Stories for January 2020
Friday, January 31
Scott Road Terrace Apartments, a 33-unit multifamily property in Burbank, sold for $10.9 million, according to brokerage Marcus & Millichap Inc. in Calabasas.
Westlake Village-based Arcutis Biotherapeutics debuted on the Nasdaq Friday with its shares gaining more than 28 percent on its first day of trading.
Thursday, January 30
Amgen Inc. announced fourth-quarter results that beat Wall Street expectations.
A portfolio of three industrial buildings in Van Nuys and Santa Clarita totaling 91,248 square feet has sold for $15.3 million.
Wednesday, January 29
Cedars-Sinai Medical Center will unveil what it is calling its flagship medical offices in the San Fernando Valley this evening, with media tours and remarks from executives.
Mission Valley Bancorp on Wednesday reported a down fourth quarter but positive full-year results that set an earnings record.
Longtime civic leader Steve Nissen has announced he will retire at the end of January as senior vice president of legal and government affairs for NBCUniversal.
Avery Dennison Corp. beat Wall Street estimates on adjusted earnings for the fourth quarter but just missed on revenue. Its stock surged.
Tuesday, January 28
El Segundo-based Paragon Commercial Group has sold more than $100 million worth of retail redevelopment sites in California.
Newmark Knight Frank has completed the $10.5 million sale of a 22,237-square-foot industrial property in the Northridge Business Centre at 19851–19853 Nordhoff St. in Northridge.
Valley Presbyterian Hospital in Van Nuys is one of the first health centers to connect to CommonWell Health Alliance, a real-time data sharing service through Meditech.
Monday, January 27
Hong Kong Disneyland on Sunday closed because of the Coronavirus, making it the second Disney park to close after Shanghai Disneyland on Saturday.
Kobe Bryant, the former Los Angeles Lakers basketball star, was killed Sunday in a helicopter crash in Calabasas.
Kaiser Permanente Woodland Hills Medical Center on Sunday resumed full operation following the repair of a water main break incurred the previous weekend.
Asgn Inc. in Calabasas announced the acquisition of Blackstone Federal, a subsidiary of Blackstone Technology Group that does contract work for the Department of Homeland Security.
Friday, January 24
Arcutis Biotherapeutics, a Westlake Village biopharmaceutical company specializing in topical treatments for psoriasis, has proposed terms for its plan to go public.
Home goods retailer Bed Bath & Beyond has released a list of 40 store locations across the country that “have already closed or will close in 2020.” The good news for the Valley area: the list includes no local stores other than already-shuttered outlets at 19211 Golden Valley Road in Santa Clarita and 17401 Ventura Blvd. in Encino.
Reveleer, a cloud-based medical data platform in Glendale, this week announced $6 million in Series C financing.
AeroVironment Inc. has named Kevin McDonnell as its new chief financial officer effective Feb. 10.
Kaiser Permanente Woodland Hills Medical Center, having virtually shut down this week, announced Friday that it expects to reopen on Sunday.
Thursday, January 23
A private investor has acquired the Doran Lofts apartments in Glendale for $12.6 million.
Walt Disney Co. in Burbank sold game developer FoxNext Games to Culver City-based mobile game publisher Scopely Inc. for an undisclosed sum.
Teledyne Technologies Inc. beat Wall Street estimates on earnings and revenue for the fourth quarter.
Wednesday, January 22
Champion Real Estate Co. has acquired Valleywood Apartments, a 42-unit multifamily property in Northridge, for $14.9 million.
Illumination Dynamics has completed a move to its new headquarters, the first building at the Needham Ranch complex in Santa Clarita.
Kaiser Permanente Woodland Hills Medical Center late Tuesday closed its urgent care services and its emergency department.
LTC Properties in Westlake Village has invested $33 million in out-of-state acquisitions.
Tuesday, January 21
Accounting software developer FloQast has raised $40 million in a series C funding round.
Following a water main break, Kaiser Permanente Medical Center in Woodland Hills has canceled surgeries and doctors’ appointments.
AMS Fulfillment Holdings has acquired EchoData Group, a fulfillment services company with operations on the East Coast. Financial terms of the transaction were not disclosed.
College savings app U-Nest has announced an investment of $3.5 million from Northwestern Mutual Future Ventures.
