Stories for February 2020
Friday, February 28
At the end of the worst week the stock market has seen since 2008, companies in the San Fernando Valley area suffered in the selloff that was attributed to the fear of coronavirus.
Amazon.com Inc. has announced it will open a Delivery Services Partners center in Palmdale before the end of this year.
Fast-casual dining sensation Burgerim appeared to be one of the restaurant world’s most extreme overnight success stories, with hundreds of locations open in more than 35 states in just a few years.
Rising attorneys at some of the Valley region's largest firms talk about changes afoot in their profession.
Thursday, February 27
After 29 years of being the No. 1 Ford dealership in the world by volume, Galpin Ford has lost that title.
Regional parcel courier trucking company 1st Choice Delivery has signed a 25,202 square-foot industrial lease for an undisclosed cost at San Fernando Business Center in the city of San Fernando.
Two San Fernando Valley residents on Wednesday were sentenced to 12 years behind bars after being found guilty of running a multimillion-dollar fraud that billed Medicare for medicines never delivered.
Wednesday, February 26
Short-form video distributor Loop Media Inc. has inked a partnership with Jukin Media, the owner and operator of a portfolio of digital video properties that reach 190 million followers across social media.
An investor paid $17.4 million, or about $285,000 a unit, for a 61-unit apartment building in Sylmar put on the market by court order, according to CoStar.
Thousand Oaks-based Amgen Inc. was among 24 pharmaceutical companies to participate in a blockchain project, titled MediLedger Network, which released its final report to the Food and Drug Administration on Friday.
Tuesday, February 25
Warner Center has another mixed-use project coming soon on the site of the Fry’s Electronics store at 6100 Canoga Ave.
The Walt Disney Co. board of directors named Bob Chapek as the new chief executive, effective immediately.
BlackLine Inc. Chief Operating Officer Marc Huffman has been promoted by the board of directors to the position of president.
Monday, February 24
Ramada by Wyndham Hotel/Burbank Airport has announced the completion of a nine-month, $7 million property overhaul which includes a new name.
Mobile fuel provider Fuelster has partnered with sports and entertainment company AEG to provide on-demand gas delivery to vehicles at Staples Center and L.A. Live.
Public companies in the Valley region traded lower on Monday as the Dow Jones Industrial Average plummeted more than 1,000 points.
Friday, February 21
Unibail-Rodamco-Westfield has amended its plans for the Promenade 2035 project, which aims to overhaul the Woodland Hills shopping mall into a 34-acre mixed-use center featuring street-side retail stores and restaurants as well as apartments, hotels and an entertainment stadium.
The Rotary Club of Thousand Oaks sponsored a breakfast Friday on the economic outlook for Ventura County and the city of Thousand Oaks.
Thursday, February 20
STAG Industrial Inc. has sold a pair of massive free-standing industrial buildings in Camarillo for $88 million.
Contractor and home-repair software developer ServiceTitan Inc. has signed a collaboration agreement with Clopay Corp., a garage door manufacturer and supplier.
Valley Economic Alliance Chief Executive Kenn Phillips will step down next month as head of the San Fernando Valley business attraction and retention organization.
Wednesday, February 19
Woodland Hills-based Gaspar Insurance Services has opened new offices in Simi Valley
Cinedigm Corp. missed Wall Street expectations on earnings and revenue for the fiscal third quarter.
French outsourcing services company Teleperformance USA-FHCS is shuttering its Burbank office, according to a filing with the California Employment Development Department.
24/7 Events Inc., a rental company for corporate and sporting events, has leased 50,930 square feet at a newly constructed industrial property in the Valencia Commerce Center complex.
Tuesday, February 18
Capstone Turbine Corp. has secured a repeat order for five of its microturbines for a railroad project in Russia.
Drawbridge Realty, a real estate investment firm in San Francisco, has purchased an office campus in Westlake Village that is fully leased to Bank of America through 2031, the company announced Tuesday.
BioSolar’s second prototype for a lithium-ion battery is due to complete testing within a month, the Santa Clarita tech company announced on Tuesday.
Short-form video distributor Loop Media Inc. has completed a reverse merger with a Las Vegas company.
Monday, February 17
Entertainment industry accounting firm Entertainment Partners has joined with a New Jersey company to create software to enhance cross-studio management of film projects.
The owners of a Santa Clarita radio station were among hundreds of passengers released this weekend from the quarantined Diamond Princess cruise ship, on which hundreds of cases of the coronavirus have been confirmed.
