Stories for April 2020

Thursday, April 30

Outlook Buys Newspapers in Burbank, Glendale and La Cañada-Flintridge

Three newspapers closed by the parent of the Los Angeles Times this month have been purchased by the owner of the Outlook Newspaper Group.

Amgen Beats Wall St. Expectations in First Quarter

Total revenues and net income beat analyst expectations for Thousand Oaks biotech giant Amgen Inc. during the first quarter, the company announced Thursday.

Van Nuys Apartments Sell for $2 Million

An eight-unit multifamily property at 14533 Dickens St. in Van Nuys has sold for $1.95 million, or $243,750 per unit.

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New Chair at Valley Economic Alliance

After 2 1/2 years of leading the Valley Economic Alliance as chair, Randy Witt on Thursday announced that he was turning over the gavel to another longtime local leader, Fred Gaines.

Wednesday, April 29

Earnings: Dine Brands and Avery Dennison Beat Estimates

Dine Brands Global Inc. and Avery Dennison Corp. issued their quarterly earnings reports Wednesday, providing an early look at how the COVID-19-related economic shutdown is starting to affect companies in the Valley region. Both beat expectations but their stock prices went in opposite directions.

L.A. Approves Worker Rehire Law; ‘Sad Day,’ Says VICA

The Los Angeles City Council on Wednesday approved Right to Recall and Worker Retention ordinances that will force businesses in the hospitality industry to rehire those laid off, if they rehire at all.

Nine-Property Multifamily Portfolio Fetches $20 Million

A multifamily portfolio consisting of nine complexes stretching throughout the San Fernando Valley has sold for $20.2 million.

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Locally Made Craft Headed for Mars Gets Name

The helicopter developed in Simi Valley by AeroVironment Inc. that will be aboard the next Mars Rover has a name – Ingenuity.

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Local Lawyer Pleads Guilty to Bribing FBI, ICE

A Calabasas lawyer has pleaded guilty to federal charges including bribing agents from the FBI and ICE to provide protection for him and to obtain sensitive information.

Capstone Gets PPP Loan

Capstone Turbine Corp. received a $2.6 million federal loan under the Paycheck Protection Program to be used for payroll costs, rent and utilities.

Tuesday, April 28

Newsom Outlines Broad Plan to Resume Work

Gov. Gavin Newsom on Tuesday outlined a cautious plan to reopen the virtually shuttered California economy in phases in the coming weeks as COVID-19 cases stabilize.

Mission Valley’s Earnings Up

Mission Valley Bancorp on Tuesday announced that its first quarter net income of $816,000, or 25 cents a diluted share, was up more than 16 percent from the same quarter last year.

Thousand Oaks Mixed-Use Project Finds $59 Million in Funding

The Latigo Group has made progress on its Thousand Oaks mixed-use project as Dekel Capital has arranged a $59 million construction loan for the Los Angeles-based developer.

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Amgen Foundation Gives $2 Million to Local Nonprofits

Amgen Foundation on Tuesday announced a $2 million contribution to more than a dozen organizations in Los Angeles and Ventura counties to help vulnerable populations impacted by COVID-19.

Monday, April 27

PS Business Parks Appoints Interim CEO

PS Business Parks Inc. announced last week that John Petersen, the company’s chief operating officer, was appointed interim chief executive officer while Chief Executive Maria Hawthorne takes a medical leave of absence.

Virgin Galactic, NASA Make Hoods for Coronavirus Patients

Virgin Galactic has signed a Space Act Agreement with NASA to develop and manufacture a hood for COVID-19 patients at its Mojave facility.

Arcutis Adds Legal Expertise to Board

Westlake Village-based Arcutis Biotherapeutics on Monday appointed Halley Gilbert to its board of directors. effective May 1.

Product Flip to Fashionable Masks

Entrepreneur finds eager market for another company’s leftover fabric.

Home-based business The Julie Group is making masks for the public to wear during pandemic.

Real Estate Quarterly Submarkets

Real Estate Quarterly Submarkets

Extended Pause for Leasing and Coworking

Real estate firms predict economic disruption in Valley office markets.

Real estate firms predict economic disruption in Valley office markets.

Virtual Leasing

MARKETING: COVID-19 deepens brokers’ utilization of video technology.

Coronavirus pandemic spurs the popularity of using technology to visit rental spaces virtually.

