Stories for February 2017

Tuesday, February 28

Glendale Credit Union Completes Merger

California Credit Union will merge effective Wednesday with North Island Credit Union to serve Los Angeles and San Diego counties.

B. Riley Refinances Gibson Brands Debt

Investment bank B. Riley & Co., a subsidiary of B. Riley Financial Inc. of Woodland Hills, on Tuesday announced the closing of a refinancing transaction for Gibson Brands Inc.

Monday, February 27

Calabasas Firm Contributes to Singing App

Music technology developer Zya Inc. has partnered with the company that invented the ringback tone to power a new mobile app.

Moorpark Warehouse Sold for $22.8 Million

Real estate investment bank Continental Partners has secured financing for the $22.8 million purchase of an industrial building in Moorpark.

Friday, February 24

BlackLine Shows Growth in Quarterly Report Debut

BlackLine Inc. generated revenues of nearly $124 million in 2016, the company announced Friday in its first quarterly and full-year report as a public company.

American Homes Rises on Better-Than-Expected Quarter

American Homes 4 Rent, the nation’s largest single-family home landlord, posted earnings that far outpaced Wall Street expectations.

Van Nuys Apartment Complex Sold for $5 Million

An 18-unit apartment complex in Van Nuys has traded hands for $5 million, according to brokerage Marcus & Millichap.

Thursday, February 23

Children's Hospital to Take Nestle Space

Children's Hospital Los Angeles has agreed to lease a portion of Nestle USA’s former office space in Glendale, where the food company is the majority tenant, the health care provider confirmed in an email to the Business Journal.

Public Storage Reports Solid Quarter, Adds Board Member

Public Storage, the Glendale self-storage-focused real estate investment trust, reported earnings, a quarterly dividend and a new board member in its most recent financials report.

Tutor Perini Falls Short of Revenue Estimate

Sylmar construction firm Tutor Perini Corp. (TPC) met analyst expectations on quarterly and full-year earnings but had mixed results on revenues.

LTC Beats Estimates

Earnings and revenue for health care facility landlord LTC Properties Inc. exceeded Wall Street expectations for the fourth quarter and the full year.

Wednesday, February 22

Cheesecake Reports Rising Sales

The Cheesecake Factory Inc. reported its 28th straight quarter of increasing comparable sales data on Wednesday.

Tutor Perini to Build Saudi Air Base

Tutor Perini Corp. has won an $80 million design-build contract from the U.S. Air Force to design and construct facilities for the Royal Saudi Air Force.

PS Business Parks Reports Strong Quarter

Glendale real estate investment trust PS Business Parks Inc. outperformed Wall Street’s estimates on quarterly and yearly earnings.

AwesomenessTV CEO Steps Down

Brian Robbins is stepping down as chief executive of AwesomenessTV, the multi-channel media company that is part of Glendale-based DreamWorks Animation, according to media reports.

Tuesday, February 21

B. Riley in $160 Million Merger

B. Riley Financial announced Tuesday it will merge with FBR & Co in a $160 million transaction.

Cherokee Names New Board Members

Cherokee Inc. has named two retail industry executives to its board of directors, the Sherman Oaks brand management firm announced on Tuesday.

MannKind Gains $16.7 Million From Building Sale

MannKind Corp. on Tuesday announced it has received the remaining $16.7 million after closing the sale of some of its former real estate at 28901-28903 N. Avenue Paine in Valencia.

Crednology Company Signs E-Waste Contract

A subsidiary of Crednology Holding Corp. entered into an agreement with a Conejo Valley school district to provide e-waste collection services.

Monday, February 20

Cast & Crew Expand Burbank Footprint

Cast & Crew Entertainment Services has leased an additional 20,000 square feet at its Burbank headquarters, according to commercial real estate firm Savills Studley.

Wilk Sponsors Bill to Combine Water Agencies

State Senator Scott Wilk has introduced legislation to consolidate the two water agencies serving the Santa Clarita Valley.

Oxnard Apartment Complex Sold for $22 Million

An Oxnard apartment complex on Channel Island Harbor has sold for more than $22 million, according to CoStar Group Inc.

SPECIAL REPORT: For Biotechs, Counsel From Startup to Acquisition

Brent Reinke helps life science startups.

