Stories for June 2017

Friday, June 30

Chatsworth Business Park Sold for Nearly 40 Percent Gain

Chatsworth Business Park has sold for more than $29 million, according to real estate database CoStar Group Inc., a hefty bump-up over its prior purchase price.

Amgen Expands Vectibix Label

Amgen Inc.’s metastatic colorectal cancer drug Vectibix won approval for a label expansion from the U.S. Food and Drug Administration, the company announced Thursday.

Provision Signs Ohio Drugstore Deal

Provision Interactive Technologies announced an agreement to install its 3-D kiosks in a chain of discount drugstores in Ohio.

Thursday, June 29

Apollo Medical Losses Widen

Apollo Medical Holdings Inc. reported widening losses despite higher revenue in its most recent fiscal year.

Salem Announces Radio Management Moves

Salem Media Group on Thursday announced that Val Carolin will replace Joey Hudson as general manager of the company’s Greenville, S.C. market. Hudson is leaving the post to assume a new role as general manager of Salem Radio Network’s “The Mike Gallagher Show.”

MannKind Renegotiates Loan Terms

MannKind Corp. on Thursday announced it has agreed to extend the due date of a $10 million loan owed to Deerfield Management Co. from July 2017 to October 2017.

Wednesday, June 28

MannKind Requests Final Loan Payout

MannKind Corporation on Wednesday announced that it has requested a final loan disbursement of $30.1 million from the Mann Group.

Tuesday, June 27

Lamps Plus Launches Canadian Website

Lamps Plus Inc. on Tuesday launched a Canadian version of its ecommerce website, the company’s first dedicated platform for a foreign customer base.

Local Apartments in IMT Portfolio Sale

Sherman Oaks apartment developer and manager IMT Residential has sold off several local apartment complexes as part of an 11-property portfolio, according to CoStar Group Inc.

Cherokee Receives Nasdaq Notice

Cherokee Inc. has received a letter from the Nasdaq Stock Market citing noncompliance because the company did not submit a quarterly report by the required time.

Monday, June 26

Avery’s Buyout of Chinese Firm Completed

Avery Dennison Corp. on Monday completed its acquisition of Yongle Tape Co., a Chinese manufacturer of cable harnessing and insulation tapes for automakers. The transaction had been announced Feb. 6.

Lancaster Gets Charging Stations

Lancaster has paired up with a German company to provide electric vehicle charging stations at the base of five streetlights in the downtown area.

Business Journal Wins Top Honor

The San Fernando Valley Business Journal has won the top award from a national association of business news publications.

CFO Leaving Second Sight

Second Sight Medical Products Inc. on Monday announced that Chief Financial Officer Thomas Miller will resign.

Fined for Wage Violations, Carl’s Jr. Pushes Back

Two local Carl’s Jr.’s restaurants are among seven that have been told by Los Angeles City Attorney Mike Feuer and the city’s Office of Wage Standards that they must pay $1.45 million to the city and restaurant workers for allegedly not paying minimum wage, or face further potential action.

The Number

Ticket sales spike after Valley Performing Arts Center debuts broader-type attractions.

Probations Can Combat Inefficiency

OP-ED: State government would do well to mandate longer probation periods for new employees.

Let’s Party Till (Almost) Dawn

The business behind keeping bars open longer.

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Calendar of Events

Around the Valleys

News and notes from the greater San Fernando Valley

Valley Community Plans Engage Update Process

DEVELOPMENT: Staffers talk to neighborhood council about next 20 years.

The Community Plan update mission is underway for the Canoga Park, Winnetka, Woodland Hills and West Hills neighborhoods.

Nonprofit Takes Fallen Fruit to the Food Bank

LIST: Food Forward, other organizations look to foundations for funding.

Food Forward’s rise thanks to fallen fruit.

Oil Slump Survivor

How Todd Stevens navigated California Resources through a downturn in petroleum prices.

Todd Stevens, chief executive, California Resources Corp., on how he has kept the energy producer afloat – so far – during oil’s slippery slide.

