Stories for September 2018
Friday, September 28
The winner of the prestigious Fernando Award won’t be the only one honored at the black-tie ceremony on Oct. 6.
Jerry Kroll has a simple if daunting mission for his Canadian electric vehicle company – to close the last gas station.
A pair of Los Angeles developers are constructing a contemporarily packaged mixed-use building in Valley Village featuring 19 apartments and ground-floor retail, Urbanize.LA reported.
United Language Group Inc. is closing its call center in Burbank, resulting in the loss of more than 70 jobs.
Thursday, September 27
California’s economy will continue to grow in the coming years but the pace is expected to slow alongside a slowing economy on the national level, according to the UCLA Anderson Forecast, which was released Wednesday.
Canyon Partners Real Estate has provided $10.6 million in preferred equity financing to Calabasas developer Griffin Fine Living to build a senior living community in Simi Valley, according to Multi-Housing News.
Camarillo public relations firm Marketing Maven has been selected to handle media relations for the Crypto Invest Summit at the Los Angeles Convention Center on Oct. 22 to 24.
BYD Motors Inc. has completed construction of a $5 million warehouse for its Lancaster manufacturing plant.
Wednesday, September 26
CBRE Group Inc. has arranged $34 million in bridge financing for the recapitalization of the Valencia Corporate Plaza office property, the real estate firm announced Wednesday.
Champion Real Estate Co. has acquired two more Glendale multifamily properties for $14.1 million, according to The Real Deal.
Avita Medical Ltd. has received a $1 million tax rebate from the Australian government, the biotechnology company announced Tuesday
JMPR Public Relations will represent motor oil and lubricant manufacturer Red Line Synthetic Oil, the Woodland Hills firm announced Wednesday.
Tuesday, September 25
Entertainment industry electronic file quality control firm BluFocus has acquired Master QC Group LLC as a move to upgrade its service infrastructure.
The South Coast Air Quality Management District has cited seven coach bus companies for idling at the Sportsmen’s Lodge in Studio City.
Real estate investment firm IMT Capital has purchased a 510-unit apartment building on 32 acres of land for $167 million, or $326,500 per unit.
NewMark Merrill Cos. has hired Lisa Polis as director of people operations, the Woodland Hills commercial real estate developer announced Tuesday.
Monday, September 24
Shares of California Resources Corp. jumped more than 17 percent on Monday as crude oil hit $81 a barrel, its highest price in almost four years.
A strategic economic development plan adopted by the city of Camarillo calls for maximizing the community’s finite real estate resources.
Gov. Jerry Brown has signed a bill granting shareholders of Southern California Edison and the state’s two other investor-owned utilities some relief from potentially billions of dollars in future wildfire damage claims, including those for last year's Thomas Fire.
Semtech Corp. has expanded its board to 10 people and appointed two directors to fill the new seats, the company announced Monday.
Friday, September 21
Two multifamily properties in Burbank have sold for a combined $6.8 million.
L.A. County’s unemployment rate held steady at 4.5 percent in August for the third straight month, even as the county recorded sizable job gains, according to state figures released Friday.
Mission Valley Bank plans to open a loan production office in Torrance and has hired a new executive to supervise the operation.
The Food and Drug Administration has approved Avita Medical Ltd.’s Recell system for treating severe burns, the biotechnology company said Friday.
Thursday, September 20
Gov. Jerry Brown on Thursday signed a bill prohibiting dine-in restaurants from automatically providing single-use plastic straws to customers.
Walt Disney Co. streaming service ESPN has surpassed 1 million paying subscribers in just over five months, the company announced Thursday.
The California High Speed Rail Authority staff has recommended a route between Palmdale and Burbank that would follow the Antelope Valley Freeway and tunnel beneath the San Gabriel Mountains.
Amgen Inc. has partnered with Los Angeles County to form a new organization aimed at advancing the region’s life sciences industry, the Thousand Oaks biotechnology company announced Thursday.