The San Fernando Valley specifically will be faced with a daunting challenge leading up to and through the 2028 Olympics: building a massive workforce of employees and volunteers.
West L.A. Council wants directors to reflect market.
The Boy Scouts of America look to diversify its local governance board and raise presence in greater Valley region.
REAL ESTATE: Entrepreneurs disrupt brokerage business.
How proptech is changing the way people buy a new home.
AUTOMOTIVE: Moorpark facility designed for collectors.
Barret Automotive Group rents space to collectors of vintage cars.
Camarillo manufacturer debuts all-night pain relief product for $129.
Camarillo manufacturer debuts pillow infused with CBD as an all-night pain reliever.
Mark Cuban invests in Encino company Ready, Set, Food.
Mark Cuban of ‘Shark Tank’ puts money into Encino food allergy prevention company, Ready, Set, Food.
If you read the previous issue of the Business Journal, you may have seen the Valley Economic Forecast section in which economists forecast 3.4 percent GDP growth this year in the Los Angeles portion of the San Fernando Valley – faster than about any other region in the state not named Silicon Valley.
MEDIA: Burbank broadcaster Estrella Media takes new direction after emerging from Chapter 11.
LBI Media Inc. changes its logo and name to Estrella Media Inc.
FINANCE: Company’s four operating divisions collaborate on deals.
B. Riley Financial Inc. firing on all cylinders as it pushes subsidiaries to create wealth for shareholders.
REGULATION: Newly legalized crop banned in Moorpark, Thousand Oaks.
Ventura County cities pass ordinances to ban production of industrial hemp within their borders.
Biotech giant seeks to boost nephrology research.
Stock for a drug discovery company out of Plano, Texas soared following analyst talk that it might be the right fit for Thousand Oaks biotech giant Amgen Inc.
Offices to remain, flanked by two new buildings.
Developer IMT Capital’s mixed-use re-imagining of the former Sunkist Growers headquarters in Sherman Oaks has secured approval from L.A. City Council’s Planning and Land Use Management Committee.
Reorganization to grow company for next 40 years
NAI Capital has filed for Chapter 11 in a move to reorganize the company.
Presence near hospital further expands Valley reach.
Cedars-Sinai on Jan. 29 opened its flagship medical offices in the San Fernando Valley
Studio head takes leadership of television group.
Peter Roth, the long-time head of television production at Warner Bros. Entertainment in Burbank, signed a contract extension early this month that makes him the first-ever chairman of the Warner Bros. Television Group.
Antelope Valley will be home to an urgent care center.
An urgent care center specializing in mental health will open later this year in Lancaster.
Resource center connects the elderly to services.
Total Senior, a community-based resource center that connects seniors and their families to needed services, opened last month in Tarzana
Chief executive joins four Disney/ABC executives.
Robert Iger, chief executive at Burbank-based Walt Disney Co., was inducted last month into the Television Academy Hall of Fame.
Study to look at job development in industry.
With Los Angeles County the largest hub in the country for film and television production, it is not unusual that the county supervisors would target the entertainment industry to create jobs and foster trade.
Sports Academy, widow of Kobe Bryant establish charity.
Mamba Sports Academy and Vanessa Bryant have formed Mamba on Three, a charity for the families of the victims of last month’s tragic helicopter crash in Calabasas that killed nine people, including NBA legend Kobe Bryant and his 13-year-old daughter Gianna Bryant.
Grants support ‘continuum of care’ at Valley organizations
Northridge Hospital Medical Center has awarded grants to three Valley nonprofits
Valley CPAs find new business catering to clients in the cannabis, virtual currency and streaming entertainment sectors.
Valley CPAs find new business catering to clients in the cannabis, virtual currency and streaming entertainment sectors.
Cash and taxes complicate financial services for the sector.
With heavy cash flows and strict, complicated tax structures, cannabis businesses are in dire need of specialized accounting services. But the instability that comes along with marijuana’s classification as a federally illegal Schedule 1 drug has led many CPAs to turn their backs on the industry despite high demand.
Video producers learn to film for the season, not by episode.
Accountants entrenched in the entertainment industry have started providing peripheral services to streaming platforms, as the relatively new industry vies for consumer attention.
Valley CPAs track clients’ digital currency deals.
People filling out a Schedule 1 for their taxes this year will notice an additional question at the very top of the form.
