Stories for June 2020
Tuesday, June 30
A commercial property with only 1,292 square feet in Santa Clarita has sold for $1.5 million.
Apex Global Brands is looking to capitalize on the coronavirus pandemic with a new line of performance apparel that features built-in face masks.
Hollywood Burbank Airport will resume operations from Terminal B starting on July 2.
Tenants at Van Nuys Airport should expect to see revenue decrease by $16.4 million by the end of June, and $26.5 million by the end of the year.
Monday, June 29
A division of staffing and technology consulting firm ASGN Inc. has won a contract to develop a legacy consolidation system for military health records.
Glendale resident Mikayel Hmayakyan, 43, pleaded guilty Monday to two counts of federal bank fraud for leading a credit card scheme using fake identities.
A four-story, low-rise hospitality structure is in the planning stages for Ventura Boulevard in Woodland Hills.
Friday, June 26
The San Fernando Valley Business Journal won two journalism awards late Thursday from the trade association that represents business journals across the country.
Woodland Hills-based Adler Realty Investments has sold a retail property in Fontana for $4.95 million.
California Resources Corp. filed its first-quarter financial results with the Securities & Exchange Commission on Thursday with the caution that management has “substantial doubt” about the company’s ability to continue as a going concern.
Thursday, June 25
Longtime host of TV show ‘Jeopardy’ Alex Trebek and his family have donated $500,000 to help homeless shelter nonprofit Hope of the Valley Rescue Mission construct a new headquarters facility called Hope Central.
Walt Disney Co. will delay the reopening of its Anaheim theme parks until it receives guidelines from the state, according to media reports.
Tarzana-based real estate developer Gelt Inc. has invested $41 million to buy eight self-storage facilities in Memphis, Tenn.
Wednesday, June 24
Farmer’s Insurance in Woodland Hills will sponsor golfers Willie Mack III and Kamaiu Johnson in the 2020 Advocates Professional Golf Association Tour.
Cinedigm Corp. has signed a partnership agreement with FreeCast to carry nine of its networks on its new partner’s streaming service SelectTV.
The Los Angeles City Council voted to delay its vacancy tax until the 2022 election, following a special meeting on Wednesday to further discuss the proposed measure which would tax unoccupied multifamily units.
A Los Angeles County official was sentenced Tuesday for accepting bribes from a Newbury Park contractor, according to the Justice Department.
Tuesday, June 23
B. Riley Financial Inc. has acquired Alderney Advisors, an automotive restructuring firm in Southfield, Mich., near Detroit.
William Millichap, co-chair of Calabasas real estate brokerage Marcus & Millichap Inc., has died after a yearlong battle with cancer.
AeroVironment Inc. beat Wall Street estimates on earnings and revenue in the fiscal fourth quarter.
Jose Huizar, an elected member of the Los Angeles City Council, was arrested Tuesday on federal racketeering charges that allege he accepted bribes to help real estate developers secure approval for their projects – including one bribe facilitated by a development consultant in the Valley.
Monday, June 22
Teledyne Technologies has joined the S&P 500 Index, according to S&P Dow Jones Indices in New York.
L.A. County’s unemployment rate hit a record 20.9 percent in May, up slightly from a revised 20.8 percent in April.
Virgin Galactic Holdings Inc. has signed an agreement with NASA to encourage commercial participation of human spaceflight to the International Space Station.
TECHNOLOGY: US Nuclear invests in small star power.
Canoga Park company US Nuclear to make fusion generators for possible use by NASA.
LIST: After 90 percent decline in business, clients are starting to fly again.
April is the cruelest month, poet T.S. Eliot once wrote, and that was especially true at Van Nuys Airport.
We need to help people get back to work and we need to help jumpstart our economy.
‘Starting with virtual job fairs, and in coordination with our local colleges, we will do all we can to place Valley residents in good-paying jobs as quickly as possible. And with a renewed “Valley of the Stars – Rising” marketing campaign, and hand-in-hand with the United Chambers of Commerce, we will look to drive sales to businesses in every Valley community.’
Startup rebrands to enter social worker market.