Monday, January 20
An apartment complex with eight units in North Hollywood has sold for $2.3 million to an undisclosed buyer.
PS Business Parks Inc. has purchased two business parks and sold one single-tenant office building.
Pier 1 Imports stores in Northridge and Thousand Oaks are among the 450 across the country that will close in the coming months.
Two-story lobby renovated at Woodland Hills office tower.
Since New Year’s Day, Douglas Emmett Inc., the Santa Monica-based owner of Warner Center Towers, has undertaken a renovation of the lower and mezzanine lobbies at 21550 Oxnard St. in Woodland Hills.
Sylmar organization thinks deal will give animals more job options
Two service-dog nonprofits – Guide Dogs of America in Sylmar and Tender Loving Canines Assistance Dogs in San Diego – have announced a merger, effective in early January.
Class members pen chapters on organizational challenges.
A group of graduate students in the San Fernando Valley have written a book titled “People Practics: 17 Practical Tactics for Business & Nonprofit Success.”
DEVELOPMENT: Vacant former Sears store will become a restaurant and entertainment destination.
Unibail-Rodamco-Westfield has decided to transform the former Sears building at its Westfield Topanga & The Village shopping center in Woodland Hills into a dining and entertainment district.
TECHNOLOGY: Purchase provides ‘complete set’ in data storage segment.
Teledyne Technologies Inc. got the new year off to a familiar start – by making an acquisition.
BROKERAGE: From NAI Capital to his own firm, Yair Haimoff has become a force in industrial real estate.
Amid the many success stories in the Valley region’s real estate industry the career trajectory of Yair Haimoff stands out.
Light railcar manufacturer Kinkisharyo International LLC laid off more than 100 employees at its Palmdale plant last year and job cuts are expected to continue in 2020.
$222 billion proposal focuses on affordable prescriptions.
Gov. Gavin Newsom, as part of the state’s $222 billion budget, is proposing a generic drug program called CalRx to help lower drug costs for Californians.
Second Sight, Medtronic pushed to end assessment.
The U.S. Senate last month passed bipartisan legislation to repeal a medical device excise tax, which would have impacted device developers and manufacturers across the country, including some big players in the San Fernando Valley.
Dyve takes on former Pfizer manager to lead scientific team.
A small pharmaceutical company in Thousand Oaks, Dyve Biosciences, has brought on a longtime Pfizer executive and co-inventor of the drug Zoloft, Dr. Chuck Harbert, to be its chief scientific officer.
Chief executive responds to analyst’s gloomy assessment.
Sherman Oaks apparel licensing company Apex Global Brands may not live to see 2021, according to business analysis site Seeking Alpha. But Chief Executive Henry Stupp sees better times in 2020.
Shopping centers get creative as department stores close.
While the stock market had a banner year in 2019, not every company enjoyed robust gains.
Acquisition will enable cloud-based moviemaking
Entertainment Partners has acquired SyncOnSet Technologies, creator of collaboration and productivity tools for the entertainment production community.
After Disney’s big year, other studios have opportunity.
The coming year will be an interesting one for Hollywood, according to one industry insider.
Distributor puts Comedy Dynamics on platforms.
Entertainment content distributor Cinedigm Corp. has inked several new deals, including one for eight of its networks with a global streaming service.
Johnson Fain party features a who’s who of L.A. realty.
Holiday spirits ran high and flowed at Johnson Fain in downtown Los Angeles’ Chinatown, where such commercial real estate heavyweights as John Cushman, founder of Cushman & Wakefield; his colleague, Bob Ortiz; Stuart Morkun, who heads up the Los Angeles office of Mitsui Fudosan America; and Wayne Ratkovich of the Ratkovich Co. intersected at the architecture studio’s annual holiday bash.
Groundbreaking launches work on Burbank offices.
The Governor of California, the world’s most famous living architect and a new studio head all gathered in Burbank Jan. 14 to officially kick off a groundbreaking for Warner Bros. Entertainment’s Second Century Project, a reconfiguration of its studio real estate.
Tarzana firm realizes 37 percent gain in five years.
Tarzana real estate investment and management firm Gelt Inc. has sold its 16-building multifamily property Monterra Ridge Apartments in Santa Clarita for $62.5 million, according to the company.
