Stories for May 2020
Friday, May 29
Dine Brands Global Inc. announced Thursday it has started a search for its next chief executive.
Health care system Kaiser Permanente has released a 98-page “playbook” for businesses returning to the office, with insight from the Centers for Disease Control and Prevention and Occupational Safety and Health Administration, as well as state and county health departments.
Westfield’s Promenade 2035 project has passed an important milestone after a unanimous vote during its entitlements hearing with the Los Angeles City Planning Commission.
Calabasas-based brokerage Marcus & Millichap Inc. will lay off 175 salaried employees, or 20 percent of its 877-person workforce, as the coronavirus outbreak ripples through the commercial real estate industry.
Thursday, May 28
For the sixth consecutive year, Woodbury University in Burbank has been recognized as a “College of Distinction.”
Westfield Topanga & The Village in Woodland Hills and Westfield Valencia in the Santa Clarita Valley will reopen June 3.
Lancaster biotech Simulations Plus has won a $400,000 grant as part of a cooperative agreement with the U.S. Food and Drug Administration, the company said in a statement Thursday.
Semtech Corp. beat Wall Street expectations on adjusted earnings and revenue in the fiscal first quarter.
Short-form video distributor Loop Media Inc. has signed a partnership agreement with Drone TV, a streaming channel for aerial videos from around the world.
Wednesday, May 27
A new waste-to-energy technology, looking to set up shop at some landfill site in Los Angeles, has gotten a letter of support from Los Angeles County.
SecureSpace Self Storage has announced the grand opening of a new self storage facility in Camarillo.
ServiceTitan, the software developer for contractors, has acquired Pointman, a similar company that allow contractors to access data in the field using a mobile device.
Gov. Gavin Newsom announced an amended Safer at Home Order for the state, giving non-essential office-based businesses the green light to reopen, as well as retail establishments for in-person shopping and places of worship.
Tuesday, May 26
The Terasaki Institute, a Los Angeles biotech nonprofit, plans to transform the former Weider Health and Fitness Center into a biomedical research and development facility.
A 96-unit apartment building in Van Nuys has sold for just over $19.3 million, or $200,337 a unit.
Antelope Valley Hospital received a $500,000 grant from aerospace giant Lockheed Martin to obtain personal protective equipment, according to a statement from the hospital.
Endonovo Therapeutics Inc. has arranged an equity purchase agreement with Cavalry Fund I, under which Endonovo will sell up to $10 million in shares during the next 24 months.
Monday, May 25
Kevin Rex is a wealth advisor and a partner at Morton Capital Management, a Calabasas firm where clients have invested on average $2 million. Rex plays an integral role on Morton’s advisory, investment and financial planning teams, with a specialization in the life insurance sector. He is a Certified Financial Planner and joined the company in 2015. He resides in Oak Park with his wife, Nicole, and their three children.
INDUSTRIAL: Business model works in current economy.
Amid the economic wreckage brought on by COVID-19, one industry stands out for its resilience to the virus: self-storage.
American Homes 4 Rent has appointed Kenneth Woolley as independent chairman of the board.
Oil company seeks loan to survive a Chapter 11 filing
Shares of California Resources Corp. plunged earlier this month after the Wall Street Journal reported the Santa Clarita oil and gas company was asking lenders for a loan of $500 million to $600 million to carry it through a possible Chapter 11 filing.
Waiting rooms use walls to divide and conquer viral infection.
Are medical waiting rooms due for a redesign? Valley businessman Doron Polus thinks so.
REAL ESTATE: Shopping center owners face lower income and rising costs.
Even prior to the coronavirus crisis, retail centers faced monumental challenges from Amazon.com Inc.-led e-commerce. Now, with the pandemic triggering an unprecedented shutdown of business, many retail tenants — from high-profile national chains to independent business owners — are requesting deferments or abatements on rent, putting landlords in a serious bind.
STAFFING: Federal contracts, IT work buoy company through crisis.