Big Boutique

Ikea’s huge new Burbank location features a children’s playground and a 600-seat restaurant — plus plenty of furniture and housewares.

Burbank benefits from U.S.’s largest Ikea.

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SPECIAL REPORT: The Straight Dope About Drugs and Sports Law

Howard Jacobs handles anti-doping lawsuits for athletes.

SPECIAL REPORT: Horse Trade Still Prospers in Suburban Valleys

Michelle MacDonald horses around with equine law.

SPECIAL REPORT: Curious Practices

For attorneys, uncommon expertise attracts clients. These Valley lawyers help startups file for a patent, athletes charged with doping or horse owners facing accident liability.

The Valley economy is growing niche practice areas.

Latino Showman

Lenard Liberman says Hispanic television must evolve with the audience, a strategy he implements in his Burbank studio.

Lenard Liberman offers an inside view of Hispanic TV.

ApolloMed Upgrades Web Connection to Patients

TECHNOLOGY: Platform puts doctors in touch with data, hospitals, other providers.

Apollo Medical Holdings Inc. in Glendale has launched its latest version of its interactive software, Apollo Care Connect 4.0, which sent its stock up 24 percent following the announcement.

Nestle Exits Glendale, Offers Staff Menu of Options

RELOCATION: Employees can take local job, severance or move to Virginia.

Nestle USA will move its corporate headquarters from Glendale to Arlington County, Va., affecting 1,200 jobs and cutting the last of the food giant’s ties with the San Fernando Valley.

Oasis Software Provides Answer to Ransomware

SECURITY: Titan program stops hacker encryption to foil extortion schemes.

Oasis Technology has added a new feature to its Titan security software to prevent ransomware attacks.

MannKind Contemplates Reverse Stock Split

BIOTECH: Chief executive hopes new sales strategy will lift share price.

MannKind formulates strategies to reverse stock price decline.

Confluence in Santa Clarita

UTILITIES: With backing from business groups, water districts plan merger to reduce costs.

Reducing redundancies is one reason business groups support merging two Santa Clarita water districts.

The Number

Did the Aliso Canyon gas leak dent housing prices? Apparently not.

KCSN Airs Advice for Showbiz Jobs

Radio program pairs hopeful students with Hollywood mentors.

Radio station turns the mike on Hollywood success stories.

Site Seeking Donors for Debt Relief

Students can harness social media to pay down school loans.

Crowdfunding students pay down debt with new website.

Prop Store Grows from Auction Sales

Movie memorabilia craze sparks expansion into Santa Clarita.

Prop Store LA expands to Santa Clarita Valley.

Hospitals Move To Main Street

REAL ESTATE: Health providers find retail space lures patients.

Large health care organizations take retail and office space.

Blow a Tune on That Gold Bar

MUSIC: Phil Sardo has passion for high-end harmonicas.

Making the music of harmonicas in Sherman Oaks.

A Prescription for Prosperity?

Amgen’s surging stock price.

Next Hire: Data Scientist

Businesses would benefit by hiring data scientists.

Sensible Measure S

Measure S has its pros, too.

Calendar

Calendar of events

Around the Valleys

News and notes from the greater San Fernando Valley

Former U.S. congressman and radio personality Joe Walsh has joined Salem Radio Network’s national line-up, Camarillo broadcaster Salem Media Group announced.

Property Swap Brings Gelb to Warner Center

TRANSACTION: Management firm takes office building in 1031 exchange.

Valley real estate veteran Rickey Gelb’s long-time wish has come true: owning a building in Woodland Hills’s prominent Warner Center.

Friday, February 17

DineEquity CEO Resigns

DineEquity Inc. Chief Executive Julia Stewart will step down from her role effective March 1, the Glendale restaurant group announced Friday.

City Files Nuisance Complaint Against Palmdale Inn

The city of Palmdale has filed a nuisance complaint against the Palmdale Inn and its owner, citing health, safety and criminal codes violations at the business.

BYD to Install Streetlights in Lancaster

The Lancaster City Council voted on Tuesday to give a $2.9 million contract to BYD Energy to transition its streetlights to LEDs by the end of the year.

Entertainment Accounting Firms Merge

Bernstein Business Management Group will join Armanino LLP, an independent accounting and business consultancy effective March 1.