Nestle Injects Fresh Cash in Freshly Food Service

INVESTMENT: $77 million will expand subscription meal firm’s geographic footprint.

Less than a week after announcing plans to restructure its U.S. candy business, Nestle USA made another move that could be interpreted as an attempt to give its brand a more nutritious image.

Cameras Click for Babies in Intensive Care Unit

HOSPITALS: Parents can peek at preemies and bond through online app.

The equivalent of a nanny cam is now available for babies in the neonatal intensive care unit at Glendale Adventist Medical Center.

Cheesecake Joins Club of Slumping Sales Eateries

RESTAURANTS: Shares drop nearly 10 percent after company lowers guidance.

Weather impacts Cheesecake Factory’s sales and share price.

Valley Offices At a Premium

REAL ESTATE: Investors eager to buy buildings with appeal for show business tenants.

Burbank-NoHo media and entertainment companies are driving sky high price gains for investors.

Keeping Cool With Alltemp Refrigerant

EPA mandate prompts switch to eco-friendly air conditioning agent.

Interest rises in Westlake Village business’ eco-friendly coolant after global accord bans standard refrigerant.

Militia Site Grabs Eyes, Advertisers

Resource for vets attracts 1.4 million monthly pageviews.

Jobs website for veterans proves success for founder.

Mayo Maker Finds Savings In Waste Cuts

Earth Island plans to highlight clean appeal in marketing.

Vegan food manufacturer finds savings with zero waste goal.

L.A. Fails at First Wi-Fi Try

TECHNOLOGY: Officials reject proposals for citywide wireless.

L.A. wants omnipresent internet. What’s getting in the way?

Avery Moves Into Medicine

ACQUISITION: Label maker buys wound and skincare company.

Label maker Avery Dennison buys a medical film and adhesive company.

Friday, June 23

PREVIEW: Surviving the Oil Slump

In the fall of 2014, Todd Stevens took on the leadership of oil producer California Resources Corp. after the company was spun off by energy giant Occidental Petroleum Corp. before it left for Texas. But the new company was saddled with $7 billion in debt and saw oil prices chopped in half.

Apartment and Whole Foods Project Gets Capital

A soon-to-be-built apartment and Whole Foods Market complex in North Hollywood’s Arts District has received new equity from an L.A. investment firm.

PREVIEW: Build It and They Will Come

Probiotic supplement maker Natren Inc. broke ground in early June on a 7,000-square-foot addition to its Westlake Village manufacturing facility – even though the company does not yet have the demand to warrant that much space.

MannKind Sees Prescriptions Bump Up

Prescriptions for Valencia biotech MannKind Corp.’s lead product reached over 380, according to contributor Spencer Osborne at Seeking Alpha, a stock market insight website. This was the highest number of prescriptions written for the Mannkind’s inhalable insulin Afrezza, since the company launched its internal marketing department about a year ago.

Thursday, June 22

Burbank’s Alameda Media Center Sold

The seven-story Alameda Media Center office property in Burbank has sold for an undisclosed price, according to Madison Partners.

PennyMac Financial Announces Buyback; Stock Increases

PennyMac Financial Services Inc. late Wednesday announced it was starting a $50 million stock repurchase program, and the stock of the company bounced up on Thursday.

Wednesday, June 21

Conspiracy Charge Hits Palmdale Mayor

Palmdale Mayor Jim Ledford was charged Wednesday by the Los Angeles County District Attorney’s Office with conspiracy, conflict of interest and perjury for allegedly receiving more than $60,000 from local consultants and not disclosing the money on financial statements.

Trial Halted for New Vaccine

ImmunoCellular announced Wednesday that it will suspend the phase 3 trial for a vaccine that was developed to treat a specific fast-growing brain tumor.

Old Ikea Property Changes Hands

The former Ikea property and building in downtown Burbank sold this month for nearly $5.5 million, according to CoStar Group Inc.

FloQast Gets Financial Backing

Accounting software developer FloQast Inc. raised $25 million in a second round of funding and will use the money for expansion to foreign markets and product innovation.