A solid first quarter and several major government contracts will help ASGN Inc. weather the Coronavirus storm.
Workers protest outside Prime hospital in Encino.
Staff picketed outside Encino Hospital Medical Center, a subsidiary of Prime Healthcare Services, earlier this month to oppose the hospital chain’s attempt to cut sick time and disability in the middle of the COVID-19 pandemic.
Training facility separates from Bryant family.
Mamba Sports Academy has dropped the “Mamba” from its name and rebranded as Sports Academy four months after celebrity partner Kobe Bryant died in a helicopter crash in the hills of Calabasas.
Sherman Oaks firm signs distribution deal for movies.
Cinedigm Corp. announced this month that it had acquired the rights to distribute crime thriller “Devil’s Night: Dawn of the Nain Rouge” and the action comedy “All for Nikki.”
Safety a concern when film and TV production resumes.
The Hollywood Professional Association announced early this month the formation of the Industry Recovery Task Force.
Prior to founding Manchester Financial in 1990, Robert Katch was associate treasurer at Pepperdine University in Malibu. He was responsible for the university’s corporate finance function including cash and debt management, as well as the institution’s $250 million investment portfolio. From 1991 through 2003, Katch also served as an adjunct professor at Pepperdine, where he taught investment, accounting and finance courses. He currently serves on the board for Pepperdine’s Seaver College and chairs the investment committee for the Ventura County Community Foundation’s endowment portfolio.
Louie Valdez, managing director of investments at Valdez & Polanski Wealth Management Group of Wells Fargo Advisor, has worked in finance for 28 years. His team specializes in providing comprehensive wealth management to affluent families in the Conejo Valley. Valdez, himself a Conejo Valley native, graduated from California State University – Northridge in finance and economics. He later bolstered his credentials by becoming a Certified Financial Planner and earning a master’s degree in personal financial planning. He is currently co-chair of the California State University – Channel Islands Planned Giving Council and the nonprofit Senior Concerns of Thousand Oaks. He also served as chairman of the Moorpark Foundation for the Arts. In 2016, Valdez was a recipient of the San Fernando Valley Business Journal’s Trusted Advisor Award. Valdez has been married to his wife, Tina, for over 25 years and has two children, Anthony and Alexis.
After 23 years of financial management experience, Jason Sands has hollowed out a niche consulting for wealthy West Valley families – his clients have a net worth of $5 million or more and at least $1 million in liquid investable assets. Sands started his career in 1994 as a finance executive at Henson Aviation Services Inc. in Newbury Park. He left in 1997 to join Merrill Lynch as a financial consultant, where he spent three years before becoming an advisor at Wells Fargo Advisors in Encino. He stayed there for nearly 20 years. Sands joined Ameriprise Financial Services in Woodland Hills in March 2019.
Charlie Isaacs and Dave Paller have a combined 65 years of serving the financial needs of clients who typically have $1 million or more in investment capital. Isaacs, who lives in Sherman Oaks, began his career in 1986 with EF Hutton and later spent more than 20 years with Smith Barney and another 11 years with UBS Financial Services before partnering with Paller for Raymond James Financial. Paller is a native of Phoenix who worked for 11 years at UBS Financial before joining Raymond James this year. Both men have the title senior vice president of investments.
Kevin Bernzott founded his namesake firm in 1994. He and a team of 10 employees manage accounts with a minimum of $10 million for institutional clients. Previously chief executive of McGaelic Group, a multi-generational family investment office in Oxnard, he focused on real estate development and asset management. Bernzott earned a doctorate in law from the University of West Los Angeles.
Recent months illustrate why professional money managers need discipline and a long-term strategy.
For years, the stock market had chugged along, racking up new record highs on a regular basis.
Developer moves inventory in Chatsworth and Simi Valley.
Landsea Homes continues to make waves in the Southern California residential real estate market with three more houses sold in Chatsworth.