Calabasas developer has one answer for the future of shopping centers.
Paul Griffin III, a fifth-generation homebuilder and chief executive of assisted living facility developer Griffin Living, has a more inclusive approach to senior housing development.
Developers are working to emphasize the industrial value of the Valley’s northwest corner.
Entering a new decade in the 21st century, Chatsworth has come a long way from its punchline reputation in the 1980s as the capital of the porn industry.
Adler to put 12 buildings plus hotel and housing in Woodland Hills.
There’s a dozen new reasons to embrace Woodland Hills’ office sector, according to brokers and city staff familiar with the submarket.
BIOTECH: Supplier of biologic material sold for $380 million.
Following its $380 million acquisition of Northridge’s HemaCare last month, Charles River Laboratories has decided to keep former chief executive Pete van der Wal as general manager of the Southern California operation.
AUTOMOTIVE: Club meetings, museum to attract car fans.
Galpin Motors is transforming a former Saturn dealership in Santa Clarita into a new store to sell Porsches.
PAGA Hurt Us – And Our Workers
As the cost of living continues to skyrocket in California, working schedules are busier than ever.
Tourists Could Visit Us. No, Really.
Here’s one oddity about the San Fernando Valley: There’s a bounty of cool stuff to do and see and experience. Yet a tourism industry is next to nonexistent.
Team DeGrinis Relocates
Team DeGrinis – consisting of Newmark Knight Frank industrial real estate brokers John DeGrinis, Patrick DuRoss and Jeff Abraham – will move into new offices at 24025 Park Sorrento in Calabasas on Jan. 21 after spending a year at temporary space in Warner Center.
Friday, January 17
Calabasas-based Arcoro, a human resources management company, on Thursday announced it has formed a partnership with construction management software company Procore.
On-location filming dropped last year compared to the prior year, despite increases in television comedies and web-based content.
Velocity Financial Inc. in Westlake Village went public on the New York Stock Exchange.
Thursday, January 16
Viking Cruises officially unveiled its “Expeditions” division and named two new ships at an event at the Beverly Hilton hotel in Beverly Hills.
GreenPark Sports in Calabasas has signed a partnership with League of Legends Championship Series, a professional “League of Legends” organization.
Tarzana investment and property management firm Gelt Inc. has significantly expanded its Denver region apartment portfolio by 472 units by paying nearly $146 million the Kallisto at Bear Creek complex.
Wednesday, January 15
The city of Los Angeles has acquired a flex complex in Sylmar for $28 million.
While economic growth in the San Fernando Valley is facing a slowdown, growth of 3.4 percent for this year would still outpace the state and nation.
The Governor of California, the world’s most famous living architect and the new chief of Warner Bros. Studios gathered in Burbank on Tuesday for the groundbreaking of Warner Bros. office complex.
H2scan, a Valencia-based maker of hydrogen sensors, has announced a $13.5 million capital raise from two financers.
Tuesday, January 14
Burbank’s Entertainment Partners, a payroll and software company for the entertainment industry, announced Tuesday that it has acquired SyncOnSet Technologies, another film software company based in Culver City.
Jet Edge International announced it has acquired Columbus, Ohio-based JetSelect Aviation.
A pair of research-and-development flex buildings in Burbank have sold for $16.5 million.
Monday, January 13
Five Point Holdings has sold the first 781 homesites at its new Valencia community formerly known as Newhall Ranch, the company said Monday.
Amgen Inc. on Monday announced it will collaborate with Guardant Health Inc. and Qiagen N.V. to further its research on AMG 510, a pipeline drug designed to treat metastatic lung cancer.
The Center for Biological Diversity has filed a lawsuit against Tejon Ranch Co. and Kern County over the County Board of Supervisors’ re-approval of Grapevine at Tejon Ranch, a master planned residential community.
Friday, January 10
The Atlas Hospitality Group 2019 Year-End California Hotel Development Survey found last year set a new record for the number of California hotel rooms opened.
Bold Screen Media in Thousand Oaks has launched BestSelf TV, an app for women’s lifestyle content available on the Roku platform.
Jant Pharmacal Corp. has won a contract with health care performance improvement company Vizient Inc., starting Feb. 1.
Thursday, January 9
A New York electronics distributor has acquired Whitmor/Wirenetics, a provider of high-performance wire, cable and tubing in Valencia.
