Stories for July 2020
Friday, July 31
Calabasas restaurant operator Cheesecake Factory outperformed analysts’ earnings expectations for its second financial quarter despite posting a loss.
Members of the Writers Guild of America West and WGA East have ratified a new three-year deal with the Alliance of Motion Picture and Television Producers, based in Sherman Oaks.
UltraViolet Devices has found itself in the middle of an unintended growth spurt, propelled by the coronavirus pandemic.
Since mid-March, the pandemic has proven problematic for commercial real estate across the San Fernando and Santa Clarita valleys.
Thursday, July 30
San Fernando Valley toy company MGA Entertainment Inc. announced Thursday that it will be teaming up with videogame publisher Nighthawk Interactive on a game to support the launch of its fall line of the popular fashion doll brand, L.O.L. Surprise!
Calabasas staffing company ASGN Inc. beat analysts’ expectations for its second financial quarter on earnings and revenue.
The parent of Mission Valley Bank on Thursday reported second quarter net income of $1.2 million, down from $1.5 million in the same quarter last year.
A 4.2-magnitude earthquake rattled the East San Fernando Valley early Thursday morning, but reportedly caused no significant damage or injuries.
The Atlas V rocket with the newest Mars rover on board successfully took off Thursday morning from Cape Canaveral Air Force Station in Florida. The launch is of interest locally because of the many components created by Valley area companies.
Wednesday, July 29
Tutor Perini Corp. missed on Wall Street expectations on adjusted earnings but beat on revenue for the second quarter, the company announced on Wednesday. The stock went up more than 3 percent.
Universal Pictures has struck a historic deal with cinema exhibitor AMC Entertainment Holdings Inc. that allows the production studio to make its films available for premium video-on-demand after just 17 days of play in U.S. theaters.
Shares of Dine Brands Global Inc., the parent of Applebee’s Neighborhood Grill + Bar and IHOP restaurants, on Wednesday surged more than 11 percent after beating analyst expectations for its second financial quarter, despite being hard-hit by the pandemic.
Tuesday, July 28
Cure Pharmaceutical on Tuesday announced it will acquire privately held Sera Labs in Sherman Oaks for $20 million.
A multifamily property at 14707-14715 W. Magnolia Blvd. in Sherman Oaks has sold for $3.5 million in an all-cash transaction – despite the fact that 13 of the 16 apartments were vacant.
Amgen Inc. beat analyst expectations during the second quarter, despite the effects of the coronavirus on the health care industry.
Monday, July 27
Los Angeles City Planning Commission has approved a proposed mixed-use apartment complex in Sherman Oaks.
Avery Dennison Corp. beat Wall Street estimates on adjusted earnings for the second quarter and matched on revenue.
Arcutis Biotherapeutics on Monday announced the appointment of Dr. Patrick Burnett as its chief medical officer effective Aug. 1.
Friday, July 24
An ElyseWalker store is scheduled to open in Spring 2021 at The Commons at Calabasas shopping center.
Halloween Horror Nights has been cancelled this year at Universal Studios Hollywood in Universal City due to the coronavirus outbreak.
Following a physical altercation over wearing masks at a Van Nuys Target store, two brothers have been charged with battery and trespass.
Thursday, July 23
ShopCore Properties has announced the overhaul of an Encino mall underway soon to include Target and Planet Fitness as prime anchors.
In its first month, the new streaming service HBO Max has brought in 4.1 million overall subscribers, according to a conference call with executives of AT&T Inc., parent of Warner Bros. Entertainment in Burbank, which owns HBO Max.
Students at the David Nazarian College of Business and Economics at California State University – Northridge are forming teams to assist small businesses dealing with the economic fallout of the coronavirus outbreak.
Wednesday, July 22
Teledyne Technologies Inc. beat Wall Street expectations on earnings and nearly matched on revenue for the second quarter.
Peter C. Foy & Associates Insurance Services has acquired four brokerages in the last three months.
A local storage company has leased a 52,800-square-foot industrial facility in Thousand Oaks at 1467 Lawrence Drive.
Former L.A. City Councilman Hal Bernson, who represented the 12th District in the San Fernando Valley from 1979 to 2003, has passed away.
Tuesday, July 21
Developer Izek Shomof is seeking entitlements to transform the parking lots surrounding Panorama Tower, his recently opened condominium project in Panorama City, into a major mixed-use complex.
The nonprofit California Museum of Art Thousand Oaks, or CMATO, has hired Roya Alt as its director, replacing former director Tish Greenwood.
Thousand Oaks biotech Amgen Inc. on Tuesday announced the renewal of a $3 million grant to Khan Academy.
Monday, July 20
Aerojet Rocketdyne Holdings Inc. has completed all of its propulsion systems for the first crewed flight of NASA’s Space Launch System rocket and Orion spacecraft and for the Artemis II mission to the moon.