Trammell Crow, Clarion advance on second phase of buildout for industrial park in Santa Clarita Valley.
Trammell Crow and Clarion Partners announced mid-May that they are in the throes of closing escrow on a 137-acre piece of real estate at Center at Needham Ranch that will pave the way for the completion of the 252-acre industrial park’s second phase.
Ventura County apartments trade for $92 million.
The Artisan at East Village in Oxnard has sold for $92 million, or $339,154 per unit, in one of the highest payouts ever for a Ventura County commercial property, according to CoStar Group.
DEVELOPMENT: Reseda and Canoga Park enjoy surge of apartment building.
The bedroom communities of Canoga Park and Reseda may seem sleepy by comparison to North Hollywood or Woodland Hills, yet there is more going on than meets the eye in these Valley neighborhoods, with new commercial and residential developments, purchases and overhauls in recent months.
RESIDENTIAL: Landlords say new rules promote lawsuits and non-payment of rent.
Since March, the state of California has sought to protect residential tenants from landlord abuse by imposing moratoriums on rent hikes and evictions as they navigate the coronavirus crisis.
News and notes from the greater San Fernando Valley
News and notes from the greater San Fernando Valley
I don’t think any of us truly believed we would be living through this unimaginable time.
Whether it’s the 405 Freeway from the San Fernando Valley past LAX continuing down to Long Beach, the 5 Freeway through Burbank and into the heart of Los Angeles, or any other traffic corridor connecting the Valley to the surrounding centers of commerce, normally you’re guaranteed to face some of the worst traffic congestion in the country.
LAW: Employment lawyers put in 14-hour days to keep up with client questions, changing rules.
Since the start of the pandemic, employment lawyers have shifted into overdrive –and except for a week or so toward the end of April, have not seen a slowdown.
RETAIL: Challenges and opportunities emerge for cannabis sellers in the coronavirus crisis.
To hear David Albanese tell it, the coronavirus outbreak has been good for the cannabis industry.
Strategist Helder Guimarães joins supplement maker.
Dietary supplement manufacturer Lief Labs has brought on one of its former board members to serve as chief financial officer, the Valencia company announced May 18.
Distant medicine seen as smart upgrade in pandemic.
The Southern California Biomedical Council held its Coronavirus Digital Solutions Summit on May 14, featuring speakers from four biotech companies in the San Fernando Valley: iKioo, Aligned Telehealth, SnapMD, and Eyenuk.
Friday, May 22
Amazon.com Inc. is ready for a major Santa Clarita Valley presence.
L.A. City Attorney Mike Feuer has filed a civil complaint against a Chatsworth pot shop after an 18-year-old customer was shot and killed on site.
While most businesses have focused solely on surviving COVID-19, insurance brokerage Poms & Associates has launched a rebranding campaign.
Thursday, May 21
The Valley Economic Alliance has received a grant of $65,000 from Wells Fargo.
Capstone Turbine Corp. received an order for a fourth microturbine from a California-based cannabis grower.
Shopping mall developer Unibail-Rodamco-Westfield has unveiled new illustrations for Promenade 2035, its 34-acre mixed-use complex in Warner Center that will replace the current Westfield Promenade mall.
Wednesday, May 20
Energy startup SGH2 has signed a deal with Lancaster officials to build a first-of-its-kind clean hydrogen production plant in the Antelope Valley.
SaalexIT has acquired Arctic MSP, a managed service provider based in Eugene, Ore.
Casamba, an electronic medical record company in Agoura Hills, on Wednesday announced Billie Nutter as its new chief executive.
Tuesday, May 19
Cinedigm Corp. has launched the Bob Ross Channel on Stirr, a free ad-supported streaming service of Sinclair Broadcasting Group.
A subsidiary of Teledyne Technologies Inc. is manufacturing image sensors called charged coupled devices, or CCDs, for use in COVID-19 diagnostic tools.
