New owners have plans to transform Nordstrom building in downtown Santa Barbara
Three out-of-area firms have acquired the now-vacant building formerly occupied by Nordstrom in downtown Santa Barbara, the companies announced Nov. 4. Shopoff Realty Investments and Praelium Commercial Real Estate, both based in Orange County, bought the property in partnership with an affiliate of New York City-based Dune Real Estate Partners. Shopoff Realty Investments representatives declined Read More →
Our View: New mayor could herald changes in Santa Barbara
With preliminary results from the Nov. 2 election available as this issue of the Business Times went to press, former City Council member and retired restaurant owner Randy Rowse appeared headed for victory in the closely watched Santa Barbara mayor’s race. The early results had Rowse with 40.4% of the vote, ahead of James Joyce’s Read More →
Velocity Financial reports earnings growth in Q3
Westlake Village-based mortgage lender Velocity Financial reported an increase in net income and net interest margin for the third quarter, compared to the same quarter last year, in an earnings statement released Nov. 3. Velocity reported net income of $8.02 million in the third quarter, or 23 cents per diluted share, compared to $3.5 million, Read More →
Amgen reports revenue growth in Q3 but lowers full-year guidance
Sales increases across Amgen’s drug lineup drove increases in revenue and non-GAAP earnings at the Thousand Oaks biotech company during the third quarter, according to its Nov. 2 earnings release, but pandemic issues persist, and the company lowered its revenue guidance for the year. Amgen, one of the largest biotech companies in the world, reported Read More →
QAD shareholders approve acquisition by Thoma Bravo; deal expected to close in ‘coming days’
In a special meeting on Nov. 2, shareholders of QAD approved the Santa Barbara-based software company’s pending acquisition by Thoma Bravo, a deal QAD said should close “within the coming days.” The private equity firm is buying QAD in a $2 billion all-cash deal announced by the companies on June 28. When the transaction closes, Read More →
UCSB says it’s sticking with Munger’s mega-dorm
Despite drawing national attention and criticism, UC Santa Barbara isn’t backing down from the design of the proposed Munger Hall dormitory on the university’s campus. Charlie Munger, the 97-year-old vice chairman of Warren Buffet’s firm Berkshire Hathaway, has pledged $200 million to UCSB to build the student housing development. The project budget is “in the Read More →
Earnings up as Community West Bank reports 10% non-PPP loan growth
Goleta-based Community West Bancshares reported “strong” earnings in the third quarter, fueled by an expanded balance sheet and increased net interest, according to a quarterly report released Nov. 1. The parent company of Community West Bank said its net income for the most recent quarter was $3.6 million, or 41 cents per diluted share, compared Read More →