Space for E-commerce

With the coronavirus crisis encouraging online shopping, companies from Amazon.com to local businesses are in the market for warehouses.

With Amazon.com Inc. leading the way, online retailers are taking up warehouse space in the greater Valley region.

AROUND THE VALLEYS

News and notes from the greater San Fernando Valley

Cut the Red Tape. Let’s Build Now

To say we are living in unprecedented times would be an understatement. I can’t tell you how many Zoom calls I’ve been on in the last month. I’m sure many of you can relate.

‘Pestilence’ Throughout Our History

I was privileged to be a teenager in the 1950s. It was a period of profound change not unlike our current COVID-19 journey through uncharted economic and social waters. In taking a moment to chronicle world history as an optimist, I remind students, faculty and staff at Woodbury University, where I serve as president, that humanity has been through some horrible times and we shall put the novel coronavirus epidemic behind us as well

Health Workers Provide Lifeline for Valley Hotels

LIST: Hospitality sector looks for ways to help until restrictions can ease.

Hoteliers stay in business by opening doors to health care workers.

‘Ghost Kitchens’ Find New Life During Pandemic

Eateries without dining rooms face challenges.

With dining rooms shuttered for the foreseeable future, the Valley’s restaurant industry has been hammered by the COVID-19 outbreak.

Shopping Mall Cleaning Crews Up Their Game

Retail centers request electrostatic spraying.

Shopping centers turn to electrostatic spraying to clean their properties.

Below-the-Liners Eager To Get Back to Work

Valley prop houses strategize on future production.

How below-the-line entertainment businesses are faring during the coronavirus outbreak.

HBO Max Marches to Launch Pad

Streaming service to debut with new shows and library.

WarnerMedia announced on April 21 that its new streaming service HBO Max would be available starting next month.

Telemedicine Obstacles Overcome for COVID-19

State, federal barriers are lifted to bring patients and providers together.

State, federal barriers are lifted to bring patients and providers together.

Turn to Takeout

RESTAURANTS: The pandemic has thrown Cheesecake Factory’s marketing strategy ‘out the window,’ according to one consultant.

Cheesecake Factory Inc. braces for change as coronavirus pandemic forces closure of dining rooms.

In the Blink of an Eye, Second Sight Closes Shop

MEDICAL DEVICES: Al Mann company developed prosthetics for blindness.

Second Sight Medical Products Inc. cites coronavirus as reason behind its closure.

Investors Ponder Disney’s Exposure to Pandemic

MEDIA: Questions of when theme parks, theaters will return to ‘normal.’

Walt Disney Co.’s parks face pandemic challenge as Robert Iger asserts control.

Loan Bonanza

FINANCE: SBA bankers distribute billions through an emergency federal funding program.

Institutions hustle to handle surge of small business loans stemming from federal stimulus program.

Lancaster Starts Viral Task Force

Innovations include prototype oxygen machine, protective gear.

Lancaster starts viral task force to create prototype oxygen machine, protective gear for COVID-19 patients.

VALLEY INSIDER

Blockchain Brain Trust

Blockchain investment firm Draper Goren Holm welcomes new partner.

Call Centers Move to Home

TECHNOLOGY: Software facilitates telemarketing in quarantine.

Woodland Hills company’s programs facilitate telemarketing in the time of quarantine.

Office Park’s Medical Future

DEVELOPMENT: Conejo campus comes ‘into the 21st century.’

TriStar Realty Group has plans to create a medical campus in Thousand Oaks.

Friday, April 24

Preview: Loan Bonanza

Emergency program uses SBA lending process.

Preview: A Time for E-Commerce

The coronavirus has accelerated the trend toward e-commerce in the Valley economy, with the primary beneficiary Amazon.com Inc.

Head of WarnerMedia to Take Top Job at AT&T

John Stankey, head of WarnerMedia, which includes Burbank-based Warner Bros. Entertainment, will become chief executive of AT&T Inc. by July 1.

Valley Economic Alliance Names New CEO

The Valley Economic Alliance on Friday named Sonya Blake as its new chief executive.

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Saalex Acquires Valeo Networks in Arizona

SaalexIT, the information technology division of Saalex Corp. in Camarillo, has acquired managed service provider Valeo Networks for an undisclosed amount.

Thursday, April 23

Virus Impacts Location Filming in First Quarter

On-location filming dropped 18 percent in the first quarter as the coronavirus outbreak brought productions to a standstill, according to figures releases Thursday by FilmL.A.