Camarillo-based Casa Pacifica Centers for Children and Families, a crisis-care and residential treatment facility for foster or at-risk children, announced Tuesday a transition in its leadership.
Monday, May 18
Walt Disney Co. has named the president of the Walt Disney World Resort as the new chairman of its parks, experience and products division.
PizzaRev, a Westlake Village-based franchisor of build-your-own pizzerias, has eliminated its retail presence in the San Fernando Valley and throughout most of L.A. County because of the financial effects of COVID-19.
Parkview East Apartments in Sunland has sold for $11.7 million, according to Encino-based Matthews Real Estate Investment Services.
Valley Community Healthcare on Friday officially launched its telehealth system in response to the COVID-19 pandemic.
Friday, May 15
A joint venture of American Homes 4 Rent and J.P. Morgan Asset Management has launched its first project to build 34 single-family homes in the Sovana and Spring Valley neighborhoods of Las Vegas.
Stay-at-home orders in April negatively impacted San Fernando Valley’s real estate market, according to a Southland Regional Association of Realtors report, which showed a 47 percent drop in the number of houses and condominiums sold for the month.
Interlink Electronics Inc. reported a net loss and a decrease in revenue in the fourth quarter.
Santa Clarita Mayor Cameron Smyth formally opposed the extension of state and Los Angeles County’s Safer at Home Order, citing economic reasons in a letter dated Thursday.
Thursday, May 14
Clay Lacy Aviation received a $27 million federal grant from the stimulus bill passed by Congress, the largest amount received by a private aviation company, according to media reports.
AeroVironment Inc. has received a $76 million contract for one year’s worth of purchases by the U.S. Army of its miniature aerial missile system.
A retail portfolio of two adjacent parcels totaling 52,260 square feet of land has traded hands in North Hills for $6.3 million.
Wednesday, May 13
Republican Mike Garcia has won the congressional seat formerly held by Katie Hill, as Democratic California Assemblywoman Christy Smith conceded the election Wednesday.
After eight weeks of mandated closure, car dealerships in the Valencia Auto Center reopened last Friday to strong demand.
NetSol beat earnings estimates while Velocity missed in its first quarter as a public company.
The former home of Weider Health & Fitness in Warner Center has sold for $12.8 million, according to Jim Markel, vice president and regional manager of Marcus & Millichap’s Encino office.
The Greater Conejo Valley Chamber of Commerce Foundation, in partnership with the cities of Thousand Oaks, Westlake Village and Agoura Hills, has created a relief fund to help local small businesses endure the financial impact of the COVID-19 pandemic.
Tuesday, May 12
California Resources Corp. disclosed in a Securities and Exchange Commission filing on Tuesday that there are doubts the company will stay in business, sending its stock down 32 percent.
The California State University system plans to cancel nearly all in-person classes in the fall and move classes online, Chancellor Timothy White announced Tuesday.
The L.A. County Board of Supervisors on Tuesday passed right to recall and worker retention policies for janitorial, maintenance, security service and hospitality industries, essentially adopting the same measures taken previously by the city of Los Angeles.
Mamba Sports Academy will drop the “Mamba” from its name and rebrand as Sports Academy, the company announced Tuesday.
Trammell Crow and Clarion Partners have closed escrow on a 137-acre parcel of land at Center at Needham Ranch that will pave the way for the completion of the 252-acre industrial park’s second phase.
Monday, May 11
Capstone Turbine Corp. received an order for two of its microturbines for use at a resort in the Bahamas.
Buffet chain Souplantation will permanently close all locations because of the financial effects of COVID-19. It is the first national restaurant chain to shutter due to the pandemic.
Shareholders of Avita Medical Ltd., an Australian regenerative medicine company with U.S. headquarters in Valencia, will meet virtually on June 15 to discuss relocating operations solely to the United States.
STX’s Global Ambition
STX Entertainment merges with Indian company to integrate Hollywood and Bollywood.
REAL ESTATE: Less demand, more concessions in future.