Tuesday, June 20

Nestle Invests in Subscription Meal Service

The U.S. arm of Nestle has acquired a minority stake in Freshly Inc., a subscription meal service startup in New York.

Three NoHo Office Buildings Sell for $32 Million

Three North Hollywood properties have sold for $32 million, according to CoStar Group Inc.

Morton Joins Boys & Girls Clubs Board

The Boys and Girls Clubs of the Greater Conejo Valley has named Alissa Morton to its board of governors.

Monday, June 19

Monster Digital in Reverse Merger

Monster Digital Inc. has signed a letter of intent to do a reverse merger with a North Carolina biotech company, a move that will likely see its core business of action sports cameras spun off or sold.

FDA Considers New Uses for Amgen's Xgeva

Amgen Inc. announced Monday that the U.S. Food and Drug Administration has accepted an application to expand on Xgeva’s indicated uses.

L.A. County Unemployment Falls to Record Low

L.A. County’s unemployment fell to a new record low of 4.4 percent in May amid steady job gains, state figures released Friday show.

Friday, June 16

Whole Foods Proposal Still on Table

As if by premonition, Sherman Oaks Neighborhood Council’s planning committee members asked a Whole Foods Market Inc. representative Thursday night about whether the company planned to be acquired.

Ram Truck Center Breaks Ground

Hunter Dodge Chrysler Jeep Ram broke ground Thursday on its Ram of the West Truck Center at the Lancaster Auto Mall.

Valley Condo Prices Hit Record Highs

Condominiums in the San Fernando Valley hit an 11-year record price in May, according to the Southland Regional Association of Realtors Inc.

Nestle May Sell U.S. Candy Operations

Nestle is considering a sale of its U.S. candy business, the Swiss-based conglomerate with U.S. headquarters in Glendale announced Thursday.

Thursday, June 15

Woodland Hills Neighborhood Council Approves Hotel

The Woodland Hills-Warner Center Neighborhood Council on Wednesday approved a proposed hotel that will now be reviewed by the city of L.A.’s planning process.

Simulation Plus Revenue Increases

Simulation Plus Inc. released preliminary revenues for the third quarter of its fiscal year, which ended May 31.

Rams, United Way Announce Partnership

Football season is still months away, but the L.A. Rams have already scored a touchdown in community service with a new education- and poverty-focused partnership with United Way of Greater Los Angeles.

SetPoint Medical Names Chief Medical Officer

SetPoint Medical today announced they have appointed Dr. David Chernoff as chief medical officer.

Wednesday, June 14

Film Rental House Ver Names CEO

Film production equipment provider Ver, headquartered in Glendale, has named Digby Davies as its new chief executive.

Monster Digital Unveils Nasdaq Compliance Plan

Monster Digital Inc. has received an extension from Nasdaq to gain compliance with the exchange’s minimum stockholder equity requirement.

Disney to Delist Paris Park

Walt Disney Co. has announced plans to delist its Euro Disney theme park from the Paris stock exchange and acquire all its shares.

Tuesday, June 13

Agoura Hills Office Building Sells for $20 Million

A 94,000-square-foot office building has sold in Agoura Hills for $20 million, according to L.A. commercial real estate brokerage firm Madison Partners.

Cal Lutheran Launches State's First Water Market

California’s first water market for individual landowners opened Tuesday in Ventura County, giving farmers on the Oxnard Plain a centralized channel for buying and selling groundwater.

Cheesecake Plunges on Lower Sales Outlook

Shares of Cheesecake Factory Inc. lost nearly 10 percent of their value Tuesday after the restaurateur announced an updated outlook for its second-quarter comparable sales.

Monday, June 12

Patagonia Buys Photography School Building

Outdoor clothing and gear brand Patagonia Inc. in Ventura has bought the former Brooks Institute of Photography building, according to CBRE Group Inc.

L.A. Sues Pacoima Store for Illegal Drug Sales

Los Angeles City Attorney Mike Feuer on Monday announced that his office has filed a civil lawsuit against the operators of Dulceria El Venado in Pacoima for illegally dispensing prescription drugs without a license.