Foundation Created to Preserve Tarzana Orange Grove

The Bothwell Ranch Foundation, a new San Fernando Valley-based nonprofit aimed at preserving what was once the Valley’s last commercial orange grove in Tarzana, has formally launched.

Virus Drops Location Filming in First Quarter

On-location filming dropped 18 percent in the first quarter as the coronavirus outbreak brought productions to a standstill, according to figures releases Thursday by FilmL.A.

L.A. City Council Adopts Emergency Employee Ordinances

The Los Angeles City Council late Wednesday adopted emergency Right to Recall and Right of Retention ordinances for businesses in the hospitality industry, as well as property management service businesses and airports.

Wednesday, April 22

Teledyne Misses Slightly on Earnings

Teledyne Technologies Inc. fell short of Wall Street expectations on earnings and revenue in the first quarter.

Community Foundation Gives Grants

The Community Foundation of the Valleys sent out the first of its COVID-19 relief grants to three local nonprofit organizations: the Valley Economic Alliance, the Santa Clarita Grocery Food Bank and Hope of the Valley.

Study: L.A. May See 32% Unemployment

Unemployment in the Los Angeles area could hit nearly 32 percent by May, according to new projections from the Los Angeles County Economic Development Corp.

Tuesday, April 21

Cinedigm Doubles TV Channel Viewership

Cinedigm Corp. has grown the viewership on its free and ad-supported digital networks by more than 108 percent since October.

Arcutis Starts Eczema Clinical Trials

At a time when many other biotech companies have curtailed clinical trials, Arcutis Therapeutics has enrolled its first patient in a Phase 1 study of hand eczema topical drug ARQ-252.

Cinedigm Reports Doubling of TV Channel Viewership

Cinedigm Corp. has grown the viewership on its free and ad-supported digital networks by more than 108 percent since October.

Verona Apartment Complex in Westlake Village Sells for $8.2 Million

The Verona, a 16-unit multifamily property in Westlake Village, has sold for $8.15 million, according to listing brokerage Marcus & Millichap Inc. in Calabasas.

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Monday, April 20

L.A. City Council to Consider Hospitality Employee Recall Rule

In an e-meeting scheduled Wednesday morning, the Los Angeles City Council will consider a Right to Recall ordinance for businesses in the hospitality industry – and one Valley business organization opposes the measure.

Kennedy Wilson Revises Plans for Apartments at Thousand Oaks Business Campus

Real estate developer Kennedy Wilson has submitted new designs for a residential project at One Baxter Way.

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Cheesecake Factory Raises $200 Million

Cheesecake Factory Inc. announced Monday the closure of a $200 million investment from Atlanta-based private equity firm Roark Capital.

Friday, April 17

L.A. Times Closes Three Newspapers in Valley Region

The Los Angeles Times will close three community newspapers in the Valley region because of advertising declines during the coronavirus outbreak.

Ralphs Extends Hero Pay, Accepts SNAP

Grocery chain Ralphs has extended its “hero pay” for hourly employees as the coronavirus outbreak persists in Southern California.

Granada Hills Residential Portfolio Sells for $25.5 Million

Real estate firm Universe Holdings has acquired a trio of multifamily properties in Granada Hills for $25.5 million.

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Thursday, April 16

L.A. County Among Most Dependent on Small Businesses

A study by New York fintech consulting company SmartAsset has ranked Los Angeles County fourth in California in its economic dependence on small businesses.

Capstone Sells Biomass Turbine in Japan

Capstone Turbine Corp. has sold an 800-kilowatt microturbine for use in an innovative biogas project in Japan.

Montrose Multifamily Property Sells

Calabasas-based Marcus & Millichap has announced the sale of 2387 Florencita Dr. in Montrose for $3.3 million.

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Hospitals Create ‘Grocery Stores’ for Workers

Dignity Health hospitals, including locations in Glendale and Northridge, have taken steps to make life a little easier for its health care workers by creating onsite grocery stores.

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Wednesday, April 15

MannKind Receives $4.9 Million Loan Under CARES Act

MannKind Corp. on Wednesday announced it received a $4.9 million loan from JPMorgan Chase Bank as part of the federal CARES Act Paycheck Protection Program.

Interlink Increases Production of Sensors for Ventilators

Interlink Electronics Inc. has increased production of a sensor used on ventilators to treat COVID-19 patients.