LIST: Mergers, acquisitions and fintech will drive the business in 2020.
Certified public accountants identify a surge in merger and acquisition activity as the defining theme of the Valley’s accounting industry in 2020.
At Gold Coast Executive Forum, financial experts say business valuations often ‘astronomical.’
The economy has been expanding for more than a decade, yet company valuations remain high – astronomically high, by some measures – and corporate transactions are brisk. But everyone knows that a downturn will come eventually, so those contemplating selling their business or making some other big transaction might consider acting soon.
Woodland Hills firm gets $26 million in Kern County
Adler Realty Investments Inc. has sold its Cal Twin Towers office complex in Bakersfield to local investor Steve Blumer for roughly $26 million.
Friday, February 14
Coming out of a Chapter 11 reorganization, LBI Media Inc. has a new logo, a new chief executive, a new program lineup – and a new name.
CPAs find new business in emerging sectors of the Valley economy.
Developers have filed paperwork with the city of Los Angeles to turn a former club in North Hollywood into a hotel.
Entertainment accounting firm Cast & Crew announced Friday an agreement to acquire Media Services, a production payroll and management company for the entertainment industry.
The Mamba Sports Foundation at Mamba Sports Academy in Newbury Park has been rebranded Mamba & Mambacita Sports Foundation.
Thursday, February 13
BlackLine Inc. beat Wall Street expectations on revenue and adjusted earnings in the fourth quarter.
Simi Valley-based Derma E, a skincare brand focused on all-natural products, launched two product lines exclusively in Ulta Beauty Inc. stores.
Blackrock Inc., a New York asset management firm, has contributed its 20 percent of outstanding stock in PennyMac Financial Services Inc. to two charities.
Wednesday, February 12
Encino-based insurance company Answer Financial on Wednesday announced it will be partnering with CoverWallet, a digital insurance platform in New York.
The Santa Clarita Valley Economic Development Corp. announced Wednesday that it has received a significant honor from the California Association for Local Economic Development.
The AMC theater, among the last tenants in the Promenade shopping mall in Woodland Hills, will move a couple of blocks north to the Westfield Topanga shopping mall, Unibail-Rodamco-Westfield announced Tuesday. The company owns both shopping centers.
Tuesday, February 11
Auterion Government Services Inc. has partnered with a German company to provide software for two of its drones.
Providence St. Joseph Health and Cedars-Sinai officially broke ground on a patient tower in Tarzana on Monday evening, as part of the hospital’s Tarzana Reimagined project.
Cartoon studio Titmouse has leased space at Media Center North, an office building located at 2835 N. Naomi St. in Burbank.
Monday, February 10
Princess Cruises on Monday confirmed an additional 65 people on the quarantined Diamond Princess cruise ship in Yokohama, Japan have tested positive for Coronavirus, bringing the total number of cases onboard to 135.
A proposed four-story, 278-unit apartment complex has been approved in Simi Valley under pressure-filled circumstances.
Clay Lacy Aviation has hired World Kinect Energy Services to develop a sustainability program to reduce the company’s carbon footprint.
Friday, February 7
A 20-unit multifamily property at 15323 Weddington St. in Sherman Oaks has sold for $9.1 million, or $455,000 per unit.
Music rights management startup Haawk has acquired Keyframe Audio, a music licensing platform that provides premium quality royalty free music.
Capstone Turbine Corp. missed Wall Street estimates on earnings and revenue in the fiscal third quarter.
Thursday, February 6
Developer IMT Capital’s mixed-use re-imagining of the former Sunkist headquarters in Sherman Oaks has secured approval from Los Angeles City Council’s Planning and Land Use Management Committee.
NAI Capital has filed for Chapter 11 in a move to reorganize the company.
Princess Cruises has quarantined its Diamond Princess ship in the port of Yokohama, Japan, after Japanese officials found several guests tested positive for Coronavirus.
Wednesday, February 5
George’s Greek Grill has leased 3,105 square feet at the Sherman Oaks Galleria in Sherman Oaks, marking the regional chain’s first San Fernando Valley restaurant.
Semtech Corp. has developed a smart energy consumption system to detect abnormal spikes in energy usage in city substations.
Tuesday, February 4
Walt Disney Co. beat Wall Street expectations on adjusted earnings and matched on revenue for the fiscal first quarter.
Adventist Health in Glendale and Simi Valley will eliminate certain in-house facility staff positions in favor of hiring Chicago-based commercial real estate services firm Jones Lange LaSalle Inc.