Startup Olive rebrands itself to enter the social worker market with case management software.
Tarzana medical building has 14 percent vacancy left to fill.
Medical Asset Management, led by Mitch Yankowitz and Jeffrey Cunningham, completed construction on its Tarzana medical office building after nearly two years
Friday, June 19
Carnival Corp., which owns Princess Cruises of Santa Clarita, has reported that it lost $4.4 billion in the second quarter and is speeding up the sale of six ships.
Capstone Turbine Corp. has signed a manufacturing plant in Mexico to its factory protection plan program.
Medtronic plans to significantly increase its diabetes research and development efforts, thanks to an investment from Blackstone Life Sciences and other co-investors for up to $337 million.
San Fernando Valley regional business groups have responded to the Black Lives Matter movement and ongoing protests not only through statements denouncing police brutality, but also through actionable efforts to address systemic racism within their own ranks.
Sherman Oaks company Samaha Group wants to introduce a waste-to-energy technology to United States.
Thursday, June 18
Limoneira Co. announced Thursday that its joint venture to build the Harvest at Limoneira development in Santa Paula has closed sales on 42 more lots.
DC Entertainment, its parent Warner Bros. Entertainment and Swedish streaming service Spotify AB announced on Thursday a multiyear deal to produce and distribute an original slate of narrative scripted podcasts.
A new medical clinic opened on the Henry Mayo Newhall Hospital campus in Valencia earlier this week.
Wednesday, June 17
Newmark Knight Frank announced Wednesday that it has negotiated a huge industrial lease in Valencia to be used as a last-mile warehouse and distribution center for a major but unspecified e-commerce company. The site comes with a pair of large parking lots for warehouse employees and trucks.
Hollywood may be closely associated with feature film production, but television series accounted for the vast majority of filming on soundstages and studio backlots in 2018, according to a study released Wednesday by FilmL.A.
Commercial real estate lender 3650 REIT on Wednesday announced it plans to finance construction of a manufactured home community in North Hollywood.
Longtime NBC4 weathercaster and Valley denizen Fritz Coleman has announced his retirement after 39 years in front of the camera.
Tuesday, June 16
AT&T plans to sell its Warner Bros. gaming unit, according to media reports.
Chef Merito Inc., a Van Nuys manufacturer and distributor of spices and seasonings, has hired L.A. marketing agency Sensis to create a branding campaign targeting Latinx consumers.
The Los Angeles City Council on Tuesday adopted a vacancy tax measure for consideration on the November 2020 ballot, potentially creating an additional tax on unoccupied residential units.
Monday, June 15
Shares of MannKind Corp. (MNKD) jumped nearly 17 percent on Monday, following positive data presented at an American Diabetes Association event about the company’s flagship product, Afrezza.
Velocity Financial Inc. has completed its second securitization transaction of 2020.
Two companies have signed leases at the same property in city of San Fernando for a combined 73,000 square feet.
Friday, June 12
Loop Media Inc. has implemented a 1-for-1.5 reverse stock split of its shares after completing its previously announced reverse merger with Interlink Plus in Nevada.
Cinedigm Corp. has signed a partnership to launch two new ad-supported streaming channels with media company SPI International.
The mounting economic hardship of landlords has prompted advocacy group Apartment Association of Greater Los Angeles to file a lawsuit against the city of Los Angeles on behalf of its 10,000 members, the landlords of some 150,000 units throughout Los Angeles proper including the San Fernando Valley.
Thursday, June 11
Glendale resident Armen Martirosyan, 62, pleaded guilty Wednesday to a federal charge of bank fraud for filing and collecting tax returns under stolen identities.
Walt Disney Co. announced this week the reopening of its Disneyland theme park and California Adventure park on July 17, pending state and local government approvals.
On Thursday, employees of AMS Fulfillment in Valencia participated in a “March for Change” from the company’s headquarters building to a nearby warehouse.
Spice and seasoning manufacturer Chef Merito Inc. has purchased a Sun Valley industrial facility for nearly $5.8 million.
Wednesday, June 10
Online auction site Bids.com, based in Valencia, has completed its first round of financing.
