 square foot retail property features major brands like Target...
Orange County Sees Surge in Multifamily Property Transactions and Developments
News Summary Orange County is witnessing a significant increase in multifamily property transactions, with several small apartment buildings exchanging ownership and new developments on the rise. High-profile sales include the...
Costa Mesa to Review Hive Live Mixed-Use Development
News Summary Costa Mesa is set to review the Hive Live project, which proposes 1,050 housing units, including 105 affordable units, aimed at addressing the city’s housing crisis. The development...
Costa Mesa Planning Commission Approves Hive Live Development
News Summary The Costa Mesa Planning Commission has approved the Hive Live mixed-use development on the site of the former Los Angeles Chargers training facility. The plan includes 1,050 housing...