A 10-unit multifamily property in the Toluca Lake submarket has sold for $3.6 million, nearly half a million dollars above its listed price, according to Lee & Associates-LA North/Ventura.
Platinum Equity has closed its acquisition of Wesco Aircraft Holdings Inc. in a deal valued at $1.9 billion.
Wednesday, January 8
A delivery service capitalizing on the growing e-commerce environment has signed on for a larger space at San Fernando Business Center, a 33-acre industrial business park in the city of San Fernando.
Two service-dog nonprofits — Guide Dogs of America in Sylmar and Tender Loving Canines Assistance Dogs in San Diego — have announced a merger, effective immediately.
A fairly low-profile pharmaceutical company in Thousand Oaks has brought on a longtime Pfizer executive and co-inventor of the drug Zoloft to be in a management position.
Tuesday, January 7
Unibail-Rodamco-Westfield announced Tuesday that it will transform a former Sears building into a new dining and entertainment district at its Westfield Topanga & The Village shopping center in Woodland Hills.
The U.S. Patent and Trademark Office on Tuesday issued a patent to Endonovo Therapeutics for usage of its SofPulse technology in stroke victims.
A private owner/user has purchased a music studio in Burbank for $3.35 million.
Monday, January 6
“Aah’s! The Ultimate Gift Store” closed its Encino location Sunday after eight years at 15960 Ventura Blvd.
A subsidiary of Teledyne Technologies Inc. has acquired software and hardware developer OakGate Technologies Inc.
A New Jersey alternate lender has acquired the merchant portfolio of Infinity Capital Funding, a San Fernando Valley firm providing loans and cash advances to small businesses.
Bat maker’s story-based marketing seeks to broaden brand’s appeal.
In late November, 14 of the baseball world’s most popular bloggers and social media personalities convened at Easton Diamond Sports’ headquarters facility in Thousand Oaks
I’ve asked a dozen or so business operators in recent months if they’ve created lactation rooms yet.
Loomly reports triple-digit growth with remote workers.
Marketing collaboration software developer Loomly finished up last year with triple-digit growth and revenue surpassing $2 million.
LIST: Property managers say sentiment is shifting away from malls.
In the property management business, industrial real estate is the most reliable and profitable in the San Fernando Valley.
Glendale store sells only top-rated goods.
Amazon.com Inc. has opened the first Southern California location of its Amazon 4-Star retail concept in the Caruso-built Americana at Brand shopping center in Glendale.
LIST: My Gym stores come in three models, based on investment and location.
In the early 1990s, when he was considering starting to franchise locations of his children’s fitness center My Gym, Corey Bertisch was surprised at the number of people who wanted to get involved.
Celebrity-favorite brand sells to department stores.
Women’s clothing brand Naked Wardrobe, based in Northridge, is enjoying a strong start to the year
Sushi spot serves $100-a-plate meals in 900 square feet.
When it comes to commercial real estate, Encino has an idiosyncratic energy. There’s the mini-Caruso entity called Encino Marketplace. There’s the unrelated Encino Place, a retail center which actually borders Sherman Oaks at Ventura Boulevard and Woodley Avenue.
Dine Brands enters fast casual sector with familiar menu.
Glendale restaurant operator Dine Brands Global Inc. announced last month a new fast-casual concept called Flip’d by IHOP, slated to launch in the spring of 2020.
Panorama City mental health workers set up picket line.
Mental health workers on Dec. 16 set up a picket line outside Kaiser Permanente’s Panorama City Medical Center to strike against inadequate staffing numbers, as well as poor retirement and health benefits.
Local presence at SoCalBio conference about digital health.
SoCalBio’s Digital Health Conference hosted biotech companies and venture capital firms from around the globe
Home prices range from $1.1 million to $1.3 million.
Landsea Homes’ newest community, Crestley at Deerlake Ranch in Chatsworth, officially opened to the public Dec. 21 with the rollout of three single-family homes — each representing one of the three floorplan models available for purchase as well as the three architectural styles offered: Spanish, Farmhouse and Arts & Crafts.
Electronic medical record business hit by malware.
Agoura Hills electronic medical record company Casamba was the target of a malware attack in November, affecting its home health and hospice products.