New market environment for office tenants in a post-pandemic world.
Nonprofit hopes to raise money to purchase land.
The Bothwell Ranch Foundation, a new San Fernando Valley-based nonprofit aimed at preserving the Valley’s last commercial orange grove in Tarzana, has formally launched.
One Baxter Way residential component remains 240 units.
Developer Kennedy Wilson has submitted new designs for a residential project at One Baxter Way, the Thousand Oaks business park near Westlake Boulevard and the 101 freeway.
TOURISM: ‘No sail’ orders inhibit voyage planning.
A ‘double whammy’ of cost-conscious consumers and money-hungry companies ahead for cruise industry.
CONSTRUCTION: Upgrades and apartments dot map in North Valley market.
Panorama City has followed the North Hollywood formula of a former industrial area prime for redevelopment with a residential twist.
Valley firms get second chance at capital infusion.
President Donald Trump on April 24 signed the Paycheck Protection Program and Health Care Enhancement Act, providing an additional $484 billion as of April 27 to the CARES Act’s payment protection program, when the initial $349 billion was tapped out in less than a month.
Hospitality workers let go in crisis qualify under rules.
The Los Angeles City Council on April 29 adopted emergency right to recall and right of retention ordinances for businesses in the hospitality industry, as well as property management service businesses and airports.
Company showcases cargo craft for Air Force brass.
Sabrewing Aircraft Co. Inc. rolled out a half-sized unmanned cargo aircraft the Rhaegal-A on May 1 as part of the kick-off of the U.S. Air Force’s Agility Prime program.
$1.8 billion contract ensures work at Chatsworth plant.
At the Chatsworth campus of Aerojet Rocketdyne, preparations are in place to make additional rocket engines for use on NASA’s Space Launch System that will take humans back to the moon and potentially to Mars.
Aeroplex/Aerolease sees demand for disinfecting.
Aeroplex/Aerolease Group is making available disinfecting services for aviation companies at Van Nuys Airport and elsewhere to help protect employees and guests on the ground during the coronavirus outbreak.
Recipients include food bank and testing operator.
The Community Foundation of the Valleys in Sherman Oaks sent out the first of its COVID-19 relief grants last month
Dole, Amgen, others lend hand to health care, nonprofit sectors.
Corporate philanthropy makes for a good marketing strategy.
Hospitals have borne the first wave of coronavirus patients while planning for a sustained battle against the disease.
At the entrance to Adventist Health Glendale stand two military-looking tents where medical personnel test people for the coronavirus before deciding whether to send them home or admit them to the hospital.
Medical centers have lost revenue during the coronavirus outbreak while costs have climbed.
Valley area hospitals are living with an unwanted irony: The coronavirus pandemic has called on them to deliver as never before. Yet instead of making money, they’re losing it.
ECONOMY: With a new chair and chief executive, the Valley Economic Alliance looks forward to helping in the region’s recovery.
Valley Economic Alliance brings on new chief executive and board chairman.
ENERGY: Santa Clarita producer struggles against falling crude prices.
Producer California Resources Corp. in tough times with industry’s excess inventory and declining prices.
TECHNOLOGY: Balanced portfolio expected to weather pandemic.
Teledyne Technologies Inc in Thousand Oaks says its portfolio is diverse enough to withstand coronavirus crisis.
ENTERTAINMENT: Nonprofit, city council gather funds for 18 at-risk theaters in NoHo.
Nonprofit, city council raise funds for 18 at-risk theaters in North Hollywood.
Hearing about the future of $1.5 billion redevelopment.
A March 26 hearing on the ambitious $1.5 billion redevelopment of the 34-acre Westfield Promenade shopping mall property in Woodland Hills into a mixed-use residential and retail destination was cancelled due to the coronavirus crisis.
Developer secures $59 million to build 299 Thousand Oaks.
A rare and ambitious multifamily endeavor is underway in Thousand Oaks.