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L.A. County, Goldman Sachs Open Loan Portal

The County of Los Angeles has launched an online portal in partnership with Goldman Sachs where small businesses affected by COVID-19 can apply for forgivable SBA loans.

Tuesday, April 14

Source Photonics Raises $40 Million

Optical communications company Source Photonics has raised $40 million to grow its data center and 5G business and to enhance its existing product lines.

Reseda Retail Property With Walgreens Sells for $9.3 Million

A 13,000-square-foot retail property, anchored by Walgreens and Yogurtland in Reseda, has sold for $9.3 million.

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Local Hospitals See 'Leveling Off' of Coronavirus Cases

Health care systems such as Kaiser Permanente have seen a “leveling off” of COVID-19 cases, with hospital admissions to the ICU more manageable compared to two weeks ago.

Greater San Fernando Chamber Creates Save Small Business Coalition

The Greater San Fernando Valley Chamber of Commerce has started the Save Small Business Coalition to create a path for business continuity during the coronavirus pandemic.

Monday, April 13

CERF Economists Predict GDP Drop of 50 Percent

As the economy continues to deteriorate, local experts have revised their predictions for GDP in the second quarter – and the outlook is even worse than they earlier expected.

Galpin Auto Show Renamed ‘Car Kings’

Discovery Channel has renamed the new show featuring staff from Galpin Auto Sports, a division of Galpin Motors in North Hills.

Kaiser Union Reaches Coronavirus Agreement

The Coalition of Kaiser Permanente Unions said it reached an agreement with the health care giant.

Reports: Iger Back in Control at Disney

Walt Disney Co. Executive Chairman Bob Iger has resumed control of the Burbank entertainment and media giant, according to media reports.

Response to Crisis

A look at how specific industries rethink processes and products to survive and prosper in the coronavirus outbreak.

By now, Business Journal readers have recognized the disruption caused by the health crisis.

Construction Sites Build Social Distancing

DEVELOPMENT: Crews follow rules to keep working in pandemic.

In the midst of a pandemic, construction projects continue to move forward, unlike hard-hit states New York and Washington, which have shut down the building trades.

Looming Layoffs for Cash-Strapped Factories

MANUFACTURING: Owners and managers foresee ‘some difficult times coming.’

At Burbank Dental Lab, the coronavirus outbreak forced the company’s owner to go from 200 employees down to 10.

Hotels on Hold in a World Without Travel

HOSPITALITY: Properties close doors and use downtime to refurbish.

While many hotel operators fear the COVID-19 outbreak could spell doomsday, developer Tahir Mian sees it as an opportunity to rehab his properties.

Altered Trajectory for Life Science R&D

BIOTECH: Companies find new markets for technology; others forge research partnerships.

In the midst of the global pandemic, some biotech companies have adapted to meet the growing crisis through acquisitions, special programs and pipeline shifts.

Communication Up for Employment Lawyers

LAW: Firms utilize conference calls, email newsletters to keep clients on top of regulations.

The virus pandemic, and its resultant changes in employment regulations, has prompted an avalanche of work for Valley law firms.

Google Cloud Partnership Expands

Workshops part of growth strategy for Sada Systems.

Sada Systems will extend its partnership with Google Cloud.

Recognition For SaalexIT

Camarillo company’s division honored for efficiency.

The information technology division of Saalex Corp. was named by Channel Co. to its 2020 Managed Service Provider 500 list.

Wesco’s New Name: Incora

Post-acquisition change reflects company mission.

Wesco Aircraft has renamed itself Incora.

$10.7 Million Contract for Drones

U.S. Navy and Marine Corps buy AeroVironment Puma.

AeroVironment Inc. receives a $10.7 million contract to supply its Puma 3 unmanned aircraft to the Navy and Marine Corps.

Museums Face Disappearing Patrons

Valley cultural institutions switch to digital tours.

The Ronald Reagan Presidential Library and Museum in Simi Valley is trying to shore up donations to compensate for hundreds of thousands of dollars in lost revenue resulting from the COVID-19 outbreak.

This is Time to Reinvent Ourselves

With the COVID-19 cloud hovering over our global society, and mixed messages of improvement and decline alternating one another, there is a lot for us to rethink.

Are We Doing the Right Thing Here?

Here’s a question for you: What was the worst quarter economically in modern U.S. history?