Wednesday, September 19
The U.S. Department of Transportation has awarded $23.1 million in infrastructure grants for work at Van Nuys Airport and at Fox Airfield in Lancaster.
A 9,683-square-foot development site in Toluca Lake has sold for $2 million, or $207 per square foot.
La Quinta Inn & Suites Santa Clarita – Valencia has sold to a local private investor for $22 million, according to Atlas Hospitality Group, which arranged the deal.
A $70 million renovation project is underway at the Westfield Topanga Mall in Woodland Hills, owner Westfield Corp. announced Wednesday.
Tuesday, September 18
The signature of Gov. Jerry Brown on a law to decriminalize sidewalk vending prompted a response from the Valley Industry & Commerce Association on Monday.
SnapMD Inc., a telemedicine company based in Glendale, announced it has raised $7.1 million in funding.
L’Oréal USA will house the regional logistics operation of its SalonCentrics subsidiary at the Tejon Ranch Commerce Center in Kern County.
Westcore Properties has acquired a 114,556-square-foot industrial building in Moorpark for $13.8 million from Ventura firm Marcus Adams Capital.
Monday, September 17
West Los Angeles real estate company Symphony Development and the Los Angeles office of design firm Steinberg Hart have revealed renderings for an apartment building project to address the housing needs for students attending California State University – Northridge.
The Regents of University of California – Los Angeles have signed a lease to assume approximately 27,215 square feet of medical office space for UCLA Health.
Sun Valley-based Ratner Property Management has purchased a $6.56 million industrial property in Sylmar with an eye to renovate it and upgrade its functionality and market value, according to the brokerage CBRE Group Inc.
AeroVironment Inc. has secured a nearly $6 million contract to provide its Raven drones to the Portuguese army, the Monrovia unmanned aircraft manufacturer has announced.
Research sponsored by Princess Cruises in Valencia shows a growing number of U.S. workers don’t take their full complement of vacation time.
Exposure to dangerous chemicals on the job poses threat to health.
Rescue Wipes reduce carcinogens.
A strong and growing U.S. economy has created opportunities for small business lending.
VICA LOCAL UPDATE: The Business Perspective on Valley Issues
Back to school sales. Pumpkin spice lattes. Harvest festivals. Grocery store aisles filled with Halloween candy. The signs are all pointing to one thing – autumn is here.
California’s manufacturers are still on the ropes. Yet the legislature seems intent on delivering the knockout smackeroo.
MEDICINE: Team of 60 personnel travel to work in two hospitals.
Mending Kids travels to Mozambique.
technology: Six theaters at Burbank facility support digital screening.
Pixelogic upgrades Burbank sound studio.
ENERGY: Production firm’s stock gains 101 percent year to date.
California Resources posts 101 percent gain since the start of the year.
NONPROFIT: Candidates described as ‘cream of the crop’ for Valley’s lifetime volunteerism award.
The 60th annual Fernando Award gala will be held Oct. 6 at the Warner Center Marriot in Woodland Hills.
BIOTECH: Timely infusion of $45 million bolsters finances.
MannKind agreement with United Therapeutics gives company a financial shot in the arm.
LIST: Programs provide internships, seminars and off-campus experience.
AEG, Amazon.com Inc. and Wells Fargo & Co. are among the corporations that have established partnerships with Valley colleges and universities. Benefits for students range from ready-made career pipelines to a classroom at Staples Center.
ACQuisition: Sherman Oaks investment firm lured by Nashville’s lower prices.
IMT Capital has acquired four apartment complexes in Nashville, Tenn. since the summer of last year. The Sherman Oaks developer and investment firm likes the Music City’s lower per-unit costs compared to L.A., principal David Tedesco said.
DEVELOPMENT: Firm creates open space as preface to 84-home Sylmar project.
Homebuilder opens park in Sylmar.
Mexican chain brings fresh approach to brick-and-mortar shopping with store opening at Glendale Galleria.