InVia Robotics has been selected by e-commerce services provider Kantsu to provide autonomous mobile robots for its primary distribution center in Osaka, Japan.
Shares of Limoneira Co. gained Wednesday, even though the company reported lower revenue and a net loss the previous day.
Tuesday, June 9
Burger chain Shake Shack has opened a restaurant on Topanga Canyon Boulevard in Canoga Park, marking the company’s entry into the West Valley.
A three-building portfolio with 45,600 square feet of warehouse space in Sun Valley has sold for $8.27 million, or $189 per square foot.
Interlink Electronics Inc. has appointed Raymond Li as its chief financial officer.
The Greater San Fernando Valley Chamber of Commerce is partnering with the U.S. Chamber of Commerce on a national initiative to address opportunity inequalities, in response to the Black Lives Matter movement.
Monday, June 8
Long-standing Valley diner Four N 20 has closed its two locations in Valley Village and Sherman Oaks due to the financial effects of the coronavirus pandemic.
Heffernan Insurance Brokers has acquired Really Great Employee Benefits, a San Fernando Valley employee benefits and insurance compliance firm.
Eyenuk Inc., a Woodland Hills biotech company focused on screening technology for diabetic retinopathy, has partnered with Devlyn Optical to bring its services in-store.
An automotive business property in North Hollywood has sold for $3.1 million with an eye toward redevelopment.
Property managers and landlords see split market for space, based on different sectors.
So what will the office of the future be like in the San Fernando Valley after the coronavirus pandemic has diminished or gone away?
Competitive hospitals try collaboration for ads.
Health care organizations have seen a drop in people coming in for non-COVID health conditions
Entitlements for the Westfield Promenade 2035 mixed-use complex went before a May 28 hearing of the Los Angeles City Planning Commission and received unanimous approval.
Social distancing impossible for tooth procedures.
Dentist offers webinars on staying safe while treating patients during COVID-19 outbreak.
Hospital one of few to offer heart operation in market.
Adventist Health Glendale further expanded its Advanced Structural Heart Disease program
INSURANCE: Acquisition strategy attracts equity investment for more deals.
Woodland Hills insurer Peter C. Foy & Associates Insurance Services attracts attention of private equity firm.
MEDICAL DEVICES: Leaders weigh options after announcing wind-down.
After winding down operations, a second life for Second Sight Medical Products.
ENTERTAINMENT: Online movies fill cultural need without distribution deals.
Hola Mexico Film Festival shows movies online as pandemic delays theater screenings.
MANUFACTURING: Apparel, logistics offer company growth opportunities.
Avery Dennison Corp. expecting poor second quarter but a quick rebound.
REGULATION: After weeks of closure, restaurants and shopping centers learn to reopen for post-pandemic customers.
After weeks of closure, restaurants and malls get ready to re-open for post-pandemic customers.
If you are a business owner, you create jobs, and you should be proud of that achievement.
New book retraces colorful past of 101 Freeway, ‘El Camino Real.’
New book traces the colorful history of the 101 Freeway.
For managers, pandemic presents opportunity to change perceptions.
Health crisis presents hypnosis college with opportunity to lower stress levels.
‘We may look back on this moment as an opportunity that was lost.’
LAW: Business group sees rule making firms liable for virus.
State makes businesses liable for workers who contract the coronavirus.
REAL ESTATE: American Homes 4 Rent to build dwellings.
American Homes 4 Rent builds houses not for owners but for renters.
Architects and builders see continued need for centralized workplaces.
One casualty of the coronavirus may be the open office configurations which thrived until 2020, but the work-from-home fade isn’t going to replace centralized workspace, according to designers, architects and builders interviewed by the Business Journal.
Real estate attorneys see vacancy and rent concessions in negotiations.
Real estate attorneys are seeing their fair share of renegotiations right now between commercial landlords and tenants in an effort to ease economic tensions stemming from the COVID-19 closures.
Tenant rep advises not to spend money on office configurations until air clears.
For Encino accounting firm Rose Snyder & Jacobs LLC, the work-from-home model has shown promise during the COVID-19 pandemic. Even so, for some accountants, there’s no place like the office.