Dilisym Services, a Simulations Plus company based in North Carolina, on Tuesday announced new software in development to treat heart failure.
The multi-tenant industrial building at 13026 Saticoy St. in North Hollywood has sold for $5.7 million.
Monday, February 3
LBI Media has rebranded itself as Estrella Media effective immediately, the company announced Monday.
Hollywood Burbank Airport handled nearly 6 million passengers during 2019, the highest total ever recorded at the Valley’s only commercial airfield.
A developer wants to convert four Tri-Cities industrial buildings into leasable office space, according to an environmental impact report filed with the city of Glendale.
SOFTWARE: Revenue per customer predicted to rise for next decade.
Analyst predicts BlackLine Inc. will see increased revenue per customer through the decade.
Two Lewis Roca IP attorneys make partner.
Dustin Szakalski and Martin Regehr have been promoted to partner at Lewis Roca Rothgerber Christie
Lewitt Hackman puts anti-gig law at centerstage.
Lewitt Hackman hosts seminar to parse impact of AB5 on gig workers.
Woodland Hills firm brings on a trial associate.
Barry Goldberg met his latest trial associate through the Big Band of Barristers,
Ad company gets user data through streaming channel.
Bold Screen Media in Thousand Oaks is bringing short-form women’s lifestyle video content to your big screen TV.
College savings app ramps up in North Hollywood.
College savings app U-Nest gets $3.5 million in venture capital investment.
NBCU platform announces pricing and programming.
NBCUniversal revealed at an investor’s conference last month new information regarding its streaming platform Peacock
Cashiers and clerks vulnerable to computer replacement.
The workforce in the Los Angeles-Long Beach-Anaheim area most vulnerable to automation can be found in the retail sector,
Software firm wants new products, international sales.
FloQast gets $40 million in Series C to create close management and automation products.
Valley’s office market held steady in quarter, but change is on the horizon.
Across the San Fernando and Santa Clarita valleys, the drivers of office and industrial leasing continue to be the twin E’s — entertainment and e-commerce.
Valley Still ‘True Economic Hotspot’
Economists at Business Journal breakfast say the San Fernando Valley’s economic growth will slow in 2020.
From Calabasas to Camarillo, developer has big plans for hotels.
Across from Camarillo Premium Outlets, tractors work away on a busy construction site.
What to expect in 2020 for the Valley’s office, industrial, retail and multifamily markets.
2020 marks a new decade – and possibly a turning point for the commercial real estate market.
When Added to Valley, Volatile Burbank and Steady Glendale Boost Overall Economy
we combine the San Fernando Valley, Glendale, and Burbank into a larger geography that we call the Greater San Fernando Valley economy.
Valley’s Home Prices High Despite Weak Sales
The San Fernando Valley’s housing market continues to become more expensive.
HEALTH CARE: AV’s replacement facility may cost $650 million.
Antelope Valley Hospital anticipates a $600 million overhaul.
Industrial Inventory Very Low; Office Vacancy Tightening Again
Our review of San Fernando Valley commercial real estate activity includes data through the third quarter of 2019.
Ships take small groups to rugged destinations for a higher price.
Viking Cruises launches “Expeditions” division with smaller ships and extreme locations.
Cancer center in close proximity to Providence Tarzana hospital.
Cedars-Sinai opened its flagship medical offices in the San Fernando Valley
AUTOMOTIVE: Former owners of Universal City Nissan claim Carlos Ghosn and cronies pushed them out.
Local auto franchisee claims former Nissan chief executive Carlos Ghosn and his cronies forced it to sell dealerships.
Valley Still an Economic Star But Will Grow Slower This Year
When our team from the Center for Economic Research and Forecasting first set out to analyze the discrete economy of the San Fernando Valley, we didn’t quite know what to expect.
Japanese business and governmental systems look and feel Western. But they operate quite differently.
It’s interesting that a bit of the incredible international saga that is Carlos Ghosn has popped up in the San Fernando Valley.
TRANSITION: What will become of center without partner Kobe Bryant?
What will become of Mamba Sports Academy in Newbury Park without partner Kobe Bryant?
AEROSPACE: Lockheed expands secret R&D operation.
Lockheed Martin’s secret Skunk Works research and development center in Antelope Valley gets bigger.
Last week, I was up in Sacramento speaking with legislators on one of our monthly advocacy trips with our members of the Valley Industry and Commerce Association.