Biz News: O.C. dealers economic impact $12 billion in 2015, auto group says
The Orange County Automobile Dealers Assn., based in Newport Beach, recently reported that the local economic impact of Orange County’s 123 franchised auto dealers was $12 billion in 2015, an increase of 10% compared with 2014.
Orange County’s automobile dealers sold 298,275 new and used vehicles and generated more than $730 million in sales tax, with more than $91 million going directly to local cities, according to a news release.
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FOR THE RECORD
5:30 p.m. April 24: A headline on an earlier version of this post said the economic impact was $12 million. It was $12 billion.
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“Orange County’s automotive dealers are a $12-billion economic engine, and a 10% annual increase bodes well for the whole county,” John Sackrison, the association’s executive director, said in a statement. “Our auto dealers also have a meaningful and direct impact on their local economies by providing 12,000 jobs ... and substantial charitable donations.”
According to the association, Newport Beach’s eight dealerships had $791 million in sales last year and generated $5.9 million in tax revenue for the city.
Costa Mesa’s 12 dealerships generated $8.9 million in tax revenue on $1.18 billion in sales.
Irvine’s 13 dealerships totaled $1.28 billion in sales and generated $9.6 million in tax revenue.
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Boeing subsidiary comes to Costa Mesa
Insitu Inc., a wholly owned Washington-state-based subsidiary of Boeing Co., has signed a 3,400-square-foot lease at the Plaza Tower in Costa Mesa’s South Coast Metro district.
The company had been at 4199 Campus Drive in Irvine.
Insitu “creates and supports unmanned systems and software technology that deliver end-to-end solutions for collecting, processing and understanding sensor data,” according to a news release.
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Irvine office building to get revamp
Long Beach-based Harbor Associates LLC has acquired 3 Burroughs, a 37,000-square-foot former flex office building in Irvine, with plans to transform it into a creative office campus, according to a news release.
The building, along Bake Parkway near Rockfield Boulevard, was built in 1982 and will be rebranded as Bespoke Irvine. Harbor plans to invest $250 million in the project over the next 12 months.
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Geek-A-Palooza coming to Irvine
Geek-A-Palooza is coming to Irvine on May 12.
The electronics industry event will be held from 3 to 8 p.m. at the Irvine Marriott hotel, 18000 Von Karman Ave. It features networking with industry suppliers, sponsor tables, music, raffles and games.
Admission is $20 at the door. Registrants who sign up before Monday will be entered to win $100.
For more information, visit tntgroup.org.
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Maruchan donates to Irvine schools
Maruchan Inc., an Irvine-based ramen noodle soup company, has donated $100,000 to the Irvine Public Schools Foundation.
“Maruchan salutes the city of Irvine, the Irvine Public Schools Foundation and the teachers and students of Irvine for, once again, earning national recognition both in and out of the classroom this past year,” Maruchan President Noritaka Sumimoto said in a statement.
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Classic Kids Photography opens in CdM
Classic Kids Photography recently held its grand-opening celebration for its location at Corona del Mar Plaza, 924 Avocado Ave.
Proceeds from the event benefited Court Appointed Special Advocates of Orange County.
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Prime Volleyball going to Ladera Ranch
Prime Volleyball Club, a Newport Beach-based company that hosts teams ages 8 to 18, will use Ladera Ranch’s $35-million Ladera Sports Center, which is scheduled to have its grand opening this summer.
The center features a 60,000-square-foot gymnasium with eight basketball and volleyball courts, according to a news release.
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Northrop and Johnson opens Newport office
Northrop and Johnson recently opened an office in Newport Beach that will specialize in yacht brokerage, new construction and retail charter.
The office is at 3471 Via Lido, Suite 206.
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Newport bank branch names new executive
Charlie Garcia recently joined Farmers & Merchants Bank as the new vice president and relationship manager of the Newport Beach branch, according to a news release.
Garcia previously was vice president of commercial mortgage operations for Union Bank. For Farmers & Merchants, he will oversee commercial real estate lending, business lending, relationship management and portfolio management, according to a news release.
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Spellbound opens new Irvine headquarters
Spellbound Development Group Inc. has opened a new “ideation and innovation” headquarters in Irvine.
The office is at 17192 Gillette Ave.
The company consults clients in the food service, retail, hospitality and grocery industries.
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Shopoff hires new chief financial officer
Irvine-based Shopoff Realty Investments has appointed Lisa Jack as its chief financial officer, according to a news release.
Jack, who has more than 15 years of finance and accounting experience, previously was chief financial officer of IMH Financial Corp.
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Irvine firm buys Colorado apartment complex
Irvine-based Steadfast Cos., a real estate investment trust, recently acquired a 217-unit apartment complex in Englewood, Colo.
Fielder’s Creek, built in 1983, was acquired for $32 million.
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Brandywine Homes announces new president
Irvine-based Brandywine Homes recently appointed Alex Hernandez as president of the company’s homebuilding division, according to a news release.
Past President Brett Whitehead has taken on the role of chief executive, the company said.
—From staff reports