Leader Exits Boys & Girls Clubs

Boys & Girls Clubs of the Greater Conejo Valley on Monday announced the resignation of Mark Elswick, the organization’s chief executive.

Fuss Over Food

REGULATION: Nonprofit tackles lack of quality control workers.

Glendale company starts nonprofit in response to FDA’s new food safety law.

Pharma Fixer

Michael Castagna, a former drugstore pharmacy technician, is the new chief executive at Valencia biotech MannKind Corp.

Q&A: Michael Castagna, MannKind Corp.’s new chief executive.

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Why State Tax Deduction Will Stand

A likely future of the state tax deduction.

Lunch Can Be a Good Investment

OP-ED: Celebrations with the staff – or team – breeds good will companywide.

Calendar

Calendar of Events

Around the Valleys

News and notes from the greater San Fernando Valley

Van Nuys Soundstages Sell for Premium Price

INDUSTRIAL: Investor pays $199 a square foot for former ‘90210’ studio.

Two buildings with soundstages and production studios have sold to a private investor who saw an opportunity for lucrative rents in the ultra-tight Van Nuys market.

C-Suite Cheer

Former cheerleader Deborah Sweeney takes a can-do attitude in running MyCorporation.com, the legal service company she acquired from Intuit.

Q&A: Deborah Sweeney, owner of MyCorporation.com.

What Made PizzaRev a Prime Takeover Target?

ACQUISITION: Ex-McDonald’s executive takes majority stake in custom pizza chain.

Restaurant franchisor PizzaRev Inc. has been acquired by an investment firm headed by a former McDonald’s Corp. executive.

Nonprofit Offers Startups Lab Space at Discount

BIOTECH: Toolbox project hunts for tenants at new location in Chatsworth.

Entrepreneurs with medical device startups will have a new place to go this summer when Lab Launch opens a location in Chatsworth.

Engaging Tenants?

Janss Marketplace in Thousand Oaks hopes to bring an aquarium to the mall, a strategy to use attractions to generate traffic.

Could an aquarium lure consumers into spending money at a shopping mall when more of them are shopping online?

Survey Reveals Valley’s Most-Liked Chief Execs

MANAGEMENT: Rowland at ReachLocal, Bradway at Amgen among top names.

What’s the likelihood your company’s chief executive is well-liked?

Airport Turns To Education

AVIATION: College’s aerospace manufacturing program takes over terminal in Lancaster.

Antelope Valley College makes space for manufacturing at local airport terminal.

Elvis Airplane Sold to Fan For $500,000

Agoura Hills auction house gains publicity blitz from sale.

Jet owned by “The King of Rock ‘n’ Roll” puts local auction house in spotlight.

Ethics Test Yields Award For Students

Team from CSUN takes second place for giving advice on fraud.

How ethical is your business? CSUN team may have answers to your dilemmas.

Movies Under The Stars Wow Crowds

Couple fills summer niche with inflatable screens, food trucks.

Eat See Hear dinner and movie events pop up around the Valley.

Car Guy Moves Beyond L.A.

AUTOMOTIVE: Mike Sullivan buys High Desert dealerships.

What does LACarGuy see in the High Desert?

Executive Paychecks Reflect Company’s Fortunes

LIST: Overall, a positive year for compensation among Valley bosses.

Top-paid executives.

Tease photo

Friday, June 9

Burbank Empire Center Sells for $133 Million

The Burbank Empire Center has been purchased for more than $133 million, according to CoStar Group Inc.

IOC to Award 2024 and 2028 Summer Games to Paris, Los Angeles

The executive board of the International Olympic Committee on Friday announced its intent to award the 2024 and 2028 Summer Olympic Games to Paris and Los Angeles, all but guaranteeing Los Angeles will host the Games in 11 years.

Preview: Pharma Fixer

Michael Castagna has a big job in front of him. Last month he was appointed chief executive of MannKind Corp., the Valencia biotech company founded by late billionaire Alfred Mann.

Preview: Car Guy Moves Beyond L.A.