RELOCATION: PCL Construction tackles high-profile projects including one close to home — its new corporate headquarters.
PCL Construction Services Inc.’s list of completed projects range from the Banc of California Stadium soccer stadium in L.A.’s Exposition Park to renovations at Los Angeles International Airport.
LAW: New definition of independent contractors has a multitude of rules for specialized occupations.
Before Gov. Gavin Newsom signed Assembly Bill 5 – the new law that redefines who is an independent contractor – lobbyists for a variety of industries secured exemptions to the rules.
REAL ESTATE: Biotech and defense companies move into Ventura County.
If you’re looking for a biotech or defense-related research cluster, the Conejo Valley and Antelope Valley jump to mind. Both Thousand Oaks and subsets Westlake Village and Newbury Park are home to innovators in the biotech field, including Amgen Inc., MannKind Corp. and Atara Biotherapeutics. The Antelope Valley has Lockheed Martin Corp.’s Skunk Works and Northrop Grumman Corp.
BIOTECH: Revenues from Afrezza jump 46 percent year-over-year.
MannKind Corp. achieved noteworthy progress for international sales of its inhalable insulin Afrezza
CONSTRUCTION: A cluster of biotech startups has created demand for R&D facilities in the Conejo Valley.
T he growing number of emerging biotech companies in the Conejo Valley has created the need for wet laboratory space in the local real estate market.
Citrus company to promote entrepreneurship program.
Limoneira Co. has signed up as a promotional partner for Lemonade Day
News and notes from the greater San Fernando Valley
News and notes from the greater San Fernando Valley
VICA LOCAL UPDATE The Business Perspective on Valley Issues
Few people would accuse me of being sentimental, but if there’s ever a time for it, it’s the first week of January.
Bryant Riley on Board
Bryant Riley, chairman of B. Riley Financial Inc. in Woodland Hills, has joined the board of Select Interior Concepts Inc.
MANUFACTURING: Burbank site renovated to augment research.
PPG Industries Inc. last month completed upgrades at its aerospace research and technology center in Burbank.
Bar to reopen and expand with new location after shooting tragedy
The owners of Borderline Bar & Grill in Thousand Oaks have announced they will reopen the bar this year — and even expand with a second location.
New tenants buoy occupancy in Tri-City’s office sector.
Only two years ago, Nestlé USA announced that it would leave its longtime base at 800 N. Brand Ave. in Glendale for Rosslyn, Va., taking with it a chunk of its 1,200 employees and vacating some 375,000 square feet of office space.
Technology presents challenges and opportunities for professionals in the financial services sector.
Despite its buttoned-down image, the financial services industry has entered a period of turmoil caused by new technology, consumer expectations and consolidation in addition to regular capital market volatility.
INVESTMENTS: Election year, volatility pose challenges that technology can’t address.
In 2020, Christopher Lamia expects volatility in capital markets, which will directly impact his business as a financial advisor.
CREDIT: Valley’s commercial bankers expect volatility, competition, consolidation.
Several local bankers say middle market business banks in the San Fernando Valley will face pressure in 2020 from fluctuating interest rates and a highly competitive landscape marked by a robust nonbank market.
Most CFOs live in fear of investigators’ findings.
FloQast, the Van Nuys accounting software developer, released the results of a survey last month that showed audits are becoming more costly and burdensome for companies of all sizes.
MyProtectionHero has insurance, management articles.
A team of entrepreneurs has created a new website to provide information to employees about worker benefits.
Friday, January 3
Tarzana real estate investment and management firm Gelt Inc. has sold Monterra Ridge Apartments in Santa Clarita for $62.5 million.
A massive Pavilions supermarket has been confirmed for development on Ventura Boulevard in Sherman Oaks.
A Newport Beach investment holding company plans to acquire two securities broker dealer firms in the San Fernando Valley.
Thursday, January 2
Dole Packaged Foods in Westlake Village announced that its 2020 Rose Parade float “Sunshine for All” won the Queen award in this year’s parade.
In an emergency ordinance intended to protect public health, Moorpark City Council unanimously approved a temporary ban on the cultivation, manufacturing, storage and processing of industrial hemp, essentially banning pot shops and any development or planting of hemp within the city limits.
After months of negotiations, health insurance company Cigna announced its contract with Dignity Health ended Jan. 1.