Mexican retailer with fun format to open in Glendale
Friday, September 14
Vicki Nussbaum, chief executive of the Sherman Oaks Chamber of Commerce, will leave the chamber in October to head the Century City Business Improvement District.
BIOTECH: Timely infusion of $45 million bolsters finances.
The board of Walt Disney Co. has elected Michael Froman as a new director.
Panavision Inc., Saban Capital Acquisition Corp. and Sim Video International Inc. have entered into a merger agreement to create a “global provider of end-to-end production and post-production services to the entertainment industry,” the companies announced Thursday.
Thursday, September 13
Cherokee Inc. reported a quarterly net loss of $9.1 million on Thursday, a 90 percent increase compared to the same quarter last year.
Pam Lifford, president of consumer products at Warner Bros. Entertainment Inc., has been promoted to lead a new division that will oversee Warner Bros.’ brands, including its popular DC franchise.
The headquarters of Dole Food Co. in Westlake Village has sold to the Conrad N. Hilton Foundation for $50 million, according to brokerage CBRE Group Inc.
American Homes 4 Rent plans to sell 4 million shares of preferred stock and trade them on the New York Stock Exchange under the ticker AMHPRH.
Wednesday, September 12
Princess Cruises plans to dock one of its new large ships, the Royal Princess, in Los Angeles starting in March.
Aegon USA Realty Advisors, a Cedar Rapids, Iowa-based limited liability company, has sold the two-story, 39,000-square-foot Walgreens building at 310 S. Lake Ave. in Pasadena for $23 million.
B. Riley FBR, an investment bank and subsidiary of B. Riley Financial Inc. in Woodland Hills, has appointed Dawn Farrell as chief administrative officer of the firm’s investment banking unit.
Tuesday, September 11
HW Hunter Ram of the West Truck Center has opened its 40,000-square-foot facility in Lancaster, making it the largest Ram stand-alone dealership in the country by size.
B. Riley Financial Inc. has closed a public offering of $100 million in senior notes, the Woodland Hills company announced Tuesday.
PS Business Parks Inc. has appointed Jeffrey Hedges as chief financial officer and secretary effective Sept. 17, the company announced.
A 17-unit apartment building in Canoga Park has sold for $3.7 million, according to brokerage Marcus & Millichap Inc.
Monday, September 10
Limoneira Co. fell short of analyst expectations for quarterly earnings but made progress on its Harvest at Limoneira real estate project during the quarter, the company announced Monday.
The Valley Industry & Commerce Association announced disappointment that Gov. Jerry Brown on Monday signed SB 100, creating a law requiring 60 percent electricity in California be generated by renewable sources by 2030.
Avery Dennison Corp. has appointed Mark Barrenechea to its board, the company announced Monday.
Tix Corp.’s stock dropped nearly 10 percent Monday after the company disclosed that MGM Resorts International would not acquire the company.
Friday, September 7
Marcus & Millichap Inc. has expanded its presence in the Canadian market by acquiring McGill Commercial, a regional commercial real estate investment sales firm in Montreal, the company announced late Thursday.
NBCUniversal has added three members to the board of directors of online streaming service Hulu, according to media reports.
Los Angeles City Attorney Mike Feuer announced Friday that his office has filed criminal cases against 35 commercial cannabis retailers, labs, grow sites or delivery services in the San Fernando Valley.
The Valley Industry and Commerce Association announced successes Friday as the California Legislature ended its session for the year.
Thursday, September 6
The Los Angeles City Council on Tuesday approved a one-year pilot program to regulate dockless electric scooters, paving the way for the introduction of potentially thousands of the vehicles to the San Fernando Valley.
Capstone Turbine Corp. is opening the doors of its San Fernando Valley headquarters and manufacturing facility to investors and analysts next month.
Shares of AeroVironment Inc. rose 14 percent after the company announced a partnership to offer insurance for its Quantix drone.
Two medical office buildings in Sherman Oaks sold to C.A. Development Operations, a Los Angeles-based investment company, for $20, according to brokerage CBRE Group Inc.