Foundation Fundraising

Donations to help local groups ‘faster than FEMA.’

The Community Foundation of the Valleys has established a fundraising platform to collect donations for local nonprofits responding to the COVID-19 outbreak.

AROUND THE VALLEYS

AROUND THE VALLEYS

Survival Tactics for Social Services

National Guard replaces volunteers at food banks.

Food banks respond to volunteer shortage due to the coronavirus outbreak.

Kaiser, Dignity Make Surge Hospital

Former St. Vincent facility to house virus patients.

Gov. Gavin Newsom, with the help of Los Angeles County and health care systems Kaiser Permanente and Dignity Health look to ease capacity concerns

East Valley Surprise

REDEVELOPMENT: Sylmar and Pacoima become the go-to markets for fill-ins.

Historically, Sylmar has not figured at the top of hot real estate markets in the San Fernando Valley.

Hourly Cut For Nurses

Student requirements waived for graduation.

Nursing students in California will have their clinical hours requirement waived

Doctors Search for Protective Gear

Collaborations, fundraisers for scarce medical supplies.

Doctors and companies are doing all they can to bring personal protective gear to hospitals.

Multifamily Owners Confused by CARES Act

Apartment landlords sift through $2 trillion law to try to stay afloat.

While politicians talk about emergency aid for renters during the coronavirus crisis, what about the owners of the apartment complexes where they live?

Sweet Future

DEVELOPMENT: Limoneira has plans beyond the crisis for its big housing project in Santa Paula.

Limoneira Co. has plans for its big housing project in Santa Paula.

Salem Media Left Out of Political Ad Spending

BROADCASTING: Democrats not attracted to company’s conservative stations.

Political ad spending minimal for Salem Media.

New Relevance for PR Firms During Virus Crisis

LIST: Communications professionals get creative in styling clients’ messages.

For Valley region public relations professional, it’s a time of caution about how much work they will be able to perform for their clients.

Impact on Industrial

REAL ESTATE: Manufacturing could rebound and e-commerce expand; meanwhile, deals dry up.

Industrial property transactions dry up as coronavirus pandemic continues.

Mann Foundation Wins Patent Case

Court delivers $268 million award in international dispute.

Mann Foundation wins patent case – and a $268 million award.

Valley’s ‘Towel and Tissue King’ on Roll

Revenue rises 30 percent from high demand during outbreak.

Royalty Distributions’ “Towel and Tissue King” on a roll as coronavirus outbreak gives business a boost.

VALLEY INSIDER

A Fast Repurchase Plan

LTC Properties Inc. reverses direction on share repurchase program.

City Backs Off Hiring Rewrite

REGULATION: Businesses oppose emergency job legislation.

Businesses oppose emergency legislation on rehiring laid off workers once coronavirus pandemic settles down.

Work@Home Experiment

New routines as health crisis shuts down offices and factories.

Work from home arrangement brings new routines as health crisis shuts down offices and factories.

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Friday, April 10

Preview: Coping Strategies Special Report

How Valley industries adapt to virus.

Preview: Work@Home Experiment

New routines as health crisis shuts down offices and factories.

Qualstar Decides to Delist From Nasdaq

Qualstar Corp. announced Thursday it will voluntarily delist from the Nasdaq and suspend its public reporting obligations.

Blumenfield Grants $10,000 to Four Valley Nonprofits

L.A. City Council member Bob Blumenfield has announced emergency grants of $10,000 for four nonprofits fighting COVID-19 in the West San Fernando Valley.

North Hills Motel 6 Sells for $9 Million During Pandemic

The Motel 6 in North Hills has sold for $9 million in a transaction that opened and closed during the coronavirus pandemic.

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Thursday, April 9

Camarillo Strip Mall Sells for $4.8 Million

An 8,000-square-foot retail center in Camarillo has sold for $4.8 million, according to brokerage NAI Capital.

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Interlink Electronics Signs New European Distributor

Interlink Electronics Inc. announced Thursday a deal with Retronic as its new European resale partner.

Kaiser Permanente Closes Valley Facilities to Limit Virus Exposure

During the COVID-19 outbreak, Kaiser Permanente has temporarily closed select medical offices while others will limit services in an effort to control exposure to the virus.

Disney+ Reaches 50 Million Paid Subscribers

Walt Disney Co. in Burbank on Wednesday said that its Disney+ streaming service had signe up 50 million paid subscribers globally.