Preview: Big Boutique

Assembled furniture enthusiasts, rejoice: As of Feb. 8, the shiny new home of Burbank’s Ikea is officially open for business.

Preview: Hospitals Move to Main Street

Moving clinics off hospital campuses into non-medical locations that are also prominent and convenient is a new strategy for many major health systems.

Thursday, February 16

California Resources Announces Losses, Joint Venture

California Resources Corp. announced fourth-quarter losses that nevertheless beat analyst expectations.

Developer Buys Canoga Park Land for Mixed-Use Project

A 48,000-square-foot plot of land in Canoga Park has sold for about $4 million, or $83.30 a square foot, according to Calabasas commercial real estate brokerage Marcus & Millichap Inc.

Housing Prices Climb, Inventories Drop Across Valleys

Single-family home and condominium prices in the San Fernando and Santa Clarita valleys continued to climb in January compared to a year ago, while for-sale inventories continued to drop, according to the Southland Regional Association of Realtors Inc.

Wednesday, February 15

Amgen Stock Rises on Drug Application

The stock of Amgen Inc. rose more than 2 percent Wednesday following an announcement that the Thousand Oaks biotechnology firm has applied for the Food and Drug Administration’s approval to broaden the range of disease conditions that can be treated with its leukemia drug Blincyto.

Universal Buys into Spielberg’s Amblin

Universal Filmed Entertainment has taken a minority stake in the film and television production company headed up by Steven Spielberg.

Canoga Park Firm Branches into China

US Nuclear Corp. has opened an office in Beijing to better pursue opportunities to sell its air and water monitoring products in that country.

Glendale Official Named to Metro Water Board

Glendale attorney and Councilman Zareh Sinanyan has been appointed to represent the city on the board of the Metropolitan Water District of Southern California.

Tuesday, February 14

Cigna Sues Anthem for Nearly $15 Billion

Health insurer Cigna Corp. on Tuesday announced it had terminated its merger agreement with Anthem Inc. and had filed a lawsuit seeking more than $13 billion in damages from the company.

Cahuenga West Building Sold for $36 Million

The nearly fully occupied Cahuenga West office building in Universal City has sold for about $36 million, or about $350 per square foot, according to sources close to the transaction.

Thousand Oaks Approves Mixed-Use Boulevard Project

A remnant of Thousand Oaks’ past will soon go the way much of its ranching history has – development.

Monday, February 13

Warner Center Portfolio Sells for $236 Million

Oaktree Capital Management LP in Los Angeles has bought five buildings within the Warner Center for about $236 million, according to commercial real estate database CoStar Group Inc.

PSI Expands With Glendale Lease

Professional testing provider PSI Services of Burbank has leased space in Glendale for its new corporate headquarters, according to commercial real estate firm Avison Young.

Valley Studios Win Film Tax Credits

The California Film Commission selected 22 feature films to receive tax credits from the state’s expanded production incentive program.

Friday, February 10

Disney to Acquire Rest of Paris Theme Park

Walt Disney Co. announced Friday plans to acquire the minority portion of its Euro Disney operation that it doesn’t already own.

Century 21 Peak Buys Upland Brokerage

Century 21 Peak, a residential real estate brokerage in Woodland Hills, has bought another real estate brokerage in the Inland Empire, the company announced.

Thursday, February 9

Court Rejects Anthem’s Takeover of Cigna

A federal judge ruled in favor of the Justice Department in a civil antitrust lawsuit to block health insurer Anthem, Inc.’s acquisition of Cigna Corp.

Competitor to Amgen's Repatha Gets Reprieve

Amgen Inc.’s cholesterol drug Repatha will continue to have competition for the time being.

Former Congressman Joins Salem Media

Former U.S. congressman and radio personality Joe Walsh will join Salem Radio Network’s national line-up later this month, Camarillo media broadcaster Salem Media Group has announced.

ApolloMed Launches Patient Platform

Glendale health management company Apollo Medical Holdings Inc. on Thursday announced the launch of its interactive platform Apollo Care Connect 4.0.

Earnings: Capstone, Point.360

Capstone Turbine Corp.’s beat analyst expectations despite a substantial loss.