Medtronic executive Alejandro Galindo will join MannKind Corp. as its chief commercial officer effective Aug. 4.
Financial services firm B. Riley Financial has signed a new 18,000-square-foot office lease in Westlake Village.
RETAIL: Regulatory ping-pong spells trouble for eateries.
Aron Celnick was relieved to see a “nice uptick” in revenue at his Canoga Park eatery Grandi Italiani last month after L.A. County regulators allowed restaurants to resume dine-in operations with limited capacity.
The unfolding corruption scandal involving Los Angeles City Hall denizens and real estate developers is absolutely shocking. On the other hand, it’s not at all surprising. It’s almost to be expected.
About a month ago, there was a glimmer of hope that things were getting better.
Multifamily with 51 units proposed for Northridge.
The influx of residential dwellings in Northridge continues as another developer intends to capitalize on the demand for student housing near the campus of California State University – Northridge.
Communication gets complicated when a disease can make every marketing, employment and investment decision uncertain.
In mid-May, Velocity Financial Inc. announced steps taken to counter the economic turmoil caused by the coronavirus outbreak.
Valley vendors in online exhibit hall and web panels.
What would have been the 51st annual San Diego Comic-Con International was to take place later this week until the coronavirus pandemic caused its cancellation.
Sherman Oaks business offers end-of-life lending
Consumers are spending less money than ever on funerals and death processions, industry professionals in the Valley tell the Business Journal.
Surowitz leaves top job at Providence after 23 years.
Providence Cedars-Sinai Tarzana Medical Center’s Dale Surowitz will leave his post as chief executive — after roughly 23 years — to lead the Los Angeles Jewish Home during a time of rapid expansion.
NONPROFIT: Steve Nissen, new chairman of the L.A. County Economic Development Corp., says the Valley ‘will not be forgotten in our efforts.’
Steven Nissen was appointed chairman of the Los Angeles County Economic Development Corp. on July 2.
AEROSPACE: City hopes established industry will attract new military branch.
Palmdale has applied to become the location of the headquarters for the U.S. Space Command.
FOOD: New management at Santa Paula grower.
Following a change of leadership months prior, Santa Paula’s Calavo Growers presented its first earnings report under new management at the beginning of June.
HOSPITALITY: Hotel owner deems state program to house the homeless during pandemic ‘a win-win.’
With Project Roomkey — an initiative to convert hotels into temporary housing for a virus-vulnerable segment of the homeless population — the state has simultaneously addressed the pandemic and California’s homeless problem by encouraging counties to lease up 15,000 hotel rooms.
Valley author’s book examines the evolution of employment.
Authors are supposed to write what they know, and with his fifth book, “The Changing Nature of Work,” Richard Kaumeyer has done just that.
Burbank company puts military history on users’ phones.
A new app created by a Burbank company gives viewers a chance to learn about World War I and visit a memorial now under construction in Washington, D.C.
HEALTH CARE: Nursing home REIT waits for acquisitions.
Although its industry has plenty of virus-related risks, LTC Properties in Westlake Village has seen its stock steadily increase since mid-March when the pandemic ramped up in the U.S.
Friday, July 17
New York-based Coty Inc. has paid $200 million for a 20 percent stake in Kim Kardashian West’s KKW Beauty Inc.
In a sign that developers still believe in the collaborative office workspace, Majestic Workspaces — in a joint venture with Premier Workspaces — has opened a coworking site in Westlake Village.
Regulatory ping-pong spells trouble for eateries.
Thursday, July 16
BYD Motors Inc. unveiled on Wednesday new options for its electric buses that will help transit agencies and coach operators keep buses clean and promote social distancing to reduce the spread of coronavirus.
A former Walt Disney Co. executive has been named as the new chief executive of Virgin Galactic Holdings Inc., the space company announced Wednesday.
Griffin Capital Essential Asset REIT announced that it has sold a 273,241-square-foot Simi Valley office campus to an undisclosed investor for $24.5 million.
Embattled oil and gas company California Resources Corp. has entered a restructuring agreement with creditors through a voluntary Chapter 11 filing.
Wednesday, July 15
Woodland Hills-based real estate development firm NewMark Merrill Cos. Inc. has announced the passing of NewMark Merrill Mountain States Division Chairman and Co-Founder Allen Ginsborg. He was 59.
Bay area franchise Patxi’s Pizza is entering the San Fernando Valley with a soon-to-open restaurant in Porter Ranch.
NBCUniversal’s Peacock streaming service officially rolls out nationwide Wednesday following a limited-access period that started April 15 for some customers of parent company Comcast Corp.
Tuesday, July 14
L.A. City Council member John Lee announced Tuesday an expansion of his Small Business Relief Fund into Watts, San Pedro, South L.A., and the west San Fernando Valley.