Wednesday, April 8

Burbank Airport Closes One Terminal

Hollywood Burbank Airport will close one of its two terminals on Friday as passengers have dwindled because of the coronavirus outbreak.

Two Die Amid COVID-19 Outbreak at MPTF

Two residents at the Motion Picture and Television Fund’s retirement campus in Woodland Hills have died after testing positive for COVID-19, the chief executive confirmed Wednesday.

Mayor Orders Big Businesses to Pay Sick Leave

Mayor Eric Garcetti late Tuesday issued an emergency order that makes some companies pay sick leave to employees, effectively suspending a similar but more stringent ordinance approved by the Los Angeles City Council on March 27. Several business organizations lobbied to change the City Council’s version.

Mayor Orders Face Masks for Employees and Customers

Los Angeles Mayor Eric Garcetti on Tuesday issued an emergency order requiring essential service workers to wear face coverings, as well as customers shopping at essential businesses such as grocery stores.

Tuesday, April 7

AeroVironment Lands $10.7 Million Drone Contract

AeroVironment Inc. has landed a $10.7 million contract for its Puma 3 drones from the U.S. Navy and Marine Corps.

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Ventura County Office Building Sold for $2.1 Million

A 15,800-square-foot office building in Ventura County has sold for nearly $2.1 million.

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Ontic Secures License for Honeywell Airplane Wipers

Chatsworth-based aerospace manufacturer Ontic has signed a licensing deal with Honeywell to assemble and sell the company’s legacy aircraft windshield wipers.

Monday, April 6

PCF Insurance in Woodland Hills Acquired

PCF Insurance Services in Woodland Hills has been acquired by HGGC, a middle-market private equity firm in Palo Alto.

L.A. County Offers $10,000 Business Grants

To help businesses during the coronavirus pandemic, Los Angeles County on Monday announced it will launch a $500,000 fund for grants to companies with two to 50 full-time employees.

Free Speech Coalition Debuts New Logo

The Free Speech Coalition has rebranded itself and debuted a new logo.

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Circle K Location in Valencia Sells for $4 Million

Fountainhead Development of Newport Beach has sold a retail building for single-tenant Circle K convenience store and gas station in Valencia for $4 million.

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Friday, April 3

Thousand Oaks Office Campus Sells For $22 Million

A 158,885-square-foot office campus at 225 W. Hillcrest Drive in Thousand Oaks has sold for $21.6 million, according to brokerage Newmark Knight Frank.

Simulations Plus Acquires French Software Firm

Simulations Plus has acquired French medical software company Lixoft, further expanding its drug simulation capabilities and broadening its presence in Europe.

Disney to Furlough Non-Essential Employees

Walt Disney Co. will begin furloughing all non-essential employees at its U.S. operations beginning April 19.

Thursday, April 2

Amgen Partnership to Pursue Coronavirus Treatment

Amgen Inc. and Seattle-based Adaptive Biotechnologies on Thursday announced a strategic partnership to discover and develop a treatment for COVID-19.

Economists Forecast 20 Percent GDP Plunge

The economy is darkening rapidly, and on Thursday local experts said they now believe GDP will nosedive more than 20 percent in the second quarter.

Tot Squad Sells Baby Equipment Cleaning Business

Infant services platform Tot Squad in Sherman Oaks has sold its baby equipment cleaning business to BabyQuip, a rental service for baby gear based in the Bay Area.

LTC Properties Divests $78 Million Portfolio

LTC Properties Inc. has sold its Preferred Care portfolio for $78 million, according to a statement from the senior housing real estate investment trust.

Wednesday, April 1

Dianne McKay Takes Full Ownership of Mustang Marketing

Dianne McKay has assumed full ownership of Mustang Marketing effective Wednesday, as the company’s founder Scott Harris has retired to South Carolina.

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Marcus & Millichap Acquires Metropolitan Capital Advisors

Marcus & Millichap Inc. has acquired Metropolitan Capital Advisors, a commercial real estate finance intermediary in Dallas.

Amgen Buys Out Joint Venture to Establish Japanese Subsidiary

Amgen Inc. has purchased 49 percent of shares for Amgen Astellas BioPharma, the result of a 2013 joint venture between Japanese company Astellas Pharma and the Thousand Oaks biotech giant. Financial terms of buyout were not disclosed.