Wednesday, February 8

Atara Biotherapeutics Coming to Thousand Oaks

Atara Biotherapeutics Inc., a clinical-stage biopharmaceutical company headquartered in South San Francisco, will move its research and development division to Thousand Oaks by the end of the year, according to the Conejo Valley city.

FDA Approves Amgen Parathyroid Drug

Amgen Inc. on Tuesday announced that the U.S. Food and Drug Administration has approved its drug Parsabiv for the treatment of secondary hyperparathyroidism in adult patients with chronic kidney disease on hemodialysis.

IPC Medical Billing Lawsuit Settled

Knoxville-based TeamHealth Holdings has agreed to pay $60 million plus interest to settle a case brought against its subsidiary IPC Healthcare Inc., according to the Department of Justice.

Tuesday, February 7

Disney Beats Estimates on Earnings, Misses on Revenue

Walt Disney Co. beat Wall Street estimates on earnings for the fiscal first quarter but fell short in revenue projections.

Three Warehouses Sell in Valley for More Than $12 Million

Suppliers to the reinvigorated entertainment industry have paid $4.6 million, or $230 a square foot, for a warehouse in Burbank, according to commercial real estate firm Lee & Associates-LA North/Ventura.

Vroozi Names New CEO

Vroozi, a Sherman Oaks developer of cloud-based business-to-business procurement software, has named Gregg Parise as chief executive.

Armen Living Expands to New HQ

Armen Living, a designer and manufacturer of modern furniture, has leased more than 58,000 square feet in Valencia as a new home for its headquarters, according to NAI Capital Inc. in Encino.

Wesco Falls Short in Quarter

Wesco Aircraft Holdings Inc. missed analyst expectations on earnings and revenue for the fiscal first quarter.

Monday, February 6

Avery to Acquire Yongle Tape for $190 Million

Pressure-sensitive materials and label provider Avery Dennison Corp. in Glendale will acquire Chinese specialty tape manufacturer Yongle Tape Co. Ltd., the companies announced on Monday.

Report: Iger May Stay Longer at Disney

Walt Disney Co. Chief Executive Robert Iger may extend his stay as head of the company, according to media reports.

BYD Workers Choose Union Representation

Employees at BYD Motors Inc. in Lancaster voted to recognize the International Association of Sheet Metal, Air, Rail, and Transportation Workers as their representative in negotiations with the company.

Former Wal-Mart Exec Joins Amgen Board

Amgen Inc. on Friday announced it has appointed Charles Holley, the former chief financial officer of Wal-Mart Stores Inc., to its board of directors.

Taitron Declares First Dividend

Taitron Components Inc. will begin issuing this month its first ever dividend for shareholders, the company announced.

Keysight Technologies to Pay $1.6 Billion for Ixia

ACQUISITION: Analyst calls combo of telecom firms ‘a predictable outcome.’

Ixia’s telecom network testing products attracts buyer in Keysight Technologies.

Vintage Salesman

Former finance instructor Randy Lewis learned from his students what they wanted in gently used fashion.

Mix investment banking, apparel and rock music and you get San Fernando’s Throwback Junction.

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Care Career Calls Retirees

HEALTH CARE: The Martins left corporate jobs to open a home companion agency.

America’s aging demographics convinces corporate executives to become business owners.

Mall Enthralls Television Series’ Location Scouts

PRODUCTION: Van Nuys firm sells showrunners on filming in retail settings.

Location service Real to Reel Inc. has discovered a star venue where eager producers want to film.

Blanket Campaign Covers Valley – and Beyond

PHILANTHROPY: Four businesses help with drive to keep homeless warm.

For the fifth year running, local businesswoman Angela Amirkhanian has covered new territory in her quest to spread the love of a warm blanket.

Cheery Traveler

Sepand Samzadeh has lived in four countries and speaks four languages, but he finds music brings out his creativity at Valley Recycling.

Sepand Samzadeh’s creative and musical influence on Valley Recycling.

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Stop the Housing Ban in L.A.

Next month’s vote – to build more housing or curtail it?

Calendar

Calendar of events

Around the Valleys

News and notes from the greater San Fernando Valley

Salem Media Group in Camarillo has announced the acquisition of ChristianConcertAlerts.com, an internet resource for news and events about Christian music artists.

SPECIAL REPORT: Main events in Valley submarkets in the fourth quarter.

