Costa Mesa, Business News
BUSINESS NEWS
Tesla Collision Center Sold for $21 Million in Irvine
News Summary A Tesla Collision Center in Irvine has been sold for $21 million, reflecting strong demand for automotive real estate, particularly in the electric vehicle sector. The 35,616-square-foot facility...
Orange County Health Inspectors Close 15 Restaurants
News Summary Orange County health inspectors have temporarily closed 15 restaurants and food establishments due to health violations. The closures, occurring from June 5 to June 12, aim to uphold...
Dickies Relocates Headquarters to Costa Mesa, California
News Summary Dickies, the iconic workwear brand, will be moving its headquarters from Fort Worth, Texas, to Costa Mesa, California, as part of a restructuring effort by its parent company,...
Wanderlust Creamery Opens New Location in Costa Mesa
News Summary Wanderlust Creamery is expanding its presence in California with the opening of its latest ice cream shop in Costa Mesa. Located at 3033 Bristol Street, the new outlet...
Liberated Brands to Close Costa Mesa Offices, Laying Off 400 Employees
News Summary Liberated Brands, a distributor for surf brands like Billabong and Volcom, is closing its Costa Mesa offices, resulting in nearly 400 layoffs. This corporate restructuring is a response...
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...
Ramen Nagi Opens First Location in Costa Mesa
News Summary Ramen Nagi, a popular ramen bar from Japan, is set to open its first location in Orange County at South Coast Plaza. The restaurant, opening on March 24,...
Closure of Santa Monica Seafood in Costa Mesa
News Summary Santa Monica Seafood has closed its restaurant and fish market in Costa Mesa, California, after nearly 30 years of service. This decision reflects the difficult operational climate for...
13-Unit Multifamily Property Sold in Costa Mesa for Record Price
News Summary A 13-unit multifamily property on Victoria St. in Costa Mesa has been sold for $8.6 million, setting a record price per unit in Westside Costa Mesa. This property,...
Finance
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...
VF Corp Announces Layoffs at Vans’ Costa Mesa Headquarters
News Summary VF Corp has revealed plans to lay off 82 employees at its Costa Mesa headquarters as part of a strategic workforce reduction of 400 positions across the company....
CONSTRUCTION
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...
Orange County Construction Sector Sees Remarkable Growth
News Summary Orange County’s construction sector has reported impressive growth, with the largest companies generating over $10.5 billion in local project revenue. A 7.3% increase has been observed compared to...
Fountain Valley Unveils Major Multifamily Development Project
News Summary Fountain Valley, California, is set to welcome a new 272-unit apartment project by JPI Cos. and Heitman, addressing the city’s significant housing shortage. This development will include luxury...
Irvine City Planning Commission Approves New Housing Development
News Summary The Irvine City Planning Commission has approved a zoning change that facilitates the construction of up to 2,500 new housing units near the University of California, Irvine. The...
New Home Co. to Acquire Landsea Homes in $1.2 Billion Deal
News Summary New Home Co., a Dallas-based homebuilder, is set to acquire Landsea Homes in an all-cash transaction valued at $1.2 billion. The acquisition will create a top-25 privately held...
Fountain Valley Proposes Mixed-Use Development at Boomers Site
News Summary Fountain Valley plans to transform the former Boomers site into a mixed-use development featuring 657 apartments and retail space. The project, submitted by Holland Partner Group, includes affordable...
Marketing
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
Tesla Collision Center Sold for $21 Million in Irvine
News Summary A Tesla Collision Center in Irvine has been sold for $21 million, reflecting strong demand for automotive real estate, particularly in the electric vehicle sector. The 35,616-square-foot facility...
13-Unit Multifamily Property Sold in Costa Mesa for Record Price
News Summary A 13-unit multifamily property on Victoria St. in Costa Mesa has been sold for $8.6 million, setting a record price per unit in Westside Costa Mesa. This property,...
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...
Steiner Investments Acquires Tesla-Leased Property in Irvine
News Summary Steiner Investments has finalized the acquisition of a 35,500 square foot building in Irvine for $21 million, fully leased to Tesla Inc. The transaction highlights the growing trend...
Bendetti Co. Expands into San Diego with $16.2 Million Acquisition
News Summary Bendetti Co., a commercial real estate firm, has acquired a 72,158-square-foot industrial building in San Diego for $16.2 million. This marks the company’s first venture into the San...
Mastro’s Ocean 48 Hosts Exclusive Dinner for Award Winners
News Summary Mastro’s Ocean 48, co-founded by Jeff and Mike Mastro, hosted a memorable dinner event to honor the winners of the Business Journal Excellence in Entrepreneurship Awards. Key figures...
Space Investment Partners Sells Westport Plaza & Square for $25.7 Million
News Summary Space Investment Partners has successfully sold the Westport Plaza & Square retail center in Costa Mesa for $25.7 million. Covering nearly 40,000 square feet and 97% leased at...
Orange County Ranks Seventh in Office Space Conversion
News Summary Orange County has achieved a significant ranking, coming in seventh nationally for office space designated for conversion or demolition. According to a recent CBRE report, the county has...
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...