Wednesday, September 5
AeroVironment Inc. beat Wall Street estimates on earnings and revenue for the fiscal first quarter.
A licensed insurance agent in Glendale was arrested and charged with grand theft and insurance fraud after allegedly acting as a licensed insurance agent to steal $10,000 from a trusting client, according to the California Department of Insurance.
Westlake Village BioPartners has launched its first $320 million venture fund to invest in life science and biotech companies.
Salem Media Group Inc.’s radio show host Hugh Hewitt will launch Mid-Term Madness, a fantasy game allowing listeners to select who they think will win key races in the Nov. 6 elections, the company announced Wednesday.
Tuesday, September 4
The site for the Sycamore Drive Community Center apartment project in Simi Valley has sold to a public-private joint venture for $21 million, brokerage CBRE Group Inc. announced Tuesday.
Shares of MannKind Corp. jumped nearly 90 percent Tuesday after the Westlake Village biotech announced an agreement with United Therapeutics Corp. to develop an inhalable drug to treat a form of hypertension.
Second Sight Medical Products Inc. has named Pat Ryan as its chief operating officer effective immediately.
The Valley Industry & Commerce Association praised the defeat of SB 845, a bill in Sacramento that would have created a new statewide opt-out fund for safe drinking water programs.
Monday, September 3
Consumers who want less sugar in a nutrition bar can make their own with a mix from Creation Nation.
Ready-made protein bar mix seeks shelves.
From workers’ comp reform to the November election, consultant Joel Fox talks California politics.
Veteran political consultant talks business.
NON PROFIT: Reflections on her quarter century with Valley lawyers and judges.
After nearly 25 years with the San Fernando Valley Bar Association, Executive Director Liz Post will step down from her role and return to her home state of New York to lead the Nassau County Bar Association.
LIST: Hospitals in hiring mode to fill out new buildings and networks.
Ranked by the number of Valley-area employees, companies on the Business Journal’s list of private-sector employers starting on page 13 cover an eclectic range of industries, from supermarkets to aerospace to entertainment.
LIST: Expectations about office and home impacts relationships, results.
Growing up with father who had started his own landscaping company in the early 1970s, Chris Angelo said it was never directly implied that he would join the family business.
RESIDENTIAL: Donors give $50,000 for foster care transition program.
Camarillo-based Ventura County Housing Trust Fund recently held its annual fundraiser in — where else? — Camarillo.
TRADE: Chief executive urges letter-writing to lawmakers for relief.
When it comes to the tariffs imposed by the Trump Administration, Richard Brent is not shy about expressing his opinion.
RESTAURANTS: Dine Brands’ lawsuit alleges $23 million owed in operating fees.
After Applebee’s second largest franchisee RMH Franchise Holdings Inc. filed for bankruptcy protection in May, Applebee’s parent company, Glendale-based Dine Brands Global Inc., sued to prevent RMH from liquidating its restaurants.
Raw cookie dough stars as the main dish at a Burbank sweet shop run by two sisters.
Cookie dough for dessert.
For athletes in rehab, nitrogen vapor offers to stimulate circulation and healing at -200 degrees.
Cryotherapy in Encino.
Mark Twain is supposed to have said, “Everybody talks about the weather but nobody does anything about it.”
REAL ESTATE: Valley businesses support shelters as solution.
Valley businesses support homeless shelters.
TECHNOLOGY: Companies hope to crack growing market.
Two companies partner to sell pot sensors.
SERVICE: Reformers hope a new mandatory state registry will curb labor violations by janitorial contractors.
Janitorial contractors must register.
RENTALS: Analyst cites ‘elevated supply’ that will limit rate increases.
Public Storage shares hurt by oversupply.
B-Real opens Dr. Greenthumb branded location in Sylmar.
Rapper opens pot shop in Sylmar.
Agency project attracts viewers, touts clients.
Agency touts clients on YouTube series.