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Thursday, Feb 22, 2024

Around the Valleys

CONEJO VALLEY AGOURA HILLS Single-home renter American Homes 4 Rent saw profit and revenue jump during the first quarter thanks to its purchase of a competitor. For the period ended March 31, the real estate investment trust reported funds from operations, a metric used by real estate investment trusts to define cash flow from operations, soared 52 percent to $63.6 million (23 cents a share), compared to the same period a year ago of $41.9 million (16 cents a share). That surpassed analysts’ estimated 21 cents a share, according to Thompson Financial Network. Revenue increased 48 percent to $195 million, and ahead of analysts who estimated $188 million. THOUSAND OAKS The UCLA Board of Regents has bought a Thousand Oaks medical office building that the school’s health organization has been renting for about three years. The school paid $10.6 million for the 23,600-square-foot building at 100 Moody Court, which was UCLA Health’s first full-service medical clinic in the Conejo Valley. Now, nearly 20 doctors practice allergy/immunology, cardiology, dermatology, digestive diseases, endocrinology, neurology, otolaryngology/head and neck, pain management, pulmonary medicine and rheumatology at the facility. It has grown to be one of the university’s largest facilities in the San Fernando and Conejo valleys. SAN FERNANDO VALLEY BURBANK The Burbank-Glendale-Pasadena Airport Authority selected “Hollywood Burbank Airport” as the new brand identity for Burbank’s Bob Hope Airport. While the legal name of the San Fernando Valley’s only commercial airfield remains Bob Hope Airport, Hollywood Burbank Airport will be used in marketing to visitors, particularly those east of the Rocky Mountains. Authority President Frank Quintero said the new branding identity lets visitors know they have another option when flying to Los Angeles. The new name was among several presented to the authority by Anyone Collective LLC, a South Pasadena brand management and creative services agency hired last year. The new branding identity will include a new logo and marketing materials. GLENDALE Comcast Corp. will acquire DreamWorks Animation SKG Inc. in a deal valued at $3.8 billion. The animation studio behind such feature film hits “Shrek,” “Kung Fu Panda” and “How to Train Your Dragon” will become part of the Universal Filmed Entertainment Group, in Universal City, a division of NBCUniversal. DreamWorks Animation Chief Executive Jeffrey Katzenberg will step down as head of the company and become chairman of DreamWorks New Media, which will be comprised of the company’s ownership interests in Awesomeness TV and NOVA, a backend technology venture that DreamWorks started last year. STUDIO CITY Hallmark Cards Inc. said that it has completed its buyout of Crown Media Holdings. Hallmark of Kansas City, Mo., already owned 90 percent of Crown Media of Studio City. By buying the remaining shares, the privately owned Hallmark can eliminate the costs it paid to keep Crown public, and it can gain some competitive flexibility. Hallmark earlier announced it had planned to pay about $175 million to acquire the rest of Crown Media, which owns the cable TV properties Hallmark Channel and Hallmark Movies & Mysteries. SUN VALLEY Entertainment industry rental business SirReel Studio Rentals has leased 100,000 square feet of warehouse and exterior space in Sun Valley to merge several locations into one, according to L.A.-based CBRE Group Inc. The commercial brokerage firm said it negotiated the lease of nearly 33,000 square feet of warehouse space on more than 100,000 square feet of land to SirReel, which leases sound stages, equipment, motor homes and cast and crew trailers, much of which is housed outside. The company’s new location at 8500 Lankershim Blvd. will enable it to consolidate several Burbank locations, CBRE said. TOLUCA LAKE Blueprint Post Production has bought the DES Building Park in Toluca Lake for $13 million, according to Charles Dunn Co. of Sherman Oaks. Blueprint, which provides production and post-production space with offices, editing bays, and online and audio finishing suites for the television and film industry, bought the three-building, roughly 60,000-square-foot complex at 4142, 4144 and 4146 Lankershim Blvd. from Lankershim Media Center Associates LP. A division of LS Capital, Lankershim Media owns and operates multi-tenant retail and industrial properties. According to Charles Dunn, Blueprint is the office park’s largest tenant and intends to occupy 60 percent of the complex. VAN NUYS Valley Presbyterian Hospital has announced it received a $250,000 grant from the Henry L. Guenther Foundation, which will go toward the hospital’s $8.4 million project to expand its emergency department. The independent Van Nuys hospital said that it received a portion of the grant in February and will receive the remainder early next year. The project includes the addition of 14,505 square feet and 10 patient beds as well as the renovation of patient and clinical areas throughout the emergency department. Construction for the project commenced in the fall and should take approximately three years to complete. WOODLAND HILLS Internet service provider United Online Inc. is being acquired by Los Angeles investment firm B. Riley Financial Inc. in a deal valued at $170 million. The transaction comes seven months after B. Riley first made a higher offer for the Woodland Hills technology company, which was rejected. Since then United Online has been reviewing alternatives for the company, including a sale. The $11 a share B. Riley settled is less than the $12.50 the firm offered in November. Interim Chief Executive Jeff Goldstein said the sale was the culmination of the board looking at a range of alternatives to maximize value for stockholders. SANTA CLARITA VALLEY SANTA CLARITA The Bouquet Center in Santa Clarita has been bought by San Diego real estate investment trust Retail Opportunity Investments Corp. for $59 million. At nearly 149,000 square feet, the shopping center at 26502 to 26586 Bouquet Canyon Road is roughly 95 percent leased by tenants such as Vons, CVS and Ross Dress for Less, according to Hanley Investment Group in Corona Del Mar. Hanley brokered the deal on behalf of the seller, a Los Angeles-based private investor. The center’s tenant mix, 86 percent of which are national or regional chains, and its long-term historical occupancy, fit ROIC’s acquisition parameters, Hanley said. VALENCIA Remo Belli, an innovator in the music industry who created and popularized the synthetic drumhead at his Los Angeles area company, died on April 25. He was 88. Belli founded his eponymous company Remo Inc. in the late 1950s in Hollywood and later moved to North Hollywood and then Valencia in 1996 where the company continues to develop and manufacture drumheads. In a 2011 interview with the Business Journal, Belli admitted to a fascination with how different cultures approached drumming, the pulse of music that gets people tapping their toes, snapping their fingers and getting up to dance. SIMI VALLEY SIMI VALLEY IQor is expanding by adding 150 new employees to its contact center located at 2290 Agate Court. The outsourced customer service provider, which is based in St. Petersburg, Fla., cites the payroll expansion as part of its support efforts for a “major media client.” In Simi Valley, iQor is accepting online and in-person applications for the full-time positions. In April, iQor made a similar announcement for its North Charleston, S.C. facility., where the company is also looking to hire an additional 150 employees. – Compiled by Stephanie Henkel

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