When “L.A. Car Guy” Mike Sullivan first heard the idea of buying two car dealerships in Lancaster, the decision was an easy one – even though it represented a new strategy for his company.

Thursday, June 8

App Developer Poised for New Funding

Thousand Oaks mobile advertising platform developer Deep Rock Ventures Inc. has hired a Beverly Hills investment banking firm to lead its next round of capital funding for its Searchable.com application.

Galpin Opens 12th Auto Dealership

Galpin Motors has become the exclusive dealer of Kia cars and sport utility vehicles in the San Fernando Valley.

Informa to Move Regional HQ to Agoura Hills

Informa Research Services, a market research firm and division of Informa UK of London, plans to move to Agoura Hills from Calabasas to accommodate growth, according to Jones Lang LaSalle Inc.

Wednesday, June 7

BioSolar Gets Partner

BioSolar Inc. has signed a joint development agreement with a South Korean battery maker for future collaboration.

Capstone Signs Lower-Cost Lender

Capstone Turbine Corp. has entered new agreements with a San Jose lender to receive up to $12 million in revolving credit.

Warner Center Office Building Changes Hands

A 64,000-square-foot Warner Center office building has sold for $14.5 million, according to CoStar Group Inc.

Biotech Firm Announces Growth Initiatives

Stellar Biotechnologies Inc. has announced expansion of its manufacturing and aquaculture systems.

Tuesday, June 6

Simi Apartment Complexes Sell for $141 Million

The Villas & Overlook at Woodranch, two apartment complexes totaling 504 units in Simi Valley, have sold for more than $141 million, according to CoStar Group Inc.

Avery Dennison Opens Research Center

Avery Dennison Corp. has opened an Electronics Solutions and Technology Center in Santa Clara, the company announced Tuesday.

Orbital ATK Delivers 500th Missile

Orbital ATK Inc. delivered its 500th advanced anti-radiation guided missile to the U.S. Navy, the company announced Tuesday.

Monday, June 5

MannKind Seeks Inhalable Drug Partners

MannKind Corp. has hired a consulting firm to find strategic and financial partners for development of its Technosphere platform, the company announced Monday.

Cal State Business School Receives Accreditation

The Martin V. Smith School of Business and Economics at California State University – Channel Islands in Camarillo has received national accreditation from an independent organization.

Boys & Girls Clubs Gain Board Member

The Boys & Girls Clubs of the Greater Conejo Valley has added Kim Woods to its board of governors.

Friday, June 2

Move to Create One Water Agency for Santa Clarita Passes Senate

A bill to consolidate water agencies in the Santa Clarita Valley moved to the California Assembly after passing this week in the state Senate.

Apartments, not Offices, are PS Business Parks’ Newest Venture

Glendale’s national office and industrial landlord, PS Business Parks Inc., is building apartments. The real estate investment trust announced Friday that its first-ever apartment venture, a 395-unit luxury mid-rise complex called Highgate at The Mile, at 7915 Jones Branch Drive in Tysons, Va., has opened to renters.

Iger Resigns from President's Council

Walt Disney Co. Chief Executive Robert Iger resigned on Thursday from the Trump Administration’s Business Advisory Council after it was announced the country would withdraw from an international climate change agreement.

Thursday, June 1

Simulations Plus Closes on Purchase of Liver Software Firm

Simulations Plus Inc. on Thursday completed its acquisition of Dilisym Services Inc., a North Carolina software company that makes a program for modeling drug-induced liver damage. Simulations Plus had previously announced its intention to buy the company on May 1.

Einstein Academy’s Lawyers Hope to Stave Off Pending Closure

Valencia charter school Einstein Academy, through its lawyers, is asking a judge for a preliminary injunction on the Los Angeles County school district’s recent decision to deny the charter school’s continued operations, according to news reports.

Vineyards at Porter Ranch Breaks Ground

Vineyards at Porter Ranch, the $150 million retail, residential and commercial center years in the making, broke ground Thursday in the northern Los Angeles community as developers announced its newest anchor tenant.