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Tuesday, Jan 31, 2023
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Around the Valleys

CONEJO VALLEY AGOURA HILLS The 36,000-square-foot Shops at Oak Creek, off the 101 freeway near Kanan Road, sold for $27.8 million, or about $768 a square foot. The center was purchased by DSB Properties Inc. of Westlake Village from seller Loja Real Estate LLC of Walnut Creek. The 5.7-acre property at 28941-29145 Canwood St. comprises five buildings with multiple retail tenants, including Trader Joe’s, Jinky’s Café, Verizon Wireless, Panda Express and The Habit. The property was fully leased at the time of the sale. SAN FERNANDO VALLEY BURBANK Technicolor S.A. and Deluxe Entertainment Services Group Inc. are creating a joint venture called Deluxe Technicolor Digital Cinema, based in Burbank. It will be managed by Deluxe to provide digital cinema mastering, distribution and management services. The joint venture brings together Deluxe, owned by New York private investment firm MacAndrews & Forbes Inc., and Technicolor, based in suburban Paris. Both are legendary Hollywood companies that have moved away from providing film-based services, such as lab processing and delivery of 35mm prints, as digital content has taken over the market. Warner Bros. Pictures and Imax Corp. have extended their partnership for five years with a deal to release up to 30 of the Burbank studio’s biggest upcoming films in the large-screen format. Tent-pole films such as “Batman v Superman,” “Suicide Squad,” “The Man From U.N.C.L.E.” and Harry Potter-spinoff “Fantastic Beasts and Where to Find Them” are included in the multi-picture agreement. The pact, which began over 10 years ago, is now set to expire in 2020. Former Walt Disney Studios Chairman Dick Cook has started a media production company with a $150 million investment from a Chinese conglomerate. Dick Cook Studios will produce and distribute live-action and animated feature films, television and digital and educational products. Cook worked for Disney for nearly 30 years, the last seven as chairman of the studio division. Citic Guoan, a unit of the giant Beijing-based conglomerate CITIC Group, is making the investment, which Cook called a “significant building block” for his company to reach its goals. A state appeals court decided in favor of Wal-Mart Stores Inc.’s proposal to build a superstore at the Empire Center. After the store was approved, some residents and labor attorneys filed suit, claiming the city had not built promised street improvements in the area. An L.A. Superior Court injunction rescinded the building permits for the site, but the appellate court found that Wal-Mart’s store is an appropriate use for the property at 1301 N. Victory Place. The proposed store, which would employ about 300 people, would occupy the space of the former Great Indoors home furnishing store. GLENDALE DreamWorks Animation SKG Inc. Chief Executive Jeffrey Katzenberg took a 53 percent cut in his salary last year, after not receiving performance-based incentives, according to documents filed with the Securities and Exchange Commission. Katzenberg earned $6.4 million in salary, stock awards and other compensation last year, compared with $13.5 million received in 2013. The larger amount reflected $6 million in performance-based incentives. The fall in Katzenberg’s compensation is no surprise considering that the studio’s shares dropped 36 percent last year as it struggled financially following several bombs at the box office. DreamWorks Animation’s AwesomenessTV is getting into the feature film business with YouTube. The first film from AwesomenessTV, in Los Angeles, and YouTube, a Google Inc. subsidiary in San Bruno, is expected to be released in the fall and followed by several others over the next two years. The animation studio also plans to launch a network later this year aimed at mothers in the millennial generation. AwestruckTV will feature a mix of scripted and unscripted original content for viewing on YouTube, Facebook video and a new video streaming service from Verizon Wireless. DreamWorks acquired AwesomenessTV in 2013 for $33 million. It sold off a 25 percent stake to Hearst Corp. last year for $81 million as part of a deal that gave it access to content from Seventeen magazine. GRANADA HILLS Los Angeles City Councilman Mitch Englander, 44, is running to replace Michael Antonovich on the Los Angeles County Board of Supervisors. Antonovich is ineligible for reelection due to term limits. Englander, 44, is one of several candidates vying to represent supervisorial District 5, which stretches from Canoga Park and Chatsworth east into the San Gabriel Valley and north to Santa Clarita, Lancaster and Palmdale. Englander, the only registered Republican on the City Council, was reelected in March to a second four-year term representing District 12 in the west San Fernando Valley. He lives in Granada Hills with his wife and two daughters. SHERMAN OAKS A Sherman Oaks Neighborhood Council committee gave an informal thumbs up to plans by Beverly Hills developer Raffi Cohen to build an eight-unit, small-lot subdivision. Cohen, principal of Galaxy Commercial Holding LLC, wants to raze two triplexes on a roughly quarter-acre lot at 15012-15020 Moorpark St. He plans to replace them with detached units that look similar to townhomes. Ron Ziff, chairman of the land-use committee, noted that small-lot subdivisions are relatively simple to finance and sell, making them increasingly popular with developers. Cohen said Galaxy is in escrow to purchase the property, which is listed for sale for $2.4 million by Richard S. Comras, of Tarzana. WOODLAND HILLS Hollywood Software has acquired Digital Cinema Systems Inc., a Santa Monica firm that has developed a digital system that allows theater owners to stream multiple films simultaneously on different screens. The firm currently offers products for central servers at theaters that store digital files of movies being shown there. The acquisition adds FilmStore, a system made up of a server, a media player and software for individual screens. Hollywood Software Chief Executive David Gajda founded the company in 1997 as a service for movie theater owners and distributors for booking films and collecting box office receipts. Hollywood Software will relocate Digital Cinema’s operation from Santa Monica to the San Fernando Valley. Talon International Inc. announced the resignation of its chief executive officer of nine years and appointed former company president Larry Dyne as chief executive. The supplier of zippers and apparel accessories said Lonnie D. Schnell resigned from both the board of directors and his executive position but did not elaborate on the reason for his departure. “Mr. Schnell was instrumental in creating a strong foundation to build upon,” said newly appointed chief executive Dyne in a statement. SANTA CLARITA VALLEY NEWHALL A state appeals court has upheld an L.A. County environmental review for a portion of the master-planned Newhall Ranch development. The project, called Landmark Village, is a development of the Newhall Land & Farming Co. that includes 1,400 homes, a mixed-use office and retail center and an elementary school. The county’s 2011 approval of the land use permits and environmental impact report was challenged by a host of environmental groups but they lost in Los Angeles Superior Court in 2013. That decision was supported by a three-justice panel of the California Second Appellate District, but the larger Newhall Ranch development still faces an environmental challenge that will be heard in the California Supreme Court. – Compiled by Karen E. Klein

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