How the coronavirus will change work in an office once the economy returns to full speed.
In this special report, the Business Journal has talked with professionals from a number of disciplines involved in the office market to collect their thoughts on how office space will be transformed due to the COVID-19 outbreak.
AI powers recording studio solution in Agoura Hills.
Voxiso has developed an artificial intelligence-powered audio source isolation tool to remove instrumentals or vocals from songs.
Children’s Hospital to run health care-focused program.
PEDIATRICS Children’s Hospital Los Angeles to run health care-focused accelerator in Glendale.
Van Nuys resident recalls Caruso’s Grove development.
On May 29, Mark Panatier, who has been in charge of the marketing team, media and community relations and the construction development for the Original Farmers Market in Los Angeles — officially retired —just shy of 30 years working for owner A.F. Gilmore Co.
SecureSpace enters Ventura County market.
SecureSpace Self Storage has announced the grand opening of a new self storage facility in Camarillo.
Fusion the energy of choice for NASA space travel plans.
Radiation detection manufacturer US Nuclear Corp. is getting behind the U.S. space program.
E-commerce company takes 97,000 square feet.
Amazon.com Inc. is ready to take a major presence in the Santa Clarita Valley.
COVID-19 closes outlets of build-your-own pizza chain.
PizzaRev, a Westlake Village-based franchisor of build-your-own pizzerias, has eliminated its retail presence in the San Fernando Valley and most of L.A. County because of the financial effects of COVID-19.
Restaurant operator to replace Steve Joyce.
Dine Brands Global Inc. is in the market for a new chief executive.
City charges 34 Valley stores for opening illegally.
Los Angles City Attorney Mike Feuer targets businesses not adhering to stay-at-home orders.
Friday, June 5
Westfield has indefinitely delayed the reopening of their malls in the San Fernando and Santa Clarita valleys, according to an announcement on the shopping center developer’s website.
Zobrist Software Group, an e-commerce software provider in Woodland Hills, has announced a partnership with CoreMedia, a German content management platform developer.
A state order has created workers' compensation benefits for employees who contract COVID-19.
Will the office building of the future include a gym or restaurant?
Thursday, June 4
Adventist Health has partnered with North Carolina health care improvement company Premier Inc. to acquire a minority stake in Prestige Ameritech — one of the largest domestic manufacturers of personal protective equipment.
The share price of Cinedigm Corp. soared Thursday after the company announced a partnership with streaming software developer Vewd to offer its networks on Vewd-enabled devices worldwide.
Developer SJ4 Burbank has purchased 8 acres in Burbank from Northridge Properties for $40 million.
Wednesday, June 3
Ken Karklin has been promoted to chief operating officer at AeroVironment Inc. effective immediately, the company announced.
Continuing its push overseas, Endonovo Therapeutics has announced a strategic partnership with a Taiwanese company to distribute its flagship product in that country.
The Cheesecake Factory has reopened about 25 percent of its dining rooms across the country with limited capacity, according to a business update released late Tuesday by the Calabasas restaurant operator.
Tuesday, June 2
Looting followed the first protests to take place in the San Fernando Valley on Monday, impacting stores on Van Nuys Boulevard and businesses at the Westfield Topanga & The Village shopping centers in Woodland Hills.
BioSolar Inc. has filed a patent application for a process to protect its high-power batteries for use in power tools and hybrid electric vehicles.
California Lutheran University has selected Lori Varlotta as the school’s eighth president, effective Sept. 30, the Thousand Oaks school announced Tuesday. She is the first woman president in Cal Lutheran’s 61-year history.
Monday, June 1
Panorama City Mall was scheduled to reopen for in-store shoppers on Monday but was forced to postpone due to protests taking place near the property.
Salem Media Group Inc. badly missed Wall Street expectations on earnings and revenue for the first quarter as the coronavirus impacted its business, but its shares gained more than 9 percent.
Kelly Morgan Commercial Group at KW Commercial has transacted the sale of 8805 Orion Ave., a 22-unit multi-family property in North Hills, for $4.7 million.
Job losses in hospitality, retail sectors drive down average.