Is your area trending up or down?

Vacancy Falls, Rates Rise Across Valley Markets

Fourth-quarter market climate and deals across Valley submarkets.

Building Abundance

Times are flush for Valley-region construction firms. But even at the top of the wave, contractors strategize how they can navigate the next market downturn.

L.A.’s building boom is raising revenues but also concerns among Valley contractors.

State Supreme Court Clarifies Worker Break Rules

LITIGATION: After 11 years, Roxborough Pomerance team obtains a decision.

Workers in California must have uninterrupted rest breaks and be relieved of all duties during that time, the California Supreme Court ruled in a 5-2 decision last month.

Brains Meet On Innovative Web Portal

Camarillo firm aims to match corporations with R&D solutions.

Entrepreneur finds an innovative way to connect innovators.

Camper Crew Grows to Fill Big Outdoors

Lance in Lancaster invests $10 million for production plant.

Lancaster camper maker invests in expansion.

Santa Clarita Hosts Dinner Night Club

Impresario behind Canyon Club opens in Valencia Town Center.

Canyon Club owner’s newest stage is Valencia.

Music Gear Trumpeted at Trade Show

Valley manufacturers grab spotlight with product launches.

Local accessory makers tune it up at Anaheim trade show.

Invest to Get Ahead in the Cloud

TECHNOLOGY: Data storage fuels Sada’s 49 percent sales jump.

Sada Systems helps companies move to the cloud.

Nose Surgeons: Breathe Easier

Local surgeon’s new medical device targets nasal and sinus post-surgery issues.

Franchise Rise?

RETAIL: Business model abuzz as economy strengthens.

Local franchisors speculate on positive impacts from the Trump administration.

Don’t Unplug That Self-Checker!

Supermarkets should reconsider scrapping self-checkouts.

Friday, February 3

PennyMac Climbs 11 Percent on Higher Earnings

Stocks rallied more than 11 percent Friday on the fourth-quarter earnings PennyMac Financial Services Inc. reported late Thursday.

Burbank's Media Center North Sells for $23 Million

The 95,000-square-foot Media Center North in Burbank has sold to L.A. developer and investor Goldstein Planting Investments Cos., according to Coldwell Banker Commercial Advisors.

FloQast to Open Ohio Office

Accounting software developer FloQast Inc. is opening a new office near Columbus, Ohio and has appointed an industry veteran to run it.

Germany Approves Second Sight Device

Second Sight Medical Products Inc. announced that the German health care system has approved reimbursement coverage for the Argus II Retinal Prosthesis system in certain hospitals throughout the country.

Preview: Building Abundance

Times are flush for Valley-area contractors, but they face challenges riding the wave.

Preview: Franchise Rise?

RETAIL: Business model abuzz as economy strengthens.

Thursday, February 2

Mission Foods Expands in Van Nuys

Tortilla maker Mission Foods has expanded its presence in Van Nuys by taking an additional 51,000 square feet, according to commercial real estate brokerage NAI Capital.

Economists See Growth Ahead for L.A. County

Ventura County’s economy will grow little in the next year or two, compared to the neighboring L.A. County, and that’s despite positive impacts anticipated to come from the Trump administration, according to experts at the 2017 Entrepreneur Economic Forecast Conference.

Amgen Reports Strong Quarter

Amgen Inc. reported financial results that beat analyst expectations for the fourth quarter.

MannKind Proposes Reverse Stock Split

MannKind Corp. plans a reverse stock split to remain listed on the Nasdaq Stock Market, pending shareholder approval.

Teledyne Rises on Strong Fourth Quarter

Teledyne Technologies Inc. beat Wall Street estimates on earnings and revenue for the fourth quarter.

Wednesday, February 1

Nestle Headquarters Leaving Glendale

Nestle USA will relocate its corporate headquarters from Glendale to Arlington County, Va. later this year, the company announced Wednesday.

Stock Leaps on Avery Dennison Earnings

Avery Dennison Corp.’s stock shot up Wednesday after it reported that it beat Wall Street expectations for the fourth quarter.

Amgen 2017 Tour Pedaling to Santa Clarita

Santa Clarita will witness professional cyclists dash across the finish line this May as the city will host the completion of the fourth stage in the men’s race of the 2017 Amgen Tour of California.