FloQast chief executive pens book on financial and leadership skills.
Mike Whitmire of accounting software firm FloQast writes advice book for controllers.
Manufacturer to donate production from retooled Ohio facility.
MGA Entertainment Inc. retools toy factory to make protective gear.
News and notes from the greater San Fernando Valley
News and notes from the greater San Fernando Valley
Although the San Fernando Valley area has been spared from some of the most devastating disasters of the past, we will not escape dramatic effects of COVID-19.
‘Our political leaders know about running an economy as much as those guys on “Tiger King” know about Verdi opera.’
Friday, May 8
L.A. City Council member John Lee announced Thursday that Chatsworth’s San Carlo Deli is the first loan recipient from the Council District 12 Small Business Angel Fund.
The U.S. Food and Drug Administration has fast-tracked Amgen Inc.’s heart failure drug omecamtiv mecarbil.
Thursday, May 7
Qualstar Corp. reported first quarter results that showed the impact from the coronavirus pandemic.
Senior housing and health care real estate investment trust LTC Properties saw a 212 percent increase in net income for the financial first quarter because of property sales and higher rental and interest income.
Neiman Marcus Group Inc. filed for Chapter 11 protection from bankruptcy Thursday due to mounting debt and the economic shutdown related to COVID-19
The Artisan at East Village in Oxnard has sold for $92 million, or $339,154 per unit, in one of the highest payouts ever for a Ventura County commercial property, according to a CoStar Group report.
Wednesday, May 6
Net revenue of MannKind Corp.’s flagship drug, Afrezza, jumped 58 percent to $8 million compared to $5.1 million in last year’s first financial quarter, the company said in its earnings report on Wednesday.
For 20 years, Ice Station Valencia has thrived in the heart of Santa Clarita Valley. Today, it faces imminent closure if a buyer does not step forward, according to owner Roger Perez.
Cheesecake Factory Inc. issued its quarterly earnings report Tuesday, providing an early look at how the COVID-19-related economic shutdown has affected restaurant companies in the Valley area. The Calabasas group beat Wall Street predictions on both earnings and revenue.
The Walt Disney Co. will not pay a semi-annual cash dividend for the first half of the fiscal year due to the disruption caused by the COVID-19 outbreak.
Tuesday, May 5
Low-risk retail businesses in California will be allowed to reopen in a limited capacity as soon as Friday, but L.A. Mayor Eric Garcetti said Los Angeles County will wait to ramp up business operations.
A 10-unit multifamily property in North Hollywood has sold for $2. 38 million, despite complications from the coronavirus.
Walt Disney Co. badly missed Wall Street estimates on earnings but barely beat them on revenue for the fiscal second quarter as the company got knocked around by the coronavirus outbreak.
Monday, May 4
Green Cures & Botanical Distribution Inc., a Woodland Hills manufacturer of hemp and CBD products, has announced a joint venture with Sipp Industries to make a high-powered gin under the brand name “Contagin.”
The Greater San Fernando Valley Chamber of Commerce announced Monday it has joined America’s Recovery Fund Coalition, an alliance of more than 100 trade associations and business organizations advocating for a grant-based federal assistance program for businesses.
Eyenuk Inc. in Woodland Hills announced on Monday it will partner with Wagner Macula & Retina Center in Virginia, a research and treatment center specializing in medical and surgical eye diseases.
Ventura County is moving forward on its Somis Ranch project, a housing development designed to provide 360 residential units for farmworkers.
Friday, May 1
Tix Corp. had significant lower financials in the first quarter due to the shutdown of entertainment venues in Las Vegas from the coronavirus outbreak.
Both Public Storage and ASGN reported higher earnings despite coronavirus impact late in first quarter.
Visual prosthetic company Second Sight Medical Products late Thursday announced a public offering of 7.5 million shares.
Aerojet Rocketdyne has won a $1.8 billion contract from NASA to produce an additional 18 RS-25 rocket engines for future deep space missions.