The United Chambers of Commerce, an umbrella organization consisting of 19 local chambers, has returned all 2020 membership fees to its members due to the economic crisis caused by the coronavirus outbreak.
National labor and employment law firm Fisher Phillips has opened an office in Woodland Hills with Los Angeles Managing Partner Todd Scherwin serving in the same capacity at the new location.
Monday, July 13
A Los Angeles skilled nursing home operator will pay $16.7 million to settle allegations with the Department of Justice that it submitted false claims to Medicare for rehabilitation therapy services that were unreasonable or unnecessary.
Real estate firm SK Management Co. in Encino has divested two of its core lines of business.
Amgen on Sunday announced an additional investment of $421 million in Chinese biotech Beigene, adjusting its stock ownership to 20.3 percent.
Friday, July 10
An eight-unit Van Nuys multifamily complex has sold for $5.6 million, or $681,250 per unit, according to brokerage Marcus & Millichap Inc.
A subsidiary of Tutor Perini Corp. has been awarded two contracts valued at about $34 million for work at Marine Corps Base Camp Lejeune in North Carolina.
Medtronic has signed a patent cross-license agreement with San Diego-based Tandem Diabetes Care to avoid potential legal disagreements.
Thursday, July 9
A survey conducted by Woodland Hills accounting software company BlackLine Inc. found that the finance and accounting industry has prioritized technology adoption to avoid business interruptions in the coronavirus economy.
Semtech Corp. has invested in a company that uses its technology to track COVID-19 infections.
The Los Angeles City Council has approved plans for a residential development that will add 27 units to the housing inventory in Reseda.
Wednesday, July 8
Palmdale has applied to be the location of the headquarters for the U.S. Space Command.
On-location film and television production dropped by 98 percent in the second quarter as the entertainment industry shut down due to the coronavirus outbreak.
Signature Bank is expanding to Southern California with four new private client banking offices, including one in the Warner Center neighborhood of Woodland Hills.
A property located at 8940 N. Reseda Blvd. in Northridge will bring five stories of apartments to the market near California State University – Northridge.
Tuesday, July 7
The Ventura County Economic Development Collaborative has launched Business Forward, a website it hopes will serve as a one-stop virtual information hub for local business owners.
The California Coalition for Safe Reopening, a group made up of 33 chambers of commerce and other business organizations, has released a three-point recovery program for consideration by state and local governments before ordering any more business shutdowns.
Design studio Ware Malcomb announced Tuesday that construction is complete at L’Oreal’s Pulp Riot offices, located at 16501 Ventura Blvd. in Encino.
Providence Cedars-Sinai Tarzana Medical Center Chief Executive Dale Surowitz will leave his post to lead the Los Angeles Jewish Home during a time of rapid expansion.
Monday, July 6
FINANCE: Management sees investment opportunities in an ‘uncertain time.’
B. Riley Financial Inc. will continue pursuing an aggressive strategy of acquisitions and deal-making in the future, the company’s co-chief executive said in a conference call with analysts.
Shareholders of ImmunoCellular Therapeutics have voted to implement a reverse stock split at a ratio not less than 1-for-3 and not greater than 1-for-10.
A massive multi-property office portfolio, totaling 256,602 square feet in Westlake Village, has traded for $55 million.
Grocery Outlet Bargain Market has opened a new location in Winnetka. The store has created about 25 jobs, according to the company.
The economic disruption of 2020 highlights the challenges faced by female-owned companies.
Women-owned businesses, and the organizations that represent them, have faced COVID-19 with strength, resilience and a determination to rebuild.
RESIDENTIAL: Brokers report the urban lifestyle has lost its appeal for millennial homebuyers.
The catchphrase “live/work/play” captures the strategy of real estate developers appealing to younger workers, often in the tech and entertainment industries, who want a walkable urban lifestyle near their employment
Thursday, July 2
The Los Angeles County Economic Development Corp. has selected longtime Valley executive Steve Nissen as its new chairman.
A Northridge man has received 21 years in federal prison for a scheme in which credit card and bank loan scheme that took money from banks, credit card comapnies, car dealerships and utility companies.
A school campus belonging to Chatsworth Hills Academy has sold for $9 million.
Wednesday, July 1
Local economists Matthew Fienup and Dan Hamilton have been named recipients of the 2020 Crystal Ball Award for the Zillow Home Price Expectations Survey, formerly known as the Case-Schiller Home Price Expectations Survey.
Van Nuys film industry companies XM2 and Pursuit Aviation, with aerial cinematographer Stephen Oh at the helm, on Tuesday announced a collaboration to come up with new ways to get a filmmaker’s perfect shot.
Cinedigm Corp. this fall will launch a female-focused streaming channel.
Los Angeles and Ventura county dining rooms have been mandated to shut down again, just weeks after receiving approval from regulators to serve customers on location.